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Thursday, March 16, 2006

Collecting Gold Coins

Collecting gold coins can be a fascinating hobby as well as a fruitful one but it is very important to keep in mind several factors when collecting gold coins.

Firstly one should have in mind what sort of gold coins one wants to collect. There are many and some can be quite pricey. How much do you want or can you afford to spend? If you are on a limited budget you can easily start with some of the smaller coins and build up a collection perhaps over a period of time. One can get one tenth and even one twentieth of an ounce gold coins these days and these are much easier to purchase than the traditional one ounce gold coins.

Next, you might like to collect coins of a particular country or a particular series such as Canadian Maples or South African Krugerrands. Some people like to collect Proof coins rather than used or uncirculated. These tend to be more expensive of course as they are coins that have been especially struck for collectors and are of a much higher quality than the brilliant uncirculated coins.

You will need to source a good reputable dealer from whom you can buy your gold coins. If possible try to buy your coins from the same dealer every time as then, if the time comes to sell some, the dealer will know the coins and generally offer you the best price for those you might sell. Dealers also like to have repeat customers and will tend to look after them and sometimes even offer a higher quality service.

If you decide to buy rare or proof sets be aware these can be more expensive, but if you have the money they are generally well worth the cost as, over time, they will appreciate in value quite nicely.

In addition buying larger amounts of gold means that you pay less in mark up costs from the dealer or mint than if you just buy a small one tenth ounce coin. The shipping and packaging might even be as much as the cost of the coin for a small coin.

What ever you decide to buy, the main point is to study and learn as much as you can about collecting gold coins and probably even more importantly, have fun doing it!

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