As we approach 2023, I know I am hardly the only person out there thinking about the investment opportunities that will crop up in the new year. Many of us are examining our current holdings to determine what we should do in the future. What is bringing high returns right now versus what is not?
Something that caught me a bit by surprise was the current popularity of coins as assets and financial holdings. Sure, they hold value on a practical level as currency, but there is more to them than that. Curious Stick around!
Coins for Collectors
If you are already a collector of coins, you are likely familiar with the process of “grading.” However, if this is a hobby that is not quite in your stratosphere yet, look at a website such as this one: https://www.nytimes.com/2022/01/21/business/coin-collecting-bitcoin-numismatists.html. Hopefully, that can offer you a nice introduction to it.
In essence, the goal is to find rare pieces that are special for one reason or another. That could be due to several factors. Some examples are being from a low mintage year, having a notable manufacturing error (there are lists of known errors if you are curious), or having some other special aspect to them.
A lot of folks collect coins across the globe, not just in the United States. There is a fairly popular social media influencer on TikTok that covers Australian ones and how the market looks in that region. The colored coins and ones with errors tend to do best, over there.
Now, certain caveats and factors can go into how much a collector will find a piece desirable or not. That is where grading comes into play, of course. Not getting a grade can limit how much of a return you will get on your original investment.
How Grading Works
This is a process that is done by professionals and experts regarding the currency that you want to be graded. They examine what you bring in closely and assign it a numerical grade after that. They take many things into account, such as the ones that I listed above, as well as the overall condition of the coin. That means if there are scratches or if it is dirty or worn down from time, it will not be as valuable.
Now, you might be wondering what the Cost of Getting a Coin Graded will look like in practice for United States currency. Honestly, this figure can vary a lot. The size of your collection will play a role in that overhead, naturally, amongst other factors.
There are some that you can access online, though it may sound strange at first. Typically, how it operates is you either take several detailed photographs and send them to the grader, or you send them to them in the mail in a secure passage. Either way, having remote access to these services is quite convenient.
Why Get Them Graded
Perhaps you never intend to sell your collection. You may be wondering what the point of getting an assessment would be, then, and I can hardly blame you for it. On the surface, it does not seem overly important in a situation like that.
That being said, most avid collectors do like to have some sort of gauge for how valuable their collection is – especially after picking up some marvelous finds. Often, in these moments, that is when they bring a grader in for services. Most of us like to see evidence of our good investments, and this is one way to obtain that feeling.
Though, it is a tool for sellers as well. If that is your plan, it can help to increase the chance of a sale to a collector. You see, you will be hard-pressed to find one who does not want a grade on the coin they want to purchase. That is because fakes do exist and having a professional opinion on it does tend to be wise before we simply bite the bullet and buy something. So, as you can see, most have valid reasons to get their collection graded.
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