From Roman Emperor Augustus to Wayne Gretzky, there have been many well-known gold coin collectors throughout history. Part of the reason is because of the inherent value of gold in solid form. It’s also easy to become a collector—even if you’re not ruling an empire or a whiz on the ice. If you’re preparing to start collecting gold coins, here’s what to be mindful of as you begin this rewarding and personally satisfying process.
Know Some Important Differences among Gold Coins
Before you start collecting, learn more about what’s available and what makes certain gold coins appealing. For instance, gold coins produced by sovereign governments have a clearly recognized value as legal tender. And while not considered legal tender, gold coins made by private mints are appealing because there’s typically more creativity involved in their design.
Determine Your Main Purpose for Collecting
You’ll be a more motivated collector if you have a general purpose in mind as you go about picking and choosing your preferred gold coins. For example, if you primarily want to add gold coins to your portfolio for financial peace of mind, it’s better to opt for officially minted coins from sources like the U.S. Mint. These coins have a clear documented value, which makes them easier to buy and sell. On the other hand, you can always become a collector with an appreciation for:
• Rare or historic gold coins
• Special mint coins other collectors tend to appreciate
• Commemorative coins like the ones usually made for well-known events or anniversaries
Of course, you can always mix and match with your coin collection. If you’re just getting started, it’s usually easier to focus on coins in line with what appeals to you most.
Get Your Supplies Together
It also helps to know where you’ll be storing your gold coins. If you intend to keep them in your home, pick up some essential supplies. With coin collecting, this means coin folders and albums. These albums also come in handy if you want to sort your gold coins by the year minted, type, and any other methods you may use for grouping them together. You can also purchase a coin collector starter kit that comes with an assortment of supplies.
Start Small and Steadily Build Your Collection
Starting small with a few purchases here and there gives you some time to get a feel for the coin-collecting process. Plus, there are advantages to being a more cautious and choosy collector. Once you gain more knowledge about your preferred coins and develop a routine you’re comfortable with, continue to steadily add to your collection.
Buy from Reputable Sources
Avoid online auction sites and third-party sources that seem unscrupulous. Instead, look for trustworthy sellers, such as Carlsbad gold coin dealers and online sites with clearly stated prices and policies and good reviews. If you’re on the hunt for rare finds and specialty gold coins, do your homework first to find out what a fair value is for anything that catches your eye. This way, you won’t be overcharged.
Connect with Other Collectors
Lastly, use social media or online forums to chat with other gold collectors. This is a great way to get some free advice from collectors with a greater range of knowledge and expertise. You can pick up some tips and ask questions as you become a more experienced collector.
Whether they’re looking to purchase silver bars or gold coins, Carlsbad collectors know they can trust the reliable professionals at First National Bullion. We can answer all your questions and help you find all the information you need to decide whether precious metals are the right investment for you. Give one of our experienced dealers a call today at (760) 253-8072.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.