In the daily life of a coin collector, problems arise whether it’s about storing, buying, or even selling coins, Coin collecting is a great hobby, but it has its challenges. Here are ten common problems that coin collectors face:
Problems of Coin Collecting:
Each year, rare coin investment scams affect thousands of unsuspecting people. Individual victims of rare coin investment fraud frequently lose over $100,000 to a single telemarketing con.
Slick telemarketers attempt to persuade you that rare coins, diamonds, or precious metals are a sound investment that rapidly increases in value and that the dollar is weak.
Be not deceived. Because they need to gain the knowledge necessary to make informed investment decisions, only some consumers ever profit from investing in rare coins or other commodities.
Here are some tips to avoid coin scams:
- Do Your Research.
- Buy From a Reputable Dealer.
- Be Skeptical.
A counterfeit coin has been made to look like the real thing but isn’t. Unfortunately, they are common, and they can be tough to detect.
You will know a counterfeit coin if it has some or all of the following characteristics:
- It has no details on an area of the coin’s surface (details are often very fine lines)
- The edges are too smooth or sharp
- The weight is different from what you would expect for that type of coin (for example, a gold coin should weigh more than a silver one)
- The consequences of buying counterfeit coins can vary depending on who sells them and whether you discover their true nature before buying them. If you discover this after purchasing them, there will be no recourse for you except legal action against those involved in producing and distributing these false coins.
Dents, Scratches & Corrosion
If a coin has a dent, scratch, or corrosion, it can be devalued by as much as 50 percent. There are many ways this can happen.
For example, if you store your coins in an airtight container without any circulation of air or moisture, they will become tarnished, and the metal will oxidize.
This oxidation process causes the surface of the coins to turn brown and lose its shine. So if you get a dented coin.
Don’t panic! You may be able to restore its value by cleaning it with an eraser or toothbrush (this is also an easy way for children to learn about cleaning).
Assuming That Age Makes a Coin Worth More
One of the most common misconceptions about coin collecting is that age makes a coin worth more.
The truth is the condition of a coin determines its value more than anything else.
Coins that are rare and in good condition are far more valuable than common and in poor condition coins.
The values of coins change over time as well: their value can go up or down depending on what people consider desirable at any given time.
For example, suppose someone wants to buy a penny from your collection for $5 because they think it’s cool (or because it has their favorite sports team logo on it).
In that case, you might be able to sell that penny for $5—but if nobody wants old pennies anymore, then you won’t be able to get much money for your collection!
Deciding on What to Collect
Once you’ve decided to get into coin collecting, the next step is deciding what to collect. Yes, many different types of coins can be collected, and it’s up to you to decide how deeply you want to delve into the hobby.
You could choose a particular country or type of currency that interests you.
For example, if money from ancient Greece sounds intriguing because it’s so different from modern currency systems (and often beautiful), then start with those coins!
Or you’re more interested in collecting coins from historical eras like Roman Empire or Victorian England. If so, then go ahead and do that too!
If mints are more your thing—or perhaps if the country doesn’t matter as much—you can still narrow down your choices by focusing on certain mints within each period rather than trying for total completion over multiple centuries or countries at once (which would probably be very hard).
Some collectors prefer collecting coins from one single mint where possible—this would allow them complete control over how each coin looks (i.e., no other collector has touched it beforehand).
Completing a Set
A set is a collection of coins issued with a common design and denomination, such as baseball cards or stamps.
A complete set includes all the coins ever produced for a particular series. So, for example, if you are looking to collect coins from your favorite sports team or theme park, completing a set will require you to purchase every single coin issued by that organization—no exceptions!
Collecting complete sets has long been popular in the world of coin collecting.
In addition, it was once common practice for collectors to use specialized albums or binders to keep their collections safe from damage and organized according to size and design.
While these types of books are still available today (and can be used for other types of collections), many modern collectors prefer online platforms where they can store their data digitally instead
This makes it easier for them to stay on top of their growing collections without having too much room taken up at home!
If you are a newbie collector looking towards starting something new with little knowledge about what kinds exist out there, let’s take some time learning together how we might get started!
Finding Affordable Rare Coins
As you collect coins, you inevitably want to buy or sell some of your collection. To do this, you must know the value of your collection and any individual item.
The problem with coin collecting is that there are many different ways to determine a coin’s value. Some people base their values on the price they paid for them (known as retail pricing).
Others rely on what others have paid for similar coins (wholesale pricing). And then some use online sites like eBay where they can see what people are selling their coins for.
Whichever method you choose, ensure that it is consistent with how other collectors price their items so that when it comes time to sell or trade your coins, everyone understands exactly what each item means in terms of dollars and cents!
There are a few things you can do to preserve your coins.
- Avoid storing them in jars or bags. Coins should be kept in airtight containers, such as coin flips or capsules, to prevent them from rubbing against one another and developing scratches. Airtight containers will also keep out moisture and other elements that could cause damage over time.
- Remove coins from circulation if possible. If you have an old roll of pennies or nickels, consider taking it to a bank (or any place that deals with cash), so they can exchange it for a current roll equivalent to what you have on hand; the sooner a coin leaves circulation, the better! This will ensure that your collection remains valuable as long as possible—and even increases its value over time!
To clean coins:
- Use a soft brush and cloth.
- Never use water or harsh chemicals like alcohol. These may damage your coin’s surface and make it more susceptible to corrosion.
- Avoid abrasives like sandpaper or steel wool—they can scratch your coin’s surface and cause it to lose value.
Coin Collecting Can Become an Addiction
If you’re considering getting into coin collecting, it’s essential to understand the risks.
Coin collecting can become an expensive hobby. You need to know what you’re getting into before you start.
Several things can happen when someone becomes addicted to something: they become secretive, their behavior changes, and they may stop socializing with family members or friends as much as they used to.
Before you go…
So there you have it! Coin collecting is fun, but it does have its problems. Every hobby does! At the end of the day, enjoy the journey of coin collecting! Happy Collecting!
Check out my next article: “30 Useful Coin Collection Tips for Everyone!“