Having a hobby can make you feel better, happier, and if you choose the right one, you can even make some profits out of it. Most people who choose a good pastime opt for collecting items including stamps, pins, comic books, and vinyl, but there is one thing that is more popular than all of these things combined.
Collecting coins has been a practice that didn’t start now, and some of the most famous numismatists include Roman statesman Augustus, the King Vittorio Emanuele III of Italy, the US President John Quincy Adams, as well as Nikole Kidman amongst many other celebrities today. If you are a fan of this pastime, you are probably wondering how you can do it safely and correctly. Keep on reading to find out how to avoid getting ripped off when you purchase gold coins.
Always look for certificates
Just because a coin looks like the one that you want to purchase, and just because the color of the material is right, it does not mean that you are looking at an original piece. It is extremely easy to make copies of the original product, and it is really easy to just gold-plate the goods.
Many beginners make the mistake of investing in goods that are not legit, and even though they invest as much as they would pay for the real deal, they end up getting ripped off. You need to be able to see proof that the piece you want to get is legit, that it is made by the material you want it to be, and that you are investing in the real deal. If the seller cannot provide any documents except their word, and if they don’t allow you to consult with an expert and get it examined, chances are, someone is trying to scam you.
Don’t buy from unknown online parties
If you are a collector, or if want to become one, chances are, you are a member of a lot of groups, forums, and random pages, and you see great deals offered by some unknown sites. Even though some of them are actually legit, and even though even the best brands started as someone who no one believed in, you have to vet the place before you trust them.
It is extremely advised by experts and numismatists to never purchase your goods from a random online store that you stumbled upon. Check the website, see if it is encrypted, always see what they offer as payment methods, and don’t forget to see their ratings, reviews, and recommendations. If you choose to get something from an unknown online party, no matter if it is an individual or a brand, try to examine the goods in person before you invest your money.
Just because it’s rare doesn’t mean it’s invaluable
Many people make the mistake of believing that if a piece is rare, that means it is going to cost tens of thousands of dollars. Yes, there are some pieces that could even cost millions, but if you are looking for items in that price range, chances are, you are already collaborating with an expert who can check if it is legit.
So, don’t just lightly believe that if a piece you see at a random online store is one of a kind, and remember that just because something is rare, it does not mean that you have to spend tens of thousands to get it.
Always check the price before making the deal
One of the biggest mistakes that people make is not checking the current price of the goods they want to purchase. No matter how rare the coin is, you should be able to find a number that is at least in the ballpark of its value. If the product is worth thousands of dollars, the estimate should not be more than a hundred or two, more or less. So, if you look for something unique and rare, or even if you want to get a collectible, check to see what its current value is.
It is always better to know what you are dealing with, and know that there are con artists who are just waiting for someone who did not do their research to rip them off. Know that you can use places like RareCoin to not only see the current value of some rare items but to also purchase them from a reliable store that looks after the best interest of the customers.
Understand the difference between gold and gold-plated
If you are a seasoned collector, chances are, you can notice the difference between the original material and just plated copies from it from a mile away, but if you are new to numismatic, you may not be able to see the difference between gold and gold-plated. In today’s market, you can easily find these goods for some extremely cheap sum, like 20 dollars or even lower than that, and you may believe that you have found the deal of your life.
However, there is a reason why these coins cost thousands of dollars, and you need to carefully read the description. More often than not, you will see words like “replica” or “copy” when you read more about the product, so don’t just jump into this opportunity before you check if it is actually fully made of gold, or if the coin is just plated with that material.
Don’t believe the “once in a lifetime” talks
Lastly, if the merchant or the random person you met online tells you that this is once in a lifetime opportunity; that the prices of the coins are going to go extremely high up, and that if you miss making the purchase now, you will regret it forever, chances are, they are trying to scam you.
Know that if it seems like someone you just met is doing you the favor that will help you make all the fortune in the world, this is not a legit deal. No one is going to be that generous, and no one is going to just give you something that they could use for themselves.
Always make sure you purchase thins from legitimate collectors or stores. Ask to see all the documentation possible, and try to examine the coin before you purchase it. Check to see if they offer a warranty, and see what its retail value is. Spending time on this research may seem like it is too big of a hassle, but it is better to spend hours vetting the product than to spend months and even years regretting your decision.