Buying Sunken Treasure…argh!

Eagle_coinsRare coins are interesting because their rarity makes them precious and fascinating.  Coins are virtually indestructible, they are easy to store, easier to insure, and rare coins are highly portable commodities that can be easily converted into liquid assets.

Here are some hints into successful collecting:

    • Contact auction houses. Find auction houses on the Internet and contact as many as possible regarding both upcoming sales of sunken treasure coins as well as any information they may have regarding private parties willing to sell sunken treasure coins.
    • Do your own homework. Find out as much information as you can about the current value of any sunken treasure coins that you fancy. Concentrate your efforts on finding out how many of each coin is known to exist as well as when the last three similar coins sold and for how much.
    • Determine whether prices have been trending upward or downward on the coins you are interested in.
    • Do NOT be in a hurry to buy coins from the most recent treasure discovery. If a treasure has been recently discovered and there is a great deal of publicity about it, the price for coins from this find are likely to be highly inflated. Once the excitement has died down, so will the prices for the coins.
    • Ask for a provenance for any sunken treasure coin you buy to protect yourself from possible frauds and imitations. Buying from a reputable dealer or an auction house provides some protection as these entities want to protect their good names and will not knowingly sell a phony items.
    • Use an online escrow service and/or closing table, like PaySAFEescrow.com, to insure a safe and secure trade for both parties involved.

Good luck and for more information check out this ancient coin collecting article and also this feature on buying rare coins.

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