Compiled from online articles + my own
experience.....
1) Condition is everything
The better the condition, the higher worth is the coin/note.
2) “Coloured” coins are a no-no
Such as S*[email protected] M*nt coin products that have been altered by
adding holographic stickers or colouring. These coins are generally
considered “damaged” by serious coin collectors.
3) Buy rarity, not quantity
If you have a budget of $1,000, buy two or three really neat &
rare $200–300+ coins; not forty $20+ space eaters.
4) Take your time
Most great coin collection are assembled over the course of
decades; not months. Sure, you can complete a set of American
eagles in thirty days. But rushing though a set is a good way to
make mistakes; most of which will cost you in the long run.
5) Set Goals For Yourself
If your collection has a beginning, middle and end, the progress
you make will be easier to measure. Make certain that your goals
are realistic.
6) Buy the coin and not the holder
Not every PCGS or NGC graded coin is “high end” for the grade.
Establishing a relationship with a dealer who can determine which
coins are nice and which are average (or inferior) is
essential.
7) Learn about Coins
No matter what you collect, the more you learn the better your
collection will be. Learn how to grade. Learn what nice coins look
like. Learn about the coins you have decided to specialize in.
Learn how the coin market works.
8) Avoid replicas at all costs
For some rare & old coins, some mints do reproduce “official”
and affordable replica coins to commemorate. Always go for the real
deal!
9) Gold-plated coins are worth close to nothing
Do not let a dealer smoke you into buying gold-plated coin at high
prices. Gold-plating is just a very very thin layer of gold. A
20gram gold bar can be hammered/plated to the size of a tennis
court. Take the surface area of a coin and compare to the area it
will occupy on the tennis court. That would mean gold-plating on a
coin is a very very tiny amount of gold, so tiny that it’s worth
almost nothing.
10) Avoid “marked” coins
Throughout history, especially for old coins like Trade Dollars,
some were “marked” or “punched” a hole by traders to mark
ownership. “Marked” coins are close to worthlessness.