Tips for Buying Antique Gold Coins
May 24th, 2009
Antique gold coins are a great buy and a great asset to your portfolio. If you’re not familiar with buying antique gold coins, you should get a basic education and some familiarity before you buy antique gold coins so you don’t pay too much.
If you live in a large metropolitan area you should go around to gold coin dealers, asking each one the same questions and examine the same coins getting their opinion on each set of gold coins as an investment.
Living in small cities or rural areas you can still investigate antique gold coin on the internet. There is a lot of disinformation on the web and you need to ensure you find corroborating facts from different sources. Remember to check out your local coin clubs and coin associations. Some of the best resources in gold coins could be living right next door. If your neighbor’s hobby is antique gold coins they probably know as much as any coin dealer and can be a great resource finding the best buys for gold coins in your portfolio.
The internet is great for comparison shopping. You can easily compare the same coin at different dealers and at the different auction sties. There could be auctions held in your city, you could go to. You shouldn’t buy unless you know what you’re doing. The auction companies and even other bidders can be a great help in your eduction in gold coins. When you’re finally confident making that first gold coin buy, choose a dealer that has been in business for a long time, easy to contact and is helpful in answering questions and not always trying to sell you something. Finding a reputable dealer in your home town will save on shipping and insurance costs. Plus you can pick up your coins and go straight to your safe deposit box.
Gold is gold right? Not when it comes to coins. There are several varieties of gold coins and gold antique coins that are available. Some of the questions you may need to answer for yourself is, foreign or domestic. What size or denomination of coins you may be looking for. Be sure about what size and weight you want your coins to be. There are several sizes of foreign and domestic coins.
Are you looking for antique gold coins as a collector or as an investor? If you’re only looking to diversify your portfolio as an investment and don’t want to become an antique gold coin expert, you need to find someone you can trust. A friend or acquaintance that doesn’t have an interest in selling you something and earning a commission.
If you are looking at antique gold coins as an investment, you should expect to pay more than the spot price of the current gold market. Thats because there are a limited number of gold coins on the market. The government cant go back and create another 1833 Double Eagle gold coin. That may be why the items you are looking for may be sold at a premium depending on how many of those particular antique coins are left on the market. You’re not only competing with other investors, but also collectors that are looking to add to their collections.
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With the economic meltdown that we went through, investment in quality gold coins has increased substantially. The 38% + increase in the price of gold and the current price hovering 1100 to 1200 per ounce, has made it a very good investment. However, buying gold coins is not for the faint hearted, or those on a limited budget. There are many individuals selling coins that are fake that one has to be extremely careful. I see so many gold coins being sold on eBay, and wonder how many have been taken for a ride. Good post and advice.
Gustav@ Golden Eagle Coins´s last blog ..Don’t Delay – Limited Supply 2009 $5 Gold American Eagle Coin 1/10 oz