Money is the token that we use to buy and sell things with. But some people are getting rich from selling money itself. How? There are a few different ways of doing this, all of which can be profitable forms of investment. Here are some of the most common ways in which people are using money as inventory.
Invest in foreign currency
This is the most common way in which people enter the money trade. Currency rates are always fluctuating. By buying a foreign currency that is on the rise, waiting until it is worth more and then converting it back, you can make a lot of money out of a little money. This is a gamble as it requires knowing which currencies are on the rise and which are falling, whilst also compensating for unexpected political events or changes in the stock market which can suddenly make a dramatic change to a currency’s worth. For example, both Brexit and Trump’s election were largely unpredicted events that had an impact on the value of the pound and the dollar.
There are specialist companies for exchanging money known as Forex brokers. They can identify the best currencies to convert as well as the best exchange fees (buying foreign money after all costs money). There are Forex stores and online traders to choose between.
Collect old coins
Old coins have become collector’s items and can sell for a lot of money. A rare old coin may even sell for thousands. Similarly a set of coins from a particular time period can be worth a lot.
Getting into coin collecting is not easy and requires a lot of research into both the history of coinage and pricing. There can also be lots of fakes about, particularly of rare coins. Being able to authenticate coins or knowing someone that can is handy, especially if you’re considering buying an expensive rare coin.
There are special coin show events for selling old coins. These take place all over the country – you can find out more info here. There are plenty of books on coin collecting that are worth reading before taking the bold step of starting your own collection. It’s worth checking your attic as many people will inherit old coins without realising and these could be worth something.
Sell rare notes
Did you know that some notes are rare and can be sold for more value? This is largely to do with the serial number. A pattern such as ‘12345678’ or a repeating pattern such as ‘20012001’ can make a single dollar bill worth thousands to collectors. Old bills that were first in the production line can also be worth a lot.
Many of these collectible notes are still in circulation – there may even be one in your wallet. This applies to five and ten dollar notes too, as well as other world currencies.