Rare Coins and Information   by Jeremy Miller

in Finance / Accounting    (submitted 2010-03-01)

Collecting rare coins is not only popular but it's like a mini history lesson. Some people find coins at trade shows or auction houses and others find rare coins on sites such as eBay. Before making a purchase, it's always best to have the seller give you proof of the coins grading and value. If the seller does not have this information, then you should not purchase the coin.

If you are planning on attending a coin show at your local trade show, it would be helpful to bring along a US coin price guide book. These books can give you an idea of how much a coin is presently valued at and at what condition. If you are unsure of a coins value, you can always ask the seller if they have had the coin authenticated by PCGS or NGC. These two companies give guarantees about the authenticity, condition and value of coins.

Many collectors look for those rare 1900's coins to add to their collections. What 1900's coin is the most valuable coin? It is the 1933 Gold Double Eagle which sold in 2002 for 7.5 million dollars. There were less than 500,000 of these coins minted but were never put into circulation because of the depression. Would this coin be worth 7.5 million today? It's hard to say if this coin would be worth that today because a coins value can fall when the economy falls.

Researching coins before making purchases is a big must in the coin collecting industry. It is very important to know the different grading systems so you aren't taken advantage of and you are getting what you are paying for. There are several books that you can purchase at your local bookstore or you can go to your local library and see if they carry the books.

Many new collectors wonder about cleaning their coins. The rule of thumb is you never want to clean your coins yourself. There is a possibility of damaging the coin and greatly affecting the value of the coin. Take your coin to a professional coin dealer and have them clean the coins for you.

Once your coins are clean, should you display them or put them in a safety deposit box? If you are planning on displaying your rare coin collection, it is very important to keep your rare coins in the proper temperature or your coins can tarnish and get damaged. The best places to keep your coin collections are in a safety deposit box or in a home safe.

If you decide to keep your collection in your home, you can add your collection to your home owners insurance or purchase a separate insurance policy for the coins themselves. It is recommended by collectors and dealers that no matter what you decide to do with your collection that you insure them. You can also ask your insurance agency about only insuring your most valuable coins in the collection rather than the whole collection.

There are tons of rare coins waiting for you to find them. If you do your research and look in the right places, you may be one of the lucky ones to discover a very valuable coin.