Hobbies And Interests
Types
When learning about rare coins, familiarize yourself with the types of coins that you intend to collect. Often, beginning coin collectors pick a specific type of coin they want to collect (anything from categories such as U.S. coinage to specific coins like wheat pennies). Purchasing a coin-collecting price guide for the type of coins you want. The "Blackbook Price Guides" are a good place to start. These guides have invaluable tips and histories in addition to the value of specific coins.
Condition
One of the major factors in determining the value of a coin is its condition. If you cannot identify any major part of the coin (the year, the mint mark or the specific coin itself) the coin will not be worth much. Coin grades run from good to fine to excellent to uncirculated, but every coin has specific elements that affect the grade. Until you are familiar with your coins, take coins you think are valuable to a dealer to be graded.
Rarity
A coin can become rare for several reasons. The most basic of these reasons is that only a handful of the coin was minted. Older coins tend to be rare because they have been destroyed by various means over the years. Sometimes a die error can make a small number of abnormal coins that can be quite rare as well. Again, a coin price guide can help you find out the reasons that certain coins are rare.
Storage
Storing your coins properly is a critical part of collecting rare coins. The most important consideration is the moisture in the air. Refrain from storing coins in a wet environment. It is also recommended that you store your coins in a cool area. Many containers are on the market that can safeguard sets of coins or individual coins. Check a coin shop to learn more about protective holders.
Worth
Once you have a collection of rare coins, ascertain their worth. An up-to-date coin price guide is an excellent place to start looking for the price of rare coins, but it is a good idea to check and see what coins similar to yours are selling for at auctions and coin stores. The market for coins, like any collectible, is in a constant state of flux. Anything from the value of specific metals to the economy at large can affect the worth of your coins.
Buying and Selling
You can buy and sell rare coins at coin stores, auctions and flea markets. Coin stores tend to be the most reliable coin buying option, but they are rarely the cheapest. The same consideration applies when selling coins, in that coin stores are reliable, but not your best bet to get the full value for your coins. They are running a business. You can find deals on coins at auctions if you know what you are looking for. Despite this, auctions are usually the best place to sell large and valuable coin collections. Be wary of flea market coin dealers. Deals can be found there, but it is rarer than at shops or auctions.