How to Start Your Coin Collection
If you’re interested in starting your own coin collection, Laubach says there are a several steps to keep in mind. The first thing to do is figure out what type of coins you’re interested in collecting. Several people collect coins based on different things that interest them, such as: the year the coin was made, the artwork on the coin, coins that circulated for a short time, or historically significant coins.
Another tip is to do a lot of research before buying coins. Seek the advice from people who are already in the coin business or from people who work for reputable coin shops. Researching and understanding exactly the type of coin you’re looking for can possibly save you thousands of dollars. According to Laubach, “Many novice coin collectors, who know little about coins, can end up spending thousands of dollars on coins that hold little or no value at all”.
Determining the Value of Coins
When buying coins from customers, Laubach says he rates the coin’s value on both the condition and date of publication. The condition of the coin largely depends on factors such as: surface preservation and coloration. Also, the amount of coins that were minted in a given year has a large role on whether or not a coin will be valuable. Laubach says, “There are coins that are 150 years old and are only worth $3.00, and then there are coins that are 50 years old and are worth over $10,000. It just depends on how many coins were minted in a given year”.
Valuable Coins Still in Circulation
There are still many coins that are exceptionally rare because of the fact that many coins weren’t saved in the past or destroyed. Therefore, the remaining coins that are still around are a coin collector’s dream.
According to Laubach, the 1933 St. Gauden’s twenty dollar gold piece is one of the most beautiful coins that has ever been produced in the U.S. There were 445,500 of these coins made and were controversial for the lack of the words, “In God We Trust” on the back. In recent years, these coins have been auctioned off for several millions of dollars.
Another collectible coin is the 1909-S V.D.B. This is a very well-known coin and is a must have for dedicated coin collectors. These coins were rare because the designer of the coin, Vincent D. Brenner, placed his initials at the bottom of the coin. There were 484,000 coins made before the initials were removed, creating a rare assortment.
Finally, Laubach suggests that the Walking Liberty Half Dollar is a coin that collectors enjoy because of the immaculate artwork and design of the coin. According to Laubach, one of the reasons why older coins are so special is based on how they were designed. “Sometimes it took sculptors several years to create the design of the coins. Now, machines are made to stamp out 8 to 16 coins per second and much of the beauty of the coin has been lost.”
Tips for Avoiding Scams
Beginner coin collector’s need to be extremely cautious when it comes to avoiding coin scams. Knowledge is power and has the potential to save you a lot of money in the long run. Therefore, Laubach provides some suggestions on how to become aware of scam artists.
First, make sure that the place you’re buying the coins from is a reputable business. Many coin businesses promote themselves as reputable businesses but will take advantage of their customers. Laubach says that one sign that a coin shop might be scamming you is based on how they converse with you. If they try to get you to buy or sell coins quickly, then you need to be cautious of their motives. Thus, before buying or selling coins make sure that you go to several different coin shops until you find one that you feel comfortable.
