Collecting gold coins may be a hobby for some, while others may view it as a lucrative investment opportunity. To maximize your time and investment in the gold coin industry, it’s imperative that you learn the ropes of the field. The following tips will equip you with the know how for collecting gold coins.
Choose the right gold coin dealer. Find a dealer that has longevity in the business. This dealer should be experienced, knowledgeable and trustworthy. Being a member of the American Numismatic Association or Professional Numismatists Guild will serve as an added bonus. Once you’ve made a choice, meet with the person before you make a transaction. Through this meeting you’ll be able to identify whether this individual is the ideal dealer with whom you can do business.
Find out the market value of gold coins prior to making a purchase. The value of gold fluctuates on a daily basis, which directly affects the price of gold coins. Online resources are available through websites, such as Kitco.com, where the current spot price of gold can be verified at any time. Gold coin dealers also vary in their offerings and prices whether they are buying or selling gold coins. Shop around and look for the best price. Coin auctions can also give you a good idea of current prices of gold coins.
Consider purchasing gold coins that are graded by Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC). While certified coins are typically more expensive than ungraded coins, they can also be sold at a premium when the time comes to sell your gold coins. If you are purchasing the coins via a dealer, ensure that you are purchasing directly from him or her and not through a broker. You should also inquire whether the coin dealer has the coin in his or her possession or has seen the coin in person, so that he or she can answer any questions that you might have.
Choose coin sets over individual coins. If you find yourself in a situation where you have to choose between individual coins and coin sets, and the price difference is negligible, opt for the coin sets. Such sets tend to increase in value faster than individual coins – especially limited edition coin sets.
Using the aforementioned tips will facilitate your gold coin collecting process and place you in a position to score great deals. Such tips include choosing an experienced and trustworthy gold coin dealer, finding out the market value of gold coins, purchasing coins that are graded by PCGS or NGC, and choosing coin sets over individual coins.