To maximize the value, you require general knowledge of the current market conditions. Luckily, this information is simple to obtain. However, before we get in how the information will be obtained, let us first discuss how greysheet coins are traded, as market conditions are totally based on the market activity. Many major numismatic transactions happen at the coin shows, live public auctions, private treaty sales, through online auctions, or dealer transactions.
- Work with the sellers who you may trust to get honest opinion & fair deal.
- Learn everything you can about your coin series that you choose to collect. You can read books on the coins grading, and locate experts (advanced collectors and dealers) who can help you out.
- Make sure you avoid problem coins, which appear corroded, nicked, dented, spotted, and cleaned. Buy coins, which are appealing, as what appeals you can appeal to collectors too when you choose to sell.
- Stay informed about the current prices just by asking about wholesale buy or sell sheets, “Greysheets.”
- Purchase coins from the people who have the long buyback or return period. We suggest 30 days. It can allow you look over the purchase & ensure you’re happy with the purchase.
- Stay in your budget & take out time to make your buying decision.
- Whenever possible, get the second opinion from unbiased third party that you trust and who isn’t involved in any kind of transaction. Know if the cost is fair & if grade is right.
- Purchase from the reputable dealers only, and to avoid telemarketers or those who advertise as “once in lifetime” opportunities.
- You can start by buying coins, which are less costly and have small premiums.
- Feel totally free to ask the experts to help you out. There will not be any “stupid” questions, and their duty is to assist you, so do not hesitate to take help.
- Maintain good records of coins that you buy. Log on the kind of coin bought, date of coin, the mintmark, grade, amount you paid, name of person or company you purchased this coin, and purchase date.