How to Buy Coins

When it comes to buying coins, buy the best example you can find. And if you get serious about coin collecting, you can call yourself a numismatist--it'll look great on your re'sume'!

Instructions

1. Look for luster--the shine on a new coin. If you're collecting old coins, however, luster is less of a concern.

2. Get a lucky strike. The strike is the impression on the coin. Look for a design that's perfectly centered on the coin.

3. Examine a coin for sharp details. One that has been in circulation for years will show a wearing down of high points on the design.

4. Avoid coins with small scratches on their surface: hairlines decrease its value. Cleaning the coin can also create hairlines, so learn the correct cleaning method from an expert.

5. Check your collection for the famed Buffalo nickel, with the profile of an American Indian chief on one side. Believe it or not, they are not hard to find. A complete date and mintmark set (one of each nickel minted between 1913 to 1938) goes for between $500 and $600. In uncirculated condition, that coin set would fetch closer to $27,000.

Tips & Warnings

• The year 1964 marked the end of true silver coins in the United States. Coins made before that, no matter how worn, retain at least their value in silver.

• The United States Mint (usmint.gov) has more information on collecting coins.