Posted ByKylie PerkinsCoin collecting can be a fun and rewarding hobby. Currency has changed drastically over the centuries, and coins exist that are hundreds of years old. You don’t need a fortune to invest in old coins, nor do you need to dedicate large amounts of space to your collection. You can get started with just a few dollars, and if you make wise investments, you can even make a profit collecting coins.
Sellers of ancient coins will often use terms such as scarce, rare or very rare to describe a coin. Just because someone describes a coin as rare does not mean that it actually is. Unfortunately, some sellers will attach this label to ancient coins to attract novice collectors who do not know better. If someone describes a coin as rare or scarce does the person explain why the coin is rare? Does he give it an RIC number and explain the variety? If you are new to collecting ancient coins, you should not jump on a coin just because is it described as rare.
Hopefully, the U.S. Mint knows of the problems with Gold Maple Leafs and will design its new .9999 fine coins and their packaging so that the coins are not easily scratched or damaged. If the Mint opts to go with packaging its new coins in tubes, as it does Gold Eagles and as Philharmonics are packaged, then the Mint needs to avoid milled edges.
There are times when a rare variety of coin is in great demand in the market and if you own that particular variety then you can even become a millionaire by selling it off. This is because most of the collectors are ready to purchase a rare variety for a handsome price. However, to become an owner of such a variety is not an easy task. You should have complete knowledge about the history of coins and only then you will be able to get a hold of such a rarity.
The Mint is going after the bullion coin market, and bullion investors like to feel and heft their coins. Packaging the coins in tubes enables investors to more easily inspect their coins. Collectors, on the other hand, want their coins in as pristine condition as possible. Although capsules are excellent for protecting collector coins, coins individually packaged in capsules require more space for storage. The other aspect that the Mint has to consider is the coin’s theme.
You can find special pieces of gold coins from different places. Likewise, there are reputable stores and dealers where you can find custom challenge coins at reasonable prices. However, before investing in this fruitful venture you need to consider many things.
If I buy raw coins, I pay far less than their apparent graded value. Then I take the chance of how they come back. It is safer on more expensive coins to let someone else take that chance. Then you know you’re buying a rare American coin of known quality.
If the U.S. Mint avoids the problems that have surfaced with Gold Maple Leafs and offers gold bullion coin investors a strong alternative, then it has a golden opportunity to capture a big share of the .9999 fine gold bullion market. With the right planning, the Mint could shake the Maple Leaf’s hold on the .9999 bullion coin market.