Collecting coins is fun, but it can also be expensive if you do not know where to look for good coins. The problem is that in searching for good coin prices, many people will end up buying inferior coins. These coins may not even be the fault of the person who sold them to you. They may have been taken for a ride or have been duped by someone else before them. For all they know, they are selling you something which is worth a lot of money and cutting you a really great deal because they got a great deal on it also.
This is a problem which you can avoid if you follow a few easy steps. Just keep these in mind the next time you are buying a new coin for your collection. First of all, remember if the coin prices sound too good to be true, they often are. Always look for coins in person and be willing to look in obscure places. Also, you will need to know many of the grading standards so that you will know if you are looking at a good deal or a big rip-off.
Avoid Prices that Sound Too Good to Be True
Too often the famous last words for a new coin collector are, “You won’t believe the great deal I got on this coin!” Remember that no coin seller is a charity. They are looking to sell the coins at as close to the market value as possible. If they are looking to cut you a deal, it will be to knock off a small percentage from the price. If you stand to save hundreds or thousands on the price of the coin, beware. This is especially true if the coin has some grading from an obscure third party grader.
Know What to Look For
The best way to get good coin prices is to make sure that you know what you are looking for. There is plenty of material available so that you can familiarize yourself with all of the different things you should look for in a coin. Study the same stuff those in the grading business study. This way you will be able to see if the grade which is on a coin is right or not. More times than not you will find grades which are either right on or above the actual grade. Every once in a while you will find one which is graded below what it actually is. This is a deal to snap up on.
Always Shop in Person
When you shop through sites like eBay and Craigslist, you have to buy sight unseen. This means you are buying strictly based on the grade you are told online. The problem is these grades are not always accurate. You will not know this until you get it. Shop at garage sales and antique shops so that you will stand a chance of finding something which will turn you a huge profit. If you do shop online, ask for multiple pictures and pictures in different lighting so you can get a good look at the coin. You just have to know what you are looking for.
Photo Credits: Steve Bullivant
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