With the state of the economy today, you can’t ever be entirely sure that you won’t wake up one morning to find that your money is not worth what it was yesterday. There is one way to protect your money from inflation, though. While the value of the dollar has dropped steadily over the past decade, the prices of precious metals have increased consistently. For this reason, metals like gold and silver are considered stores of wealth. They are great long term investments that will help protect your money against economic strife.
Investing your money is always a better idea than letting it sit in a savings account, accruing minimal interest and losing its value as the dollar drops. That amount of money will not be worth the same amount in twenty years that it is today. However, if you were to put that money into gold, it would not only keep its value, but would more than likely earn you a lot more than you may expect. When you consider that the price of gold has risen by more then 300% in the last decade, you can see exactly what is meant by protecting your money from inflation.
In times of economic strife, many people turn to precious metals. There are lots of different ways to invest in silver and gold. Collecting rare coins is a form of investment that is also an interesting and enjoyable hobby. Buying bullion coins means that the coin you purchase will always be worth its gold content. But buying other types of coins means that you could stumble across some really rare historical coin that is worth a lot of money.
You might already have a growing collection that could contain some rare coins that you weren’t even aware of. The more rare or more historically significant a coin is, the more it is worth. Coin collecting can be a great hobby to share with your family, and you can even pass it on to future generations.
The most important thing to do when you decide to start collecting rare coins is to make sure you develop a relationship with a reputable dealer. They can help you make some really profitable purchases, or even steer you away from one that may end up being a mistake in the end. Making sure the dealer is a member of an organization like the Professional Numismatists Guild or the American Numismatic Association can help ensure that you’re on the right track.