4 Tips For New Gold Coin Collectors

20 April 2015
 Categories: Shopping, Articles


When you are starting out in the world of gold coin collecting, you might not have a clear understanding of how to collect, store, and care for your coins. Collecting gold coins is a bit different than just buying gold coins for investment purposes. Before you start to wade into the world of gold coin collecting, you should keep a few tips in mind. 

Focus On What You Want, Not The Value Of The Coin

If you are collecting coins because you enjoy them, which is likely your reason for collecting, and not for investing you should purchase coins that you want, not necessarily coins that have the highest value. You might fall in love with a very common gold coin that has a low value. If that is the case, don't let that deter you from adding it to your collection. A collection of gold coins is not about the overall value of the collection only, but rather it should display pieces that you love, are drawn to and find interesting, even if these pieces hold little monetary value in the eyes of the market. 

Resist The Urge To Clean Your Coins

If you have acquired a number of gold coins that are dingy and dirty, you might be tempted to break out your cleaning supplies and shine them to perfection. However, you need to avoid doing this. Although clean coins may look a lot nicer, cleaning coins can actually decrease their overall value. Cleaners tend to be abrasive and will damage the overall integrity of the coin. This even holds true for cleaners specifically designed for coins if it is used improperly.

If you cannot handle the dirt and grime on your collection, read more and seek out a professional who deals in gold coins. They will be able to clean the coin if appropriate, as well as advise you from any cleaning at all if their professional opinion is that the coin cannot be cleaned without damaging it. 

Read Up On Gold Coins

You won't really know what kind of coins you like if you don't have a clear picture of all the types of gold coins out in the world ready to be collected. Before you begin, start to read value guides, gold coin collecting journals and peek around on the internet. Value guides and journals will offer pictures of different coins, as well as values and rarity, and can help you get a clear picture of what is available. Looking at pictures of gold coins will also help you discover new and interesting coins that you like that you otherwise would not have know existed. 

Educate Yourself About Grades

Coins are graded on a scale that range from never circulated, perfect and flawless condition (MS-70), to highly flawed coins that you can barely tell were ever coins at all (PO-1). Depending on the grade of the coin, the value of the coin will be higher or lower. Perfect, uncirculated coins will be a lot more expensive than a mangled coin of the same minting. Brush up on your grade values and determine how important the condition of the coin is for you. You should also talk with different coin dealers and ask to see examples of different grades. Grading can be a bit subjective, and its important to get a feel for different dealer's interpretation of grades before you start to purchase your coins. 

These tips will not only ensure that you have a pleasant coin collecting experience, but also ensure that you can retain any value inherent in your gold coin collection. When you go buy gold coins for the first time, be sure to remember all that you learned in this article for the best collecting experience!