Building a collection of valuable rare coins is a painstaking process. Many new coin collectors make one of the following common mistakes. This costs the collector time and money and gives them nothing to show for their investment. The following three mistakes should be avoided when amassing a collection of rare coins, to protect the collector's interests and give them something to pass on to heirs as part of an inheritance.
Failure to Research
New collectors (and even some veterans) fall victim to this mistake quite often. It can be tempting to jump on a seemingly great deal on a coin or set of coins. The collector snags the deal, believing the seller's estimate and description of the coins, only to get home and research what was just purchased. Upon further research, the collector finds that the purchase wasn't as great a deal as they were led to believe, and they basically wasted money on coins that have little to no value. Though a deal might seem like the best deal ever, and a seller might claim that it will go quickly, it is still important to do proper research before making any purchase.
This is another common mistake among new coin collectors. It is very tempting to clean all coins that are added to a collection; a bright, shiny row of matching coins with a uniform level of brightness is beautiful. However, rare coins and valuable coins should never be cleaned. Cleaning removes the patina from coins and decreases the value of these coins. A coin is most valuable when it has all of the patina and tarnish that makes it unique.
Improper Handling and Storage
The third and final mistake that is commonly made by inexperienced coin collectors is improper storage and handling. First, coins should be properly stored in books or cases that keep them from touching. Some collectors toss coins into a container together, causing coins to scratch and nick each other. This also decreases the value of the coins. In addition, coins should be handled with care. A coin should always be handled by the edge. The collector should use thumb and forefinger to gently grip the edge of the coin when handling. This will protect the surface of the coin. And finally, coins should only be handled when absolutely necessary; otherwise, they should be kept in a proper storage device to protect the value and integrity of the coin.
Contact a local outlet, such as Coins Plus, for further assistance.