Looking up to pick up a new hobby that will help you gain a net profit? Consider collecting and buying gold coins! People worldwide often collect gold coins, also known as bullions. Some collect these bullions purely as a hobby, while some buy and sell gold coins to make a profit in the long run. One of the most common questions that people ask when starting out is “what should I collect?” or “what kind of coins should I start out with?”
Unfortunately, there is no wrong or right answer to that question. You should pick out which coins to collect based on your motives. Some people enjoy buying rare coins for the thrill of the hunt and the discovery, while other people enjoy buying coins as a means for investment.
Buying Based on Personal Preference
There are a handful of different types of gold coins. They can be certified, non-certified, American, foreign, mules, or gold bullions. Some of the most valuable collectible coins are American eagle, Mexican pesos, Canadian maple leaf, and the South African Krugerrands
Based on your personal choice, start out with a coin that interests you in some way. Perhaps you are drawn to the uniqueness of the coin or perhaps you are drawn to the predicted net profit the coin may have. Buying and selling gold coins is definitely profitable.
Buying and Selling Gold Coins for Profit
Just take one coin collector for example: the guy bought an American Eagle coin in 2004 for around 80 dollars and the value increased to 200 dollars within 2 years. If you were collecting to make an investment, investing in a handful of these coins would have resulted in a huge net profit. However, as with all investments, every decision is a risk and there is no absolute guarantee that the profit will be high or immediate.
Gold bullion coins are a reflection of the worth of gold at the present time. Investing in gold bullion coins may not be the same as investing in other types of coins simply because the market value of the gold bullion coin will be very similar to that of gold. This makes gold bullion coins a great investment in the long run. If you are looking to sell gold in NY, there are plenty of gold for cash locations that accept bold bullions.
A great way to pick out a coin that will net the most profit is by investing in a certified coin. Coins certified by the NGC, which is one of the most reputable coin grading companies, automatically have a higher value and worth than similar coins that are not certified.
Whether you’re looking to make some money or looking for a new hobby, do some research on different coin types and start hunting! Half the fun is learning about the history and significance of each coin. Warning: once you start collecting, you might find it hard to let go of your coins.