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Did you know there are more than 100 million coin collectors in the United States alone with many more scattered across the globe?
This interesting hobby has steadily grown year over year. The promise of making big money draws both young and old to this type of collecting. Would you like to join the ranks and begin collecting coins yourself?
Breaking into coin collecting doesn’t have to be complicated. Continue reading to learn how to find and sell valuable coins!
Learn About Coins in Depth
The first and most important step to take if you want to find the most valuable coins is learning everything there is to know about coins. This will help you understand what makes a coin special and rare and how to tell when you find one of these coins.
Because of how much money people can make from selling rare coins, it’s extra important to bolster your coin knowledge so you can avoid fakes and counterfeits.
Try taking a look at this list of ten sites geared toward coin enthusiasts. The sites bring collectors together, teach about coins, and answer common questions people new to the world of coin collecting might have.
Learn How to Inspect Coins
Like anything else in life, not everything is always as it first appears. When sifting through coins looking for old valuable coins, knowing how to inspect them and what to look for is crucial.
A good first step is to tilt the coin under a light source. This might highlight something you missed before, such as a particular mark or misprint that makes the currency more valuable.
Looking at the coin under a microscope can help make it easier to see fine details that you would otherwise miss.
Look at the Mint Marks
Most coins made in the United States will have their mint mark on the side of the coin featuring the head. Because coins were made in different quantities at certain places, specific mint marks make a coin more valuable than another.
Know What Coins Are Rare
There are different levels to rarity with coins, and knowing the most valuable American coins well will help you spot them immediately. For example, a coin like the Double Eagle gold coin or Flowing Hair silver dollar is much more precious than many other coins you might come across.
Set Aside Anything That Looks Old
A good rule of thumb is to set aside anything that looks old. Even if a coin isn’t worth a large sum of money, an aged coin with specific details will likely be worth more than its face value.
Then, once you have the time to inspect the coin closer, you might discover hidden details that set it apart even more.
Check Online Marketplaces
Inspecting a coin in person is always best because you can see the die rotation, inscriptions, etc. but don’t eliminate looking at online marketplaces such as eBay or Facebook Marketplace for coins.
Sometimes people don’t realize what they have, are quickly selling off a collection, or are looking to make trades. Some hidden gems can be discovered this way!
Take the Time to Organize
As you progress in growing your coin collection, keeping them organized is vital. This helps you see what coins you’ve accumulated so far and what coins are missing if you’re looking for specific ones.
Keeping them stored and appropriately organized also keeps them in good condition and prevents them from getting damaged, which can lessen the value.
Take Your Coins to an Appraiser
No matter how well you think you know coins, someone who has dedicated much of their time to studying them professionally will most certainly know more than you.
This is why before you sell any coins, it’s wise to take them to an appraiser. This will give you a fuller picture of the value. Plus, it can help you be sure you don’t have any counterfeit coins or coins worth much less than you think.
When you go see an appraiser, they often charge by the hour. This is another reason why keeping your coins organized is essential. It might be a good idea to do some research on your own first and not bring any coins that definitely aren’t worth much money.
This will save you time and money in the long run.
How to Sell Your Coins
While some people have coin collections purely for show and enjoy holding onto them for themselves, others collect coins specifically to sell them to other collectors.
If you fall into the latter category, knowing how to sell a specialty item like rare coins is important.
You can sell coins on online marketplaces, as was mentioned earlier, or do something more regulated like sell with an auction company. You can view here for more options to sell your coins with peace of mind.
Find and Sell Valuable Coins With Ease
Learning how to find and sell valuable coins can turn into a beloved hobby or significant income source. This article walked you through several ways you can break into this collecting category with ease.
It also briefly touched on how you can sell your precious coins when the time comes. If you follow the advice found here, you should be building up your coin collection in no time!
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