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How to Buy Foreign Coins

Foreign coin collecting can be an exciting hobby, but you need to make sure you know something about it before starting a collection or adding to an existing one. Finding the perfect coin is very satisfying, but without the proper knowledge, you won't know when a particular foreign coin is a sound investment or just another worthless piece of old money.

Instructions

- 1
  Learn about foreign coin collecting. Join organizations for coin collectors, read articles and books about collecting foreign coins and contact other coin collectors in your area with any questions you might have. There are many different areas of the world where collectors prefer to keep foreign coins from, and it is a fairly complicated hobby. Before deciding which types of foreign coins you want to collect, be sure you've done some research about coin collecting.
- 2
  Make a budget. With foreign coin collecting, some collectors purchase very rare coins that can cost hundreds or even thousands of dollars. When starting a foreign coin collection or adding to your existing one, be sure you figure out how much money you can afford to spend. You don't want to go into debt for your hobby. Create a budget for yourself, and stick to it.
- 3
  Find retailers that sell foreign coins. Make sure each retailer has been in business for a respectable amount of time. Ten years or longer is what you're looking for, but the longer they've been in business the better. Coins International, for example, has been in business since 1955. Buy coins from companies that have content-rich websites and that offer a way for you to contact them with any questions you might have. These are signs of a knowledgeable company with nothing to hide. Coin-Gallery Online's website, for example, includes a frequently asked questions page, articles about coin collecting and a contact page.
- 4
  Consult with a professional investment counselor before buying foreign coins. Most foreign coin retailers are not investment counselors and can't offer investment advice. Take responsibility for the investment you make in foreign coins by talking with a professional before you start buying.
- 5
  Make sure the retailer you purchase from offers a full money-back guarantee if you're not satisfied with your purchase.
- 6
  Take the foreign coins you buy to an appraiser. Make sure they're worth at least as much as you paid for them. If an appraiser tells you that the coins are worth less than you paid for them, return them for a full refund. If possible, get a second opinion from another appraiser before deciding to return the coins. Make sure the appraisers you choose are knowledgeable about the coins in question.

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