COIN COLLECTING BASICS (PART TWO): BUY OR FIND?

Like any other treasure, the pursuit for collectible coins can be both frustrating and rewarding. Growing your collection can take time, money, effort and sometimes just pure luck. So what’s the best way to expand your coin collection? Buying them or finding them on your own are both viable options, but each method comes with its own pros and cons.

Finding or Hunting for Coins in Circulation

When most people think of coin collecting, they probably imagine themselves finding some rare treasure in the handful of change they get back at the grocery store. While this is certainly one way to start and expand your collection, don’t expect to find anything exciting very often. Your chances of just finding old, valuable coins are relatively low, but, if you do prefer the thrill of the hunt, there are a few ways to increase your odds:

• Look through rolls of coins: You can buy rolls of coins from your local bank and spend time searching through them for old, rare or otherwise valuable coins. Exchange any coins you don’t want to keep for larger bills and then you can start the process all over again!
• Look for error coins: Not all coins are valuable just because they’re made of gold or silver, or because they were part of a limited run. Error-coins, which were incorrectly printed by the United States Mint, can be interesting pieces in any collection. Some errors, like off-center coins, are only worth a few dollars, but off-metal errors can be worth hundreds or thousands.

If you’re willing to devote the time or just want to collect special coins as a passive hobby, finding them naturally is likely the best collecting method for you.

Buying from a Professional Collector

Buying coins from a professional collector, while still a hobby, is also a financial investment. The rarer the coin, the more you’ll pay, but purchasing them directly means you’ll be able to grow your collection quickly and acquire the exact pieces that interest you. If you choose to watch the market, you’ll likely even have the option to resell the coins later at a higher price than what you paid.

Coin dealers are your best friends if you choose to purchase your collection, but it’s important to find someone you can trust. Be sure to seek out an experienced dealer who is well-established in your community, has insurance to cover losses or counterfeits and rates well with organizations such as the Better Business Bureau (BBB) or American Numismatic Association (ANA).

Buying and Selling Rare Coins

Choosing to hunt down or buy coins for your collection really comes down to your personal preference and interests. Do you just like hanging on to cool coins? Are you trying to collect all the coins in a particular series? Are you using gold and silver coins as an investment option for the future?

No matter your choice, Bellevue Rare Coins has everything you need from buying and selling to free evaluations. Come visit one of our four Bellevue and Seattle area locations to speak with dealers experienced in coins, paper currency and jewelry.