If you recently decided to begin collecting coins for fun or as investment pieces, then you have likely been performing a lot of research on the types of coins out there and the value of them. As you likely already know, the condition of a coin impacts its value greatly, and two of the same coins in different conditions can differ drastically in value. For this reason, you want to make sure to take great care of every coin you purchase or trade for to make sure it retains as much value as possible, even if you hold onto it for many years.
Read on to learn two tips for helping your coins retain as much value as possible while you hold onto them.
1. Have Every New Coin You Collect Graded and Slabbed
As a new coin collector, you may notice that some coins for sale are in their raw form and others are in plastic cases with labels that display the year the coin was produced, its original value, and its grade. When you come across a coin in a plastic case like this, it is likely much easier for you, as a new collector, to perform research into the value of the coin today.
You may wonder if it is worth having the ungraded coins you purchased put into plastic cases like that, and the answer is yes for several reasons. First, when you have your coins professionally graded, it can help you learn the Sheldon coin grading scale. For example, you may come across a coin that you suspect is MS70 and then send it in to get graded and find out it is really MS69. This is a great learning experience that can help you learn just how each and every quality of a coin, such as its luster, affects its grade and value.
In addition, once that coin is graded and placed in a plastic case (collectors call this "slabbing"), you can ensure that it is well-protected from nicks, dings, and even loss of luster over the years you are holding onto it. That can ensure that a coin that is graded MS70 now stays that way until you decide to trade or sell it one day. Some MS70 coins are worth as much as ten times more than their MS69 counterparts.
2. Have New Release Coins Graded Quickly for a "First Strike" Label
Along with learning about the value of older coins, you are likely also deciding when to invest in newly released coins that will likely rise in value over the years. When browsing modern coins, you may come across those labeled as "first strike" and notice that they are often sold for much more than those without the "first strike" designation. You may wonder how you can get those coins newly released coins you may purchase in the future labeled as "first strikes" and wonder if it is an extensive, time-consuming process.
The truth is that if you purchase a new release coin and send it to a coin grading service within 30 days after its release, they will place a "first strike" label on it for you. This is done due to the difficulty obtaining coins within 30 days of their release; to make getting the "first strike" label-less cumbersome for collectors, coin grading services simply assume that any coin obtained and sent into the service within 30 days of its release is a first strike and worthy of the prestigious label.
If you are a new coin collector, then you likely know that coins lose value as their quality declines, so you want to keep every coin you add to your collection in great condition until you sell or trade it. Have every new coin you add to your collection graded and slabbed to keep it in great shape and make sure to obtain the "first strike" label on new release coins you purchase to make sure buyers know it was a coveted first strike.