The Thrilling Ride That Is Coin Collecting When a person decides to enter the world of coin collecting, they are usually already in possession of a good deals of coins, some of which may be of a good deal of money. They ask themselves “are any of my coins valuable or rare?” Tough question to answer. Sometimes tough even for those with some experience in the field. As an example, say you have an old wheat penny in your collection. What you may not know is that there may be thousands of those very same pennies that were already circulated. But, there is also the very possibility that wheat penny may be a truly rare one. That is why, when beginning in the coin collecting or trading game that you spend considerable time learning everything you can about this fascinating field. In the world of rare coin collecting, the two major categories used in the defining of rare coin are as follows; Grade Rarities and Mintage Rarities. Grade Rarities are that because even though it is a common coin, it becomes rare because it falls into certain grades. Mintage Rarities are classified as such because it has a very low mintage in relation to the market demand. To best determine the potential value of your coins, it is probably best to check out The Official Red Book, generally recognized as the bible of U.S. coin collectors. The Red Book lists and indexes all types of coins minted in the U.S., and also has information regarding when each penny was made, what their current values are, and how rare they are. The Official Red Book comes out with a new and updated version every year. Another good source of rare coin education is the good ol’ internet. And, don’t overlook the local reputable dealer. They can provide you with a goldmine (pardon the pun) of valuable information. This is definitely one exciting field to get into, and could be pretty lucrative too, provided you know what you’re doing. If you study right, and learn from the right people, you should be okay. Believe it or not, flea markets have been known to produce some really good finds for buyers. Some coins at these venues have been known to go for what some would consider “rock bottom prices.” Ebay is also another place that is known to be a source of great deals. Makes sense, because for the most part Ebay is more a buyer’s market than a seller’s.
With that said, personally, I think one of the best ways to make sure you really come out on top in this game would be if you were to get to know a reputable local collector and develop your knowledge at their side, so to speak. And, especially if you can develop a “you scratch my back, I’ll scratch yours” relationship this could really turn out well for you financially. Now, go out there and make your money.
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