Have You Started Collecting Gold Coins?
Here are Some Insider Tips
Collecting gold coins can be a fascinating hobby, as well as a fruitful experience, but it is very important to keep in mind several factors when collecting gold coins. You certainly don’t want to find yourself making the same mistakes many novice collectors make.
First, one should have in mind what sort of gold coins one wants to collect. There are many choices and some can be quite pricey.
How much do you want or can you afford to spend?
If you are on a limited budget you can easily start with some of the smaller coins and build up a collection - perhaps over a period of time. As an example, one can get one-tenth and even one-twentieth of an ounce of gold these days.
Next, you might like to collect coins of a particular country or a particular series such as Canadian Maples or South African Krugerrands. Some people like to collect Proof coins rather than used or uncirculated. These tend to be more expensive of course as they are coins that have been especially struck for collectors and are of a much higher quality than the brilliant uncirculated coins.
You will need to find a trustworthy source from whom you can buy your gold coins. If possible, try to buy your coins from the same dealer every time, so if the time comes to sell, the dealer will know the coins and generally offer you the best price. Reputable precious metals firms like to have repeat customers and will tend to look after them and sometimes even offer a higher quality service and price.
If you decide to buy rare or proof sets be aware these can be more expensive, but if you have the liquidity, they are generally well worth the expense as, over time, they tend to appreciate in value quite nicely.
When buying larger amounts of gold you should pay less in mark up costs from the precious metals firm than if you just buy a small amount.
Whatever you decide to buy, the main point is to study and learn as much as you can about collecting gold coins - and even more importantly, have fun doing it!
Remember - “take care of your money and your money will take care of you.”
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