The number of people who buy silver bullions and coins continue to increase but only a handful of people know how to get the best value for their collection. There is more to being a coin collector or a precious metal investor.
Silver coins appraise differently compared to when you buy silver bullions. Their value does not fluctuate depending on the current price of pure silver. The price depends on the age, rarity, and condition of the item.
Having a good coin dealer can help especially for someone just starting out. Make sure the coin dealer is someone you can trust. You do not want to buy silver coins only to realize too late you have been tricked into buying fake ones. Learn the tools of the trade to avoid scheming dealers.
Take extra care when you buy silver coins online. Make sure the online dealer is accredited or has the permits to make such transactions. Research for reviews. If you feel there is something off with the online trades, move on and look somewhere else. Deal only with websites you recognize.
Training yourself to spot counterfeit coins can be valuable. Luckily, even the most well-made counterfeits have noticeable errors if you look hard enough. If you buy a silver coin and you are not sure of its authenticity, check for superficial differences compared to authenticated coins. Coins with misshapen dates and dents are fakes.
If you do not see any irregularities, get a feel of the coin. Counterfeits tend to be more slick and slippery. Also, check the edges of the coins. Genuine coins are made with thin, even edges around the circumference. Fake coins either have thick edges or do not come with any at all.
If you have built a decent collection, keep them in prime condition to keep their value high. It is easy enough to clean silver coins if you take good care of it regularly. For extensive cleaning, soak the coin in lemon acid with iron nails for half an hour. If they still have dirty spots, you can use vinegar or sour milk on tissue paper and rub gently. Another alternative is to use a raw potato, rubbing the insides against the coin.
Always check the current value of silver especially if you have invested in bullions. For major investments, find an adviser who can suggest the right time to buy and sell precious metals to avoid losing a lot of money. As for coins, they are better left undisturbed for as long as possible. They can be an added source of income when you retire.
Whether you plan to collect rare coins or just buy silver bullions, doing a bit of research will go a long way. This will not just benefit you when the time has come to sell it, you might even discover you already have a collection you can be proud of.
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