Understand the value of what you are buying. Different kinds of coins have different value. If you are trying to buy silver coins at circulated coins value, then you will sure be disappointed. If you have been a collector for a while, then it’s easy for you to work out a fair value of a coin or a set of coins. If you are new, you may need to spend some time on the topic you are interested in and know how much they worth.
Always popular, the gold Krugerrand was introduced in 1967 as a way to market the enormous supply of gold extracted from mines in Johannesburg, South Africa. Private ownership of the Krugerrand was banned until Apartheid was overturned in 1994. The Krugerrand, accounting at one time for 90 percent of the gold coin market, led other countries to produce their own gold coins, including the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1981 and the American Gold Eagle in 1986.
Learn what “problem” coins are and avoid them for greatest appreciation in value. Or buy “problem” coins cheaply, and throw them in your bullion pile.
If it’s possible, check the date and the mint mark on the custom challenge coins. Make certain the coin is not a collector coin, but rather a common coin worth face value. If the coin is gold and/or silver coins they have the value of that metal price at the time. To determine whether your coin is a key-date piece, i.e. highly valuable, or not, there are numerous sites to help you in your search. Just Google it.
I’ve learned that credit card debt is all the same. Expensive. You may earn points from the purchase, but that doesn’t come close to what you’ll pay in double digit interest.
Study graded coins and try to figure out why they were given that grade. If you can’t tell, show an expert. With experience and effort, knowledge will be attained and grading skills developed. The more you know, the better you can navigate the rare American coin market.
It goes without saying that a collector on a $500 per coin budget won’t collect many gold coins. Though it is possible, these low denomination gold coins will certainly not be considered rare.
Therefore, whether you are collecting as a hobby or for investment you need to be smart in selecting the gold coins. After all, the money you buy for it is hard-earned money. That is why you should keep in mind not to waste your money by picking the coins that have lower value. Instead, choose gold coins that can make you money as years passed because of its higher appreciation value.