Buy the Book Before Buying the Coin

Buying rare coins can be overwhelming if you don’t know where to start.  There are so many options to choose from that it may be difficult to approach if you don’t narrow it down a bit.  This may not be an issue if you are interested in a very specific era or coin, like the Morgan silver dollar or Carson City minted coins, for example, but if you are new to numismatics, it may be in your best interest to learn before buying.

There are many reliable rare coin resources online, but there are also many that should not be trusted.  The best way to be sure that you are receiving accurate information and shopping for properly graded coins is to only seek out reputable dealers that have been in the business for many years.  There is a lot of potential to lose money if you are not going through the right channels, so fining a trusted dealer is a must.

When it comes to buying rare coins, it is wise to avoid pawn shops, auction websites, private sellers, and other sellers that are not 100% reliable.  The PNG (Professional Numismatist’s Guild) is known for having strict policies for their members, so if you are buying from a PNG certified dealer you can rest easy knowing that they are known for being honest and ethical.

There are also plenty of websites online that allow buyers to tell the world about their experiences.  Chances are, if someone got ripped off, they are probably not going to keep it to themselves.  It is wise to do an extensive search about a dealer before buying from them, to make sure that there are no unhappy customers.  Arming yourself with information about the dealer helps to ensure that you don’t make the same mistakes.

You want to be sure that there will be recourse if something should go wrong.  Even if a dealer means well and has completely honest intentions, there is always the possibility that an item may not be exactly what you were hoping for.  A good dealer will have their policies laid out from the beginning so that there aren’t any surprises later.

Online forums can be an excellent resource for getting tips and advice from real collectors who have first-hand experience in the field.  Everyone was a beginner once and there are plenty of people out there who are more than happy to help someone get started in the fascinating world of numismatics.  Don’t be afraid to politely ask questions and seek out their council.  You can also call or e-mail reputable dealers for unbiased advice on the latest market trends and forecasts.

2013 looks to be an extremely promising year for coin collectors.  Quality seems to be the name of the game at this time, with many collectors focusing their sights on high-grade, scarce items.  You may find that saving up and buying one high-end coin may be a better decision than owning multiple mediocre pieces.  The rare coin outlook is excellent for those who are willing to buy the book before buying the coin in 2013.

Buy the Book Before Buying the Coin
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