How to Purchase Rare Coins

Buy rare coins from auctions and coin dealers.

When buying rare coins, the most important thing to consider is the actual value of the coins you intend to buy. You want to get the best possible deal, and in order to do so you need to properly educate yourself about coins. Once you know what you are looking for, check out auctions and coin shops to purchase the rare coins you want.

Things You'll Need

• Coin price guide

Instructions

1. Get a good coin price guide and study it. These guides can be bought at most coin stores and book stores, and they are an invaluable tool. Take your guide with you when buying rare coins so you can check on the value of coins that you may want.

2. Locate your local coin dealer or find a coin auction in your area. Coins can also be bought at flea markets, but be cautious about buying from an unauthorized source. This warning also applies to auctions, but you are more likely to get a good deal at an auction.

3. Visit the coin shop or auction (if possible) and examine the coins before you buy them. This way you know what coins are in stock and their condition. At a coin shop, you can talk directly to the dealer about the coins you want.

4. Purchase your coins. If buying at an auction, know what you are willing to pay for a coin before the auction starts. Buying rare coins from a coin store is as simple asking the dealer to sell you the coins you want.

Tips & Warnings

• Information about grading, coin values and numismatic associations can be found in most price guides. The "Blackbook" price guides are a good place to start. Dealers will be happy to point you to a good price guide as well.

• You can get great deals at some auctions, while at others you may not find any deals. It all depends on the amount of collectors at the auctions. The more you learn about collecting rare coins, the better you will be at making good decisions at auctions.

• Coin dealers will occasionally give you a discount on coins that you purchase from them. The better the dealer knows you and your commitment to collecting rare coins, the more likely this is to occur. Dealers are more likely to give discounts on large purchases instead of single coin purchases.

• Coins can also be purchased online or through mail order, but make sure that the dealer is authorized by some type of numismatic society like the Professional Numismatic Guild (PNG). This way you know you are going to get what you pay for.

References

• "Blackbook Price Guide to United States Coins"; Marc Hudgeons, Tom Hudgeons Jr, and Tom Hudgeons Sr.; 2006