Gold Coin collecting is a fun hobby. It’s weird though that you can go bankrupt because of it and yet have money, especially if you have gold bullion coins in your collection. Serious coin collectors will find all there is to know about different coins and if they don’t there are always coin collectors’ clubs that are filled with all manner of coin enthusiasts. When you are under gold’s spell it’s pretty hard to get yourself out. For some people even the threat of poverty will not lead them to sell gold bullion coins, they get attached and addicted. Are you a coin collector? How can you know if you’ve crossed the line to addiction? Here are some characteristics that make gold addicts, addicts.
#1. Most coin collectors start with simple coins like the usual change you get from a cashier when you buy. You won’t receive any gold bullion coins such Australian Kangaroos or Krugerrands from a cash register, but you may find some collectible coins in circulation that aren’t necessarily gold like the 2000 $AUD1/10c Mule, the 2001 Upset Federation $AUD1, the 2000 Incuse Flag 50c and others that are worth a pretty penny. Die-hard coin collectors, always pay in cash so they can get their change in cash.
#2. You are very particular about organising your coins. Coin collectors are careful about how they store their coins, especially gold bullion coins that have been struck from 24k gold. People who are really into coin collecting like to show off their prized possessions. If you are a coin collecting nerd, you probably will have some display case set up somewhere in your house to show off.
#3. You buy books on coin collecting and the business of buying and selling collectible coins. You annoyingly share unsolicited information to anyone who would listen.
#4. You attend auctions if not to acquire a coin, to just be in the same room with fellow coin connoisseurs and see the best coins being sold.
#5. Your idea of fun is listening to other people talk about coins and their addiction to coin collection. You spend your days listening to coin collecting podcasts (and there are many), subscribe to YouTube channels about coin collecting.
#6. You go to every Coin Collecting shows. You know all about coin collecting shows and events in your area and even some out of town shows you are willing to take a bus, a train or an aeroplane to attend.
#7. You subscribe to Coin Collecting magazines because you have the need to see different coins regardless of the fact that you may not buy.
#8. You have hour own Gold Testing kit that you use to test every gold coin you buy. It’s a useful tool to have, especially if you buy coins from flea markets or yard sales.
#9. Refineries and mints are like Disney World to you. Visiting a mint is a highlight because there is nothing like seeing freshly pressed coins.
If you exhibit more than a couple of these characteristics, then you are definitely an addict, which means it could be hard to sell gold bullion coins even when you are in desperate need of cash. Ever heard of the poor guy who died on a grass stuffed with money and gold coins in a shoe box? He died poor and miserable, hoarding gold while he was cold and starving. You don’t want to be that guy. You only have one life, don’t hoard your gold, sell gold bullion coins and use that money to take care of your needs and treat yourself especially when money is too hard to come by.