The few people I know who don't collect coins often envision coin
collectors as strange bookish recluses ensconced at a desk in a dark
room with a magnifying glass staring for hours at some obscure minute
and unknown variation. And, OK, that's often true. Honestly it can be
really hard competing with the adrenaline rush of other hobbies such as
motorcycle riding or extreme badminton.
What Numismatics offers that no other hobby does though, is the ability to build wealth through the normal course of activities. Another benefit is that coin shows are held all over the world. You can travel to cities everywhere there's a show and, especially after you've been in the hobby for a while, have close friends who are locals and people to go sightseeing or eat with. In the course of my career I have managed to go fishing on Lake Michigan, climbed the Rocky steps in Philadelphia, been to a St. Louis Cardinals game. I've eaten at eight of the top ten steak houses in the country and had fresh grab at a local eatery in Baltimore. All because of coins.
There are two ways of going about experiencing these things. Either through building a collection or by buying something and flipping it. In order to build a world-class collection that increases in value over time you simply need to follow a few simple steps.
First, pick a particular design you like, one that is appealing to you aesthetically. This ensures that you will maintain the sufficient interest necessary to study your chosen series. I do recommend focusing on coins that have an intrinsic metal value (silver or gold) but innumerable collectors have done well with Lincoln Cents or Buffalo Nickels so if those are the designs appealing to you then focus your efforts there.
Next, find a dealer you can trust. Like any other business finding a dealer you can work with can be a little touchy. If you spend a little energy shopping around you'll find a person you're comfortable with. Some basic guidelines. Check out whether or not they are Better Business Bureau members and are they members of any other applicable organizations? One of the best organizations is the Professional Numismatists' Guild, which employs a code of ethics and very strict membership requirements.
Finally, limit yourself in the beginning. Patience will ensure that you get the best deals and that you're happy with what you have acquired. Coins need not be overly expensive in order to build value over time. A young collector who built a circulated Roosevelt dime set 5 years ago could have "overpaid" for the set and yet completed it for less than $50. Today, that set has doubled in value and is easily sold for $100.
Flipping coins for a profit requires quite a bit more knowledge but is done by non-professionals regularly. Several years ago, we were attending a show and an eleven year old boy offered us a coin, (his mother was there to "protect" him). He had actually just bought the coin from another dealer at the show for $235, we offered him $1100 for his coin. This young man had studied coins for several years and was at that time just beginning to reap the rewards.
What Numismatics offers that no other hobby does though, is the ability to build wealth through the normal course of activities. Another benefit is that coin shows are held all over the world. You can travel to cities everywhere there's a show and, especially after you've been in the hobby for a while, have close friends who are locals and people to go sightseeing or eat with. In the course of my career I have managed to go fishing on Lake Michigan, climbed the Rocky steps in Philadelphia, been to a St. Louis Cardinals game. I've eaten at eight of the top ten steak houses in the country and had fresh grab at a local eatery in Baltimore. All because of coins.
There are two ways of going about experiencing these things. Either through building a collection or by buying something and flipping it. In order to build a world-class collection that increases in value over time you simply need to follow a few simple steps.
First, pick a particular design you like, one that is appealing to you aesthetically. This ensures that you will maintain the sufficient interest necessary to study your chosen series. I do recommend focusing on coins that have an intrinsic metal value (silver or gold) but innumerable collectors have done well with Lincoln Cents or Buffalo Nickels so if those are the designs appealing to you then focus your efforts there.
Next, find a dealer you can trust. Like any other business finding a dealer you can work with can be a little touchy. If you spend a little energy shopping around you'll find a person you're comfortable with. Some basic guidelines. Check out whether or not they are Better Business Bureau members and are they members of any other applicable organizations? One of the best organizations is the Professional Numismatists' Guild, which employs a code of ethics and very strict membership requirements.
Finally, limit yourself in the beginning. Patience will ensure that you get the best deals and that you're happy with what you have acquired. Coins need not be overly expensive in order to build value over time. A young collector who built a circulated Roosevelt dime set 5 years ago could have "overpaid" for the set and yet completed it for less than $50. Today, that set has doubled in value and is easily sold for $100.
Flipping coins for a profit requires quite a bit more knowledge but is done by non-professionals regularly. Several years ago, we were attending a show and an eleven year old boy offered us a coin, (his mother was there to "protect" him). He had actually just bought the coin from another dealer at the show for $235, we offered him $1100 for his coin. This young man had studied coins for several years and was at that time just beginning to reap the rewards.
No comments:
Post a Comment