If you are looking to dive into a new hobby or you want to strengthen your current skillset, there is no such thing as a bad reason to learn more about coin collecting. While at first glance it may seem like this is a self-explanatory task, the art of coin collecting requires a variety of different factors in order for you to be successful. After plenty of research, we’ve culled the top 10 rules for optimal coin collecting. Check out today’s installment for the first five!

1. Education – The foundation of successful coin collecting rests in numismatics. You need to study all there is to learn about coins and the current marketplace in order to make the most profitable purchases. Whether you prefer to read up on coin collecting via blogs, books, or magazines, there are tons of resources for you to choose from. You can also join the American Numismatic Association which gives you access to their books as well.
2. Focus – Rather than just collecting any and all random coins, it’s important to narrow down your specialization and stick to a certain type of coin, or a specific period in history. The more well-versed you become, the better your collection will be and the more background you will have when you interact with dealers.
3. Patience – While it may be tempting to fill up your portfolio as quickly as possible, there is something to be said for slowing down and being more discerning in your choices. Avoid wasting time and energy buying a coin that ends up being a disappointment, and instead, do your research and wait for the right time to strike.
4. Networking – If you want to get unbiased, honest, and up-to-the-minute insider information on a specific coin or collection, you need to develop a rapport with a coin dealer or coin collector who does his research and actively attends auctions and shows. If you can establish a relationship with a dealer in the know, you will be on your way to building the coin collection of your dreams.
5. Collector’s Mindset – If you approach coin collecting from the perspective of someone passionate about the industry and genuinely in love with the coins that call your name, you will end up building out a beautiful portfolio. If you do your homework and buy a coin that will be the right fit, rather than the coin that is hyped up and purchased in the spur of the moment, you will not only enjoy the process more but increase your odds of turning a profit as well.

Stay tuned for the next set of coin buying guidelines! In the meantime, visit us online today, or call (513) 621-1996 to speak to one of our rare coin dealers and learn more!