If you want to be a successful coin collector, you will have to start thinking like one. The term “thinking like a coin collector” can have different meanings to different people. For example, novice coin collectors might constantly be on the lookout for everyday coins that they find interesting or unique to add to their broad coin collection. But expert coin collectors might be more focused on buying and/or selling unique coins with the ultimate goal of obtaining extremely rare and hard-to-find coins to add to their limited coin collection.
If you are hoping to transform yourself from a novice coin collector to an expert coin collector who has the knowledge and skill to buy and sell rare coins for a profit, you will be interested in reading the following tips on how to adopt a the skills of an avid coin collector
Collect rare coins that interest you, but don’t acquire a collection that is too broad. In other words, a coin collection that includes all types of coins from a specific geographical region doesn’t result in a coin collection that is as valuable as one that contains only rare or unique coins from a certain region. When you are able to buy rare coins that fit well within a collection, you will be able to someday sell your entire coin collection for a higher market value.
Buy low, sell high. When it comes to the stock market, everyone will tell you to buy stock when it reaches its lowest value, and sell it when it reaches its highest value. Obviously this is the best possible way to make money. The same theory applies when it comes to buying and selling rare coins. As a collector, you want to buy unique coins for the least possible amount, and you want to sell your rare coins for the highest value that anyone will offer. Unfortunately, being successful at this buy/sell technique is not always as easy as it sounds. But if you are going to become an avid coin collector whose goal is to buy and sell valuable coins for a profit, you will have to learn how to “time the market” and buy collectible coins for less than you hope to receive for them in the future.
Collect coins that you actually like. Anyone who enjoys watching the popular television series “Antiques Road Show” that airs on PBS has likely heard antique appraisers tell collectors to collect items that they find interesting and that they like. The same is true when it comes to coin collecting. No matter if you are a novice or an expert coin collector, it’s important to collect items that you personally find fascinating. In other words, when you collect coins that you like, it’s fun and challenging, and it’s not “work.”
If you have any questions on how to transform yourself from a novice coin collector to an expert coin collector, you should contact an experienced rare coin dealer to get his or her professional advice and guidance. The best rare coin dealers who specialize in buying and selling unique and valuable coins are always happy to provide guidance to aspiring rare coin collectors.