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C oin collectors draw big headlines when they sell their rare coins for thousands or even millions of dollars, but the vast majority of collectors will never see such a payoff. The most valuable coins are so rare you need a ton of money just to invest in one. Even beginners can do well by treating the hobby as a side gig instead of a get-rich-quick scheme. Earning passive income doesn't need to be difficult. You can start this week.
The key is to put your focus on buying affordable coins and then having the patience to see them rise in value, just like any other investor. The American Rarities website lists dozens of old and rare coins that you can get for very little money.
Here are some examples from the 19th century:. By spending only a couple hundred dollars, you can start a decent rare coin collection that you might be able to sell for a profit just a few years down the road. A profit of a couple hundred dollars will pay the water bill for three months for most U. Another option is to invest in coins for their melt value. This mostly applies to silver coins, although you can do the same thing with copper coins as long as you follow strict guidelines.
You might also be able to sell your coins to local coin buyers , pawn shops, reputable silver-buying sites and silver exchanges. Some of these buyers will pay cash to purchase your coins for melt value. Things are a little more complicated with copper coins. Because of their value, it is illegal to melt down these metals down for the sole intention of selling to offshore or local metal scrap industries. However, melting pennies or nickels for jewelry such as rings or necklaces is legal since this this is considered a creative rather than business practice.
Presumably you could invest in copper coins that can be turned into jewelry that can then be sold at a profit. You can also try selling your copper coins on Ebay or Craigslist to investors who are betting that the law against melting copper coins will one day change, therefore opening up a whole new market for pennies and nickels, according to a blog on the MoneyNing site.