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Safe Coin Collecting AND Best Practices

HERE ARE ELEVEN BEST PRACTICES FOR SAFE COIN COLLECTING:

 

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  1. Handle Coins Properly: Always handle coins by their edges to avoid oils and dirt from your fingers damaging the coin's surface. Consider using cotton gloves or plastic tweezers to minimize contact. These items can be purchased easily on Amazon. Cotton gloves, tongs and magnifiers are readily available from Amazon and Amos (https://www.amosadvantage.com/).

  2. Use Proper Storage: Store coins in acid-free holders, flips, or coin capsules to protect them from environmental factors like moisture, dust, and air pollutants that can cause tarnishing and corrosion. Once you have a valuable coin you should consider having it graded and encapsulated by one of the major grading companies (PCGS, NGC or CACG).  Many of the founders of PCGS have gone on to start other companies such as CAC sticker certification which is essentially a sticker placed on the slab of PCGS or NGC which classifies a coin as an "A" or "B" coin. A "C" coin will usually not be "stickered". The CAC sticker allows the coin to be sold at a premium price.  In fact some collectors will only buy CAC stickered coins. I tell you about some of the mistakes and errors that I made that cost me but also taught me "best practices".  

  3. Avoid Cleaning Coins: Never clean coins, as it can reduce their value and cause scratches or other damage. Collectors value the natural patina that forms over time. There are really very few exceptions to this rule. Your first action is to do nothing to change the surface of the coin.  If you think you have an exception to this rule the see professional help.  Both NGC and PCGS have coin preservation/restoration services. 

  4. Keep Coins in a Controlled Environment: Store your collection in a cool, dry place. Excessive humidity or extreme temperature changes can damage coins.

  5. Invest in a Safe: Use a secure, fireproof safe to protect valuable coins from theft, fire, and other hazards. The heavier the better. The more safety features the better. Don't keep exceptionally valuable coins at your home. Consider a safety deposit box or off site facilities like those offered by Stacks Bowers.

  6. Insure Your Collection: If you have a valuable collection, consider getting insurance to cover potential losses from theft, fire, or natural disasters. Consider insuring only your best and most expensive items. One example insurance provider is CIS.

  7. Document Your Collection: Keep a detailed inventory of your collection, including coin descriptions, grades, purchase prices, and photos. This information is useful for insurance, selling, or assessing the collection's value. PCGS has an excellent online tool for storing images of your coin inventory. You can document the date of purchase and if needed the purchase price.  It also allows you to keep track of items that you have sold.

  8. Educate Yourself: Stay informed about the coin market, grading standards, and counterfeit detection. This knowledge can help you make informed purchases and protect your investment.

  9. Buy from Reputable Sources: Always buy coins from reputable dealers, auction houses, or numismatic organizations to avoid counterfeits and ensure authenticity. If you are considering the purchase of bullion then there are noninvasive (non damaging) techniques for confirming that the gold or silver items you are purchasing are genuine.  Other noninvasive options include XRF metal analysis. I can offer a list of (gold sellers) providers that I have used.

  10. Be Mindful of Handling Environment: Avoid exposing coins to harsh chemicals, perfumes, or cigarette smoke, as these can damage the metal or create unwanted residues.

  11. START Looking for COINS: The best protection available when purchasing coins is a trusted coin dealer and personal education (knowledge).  How do you acquire knowledge? Look at more coins.  How? Look for a coin dealer near you. GOOGLE: "coin dealers near me". "collector coins near me". "gold coin dealer near me". "where to sell coins near me." "coin collectors near me". "coin stores near me". "coin shows near me". I list a resource on my web site that was established to allow users to find coin shows all across the U.S. it is called... https://coinzip.com  THIS SITE IS COURTESY OF: CoinHELPu