How to Become a Rare Coin Collector - William Youngerman
William Youngerman Inc, the Name That Has Meant Gold Since 1967
Call For Info: 1-800-327-5010
William Youngerman Inc, the Name That Has Meant Gold Since 1967
Call For Info: 1-800-327-5010

How to Become a Rare Coin Collector

Years of experience as a rare gold coin dealer serving Coral Springs, William Youngerman Gold has conducted business with collectors of various collection sizes and levels of expertise. We have seen collectors that inherited their collection from their fathers or grandfathers, collectors who have spent their whole life chasing rare coining, and beginner collectors who recently picked up the hobby. If you are the latter, we have some important tip and tricks to share. Although experience is generally what sets coin collectors apart, someone who does their research can become highly skilled rather quickly. Let’s explore everything you need to know when starting your Coral Springs, Florida rare coin collection.

Educate Yourself

Numismatics is the term for the study or collection of coins, paper currency, and medals. A successful coin collector is a well-versed numismatics expert. Research the subject as much as you can to understand the theories and practices involved in coin collecting. Joining one of the associations for numismatics is also a smart way to connect with follow numismatists and access resources for rare coin information and leads.

Pick a Theme

Getting excited about collecting and buying every coin you find is common for new coin collectors. However, over enthusiasm for collecting coins can drain your wallet, leaving little left when you find a truly exciting piece. Start by picking one or two themes and search for coins that match that theme. Be patient because complete collections and groups of coins with a theme carry a larger value and are considered more precious. Simply the hunting for the perfect coin to add to your collection can be exciting on its own. Imagine the satisfaction when you finally acquire a coin you spent months or years tracking down.

Impress Colleagues with Expertise in Your Series

Whichever theme or series you decide to focus on collecting, become a true expert on it. Dealers, graders, and fellow collectors will be impressed when you are able to tell them the history, rarity, and availability of every coin in your series. If you collect a series that has little literature currently published, it may be a great opportunity for you to write a book or web guide and become “the” expert on that series. Researching the coins you pursue can be extremely rewarding.

Establish a Relationship with a Dealer

Dealer relationships are going to be vital for a successful coin collection. Although many coins you desire may be found on eBay or through auctions, it is unlikely you will build your collection without any help from a dealer. If you work with a dealer closely, they will notify you when they come across a coin you might be interested in. Gain the respect of your dealer by educating yourself and doing a lot of your own research.

Always Consider Quality

The quality of a coin should always be of top concern. Only in rare cases should you ever even consider buying a coin that is not in decent condition. Perhaps a particular extremely rare coin is acceptable to buy regardless of the condition because you simply can’t imagine passing on it. Otherwise, pay up a little for higher quality coins and keep them protected. A truly rare coin will require you to pay a lot more if it is also of a high quality. It is highly unlikely that you are going to get the best pieces from auctions or dealers with a low-ball offer. In short, high-quality coins make for a high-quality collection.

Select Proper Storage

Storage is one of the most important parts of coin collecting because it protects your coins and maintains their value. The method you choose for storing your rare gold coins in Coral Springs can be the difference between protecting your investment and destroying it. Proper storage will prevent the coin from getting discolored, and even degraded. Coin collectors have been perfecting storage options for decades and have created numerous options. Whichever option you choose, make sure it is “archival-quality” coin storage. Do not settle for less to preserve these valuable pieces of history.

Leave Grading to the Specialists

As a collector, you will be spending copious amounts of time researching your coins and hunting down more rare coins to buy. Grading coins is a complex and somewhat subjective practice that is also extremely time-consuming to learn. Instead of wasting your time learning to grade, refer to a grading specialist and focus on just learning the basics. Focus on determining if a coin’s color is real and how to pick out a coin that is in the top 10% for a particular grade.

Becoming a successful Coral Springs collector of rare gold coins does involve a great deal of studying, reading, and networking but it can also be loads of fun! Especially when you are just starting out, choose a theme or series that excites you. Animal collections and regional collections might be a perfect place to start. Keep all of these tips and tricks in mind throughout your collection process and you are likely to do well. If you are looking for a dealer nearby Coral Springs that always has exciting rare gold coins in stock, visit William Youngerman Gold!

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