When it comes to rare coin myths, unfortunately, there are so many. Anyone considering rare coins should be aware of this myth as they can make you suffer losses.
In order to put all the myths to the bed and to keep you away from doing some mistakes, we did some research regarding rare coins so that you can avoid losing your valuable money. Keep reading!
Myths associated with coins
Limited editions minted coins are very rare
Most of us have purchased new coins made by private mints or US government coin bodies. These coins are of extremely high value as they’re maintained in the original condition. Moreover, some of them are historical, while some are associated with important events.
These limited-edition coins are in huge demands, but are associated with a myth that they’re rare and the mold breaks after a limited number of coins are produced. Well, so no true!
They’re not designed for commercial market. There is hardly any risk that they won’t be available in perfect condition in future or that the collectors will have to pay a huge price to get one.
Semi-Numismatics coin is a rare coin
A lot of coin dealers claim that semi-numismatics and rare coins are similar. The only difference is that they’re cheaper than a rare coin. Without a doubt, they make a wonder addition to your collection and they do add some values to your spot price, but they’re at all not rare. They’re absolutely different from rare coins and have prominent status and value in the market.
The profit level is equal to many assets of Rare Tangible Assets and the profit here is based on interest of collectors. This means that an interested collector may buy it regardless of the market pressure. However, they’re not capable of protecting your portfolio and may decrease volatility as well.
One must consider buying from catalog
A lot of people who have purchased from catalogs (included online catalogs) have reported of being cheated. Remember these golden rules: It’s not rare,
- If you’re able to include it in your shopping cart.
- If they’re readily available in any quantity (Be aware of such dealers who are offering you as much as quantity you want).
Finally, a lot of such incidents have been reported where people spent more than half of their retirement planning savings in purchasing coins from catalogs and have been landed in serious trouble.
Don’t become victims of such myths. Be very careful and save yourself from losing your hard-earned money.