Financing Your First Business

6 Things Not to Do When Shopping at Coin Shops

22 October 2021

Jimmie Holland

Visiting coin shops is a fun way to expand your coin collection and invest in rare coins. The more you visit coin shops, the more experienced you'll become at finding what you want in them for a good price.

In the beginning, you might make some newbie mistakes when visiting coin shops. The following are six things not to do to avoid mistakes when shopping at coin shops. 

1. Neglecting to do your research before making individual purchases

Any coin or precious metal purchase should be well researched. You need to know what you're buying. If you're buying a rare coin, you need to understand how scarce and therefore how valuable the coin is.

You also should research how much of a particular precious metal a coin contains so that you understand its value as scrap metal. Don't make a purchase in a coin shop until you do research on these basic factors. 

2. Being too shy to ask questions

Coin shops you visit will be staffed with individuals who should know a great deal about rare coins and precious metals. You should take advantage of their expertise by asking any questions you have. 

3. Being too shy to negotiate

When you are ready to make a purchase, be ready to negotiate. Making a purchase from a coin shop usually involves negotiation. If you don't take some time to try bargaining, you're probably going to end up paying more than you should have to for a particularly rare coin purchase 

4. Going to a coin shop you haven't researched beforehand

You should be able to find plenty of information on individual coin shops available online. It's a good idea to research the inventory and history of a coin shop online before you visit. This way, you have a better idea of what to expect and may be able to pinpoint the items you're interested in faster during your visit. 

5. Growing impatient

It takes patience to find what you're looking for at coin shops. If you're looking for rare coins, in particular, you're probably going to need to be very persistent to find what you want. 

6. Failing to keep track of your options

You should make note of your findings after visiting a coin shop. This way, you'll know what you can find at a particular shop down the road if you're looking for a certain type of item in the future. Keep notes on coin shop visits to build your coin collection more efficiently. 

If you're ready to buy or sell coins, visit this page to get in touch with coin shops. 

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