If you intend to become an enthusiastic numismatist, it is wise to spend some time in understanding how the market for rare and collectible coins work. As you probably know, rare coins are valued beyond the actual price of the precious metal that it is made of. While the intrinsic value of the metal is important, the numismatic value is more of a critical factor. In this post, we are discussing everything you need to know about rare coins.
Understanding rare coins
Just because a coin is old doesn’t mean it is rare or valuable. For example, if you come across a coin that has been in circulation for the last 100 years, chances are high that it will have many signs of aging. Another coin from the same era that has not been in circulation will fetch a lot higher price. A few scratches are here and there is always okay, but scratches can affect the price. Keep in mind that coins that are shiny don’t always fetch a great price, because chances are high that these are false or duplicate.
Dealing with dealers
Finding the right dealer for rare coins does matter. Do not deal with pawn shops, because these are hardly fair in the way they deal with such coins, and most of the time, there is no surety that their inventory is genuine in the first place. Also, your coins may not fetch the price that you possibly expect. Select a dealer who has a regular store, deals in numismatic coins on a regular basis, is experienced and will be willing to answer your questions. If you have no clue as rare coins are evaluated, you can always discuss the process and find more on the stock they have.
Things to consider
If you are getting a rare coin at a very low price, do not believe in the deal. Collectors are always looking for such coins, so there is no way you can get a price that’s lower what possibly the coin would fetch. Ensure that the dealer will also buy back coins as required in the future, so that your collection remains liquid. With known dealers, buying rare coins is easy, and you can always find more on the numismatic value of the coins you own, so that you can ask for the right price.
Appraisals are always done for free by most of the known dealers.