When investing in rare gold coins, it is vital that you do your homework and study the rare gold coin market before jumping in. One of the primary directives of any gold coin investment is to collect the best-grade coin that you can afford. Deal with reputable coin dealers and auction houses whenever possible, but don’t overlook the possibility of getting an excellent deal on a collectible gold coin from a private party.
Become knowledgeable regarding gold coin prices and trends as well as factors to look for when grading rare gold coins. Talk with coin dealers, jewelers and auction houses. Read several coin magazines for any articles relating to the collecting of gold coins. Several excellent coin magazines include “Coin Connoisseur” and “Coin Collecting” (see Resources below).
Visit Internet sites such as Rare Coin Investments and Encore Gold for sellers of rare gold coins and to learn everything you can about the grading and value of rare gold coins (see Resources).
Decide on a type of rare gold coin to specialize in. You would do well to limit your scope of buying, at least at first, by specializing in one particular type, such as the St. Gaudens Double Eagle or the Liberty Head Eagle. This will allow you to focus your initial field of study and allow you to become an “expert” in certain coins in as short a time as possible.
Find a coin that falls within the scope of the type of coins you are looking for, such as a specific date of St. Gaudens Double Eagle or a specific date and mint of the Liberty Head Eagle. Research that coin throughly. Buy only coins that are of high quality, preferably Uncirculated (“unc”) or Almost Uncirculated (“au”). Decide upon a top price that you would be willing to pay based on all of your previous research. Deciding on a top price beforehand is important–if you buy at an auction, for example, it is easy to go over your price limit in the heat of bidding.
Buy a high grade rare gold coin that you have thoroughly researched at or below the maximum price you have determined you are willing to pay. If possible, always buy coins that are at least graded Extremely Fine (XF or EF) or better. The higher the grade, the higher the value of the coin in the future. Hold your collection under lock and key or in a safe deposit box until the value of your collectible gold coins has risen sufficiently for you to sell–and reinvest!
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