If you’re debating whether or not to become a coin collector in Mill Valley, CA, one of the factors you’re probably considering is the potential for financial gain. You want to know if coin collecting is really worth the investment.
The answer is, it depends. If you pursue coin collecting, you can make money from this hobby. However, you should have realistic expectations. If you hope to simply stumble into a garage sale and strike it rich someday, you might be disappointed. Here’s an overview of what you can expect as a coin collector in Mill Valley, CA.
Understanding bullion vs. numismatic values
The first thing you should understand is the difference between a coin’s bullion value and its numismatic value. Bullion value is based on the amount of precious metal the coin contains. The term “numismatic” refers to collecting coins, so this value is determined by their external collectible value, beyond the base value due to the precious metals used to make them.
If you’re just getting started as a coin collector in Mill Valley, CA, you might want to start with a focus on bullion value. This is more straightforward. Look for coins that contain high-grade silver or gold. Coins such as American Gold Eagles and Canadian Maple Leaf silver coins are good options. Older coins can also have high bullion value, as they tend to contain greater amounts of precious metal.
The second thing you should know as a coin collector in Mill Valley, CA is that some popular myths circulate frequently about the world of coin collecting. The first is that a coin has to cost thousands of dollars to be a wise investment. In fact, some coins can actually be quite affordable but offer good numismatic value. For example, certain nickels can sell for $70. Selling one of these won’t make you a millionaire, but it certainly puts more than five cents in your pocket.
The second myth is that it’s easy or common to stumble upon rare coins. Often, the coins that flea market shoppers or estate sale collectors find turn out to be fake. If you’re going to be a serious coin collector in Mill Valley, CA, it’s important to deal in certified coins only. These have been inspected by a reputable organization that has verified the coins’ value.
The last thing to keep in mind as a coin collector in Mill Valley, CA is what you hope to get out of coin collecting. If it can become a fun hobby that allows you to enjoy collecting and meeting others who are interested in history, metal and coins, then it might be a good investment for you, whether you make a lot of money or a little.
Get more answers
For more information about coins and coin collecting, come see your local experts at Collectible Coins & Jewelry. We are one of the area’s leading precious metal buyers, offering the highest prices and paying cash or check on the spot. Whether you’re just getting started with coin collecting or have been collecting for years, we can help you buy, sell and make the most of your investment. Give us a call or stop by today!