Where to start?

[Phelim]

Hi all,

 

I have been looking for a while now at collecting coins / precious metals and would like advice on where to begin? 

 

Should I invest in a new collection and which one? 

 

Or should I just begin in collecting Silver/Gold and which of the two? 

[daca]

Best advice : buy what you can afford

Edited November 15, 2021 by daca

[westminstrel]

14 hours ago, Phelim said:

Hi all,

 

I have been looking for a while now at collecting coins / precious metals and would like advice on where to begin? 

 

Should I invest in a new collection and which one? 

 

Or should I just begin in collecting Silver/Gold and which of the two? 

If you can afford the 2022 Sovereign being released today, I’d say go for it. There’s no way you’ll make a loss if you ever want to sell it.

[KevinFlynn]

First question: Do you want to stack for precious metals worth or would you want to collect coins that might hold collector's value? Or both?

[GBStacking]

Definitely figure out whether you want bullion or numismatic or both. Also, make sure you understand a little about what condition you should be looking for if you go down either route. I'm pretty much pure bullion and will stack for weight. I have several pieces that are scuffed, scratched and toned in less than attractive ways. It doesn't affect their base metal value, but they would be a real shock if you opened your first envelope from a dealer and didn't know what to expect. As for what to start with, i started on silver as it has a lower bar of entry due to the lower price. 

However given the way things have moved in recent years with premiums and VAT, if i had to do it again in todays market, I'd probably start with sovereigns from a reputable dealer whilst i was finding my feet, then look to private sales for the best prices. I do still buy some silver, but mainly for gifts or the odd piece i buy purely because it's shiny and pretty for my own enjoyment, I'm unlikely to make a profit on it, but it will never be worthless.

[KevinFlynn]

There are affordable pieces in gold, like bullion Sovereigns. Nothing against Silver as diversification, though.

But that's personal opinion. Most important is what your ideas are, like  how much you want to invest, how long you want to hold it. From that, a strategy can be formed.