Rare coins have rich, fascinating histories that tell stories about the technology and culture of the time they were circulated. This makes them rewarding and valuable collector’s items. If you are looking to buy coins, there are a few factors to keep in mind. Here are some coin buying tips to grow your ideal collection.

The Smart Way to Shop for Rare Coins

1. Collect What Interests You

Many guides and long-time coin collectors suggest buying coins based on their investment potential, rarity, and how much their value will increase over time. However, coin values are volatile, and rarity is relative. You might find that focusing so much on potential profit can sometimes take away the enjoyment that comes with coin collecting. 

Rather than always searching for the “rarest” coins that will bring you the greatest return, buy coins that you want. Look for coins from time periods you are interested in, or specific types of minting errors that fascinate you. The satisfaction of tracking down the rare coin you have been searching for and learning about its history along the way is what makes coin collecting so fulfilling.

2. Do Your Due Diligence

Once you know what you want to collect, find out every detail you can. It is crucial for collectors to do extensive research before they buy coins. Learn all the years and denominations, look into market value and recent auction prices to make sure you are paying a fair price, and know how to distinguish minting errors from post-mint damage. There are many resources that coin collectors can refer to. The “Red Book,” also known as “A Guide Book to United States Coins,” is an official and authoritative price guide that you may want on your shelf. You can also find coins using the online U.S. Coin Identification Guide.

3. Watch Out for Counterfeits

Like any lucrative collector’s item, rare coins are bound to attract scammers. The best way to avoid falling victim to counterfeits is by only going to coin dealers you can trust. Anonymous online sellers and flea markets can be risky—it is best to buy from someone whose background is accessible. 

Reputable dealers should have overwhelmingly positive reviews. A newer dealer is not necessarily a red flag, but experience is certainly a desirable trait. Look for rare coin dealers who are members or award recipients of renowned organizations such as the Professional Numismatists Guild (PNG) or the American Numismatic Association (ANA), which honor a code of ethics and require experience for membership.
 

When you are ready to expand your collection, buy coins from the trusted dealers at Coins Plus. As the premier rare coin dealers in Cincinnati since 1972, their partners have earned numerous numismatic awards, multiple accreditations, and regular publications in trade magazines. They guarantee a fair price in coin selling, buying, and appraisals, as well as paper money, bullion, scrap gold, and other collectibles. Call (513) 621-1996 or visit their website to learn more about their services.