7 Ways To Make Money As A Coin Collector

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Coin collecting is one of the oldest hobbies in the world. Numismatists or coin collectors collect coins for a variety of reasons and purposes. They amass coins because of their historic value, beauty, rarity, artistic value, and precious metal component. Some even keep coins that have errors because they increase value in time. 

Collecting coins dates back to ancient Greece as it’s customary in their culture to give coins as gifts during special occasions. Since then, the passion for collecting rare, old, and commemorative pieces has spread worldwide. 

Today, many people, not just collectors, make money from coins. Because aside from the coins’ historical value and significance, many coins are made from precious metals, such as silver and gold.

Here are a few ways to make money as a coin collector:

Complete A Collection

Coins increase in value if they’re presented as a complete set.  Many passionate numismatists embrace the thrill of completing sets because that’s what originally coin collecting was all about before it became a profitable trade. The most expensive set ever sold was the Pogue Collection Set, an early set of American coins that dates back to 1792 up to 1840, which sold for USD$200million. 

Buy For A Low Price

It’s always imperative that you make use of your savvy negotiating skills when buying coins. Don’t just buy and be convinced so easily with the flowery and elaborate language of the first coin dealer you’ll meet.

Did you know that the Pogue Collection that was sold for USD$200 million came from a sack of coins that were bought for USD$100?

Educate Yourself

If you’re diving deep into coin collecting, thinking that, someday, this might be a lucrative money-making scheme, you have to study the trade and learn more about coins because only then can you have the confidence to buy from different channels.

The study of coins is called numismatics. Suppose you’re knowledgeable about the historical context and physical attributes of a coin; in that case, there’s less chance that you’ll be hoodwinked by people pretending to pass counterfeit coins as real, rare ones. 

There are also articles online that help enthusiasts in determining the difference between a counterfeit gold coin from a real one, like this article: https://learnaboutgold.com/blog/how-can-you-detect-counterfeit-gold-coins/

Enroll In Grading Classes

If you know the grade and quality of coins, it’ll be easier for you to pick top-grade ones from a bag set for you by dealers and enthusiasts. Identifying a coin grade is a painstaking and time-consuming task that some collectors leave to professional graders who’ve studied the craft.

But, of course, you’ll pay them good money to do the job. If you know how to do it yourself, you’ll have higher profits for the coins you intend to sell. 

Attend Auctions

Numismatic auctions are now available online, so you don’t have to travel far and wide to search for and sell rare coins. But, if you’re the type who wants to see coins up close, they also have physical setups of auctions happening in various places, and you need to check their calendar for an event near you.

Auctions offer a myriad of coin collections and individual pieces that are valued greatly. 

Scour The Online Marketplace

Online selling platforms have a library of coins that they sell for a fair price, and here’s where your grading knowledge and numismatic knowledge will be put to excellent use. Since you won’t touch the coin, you’ll have to rely on the seller’s description and rating reviews, as well as your numismatic skills as the basis of its authenticity.

Just remember the risk and refund policies when buying from this channel.  Who knows? The only piece you’ll need will be found there!  And, you can now sell your set for a ridiculous amount of money. 

Make Connections And Join Groups

Joining groups of coin collectors online is an excellent avenue for widening your network and updating your knowledge.

Like-minded people who share the same passion won’t hesitate to help out a fellow collector or even trade with them pieces they don’t need, but which could be the only pieces another needs to complete a set. Most groups also offer enhancement skill classes for free and several tools and resources that could help you out with your burgeoning hobby. 

Conclusion

Collecting something is a decision formed out of passion.  If you’re serious about something, whether it’s as trivial as a collection of pens or as lavish as a collection of sportscars, you must be able to talk about your passion knowledgeably just in case somebody gets curious about the things you’ve amassed.  And, it would be a waste of time, energy, and effort if your collection will be polluted with fake items. It’ll ruin the reputation you’ve built over the years.

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