Have you ever heard the horror story of the coin collector who invested $105,000 in a rare 1850 coin and then decided to give it a clean?
Instead of it now being worth more than twice what he paid for it, it has lost all its value.
You may not be quite at the level of investing thousands in a single coin, but if you’re thinking of becoming a numismatist, there are some coin collection errors you need to avoid.
- Cleaning Your Coins
If the little story I just told you hasn’t made it clear, let me say it again. Never clean your coins!
I know, we all like shiny things, and it’s tempting to think that a shiny coin must be more valuable than a dull, brown one. But cleaning coins actually damages them. It removes the valuable patina, which is the layer of tarnish that builds up on coins over the years. And it can also cause scratches which result in the coin being worthless.
- Selling Your Coin Collection Too Soon
Sometimes big expenses come along, or we want to buy something expensive and new, and it’s tempting to sell coins from our collection to raise funds. But selling too soon is something that many coin collectors regret. It’s pretty heartbreaking to watch the value of a coin you once had go up and up. So, resist the urge to sell them for as long as you can.
- Blowing Your Coin Collection Budget
It can be pretty easy to get excited about a rare coin, and sometimes in the excitement, we can spend too much money. Perhaps that will turn out to be a great investment in the long term, but it’s not a great idea if it means you can’t pay your bills today. So figure out your coin collecting budget and make sure you stick to it.
- Storing Coins Incorrectly
To make sure your coins keep, and hopefully increase their value, you need to store them safely. Wrapping them in the paper can expose them to harmful acid, and you need to be conscious of keeping them away from moisture. Invest in a special album or box to keep your coins safe.
- Buying Fake Coins
Coin collectors need to know the difference between counterfeits and the real deal. Join a coin collecting community so you can learn from other collectors and get advice from legitimate dealers.
Websites, like challengecoins4less.com, will also help you learn more.
- Not Insuring Your Coins
It can hurt to pay the sometimes hefty insurance premiums. But it hurts a lot more to lose your valuable collection to theft, fire, or natural disaster.
Do You Want to Learn More About Coin Collection Errors?
If you keep aware of the six common coin collection errors above, you can be on your way to building a valuable collection that you can be proud of.
But there’s a lot more to learn in the world of coin collecting, and a lot of amazing coins to collect. Keep checking our site for more helpful information.
Read More on Forbes Magazine