How to Become a Smart Coin Buyer

There are tons of places and ways to find coins to buy, including coin shops, coin shows, mail order, and online sites. I will share with you some techniques and methods that will spell SUCCESS when you buy coins:

1. Buy the coin, not the grade-Be sure that the coin you are interested in is pleasing to you! After all, you will have to pay for it, own it, and maybe sometime in the future sell it. Rely on the "I like it test." If you find the coin appealing, then the odds are that someone else will find it just as appealing as you do. If you don't find the coin attractive, don't buy it no matter what anyone else says about it. Of course if it is an exceedingly rare, but ugly low grade coin that you may never come across again; seriously consider buying it if the price is right. However, for the vast majority of coins you are likely to encounter, it will pay you to wait to find a more appealing or attractive coin.

2. Certification isn't everything-Just because a coin is certified as "MS-67" doesn't make it worth an "MS-67 price tag." A crappy looking or "low end" coin may be worth a lot less, and a selected gem may be worth much more. Avoid coins that are toned very deeply, spotted, or just plain ugly in appearance, even if they are certified. Let the bargain hunters and bottom-feeders scoop these up. You can afford to wait for a better coin.

3. Know the coins you are interested in-Specialize in the coins you are interested in collecting. Get to know the characteristics of a coin before you buy it. It has often been said: "Buy the book, before you buy the coin." To gain knowledge about coins, start building your library. If your budget is limited, check out your local library.

4. Determine the coin grade you want to buy-What grade do you want your coin to be? Do you want your Morgan silver dollar to be MS-63 or MS-64? Or do you want your buffalo nickels to be EF-40 to AU-50? Develop a plan before you start buying your coins.

5. Know what to expect with coin grades-Know how available a coin is in a given grade. Some types of coins are readily available and relatively inexpensive in Mint States while other types of coins are "close to the top of the line" in a lower grade.

6. Look out for a coin's value-Always determine if a coin is a good value for the price. How does the coin check out in all other aspects such as its rarity, grade, appearance, etc.? Beyond these issues, is the coin's grade worth it?

7. Enjoy your hobby-Above all enjoy collecting coins. After all, you only go through this life once, and you might as well enjoy the journey. Approach coin collecting with a positive attitude. Get out there and enjoy the under-appreciated aspects of coins, such as their history, art, and other characteristics. If a coin dealer doesn't treat you as you expect to be treated, don't be afraid to walk away; find another source to do business with. With the advent of the Internet, you have many more places to shop for coins than was possible in the past. You don't have to put up with snooty coin dealers.