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Starting Your First Collection Of Old Coins? Avoid These Pitfalls

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Old coins can prove to be both an interesting and lucrative hobby. However, if you're just beginning to buy and sell coins from days gone by, it is vital that you learn as much as you can so you can avoid the kinds of mistakes that many have made when starting out on the same road. Here are just some of the things you should avoid doing if you want to have a valuable and fascinating collection of old coins.

Buying Every Old Coin That You See

One of the first things you might do when building your collection is to acquire as many old and rare coins as you can. You might clean out your home looking for a jar of coins you've had since you were a kid, or you may buy every old coin you see offered. You might buy coins because you think they are unusual or rare in some way.

However, this way of collecting old coins can cause you to lose money, as you might not yet be able to recognize valuable pieces. Many older coins were produced on a mass scale and might not be worth what you think they are. You may think you've got a rare coin, but there are many cheap coins that share characteristics with the rare coins you're wanting.

For this reason, before you buy any coin, do some research by studying a coin guide or talking with a reputable dealer to give you a professional opinion.

Making Attempts To Clean The Coins You Purchase

Whether you have plans to sell some of the coins you buy or simply want to brighten them for yourself, it is natural that you'll think of cleaning them. While the sentiment may be well-intentioned, you need to understand why that might not be the best idea for you or your coins.

Chemicals that you might soak the coins in could interact with the metal of the coins negatively. For instance, this is especially the case if you have just begun collecting and do not know which solutions may work for the coins you have. Not only that, but as you rub them to clean them, you could be scratching the metal. That could make your coins worth less money to a buyer.

Use the information laid out above to give you a solid foundation and avoid problems when working on your first collection of old coins. For more information, consider contacting dealers like Penny Pincher Coins & Jewelry.