Bullion coins are a popular form of investment and are valued for their precious metal content. These coins are typically made of gold, silver, palladium or rhodium and derive their value from their precious metal weight in troy ounces.
As a valuable asset, it is essential to maintain proper care and storage of your bullion coins to help them retain their value. Keep the following tips in mind when caring for your coin collection, and learn how AU Precious Metals can help you understand the value of your coins and offer you a top dollar quote if you decide to sell.
Do Not Clean Your Bullion Coins
Although cleaning coins seems like an excellent way to maintain their value and make them look shiny and new, it’s one of the most damaging actions for a collection. Cleaning used or uncirculated coins devalue the pieces and could change their condition to a cull, a low-value coin with flaws or worn-out dates.
If you inherit a coin collection or find a bullion piece that looks dirty or dull, bring it to AU Precious Metals. We can assay your coins using non-invasive X-ray technology to determine their worth and help you restore their appearance without damaging their value.
Handle Your Bullion Coins Carefully
How you handle your bullion coins is critical to caring for the collection. Proper handling can help preserve your coins’ value and condition, while improper handling can cause damage and reduce their worth. The following methods can help you handle your coins properly:
Minimize Handling
The best approach for caring for your bullion coins is to handle them as little as possible to minimize the risk of damage. This helps preserve the coin’s natural patina and reduces the risk of causing scratches or other imperfections like rubbing off dates or identifying markers.
Use Gloves
If you must handle your bullion coins, consider wearing soft, cotton gloves to protect the surface of the coin from skin oils and other contaminants like dirt or chemicals.
Hold By the Edges
When handling your coins, hold them by their edges, not their front or back surfaces. This avoids leaving fingerprints or other marks on the coin’s face or reverse. Avoid pressing down too roughly, as too much handling can wear down the ridges on your coins, possibly lowering their value.
Store Your Bullion Coins Properly
Proper coin storage is essential for preserving the value and condition of your bullion coin collection. Improper storage can lead to damage from environmental factors such as humidity, temperature fluctuations, and exposure to light. Coin collection storage ideas include:
In a Secure Location
Store your coin collection in a secure location in your home, protected from theft, fire, and other hazards.
The best storage option is a fire-proof safe that you keep at home. This allows you to access the coins wherever needed and is safer than keeping them at a location maintained by an impersonal company.
Coin Holders
Storing your collection in proper containers, such as plastic holders, coin tubes, or airtight containers, helps protect them from damage. These containers are made to prevent dust, dirt, debris, or oils from touching your coins and causing erosion of stamping or engraving.
Avoid storing coins in paper or cardboard as they can break down and cause acidic damage to the coins.
Getting Insurance for Bullion Coins
Insuring your bullion coin collection is vital to protect your coins from theft, damage, and loss. By insuring your coins, you can have peace of mind that you are financially protected in the event of loss or damage.
Choosing an insurance policy covering bullion coins is essential, as standard homeowner’s insurance policies may not provide adequate coverage. When selecting an insurance policy, consider factors such as the value of your collection, the level of protection you need, and the cost of the policy.
Make sure to keep detailed records of your bullion coin collection, including the type, quantity, and condition of each coin, to make it easier to file a claim in the event of a loss.
Consider having your coins valued by AU Precious Metals so you know how much insurance coverage to purchase to protect your collection. Choosing a rider with a high enough limit ensures you can file a claim for replacing your coins if damage, theft, or loss occurs.
Maintain an Inventory
Keeping an accurate inventory of your bullion coin collection is crucial in managing your investment. An inventory helps you track the coins in your collection, note their value, and record any changes to their condition over time.
Update your inventory regularly and include detailed information about each coin, such as its type, date of manufacture, metal content, and condition. If you have the coins graded, include this information in the inventory spreadsheet.
Keeping an inventory can also help you identify trends in your collection’s value and make beneficial decisions when buying or selling coins.
Get a Quote for Your Bullion Coins at AU Precious Metals
At AU Precious Metals, we can help you determine the value of your coin collection and offer you a fair quote if you decide to sell. Stop by one of our two locations in Michigan or use our convenient mail in program to have your collection graded and assayed by one of our professional and helpful staff members to learn their value.
Contact us at (248) 833-6133 to learn more about our coin-buying services or discuss how to care for and store your bullion coin collection.