Collecting gold coins can be a delightful and engaging hobby. It’s a bit ironic that while indulging in it, you might end up broke, even though your collection might include valuable gold bullion coins. Serious collectors immerse themselves in learning about different coins, and coin collectors’ clubs are havens for such enthusiasts. Once you fall under the charm of gold, it’s challenging to break free. For some, not even the threat of poverty can prompt them to sell their beloved gold bullion coins—they’re hooked. Are you a coin collector? How can you tell if you’ve crossed into addiction? Here are some traits that define gold coin addicts.
- Starting Simple: Most collectors begin with everyday coins—the change from a cashier. While you won’t find gold bullion coins like Australian Kangaroos or Krugerrands in your change, you might come across valuable collectibles such as the 2000 $AUD 1/10c Mule, the 2001 Upset Federation $AUD 1, or the 2000 Incuse Flag 50c. Die-hard collectors always pay in cash to get their change in coins.
- Meticulous Organization: Coin collectors are particular about storing their coins, especially those struck from 24k gold. Enthusiasts love to display their treasures, often having a display case at home to showcase their collection.
- Bookworm: You buy books about coin collecting and the trade of buying and selling collectible coins. You can’t resist sharing your knowledge, even unsolicited.
- Auction Aficionado: You attend auctions to either acquire coins or simply to be among fellow enthusiasts and witness the best coins being sold.
- Passionate Listener: Your idea of fun is listening to others talk about coins and their collections. You follow coin collecting podcasts and YouTube channels.
- Show Enthusiast: You know about every coin collecting show and event, both local and out-of-town, and you’re willing to travel to attend them.
- Magazine Subscriber: You subscribe to coin collecting magazines, eager to see various coins, even if you don’t intend to buy them.
- Gold Testing Kit: You own a gold testing kit to verify the authenticity of every gold coin you purchase, particularly useful for buys from flea markets or yard sales.
- Mint Visits: Visiting refineries and mints is like a trip to Disney World for you. Watching freshly minted coins is a highlight.
If you identify with more than a few of these traits, you’re likely an addict. This makes it tough to part with your gold bullion coins when it comes time to sell gold bullion, even in financial distress. Remember the cautionary tale of the poor man who died with a box of gold coins and cash, yet lived miserably. Don’t be that person. You only have one life—don’t hoard your gold. Sell gold bullion when needed and use the money to take care of yourself.
