Ways to Buy Coins

Ways to Buy Coins

There are many ways, sources or methods for buying coins. This feature will describe some of the most popular coin buying channels.

1. Local Retail Coin Shops

A common method of purchasing coins by collectors is through a visit to one or more of the local retail coin shops in their area. These shops may be found in most of the larger cities and towns. Check your local telephone directory to find out whether one or more local retail coin shops exist in your area.

Coin shops offer the collector the opportunity to inspect coins first hand before purchasing them. Also, many coin shop dealers have substantial expertise in coin collecting and are in a position to grade coins, provide estimates of coin values and offer collecting tips and advice.

A possible disadvantage of coin shops is that coin prices are often higher for collectors as compared with other coin buying channels and the coin inventory available for sale in a coin shop may be limited.

2. Coin Auctions

Coin auctions are an excellent way to buy coins if you are careful to be fully aware of the auction rules and procedures.

There are several types of coin auctions. These include mail bid auctions, Web based online auctions and phone auctions. Regardless of the type of coin auction you participate in, it is important that you fix a set price for the coin you wish to bid for and never bid more than this price. Auctions can be very addicting and you must exercise discipline when using this buying method. In addition, make sure you know what buyer’s fees, if any, are payable.

3. Mail Order

Mail order is another popular and convenient way to buy coins. Mail order dealers have relatively low overhead costs and are therefore often able to offer coins at a substantial discount from the prices offered by coin shops and other sources.

If you subscribe to a numismatic newspaper or magazine, you should expect to find many mail order dealers advertising specific coins for sale. In many cases, a picture of the coins offered for sale is provided in the advertisement. In other cases, however, the advertisement contains only a written description of the coin and the offer price.

Before selecting a mail order dealer, be sure you are aware of that dealer’s inspection and return policies. When you receive a coin from a mail order dealer inspect it promptly to ensure that the coin is what you ordered and expected.

4. Coin Clubs

Coin clubs offer you the opportunity to buy coins directly from other collectors during meetings. In many cases, coins can be purchased at coin clubs at very favorable prices. To find a coin club in your area, ask your local coin shop dealer, check the community meeting announcements in your local newspaper or contact your local library or Chamber of Commerce.

5. Coin Shows

Coin shows are an entertaining way to buy coins. You have the opportunity to examine the coins before you buy and you can interact with other collectors and coin dealers. Coin shows held in your area are usually announced or advertised in your local newspaper. Try to attend as many as you can.

6. Government Mints

Government mints are a major source of new and recently issued coins. The U.S. Mint regularly advertises its new coin issues in local newspapers and coin magazines and sells these directly to collectors by mail order. Many mints in other countries also sell by mail order.

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