Having a coin collection is something which more and more people are getting into every year. This is because it is fun and it can be quite profitable when you get a good deal on a coin. This is because some coins can be worth nothing more than the face value of the coin. Others can be worth thousands to millions of dollars. The better the deal you get on the coins that you purchase, the better a chance you have that you will be able to make a huge profit when you sell it later.
This raises the question as to where you should go when you are looking to buy coins. While there are many places looking to sell coins, most are looking to sell at or above the market rate. Even when you find a place which is willing to sell at a discounted rate, they do not want to come down too far from the market rate. This means you have to get clever. There are a few places which will allow you to buy coins at a great rate. You will just have to be willing to work for your score.
Shop at Antique Stores
While antique stores are great at knowing a lot about different kinds of antiques, they do not know very much about numismatics. They will sell raw coins or coins in flips or coins in bags. You will even occasionally find graded coins in slabs. What you will not find are coins being sold anywhere close to what the market rate is. This will allow you to get a coin at a fraction of the price that it is normally worth. You will have to be willing to sift through a lot of useless coins before you get to something which is worth your time.
Shop at Garage Sales
Just like with antique stores, garage sales can be a treasure trove for numismatics. You will be able to buy coins which are worth thousands of dollars tagged with a price of slightly more than the face value of the coin. The price is indicative of the coin and the “fancy” case they are selling along with it. Little do they know, they have a MS65 Saint-Gaudens 1927 coin that they are selling for $25. While this is a dream scenario in minds of most, it is a story you hear all too often.
While this is the lowest yielding of the three options to buy coins at a discounted rate, this is also the safest route. This is because the majority of the coins which are available have already been graded and slabbed. You know exactly what you are buying and you will be able to get it for less than what the market rate is. It is important when buying in this arena that you set limits to the amount you are willing to spend on certain coins that you see before the bidding starts.
Photo Credits: Ivan Walsh
Originally posted 2010-08-20 03:02:12. Republished by Blog Post Promoter
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