- Buy the book before the coin. Knowledge is king in coin collecting. There are several books that specialize in coin collecting and a subscription to “Coin World and/or Numismatic News” is a must.
- Focus on one coin series at a time. A collector adds to his/her favorite series and an accumulator has a hodge-podge of “stuff” leading nowhere.
- Learn to grade coins and acquire coins graded by reputable third party grading services. Viewing many coins (a.k.a. gaining experience) allows you to determine for yourself the grade of a coin. When one is a beginner, coins graded by ANACS, ICG, NGC, or PCGS make good starting points, as do the opinions of others more experienced numismatically, but ultimately one must acquire a personal sense of the grade of a coin.
- Buy the “Keys” first!. Every coin series has “Key” coins that are scarce and always in demand. They just never seem to get cheaper than they are today.
- Periodically sell a coin. Occasionally selling one of the coins you have purchased provides a sense of grade and market value of the coins that you are buying.
- Homework can be fun. Keep reading, viewing coins and learning! Nobody knows it all regarding coins, but every collector/investor in coins keeps adding to his/her knowledge.
- Network with other collectors. Join a local coin collecting club. The potential to make friends, learn more and share what you have learned about coins is a joy.
- Find a dealer whom you can trust. In a largely unregulated market, there are both helpful and trustworthy dealers and those interested primarily in emptying your wallet. Start inexpensively with a dealer, get second opinions on your purchases and get to know your coin collecting dealer.
- Buy the best coins you can afford. Owning original, uncleaned, no problem coins which are of the highest grade and rarity that you can afford helps to ensure that your coins will quickly “find new homes” with other collectors.
- Have Fun! You only go around once in Life. The potential for enjoyment and self-fulfillment is pretty much unlimited in coin collecting; Have fun and welcome aboard!!!
And Always store in a very safe and secure place. Colorado Vault & Safe Deposit Box has different size vaults for your storage of coins and precious metals. Visit us at www.cvsafebox.com for more information.
Reprinted from Bob Bair – R. Bair Rare Coins