Buying a Rare Gold Coin
There are people who seek rare coins for sale due to different reasons. There are people who collect them as hobby, a form of investment, or prized possession. The rare coins could be antique, silver, gold, and one of a kind. Their value depends on certain criteria.
You can find rare coins for sale almost anywhere, but it is advisable to learn more about them before you buy them.
If you want gold coins that are easy to buy and sell, then choose the American Eagle and Canadian Maple Leaf gold bullion coins. However, many experts may advise you to stay away from rare gold coins when you are a complete novice in collecting rare coins.
It is necessary to acquire the needed level of expertise when buying rare gold coins. At first glance, the two gold coins may appear similar. You won’t be able to tell or detect their differences if you only have meager knowledge in verifying rare gold coins.
It is recommended to hire a professional to grade and authenticate the coin or you can always wait until you are ready to do it yourself. It is also important to get a certificate of authenticity for the rare gold coin.
Buying a Rare Silver Coin
How can you immediately tell if the rare coins for sale that you would like to buy are real silver? Take note of the following quick tests that you can perform on the coin:
Magnet Test
Keep in mind that magnet has no effect on silver. However, there are other metals that also don’t easily get attached to a magnet.
Ring Test
When you flick a silver coin into the air, you should hear a nice ringing sound. You can also try tapping it using another coin. If it’s real silver, you should be able to hear a bell-type ring that has a high pitch.
Ice Test
Silver has the highest electrical and thermal conductivity among the metals. When you try to put an ice cube on a silver coin, you will see that the ice starts to melt quicker than just putting it at room temperature.
There are three things that you need to determine when you want to acquire a rare silver coin: historical significance, uncommonness, and popularity. To give you an idea, the 20-cent silver coins of 1875 are heavily favored. They were only produced for four years and the reason for such limited production was because the populace often mistook them for quarters.
Buying a One of a Kind Coin
The one of a kind or rare coins are usually those with mint-made mistakes. They are real coins that acquired some defects while being minted. Some of the most common mistakes are:
- clipped planchets
- off-center strikes
- double strikes and machine doubling
- broad strikes
- off-metal error
- indents
- capped dies
- blank coins
- split planchets
- clashed dies
- double die
Not all coins have the same value or worth. For example, the off-center coins can be bought for a few dollars, while the coins with off-metal errors may be worth hundreds or thousands of dollars.
Buying an Old Coin
When you talk about valuable coins, those that are old and rare usually attract more attention. However, not all old coins can be considered valuable. It is important that you know your history. The story behind the popular old coins as well as their rarity can help you determine their real worth and significance in the world of rare coins. A 1921 Morgan dollar or a 1941 Lincoln penny may not fetch a high value even though they are already old. Both coins are not that rare and they can be easily obtained.
Where to Buy the Rare Coins
Online, garage sales, and pawnshops are the popular places to find rare coins. When you try to search for rare coins online, you will see that there are a lot of shops and individuals that offer them. It is convenient to transact online, but it is also risky. It is advisable to check the coins personally to make sure that you are paying for your money’s worth.
It is likewise advisable to go to reputable pawnshops when buying your rare coins. It is best to conduct a background check first before making a deal.
You may also find some rare coins when you go to a garage sale. Take note of the things that you need to check so you can determine whether the price being asked for the item is worth it.
There are so many rare coins for sale almost anywhere. You need to be cautious when buying them and always make sure to check the things that you need to verify.