Of all the collectables, coins are perhaps the most popular, mainly due to the appreciation in value, especially if you focus your energies on gold coins. Your hobby is also a great way to invest and you can see your wealth grow over a period of time, and if you are new to coin collecting, here are a few common mistakes to avoid.

  • Failing to Do Some Research – If you are buying and selling items that you know little about, this is recipe for disaster, and the Internet is full of websites that offer free information about coins and their origins. Many new collectors, for example, don’t know the difference between “low mintage” and “rare”, which are two completely different things. There is an informative article on collecting coins, which is a must-read if you’re a novice collector who’s looking to start collecting.
  • Cleaning your Collection – While it might seem like a good idea to polish an old gold coin, it could take some of the value away. After all, anything old should show its age. Resist the temptation to make your gold coins look more attractive, as this could reduce the value. If a person is a serious collector, a clean coin is not something that they are looking for.
  • Handling Gold Coins Directly – You might think that handling a one-ounce gold coin is harmless enough, yet human skin contains oils, which can damage the precious metals, and over time, repeated direct handling can cause damage. Ideally, the coins should not be removed from the protective slabs that they are stored in when you acquire them. If ever you really need to handle any gold coin, make sure you are wearing gloves.
  • Buying from an Unregistered Dealer – While it might seem tempting to buy gold coins from eBay or another online source, you should only by from a registered gold bullion dealer, which pretty much guarantees that you are getting the real thing.  The gold bullion dealer would have access to many different forms of gold coins, and they can likely source a specific item, should you request it.

The above mistakes are easily made, and let’s not forget the many fake coins that are circulating today, including some very good copies of well-known one-ounce coins that are simply gold plated. If you do your research and become very knowledgeable on your chosen form of coins, it will be much easier to spot something that seems too good to be true, and with some wise acquisitions, your coin collection would be worth a lot of money in years to come.

Buying gold coins from a reputable dealer online ensures that your coins are genuine, and with regular acquisitions, it won’t be long before your collection becomes substantial.