Today’s world can sometimes feel unstable, impermanent. If a politician says something stupid, the stock market can tank. Wars or disasters can create economic chaos. But gold endures. At Austin Rare Coins, our customers collect American coins like the gold eagle coin for all kinds of reasons. Some are genuine collectors, and they don’t care too much about the value of a coin. They care more about the hunt, and the eventual acquisition of an entire set. Others have economic reasons. They see an economic stability in owning gold, or they purchase coins as an investment.

But sometimes it can be a little tough to know how to get started. All of us in the coin world started somewhere, and it can be helpful to have a roadmap when you begin your journey. That’s why we’ve put together a list of tips to bear in mind when you kick off your adventure in collection.

• The value of gold can fluctuate wildly over the short term. Having said that, don’t always assume a more expensive coin is a smarter buy. If you see an MS64 gold coin priced at $2,000, and an MS65 coin priced at $10,000, it’s not always necessary to go for the higher value coin. Instead, you might invest in the highest quality MS64 coin & bank on the possibility of its value inflating.

• Before making a buying decision, examine the coin closely. In fact, don’t just eyeball it, but use a 5x magnifying glass. Just imagine seeing a double eagle coin at a shop or a show. To the naked eye, it looks terrific. You pay for it, take it home, and when you’re checking it out more closely, you see a large scratch that had blended into the surface over time. This doesn’t mean that the seller tried to pull a fast one on you, since they may not have seen it either. We know, it can look a little goofy pulling out a magnifying glass, especially if you’re young and have good eyesight. But it’s better to swallow your pride than to empty your wallet.

• Trust your gut. First impressions count for an awful lot. That’s true with people, and it’s true with coins. If you have a coin shipped to you, or you’re examining it at a show, and you’re trying to convince yourself to like it, you’re better off walking away. Otherwise, it’ll be one more decision made that you look at with regret instead of pride.

• Maybe you have a friend at work or brother-in-law that tries to pressure you into buying a certain coin. “Come on, you’ll make bank on this, I guarantee it,” they tell you. However, in the world of coins, there are no guarantees. Remember earlier when we mentioned the price of gold can be volatile? If you’re buying gold coins as an investment, you need to think long term. Be prepared to hang onto a coin and don’t even think about selling it for at least an entire market cycle, which can be between 5-8 years.