Coin collecting can be a fun and rewarding hobby, where you can meet likeminded people and even make money. However, as with any hobby or interest, it takes a while to gain knowledge and experience, so when you’re starting out it’s all too easy to fall into common pitfalls.
Here are some of the misconceptions new collectors have about collecting coins. Continuing from Myths about Coin Collecting – 1!
Mint errors are very rare and valuable
Mint error coins can be the result of deterioration of the minting equipment, accidents or malfunctions during the minting process, or intentional interventions by mint personnel. Although some are expensive, most are common and not very valuable.
Rare coins always go up in value
Most long-term collectors do great, but investing can be tricky. The rare coin market is usually cyclical, and building a collection over the long term is the safest bet. The value of coins depends on the availability of the coin in the market.
The best deals to be found are online
There are some great deals to be found when surfing the internet. Unfortunately, there are also fakes and over-graded, over-priced coins to be found as well. if it’s too good to be true, it usually is too good to be true! It is essential to be careful whom you buy from on the internet. If there is not a solid return privilege, shop elsewhere.
Image Courtesy: verdict.co.uk
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