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Tips for Buying Rare Coins

Pile of coins with "buying rare coins" text on top

Whether you’re a serious coin collector or you’re just getting into the hobby, buying rare coins can be a fun adventure. But it can also be difficult, and potentially risky, too! With fake coins, scams, and overpriced rare coins all over the place, how do you make sure you’re getting your money’s worth?

These tips for buying rare coins go over some of the most common mistakes that coin buyers make, and how to avoid them. We’ll also cover how to ensure you’re getting a fair price for the items you do buy – and how to go about finding where to buy rare coins.

Tips for Buying Rare Coins

Successful coin buying involves:

  • Finding the right place(s) to buy coins
  • Finding the right coins
  • Finding the right price for your budget and needs

There’s more to it than just that, but these are the foundational steps you’ll need to take. Let’s get started with these useful tips for buying rare coins.

1. Find the Right Place to Buy Rare Coins

There are lots of places to buy coins – online, in local coin shops, at coin shows, and more. The “right” venue depends on a number of things, including:

  • What type of coins you’re looking for (super-rare coins may not be available at your local coin shop, for instance)
  • Your experience level with coins and detecting fakes (if you’re not very experienced, it’s best not to buy directly from individuals)
  • Your budget and shopping preferences
  • The quality and reputation of your local coin shops
  • The quality and frequency of local coin shows, coin clubs, etc.

In many cases, a great place to buy coins is at your local coin shop. Shops give you the opportunity to browse in person, and to work directly with a trusted coin dealer.

In the greater Seattle area, Bellevue Rare Coins is the best place to go for all your coin buying needs. We have four convenient locations (Bellevue, Issaquah, Lynnwood and Tacoma), with a wide variety of coins and collectible currency at each location. You can also browse many rare coins from Bellevue Rare Coins online, making it easy to shop from the comfort of your own home. Plus, we have an extensive online coin store on eBay.

If you live elsewhere, look online for coin shops near you – and make sure to read customer reviews to make sure you’re working with a reliable and trusted vendor.

2. Check the Reputation of Online Vendors, Too

Whether you shop locally or online, it’s crucial to vet the coin dealer that you’re buying from.

This is especially true if you’re buying from a third-party marketplace, like eBay or Amazon. These platforms allow almost anyone to set up an account and sell items, so the risk or fake coins and scams is far higher.

For example, take eBay. Plenty of reputable coin shops and rare coin dealers use eBay. But that doesn’t mean that all eBay sellers are trustworthy. Make sure you check customer ratings for eBay sellers, and also make sure that they commonly sell coins. If it’s a seller that usually sells electronics, and they have a random rare coin listed, be cautious – it may be fake, whether the seller knows it or not!

3. Get Involved in Your Local Coin Collector Community

If you live in a metropolitan area, chances are there are some coin clubs you could attend, or seasonal coin shows going on. These can be great opportunities to connect with your neighbors over a shared passion. It can also be a good place to buy and sell your coins – so long as you know what you’re doing and work with trusted people!

4. Look for Certified/Graded Coins

One way to help ensure that you avoid fake coins is to look for coins that are graded. Coin grading companies like NGC and PCGS will accept coins from the general public, inspect them, verify their authenticity, and then assign a grade based on the coin’s condition.

Whether the coin gets a good grade or not, the crucial thing to remember here is that if a coin has been graded at all, it’s been inspected by a true coin expert and confirmed to be authentic.

While there is a small chance of fake NGC/PCGS coin holders, the risk is generally lower than with raw, ungraded coins.

5. Opt for Lower-Graded Coins (If You’re On a Budget)

To add to the grading conversation, it can actually be wise to purchase coins that have received less-than-stellar ratings, specifically because they will be substantially cheaper. If you’re on a budget, this can help you get more bang for your buck. In some cases, coins with a lower grade will actually be cheaper than raw, ungraded coins.

6. Invest in Quality Coin Collecting Books

Another tip for buying rare coins is to continue your education by reading quality, reputable coin collecting books, or researching online. The Official Red Book is a great place to start, with valuable insights into US coins as well as a detailed price guide for popular coins.

 

Ultimately, our final tip for buying rare coins is to have fun with it! Coin collecting can be a great hobby, and it doesn’t need to be expensive, either. With the right knowledge and some connections in your community, you can find success building your coin collection and enjoy the process!

If you’re located near Seattle or Tacoma, we hope you’ll trust Bellevue Rare Coins for your coin collecting needs. BRC is the Northwest’s premier coin dealer, and we’ve been serving our community for over 40 years.

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  • Bellevue

    Bellevue

    321 Bellevue Way NE
    Bellevue, WA 98004
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 425-454-1283
  • Lynnwood

    Lynnwood

    18411 Alderwood Mall Parkway Suite F
    Lynnwood, WA 98037
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 425-672-2646
  • Issaquah

    Issaquah

    1175 NW Gilman Blvd Suite B16
    Issaquah, WA 98027
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 425-392-0450
  • Tacoma

    Tacoma

    2302 Pacific Ave
    Tacoma, WA 98402
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 253-328-4014