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It takes a considerable amount of time to learn the art of coin collecting. It is very important to remember that you should coin collect for all the right reasons. It should be your passion, only then will it be worth pursuing.
If you intend on collecting for profit, it might work for the time being, but it will not work for long. This is an important factor to consider, as there are many people who have collected coins for this very reason and have met with colossal failure.
If you wish to be a successful coin collector, you need to take out enough time to learn all that there is to know regarding numismatics. You can get loads of information from sources such as newsletters, magazines as well as brokers who can convey news and information as it happens. If you use your resources correctly, you will have enough time and expertise to act fast and beat the other collectors who are after the same thing. Getting your information on time is very important.
If you are not well versed with the basics, chances are you will not get very far with this hobby.
Knowledge on coin grading is essential to collector who needs to know the real value of a particular collection. This knowledge is especially useful when the collector wishes to trade something for a greater value. It can also prevent wastage of money and scamming for things of lower value. Vigilance is the keyword here.
Patience is one virtue that coin collecting imbibes in all collectors as, sometimes, it takes many years to complete a collection. Many of the reputed collectors in todayâs world have waited many years before reaping any benefits.
It is very important to learn how to see and think like a collector. It is not a good idea to be too eager in the initial stages as this can tempt the collector into buying the the wrong coin which can cause immense loss. Always think twice before using any information that is given to you regardless of what the source of information is.
Beginners at coin collection will find it a little difficult in the initial stages. It is likely that the person will not be able to afford items that cost more than around $ 10,000. Therefore, the best course of action would be to start small and simultaneously study the market attentively for five to six months before getting comfortable about the bigger prizes.
Sports and coin collecting have a lot in common- it takes patience and hard work to excel at it and long and short terms need to be established in order to achieve anything. By using oneâs common sense and following the rules, one can become a very successful coin collector who knows the trade well.
Abhishek is an avid Coin Collecting enthusiast and he has got some great Coin Collecting Secrets up his sleeve! Download his FREE 58 Pages Ebook, “Understanding And Mastering The Art Of Coin Collecting!” from his website http://www.Fun-Galore.com/92/index.htm . Only limited Free Copies available.
Some suggestions for Beginners new to stacking. These are general concepts and might help you. Look around, plenty of videos on the subject, this is just my take on the subject.
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List is below.
1. Never pay Interest
2. Set Budgets and stick to it
a. Buying gets addictive
3. Diversify – Gold/Silver or Bullion/Semi/Numi
a. Do NOT be in 100% metals.
b. The stock market is not pure evil, make your money work for you…
4. Study and Research
a. Whatever the niche, there is an article, a book, price guides, and subject matter experts. Find them, read them, KNOW them…
5. Find your Niche and find it fast
a. In the beginning there’s no focus and you will buy a bunch of stuff. Once you see everything, figure out what you actually like. The sooner you find out, the less money you will waste.
6. Sell Something
a. If you have 20 of the same coin, you will survive with 19.
b. You might buy something you like that no one else likes and can’t sell it or have to sell at a loss, do not repeat.
c. Even better Sell when there is still tons of hype.
d. Sell when you WANT to, not when you NEED to.
e. Experience the REAL cost of ownership, when you sell there are fees, materials, etc.
f. Test your exit strategies from time to time.
7. Identify resources
a. LCS/Forums/People (subject matter experts)/websites/dealerts/etc.
8. Find price trends and set price targets
a. 1-3 month history vs current pricing
9. Be aware of upside potential.
a. If a 2008 with 100k mintage is currently , a 2016 with 8 million minted is not likely to reach . So don’t buy a 2016 at 0.
b. When you are a subject matter expert, you will ‘know’ what is a good price to buy and swoop on a deal.
10. Don’t Impulse Buy or Purchase when Drunk!
11. Don’t be one of those, “I’ll never sell” people.
a. If you are relatively young, most likely you will need to liquidate for one reason or another. A house, a baby, a wedding, a medical emergency, college tuition, etc. Expect to sell in 1-5 year cycles. You don’t have to, but expecting it is better than being surprised. If you don’t, great… KEEP STACKING!!!
b. (Exceptions) IF you are oldER, then OK this might not apply to you. You probably have a retirement fund, social security, pension, savings, a house, medical insurance, grown kids, a business etc.
12. Money is made in the BUY.
a. Don’t chase a coin after it is run up, your profit goes down and risk goes up.
13. There is always another “winner”
14. Are you a collector or investor first?
a. Collectors will buy everything and store them, usually not multiple unless its multiple sets which include not-as-valuable pieces.
b. Investors will limit their buying to certain items and buy multiples and sell when it hits a price target
15. Slabs have their place
a. If you like it ‘raw’. Don’t put it in a capsule and see what it does to the value.
16. Don’t be greedy, take profits from time to time.
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