Are you a collector looking to expand your precious coin collection with a gold coin set? Is it your first-time buying gold coin collectibles, and you don’t know how to go about it?
Aside from the thrill and sense of accomplishment that collecting rare, valuable coins gives you, collector coins actually increase in value as time passes. And in some cases, a coin sells for a million times more than its face value. So, it is a very lucrative hobby that can make you huge money, or if you don’t plan to sell, protect generational wealth.
That said, becoming a good collector is about knowing what to look for in a collectible. Many collectors prefer to collect coins by set because it is not only more affordable but also provides variety with regard to coin denomination.
So, what should you check when buying a collectible gold coin set?
Basic Characteristics
The first thing you should look for in a gold coin set you’re considering is the basic characteristics. Here, we are talking about denomination, mint location and year, gold content, and aesthetics/ design features of the coins. These qualities can give you an idea as to whether the set is worth buying.
Purity & Grade
With gold, the higher the purity, the more valuable it is. The highest purity is usually 99.99%, meaning the coin was struck from pure gold. Fortunately, this information is usually marked on the coin and stipulated by the seller. Aside from the purity, you also want to know the coin’s grade. In this case, a professional grader assigns a grade between 1 and 70 based on the coin’s condition. The higher the grade, the better.
Rarity
When it comes to collecting, the rarer something is, the better. So, you definitely want to invest in a set that has somewhat rare coins. Now, when it comes to gold coin rarity, collectors use a five-level system, with level one being coins that are easy to locate in all grades and level five which is the highest, being the rarest of all coins in the US.
Consider mintage volume and errors if you want to find something that is at least scarce, if not rare. Basically, low-mintage-year coins are more valuable than those produced in years when mintage was high. But keep in mind how long the coin was minted, that is, the first and last year of minting.
Mintage errors, too, account for rarity, as they make a coin that much more unique.
Unique Features & Appeal
Now, as a collector, you should know that the value of your collection is not just about the details on paper. The unique qualities and eye appeal also contribute to the perceived value of your set. So, you want to look for high-quality coins that are as near original condition as possible and have a natural patina.Other things like historical importance and what the coins have been through over time also add to the appeal and value.
Invest in a Collectible Gold Coin Set to Grow & Protect Your Wealth
Being a gold coin collector can be a fulfilling craft you can pass on for generations. But it also takes skill to be a good one. So, use these tips to help you find gold coin sets worth collecting.