How Do I Make Money Buying Silver Coins?

Educate yourself about coin collecting. Visit a bookstore or the library to look for guidebooks on building a valuable coin collection. Some examples are “Pocket Change or a Rare Coin Collection? How to Tell the Difference” by A Carter, “The Expert's Guide to Collecting & Investing in Rare Coins: Secrets Of Success” by Q. David Bowers, “Profitable Coin Collecting” by David L. Ganz, and “The World Encyclopedia of Coins & Coin Collecting” by James Mackay.
Study the coin grading system. Much of the value of silver coins lies in their condition. Sellers and buyers identify a coin’s condition with a grade that can range from 0, when you can hardly tell it is a coin, to 70, which means it is mint and uncirculated. Study the grading scale and learn to recognize the different grades of coins. For online information on grading, look at the Web sites of Silver Coins or the Numismatic Guaranty Corporation (see resources).
Learn the best places to shop for bargains. Virtual auctions, such as those on eBay, offer a wide selection of coins for sale at good prices. Also check out Internet coin dealers such as Golden Eagle Coins, which offers a wide selection of coins in many different grades. Before any purchase, do your research in coin guidebooks and be sure the coin you want to buy is worth more than you plan to pay for it.
Network with other collectors. Join a coin collectors’ club in order to learn from others with more experience buying and selling silver currency. The American Numismatic Association is a nationwide society that works to educate its members on the ins and outs of coin collecting. Coin shows are another good venue for finding and networking with other collectors. The Web site Festivals and Shows has a calendar of coin shows around the nation (see resources).
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