Coin collecting was started only as a hobby for most people to find rare coins wanted by collectors. However, you can hear what other people say, or you probably have heard yourself about the news of people cashing in on their old coins, encouraging more people to go on a coin-collecting streak.
If you are one of those people who want to invest in coins, here are several places to start your collection.
Many shop owners are dealers that know a lot of information about coins and are selling coins too. These coin shops are a valuable place to find and gain more information about coins and coin collecting. However, these coin shops can be costly, as they anticipate selling their coins for a profit. With enough knowledge or having someone who knows a great deal about coin collecting at your side, you can get great prices for your coins.
There are times when your local mall will have an exhibit from several coin dealers that will let you see all of the collections and allow you to buy some coins for a lower price due to the competition. You will probably also see several new available and suitable coins for your collection.
These coin shows are great for sellers and buyers, and coin enthusiasts who want to see rare and hard-to-find coins.
Mail Orders or Websites
There are thousands of dealers worldwide, and most have websites that allow buy coins and pay for them through mail order or any online payment system such as Paypal. You should research these companies and read their terms carefully to ensure you can get your money back when you have a problem with the coin you purchased and received.
For every legitimate website, there may be hundreds of fake websites that are just attempting to get your money. It would be best to always ask for feedback from previous customers before paying anybody online and remember not to give out passwords or PINs.
It would be surprising to find rare coins at a flea market, but stranger things have happened. These places have different ideas about pricing due to their lack of understanding of how a coin should be priced. You will find overpriced coins, but if you are lucky, you might find a rare coin somewhere in those stacks of coins that will make it worth your while.
Flea market sellers are usually looking for a quick sell and would probably give you discounts when you buy their items in bulk. Try to purchase other things and get your coins added as a bonus.
Rare Coin Auctions
If you want to invest in rare coins, an auction is the best place to go. Auctions are the only place you can find people selling their rarest and most expensive coins. Several of these auctions are happening online at the same time, and most of the sellers are looking for the highest bidders. You must be aware and warned that some of these sellers are frauds and will not make the price you pay worthwhile. It would help if you tried to learn more about these coins and their worth before buying one from an online auction.
Other Coin Collectors
Coin collectors usually have the exact coins they are willing to sell for a price lower than their market value. The only problem is finding another coin collector that collects the same coins as you is hard. The best places to look are online groups, forums and (if you have one) local groups.
Other coin collectors are the best people to turn into when you want to start your collection. They can offer you tips and discounts; some might even be tempted to give you some of their coins to kick-start your collection.
Coin collecting is like any other investment. The value will fluctuate: they may depreciate and gain value at any time. The best way to profit in coin collecting is to keep updated with the coins' news and prices. It will help you not be fooled by merchants but learn how to price a coin even without a price list.