Tom Luxsox Coins

Quarters Ngc

There are a lot of coin collectors throughout the whole world. We collect everything from the ultra rare coins to even the most common coins. But, as a collector, we always make mistakes. Sometimes we don't realize it is a mistake unless someone points it out to us. These are some of the most common mistakes I see collectors make.

The first most common mistake I see collectors make is paying a premium for a set of coins that has only 1 rare coin. Wouldn't it be a lot easier to just buy that one coin? The rest really isn't worth much anyways. I would only buy the whole set if the whole set was rare and hard to find. Some people may argue that the whole set put together is what gives the set its' value. Well, if the key coin within the set was damaged, wouldn't the whole set drastically go down in value? If a common coin was damaged, the set would probably go down in value, but not by much. One example was the 2001 Silver Proof Set. If collectors bought the whole set, they wouldn't have made much. But, if they bought just the key coin (The Sacagawea Dollar) in Proof 70, they would have made a lot.

The next big mistake I see collectors do is pay above book value for a coin. If the coin is going up every single day, then I would understand. But, some coins are not even worth book value, let alone above book value. What happens is a lot of collectors get into bidding wars and start topping each other to try to win a coin. The honest truth is, no matter how rare a coin is, you can always get it on Teletrade, a local coin store, or on Ebay, one time or another. There is no need to be fighting over coins unless there are only a handful in the world. If you are going to pay above book value for a coin, make sure it is at least graded by PCGS or NGC.

Many collectors buy raw coins for their collections. A lot of coins are okay to buy raw, but others are not such a good idea. The reason is because of altered coins and counterfeit coins. There are also tons of artificially toned coins out there that are sold raw. Why are they sold raw? That's because nobody would grade them. The seller doesn't bother to have them graded because he/she actually made the artificial toning. Besides altered coins, the other bad thing about raw coins is counterfeited coins. I know it's a lot cheaper to buy 1916 D Mercury Dimes or 1932 D Washington Quarters raw. But, if it isn't graded by PCGS, NGC, or ANACS, it could end up being counterfeit. I believe some of the most commonly counterfeited coins are the ones that are cheap in that same year, but expensive if a mintmark was added or removed. This is what makes the 1916 D Mercury Dime and the 1932 D Washington Quarter some of the most counterfeited coins.

Many people like buying the newest coin(s) when they first come out. It's a mistake because this is when the coins are at their most expensive. They are new, they are hot, so everybody wants them first. This pushes their prices up. I would normally wait a couple months to get them. Once their hype has died down, you can get it for a fraction of their opening market value. One example was the 2006 Proof Silver Eagle in PR70 First Strike. It was sold for about $125-$145 when it first came out. About 4 months later, they were trading for less then $100 dollars. It was only a year and a half later that they started going for $225 and up. Imagine if a coin was over $1,000 dollars when it first comes out. The price can easily drop to $600 in a month or two.

As coin collectors, we make a lot of mistakes. Some of these mistakes are bigger then others. Making mistakes is common. We are only human. But, making rookie mistakes is a sin. So hopefully with this article, you will not make anymore rookie mistakes. These mistakes can easily make your coin portfolio to give low or negative returns.

To learn more about rare coin investments, please visit http://coinprofits.com.

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Ngc 6559 Nebula in Sagittarius $29.99 Robert Gendler Ngc 6559 Nebula in Sagittarius - Photographic Print

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