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Many people nowadays are interested in building a noble coin collection to provide for their future. Especially rare collectibles are always popular here. Not only hobby collectors, but also numismatists tend to grab modern collectibles. Finally, these enhance the collection once again. But what does “modern” mean in terms of precious metals anyway?

For example, if you are interested in focusing your coin collection on coins from the United States for the time being, coins made during and after 1965 can be counted as more modern coins. In this time frame, the United States began to break away from the 173-year relationship between the intrinsic value of physical precious metals and the value of its coins. Until 1971, no coins in circulation contained silver. However, today, in addition to circulation coins, there are also commemorative coins and precious metal bullion coins. Modern collectibles can be found everywhere and are also very popular. Read about the differences between collectible coins and bullion coins in our other blog.

Do modern coins belong to the useful collectibles?

The issue of whether or not modern coins are viable collectibles is debatable. Experts in particular are divided on this. Many experts still believe that historical and classic coins are more valuable, while other experts clearly lean towards the modern collectibles.

First steps

Collecting gold coins can be an exciting and rewarding hobby for anyone interested in history, art, and investing. However, it’s important to consider some key steps before you begin collecting to ensure you make informed and wise decisions as you build your collection. Below are some important steps to follow when you start collecting gold coins:

Educate yourself about gold coins: Before you start buying gold coins, it is important to learn about the different types of coins, their history and value. You can start by reading books or articles on the subject, attending coin shows or conferences, or talking to experienced collectors or coin dealers.

Define your collecting goals: You should set your goals for collecting gold coins. Do you want to focus on a specific time period, country or denomination? Do you collect just for the joy of owning beautiful coins or do you want to build a valuable investment portfolio? When you are clear about your goals, you can make a more informed decision when selecting coins to add to your collection.

Set a Budget: Collecting gold coins can be an expensive hobby, so it’s important to set a budget for your collection. Determine how much you are willing to spend and be disciplined about sticking to your budget. Keep in mind that prices can fluctuate greatly depending on the rarity, condition, and demand for a particular coin.

Choose a reputable coin dealer: When buying gold coins, it is important to work with a reputable dealer who is knowledgeable, honest and transparent. Search for coin dealers. Check their credentials and ratings on the internet and ask for certificates of authenticity or grading when buying a coin.

Learn to understand coin grading: Coin grading is a process of evaluating the condition of a coin and plays a critical role in determining its value. You should learn about the different grading systems used by various organizations such as the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC). Knowing the grading will help you make informed decisions about the quality and value of the coins you are considering.

Consider storage and security: gold coins are valuable and can be an attractive target for theft. It is important to think about how you want to store and secure your collection. You can buy a safe or rent a safe deposit box at a bank to keep your coins safe. Make sure your insurance policy covers your collection, and keep a detailed inventory of your coins in a safe place.

Build relationships: Building relationships with other collectors, dealers and industry experts can be a valuable resource to learn and grow your collection. Attend coin shows and coin fairs, join online forums or social media groups, and network with other collectors. Building relationships can also help you find opportunities to acquire rare or unique collectible coins that may not be available through traditional channels.

Building a gold coin collection can be a fun and rewarding hobby, but it’s important that you take the time to educate yourself, set goals and make informed decisions. By following these important steps, you can build a collection that reflects your interests and values, and that will bring you years of enjoyment and potential financial benefits.

We will tell you more about this exciting topic and further steps in another blog or feel free to contact us. You are very welcome to contact us via our contact form.

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