Читать книгу A Guide Book of United States Coins 2021 - R.S. Yeoman - Страница 15

Investing in rare coins can be a rewarding experience for anyone who approaches the calling armed with the right attitude and background knowledge about this exciting field. It can just as easily become a costly mistake for anyone who attempts to profit from coins without giving serious thought to the idiosyncrasies of this unique market.

For hundreds of years, rare coins and precious metals have proven themselves to be an excellent hedge against inflation and a source of ready money in times of crisis, provided that purchases are carefully made. There is little reason to think that this will change in the future. Gone are the days when coin collecting was only a passive hobby mainly for those who would study the history and artistry of these enjoyable objects. The activity has grown to the point that speculation on the future demand for rare coins has made them a part of many investment portfolios. Some people describe it as an “industry,” no longer mainly a hobby. With this change in attitude about collecting has come a measure of concern for those who purchase coins without the background or experience necessary to avoid costly mistakes.

The best advice for investing in rare coins is to use common sense. No thinking person would expect to buy a genuine diamond ring from a street peddler, or an art masterpiece at a garage sale. It is just the same with rare coins, and the more careful you are in selecting a qualified dealer and making an educated evaluation of the coins you purchase, the greater will be your chance of making a profitable investment. If you have access to the Internet, visit the sites of the Professional Numismatists Guild (the leading nationwide association of rare coin dealers, at PNGdealers.com). Many of these dealers have web sites or issue catalogs. Reviewing them will give you much basic information that can be useful.

At any given time there are many advertisements, talks given by “experts,” and the like on television, in magazines, and elsewhere stating that investment in gold, silver, rare coins, and related items is the best way to preserve and increase assets. Some of these promotions are by firms that are not part of established professional numismatics. Collectors and investors should investigate the background of a potential seller before making any significant purchases.

Take your time and go slowly. As is the case with art, securities, and other investments, coins can be bought instantly, but selling them at a profit may be another thing entirely. That said, for the careful buyer the opportunities for successful collecting and investing in quality numismatic items are as great today as at any time in the past. Inexperienced buyers can purchase coins that have been graded and authenticated by third-party services (see “Third-Party Grading and Authentication” on page 10), and services such as CAC (Certified Acceptance Corporation) offer additional professional opinions as to a coin’s grade. There is also more written and digitized information available for beginners than ever before. And the pricing of rare coins is very competitive in today’s widespread market.

The shift in emphasis from collecting to investing on the part of many buyers in recent decades has created a dynamic market and demand for coins, resulting in more stringent grading methods and in pricing geared to the perceived rarity of coins in various levels of Mint State or Proof perfection. Coins in high grades that have been certified (professionally graded and guaranteed authentic) and encapsulated (“slabbed”) may be valued significantly higher than similar coins that have not been so treated. In this book, values above several hundred dollars are generally for coins certified by a reputable grading service. In today’s marketplace, “raw” or non-certified coins, or coins certified by other services, are usually valued at less, except for modern U.S. Mint and bullion products. Some television promotions, investment pitches, and offers to sell coins to the general public are priced above what a knowledgeable collector would pay. Moreover, it is important to remember that popular coin magazines and newspapers give no guarantee that items advertised in certain grades will merit those grades if submitted to a reputable grading service. “Bargains” are often anything but. A bargain offering might actually be a loss leader designed to gather collector names for future offerings. On the Internet, auction sites do not examine coins offered for sale—and countless offerings range from overgraded to counterfeit.

Always buy from an established professional dealer or firm—as you would do if you were buying a valuable painting or antique.

The editors of the Guide Book reiterate and emphasize that buyers must beware of overpriced or overgraded coins that simply are not worth what is charged for them. This is especially true of coins that are offered for sale online or at electronic auctions, where it often is not possible to examine the items carefully enough to determine authenticity or grade. Extreme caution is advised for anyone considering an investment in expensive coins. Investigate the person or firm with whom you are dealing. Seek professional, unbiased help with grading determinations. Satisfy yourself that the coins you select are authentic and are not priced considerably higher than is being charged by other dealers. This takes time. Do not be in a hurry. Most coins that are available today will also be available next month. Take time to track the price history and trends of coins you are most interested in purchasing.

Protecting valuable coins from deterioration and theft is another important part of investing. The best protection for keeping coins pristine is to store them in inert, airtight plastic holders (the encapsulation slabs of third-party grading services are a good example), and away from paper products, cigarette smoke, wood, natural rubber, paint, and textiles such as wool and felt. Humidity greater than 75% can also be harmful and should be avoided. When you buy coins, take physical possession of them. They should be insured and kept in a secure place such as a bank safe deposit box. There have been many frauds in which sellers of gold, rare coins, and the like have offered to hold them for the buyer and later it was found that the coins did not exist or were other than described.

It is important to keep invoices and to maintain a listing of your purchases for identification and tax purposes. Digitally capturing the coins is easily enough done with an inexpensive camera or scanner and provides proof of identification should any become lost or stolen. Note that bank storage boxes are not automatically insured. Insurance costs very little and is highly recommended.

Beyond the financial aspect, collectors and investors alike can profit by investigating the background and history of the coins they buy. Coins are a mirror of history and art, telling the story of mankind over the past 2,600 years and reflecting the economic struggles, wars, prosperity, and creativity of every major nation on earth. Most traditional numismatists acquire coins for their historical, artistic, and similar appeals—as tangible links with early America, ancient Rome and Greece, the British Empire, and other connections. Today, the investigation of the motifs, issuance, and other aspects of a coin can be done easily on the Internet. The lives of presidents, monarchs, and other figures depicted on a coin are interesting to study. Often, a single coin can lead to a pleasant hour or two of research. Building a working library is also strongly recommended. Most popular series such as Morgan and Peace silver dollars, various denominations of gold coins, commemoratives, and the like can be studied and enjoyed by reading books, with the Whitman Publishing list of titles being a fine place to start.

Purchased with care and over a period of time, nearly all specialized collections have proved to be good financial investments as well—an instance of having your cake and eating it too. More than just a few enthusiasts have called it the world’s greatest hobby.

We are but the custodians of these historical relics; we must appreciate and care for them while they are in our possession. Those who treat rare coins with the consideration and respect they deserve will profit in many ways, not the least of which can be in the form of a sound financial return on their investments of time and money.

Enjoy the experience!