Cashing in on your coin collection
When you start to collect one kind of item, it gets exciting once they all start to come together and there are more than just a few of them. At this point, you may be called an aficionado or connoisseur by others, as your collection starts to swell. The trouble is, should you ever get to the point where you feel like it could be time to cash in and sell your coin collection, how can you know when it is the best time to sell, and how to get the best value?
Collecting coins that are not really for spending carries a similar feel to how foreign currency works, especially when you go on holiday. One day these coins can be worth one amount, and the next day, for whatever reason, they could suddenly be worth a lot less. It can be difficult but not impossible to predict how the markets are likely to fluctuate, and indeed some people have forged successful careers in finance from this talent.
It is easy for specialist collectors to know exactly what a coin is and what it is worth, in the same manner as a jeweler inspecting a gold ring for sell-able value. But how exactly do you know if you have a rare coin just lying about in your pocket, waiting for you to accidentally spend it and offer someone else that chance of collecting it instead?
If you can hold on to a special coin for eons, chances are it would be like winning the lottery or something equally jackpot-worthy. Every now and then, a story appears in the news after some archaeologist or fortunate renovator discovers ancient coins that are definitely not in circulation anywhere else. The hype and value that accompanies this type of find is often fantastic.
The London Mint Office
While these finds are generally fairly uncommon, there are plenty of rare coins you can find. Every so often, the London Mint Office releases commemorative coins to celebrate upcoming events that mark a passage of history. Although many may choose to purchase these when they first come out, after a while the number in circulation will decrease and the value of your coin will begin to rise.
It could well be the case that you’ve picked up one of these without knowing, so before you go rummage through your change jar, the Post Office have released a handy guide, which explains what coins are what, and how many are currently in circulation. At least you know what to look for now.
Once you get started, and realize just how many valuable coins there could be around the world, there is a lot of potential for exciting discoveries along the way. Before you go out and buy a metal detector, and head down to the beach hoping to score some ancient Roman, Bronze Age era coins, you might find that there are many easier ways to start your own coin collection, or cash in on one you didn’t even realize you had.
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