Are you a novice metal detector user? Are you interested in turning a profit by finding old coins and selling them for cash, but haven't had much success as of yet? Metal detecting for coins can be profitable, but you have to know the tricks of the trade. Read on for 3 tips on how to get more out of your new sport.
1. Get The Right Metal Detector
If your metal detector doesn't have target identification, depth indication, and an adjustable discrimination feature, you're wasting a lot of valuable time in which you could be scouting for old, rare coins. The discrimination feature will allow you tune your metal detector to only alert you of metals you select. For example, you can set the feature to ignore iron and aluminum. This would come in handy if you're scouting an area that is riddled with old nails or soda pop tabs.
The target identification feature tells you what type of metal the detector has pinpointed. If you have your discrimination set to only alert you of silver, gold, and copper, target identification will tell you which of those metals the detector has located. Depth indication works with this feature, informing you of how far down a detected coin is located. With these two bits of information, you can maximize your time by being extremely selective about what you choose to dig up. For example, if you're running short on time, you may choose to skip over a copper piece that is buried 6 inches below the ground's surface for a silver piece that is only 4 inches deep in the dirt.
2. Focus On The Past
Where are you using your metal detector? If you're visiting current hot spots, your adventures aren't going to be very lucrative. Places that are under heavy public traffic today will yield nothing more than modern coins that are worth their face value alone.
The really valuable coins are the coins that have fallen out of circulation -- the old coins that are now difficult for collectors to find. Instead of scouting busy beaches for pocket change, look for places that were frequented by people long ago. Browse old yearbooks for photo clues of where young people congregated, check newspaper archives for old public meeting spots, and talk with the senior citizens in your town about hang-out spots of long ago.
Don't forget about the woods, either. Firewood collecting is thought to date back to the Neanderthals; no matter where in the world a forest is, chances are good that there have been plenty of warmth-seeking individuals roaming around it looking for fuel and dropping a coin from their pocket every now and then while they were at it.
3. Don't Do A One-Stop Sale
When you find a rare old coin, you can just take it to the nearest pawn shop or coin dealer to turn it in for cash, right? Wrong. Well, you technically could do this, but you'll get more out of the deal if you have the coin appraised and graded by a professional. Look for a coin appraisal company that guarantees their grades, and provides a certificate for each coin they evaluate. The largest rare coin market in the world is an online auction site, and you can't list your coin on this site unless it's certified by an authorized appraiser. A guaranteed grade and the certificate to back it will make potential rare coin buyers a lot more comfortable with closing the deal. There is a lot of information to be learned online about appraisals. Click here to check it out.
If you're new to the "metal detecting for valuable coins" game and you haven't had much luck making a profit, the above information is for you. Successful coin treasure hunters have the right equipment, know where to use it, and know that rare coins are far more appealing to buyers when their authenticity is backed by a professional appraiser.
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