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Everyone has heard of the astronomical prices that some books command today, from first editions of Hemingway to signed copies of the Harry Potter books. However, setting out with the goal of collecting books that will become valuable (rather than those that already are) is no easy task. And just to clarify, "valuable" here indicates an increased monetary value, not sentimental value. There is no way to put a price tag on a book that's been in your family for generations, unless that book is a Gutenberg Bible or Shakespeare's First Folio.

There is really no way to "know" which books will become valuable over time, any more that there is a way to know that a particular stock will rise or fall. But just like the stock market, you can improve your chances of success with a little research. There are several variables to consider regarding a book's value, and each is important:

1. Always buy a book in the best condition you can possibly afford. A book is not valuable simply because it's old, and a very old book in poor condition is worth little or nothing. For modern editions, the condition of the dust jacket is easily as important as the condition of the book itself when determining value. In fact, the dust jacket can account for up to 90 percent of the value of the book. For example, a "clipped" dust jacket (one where the original price on the inside cover have been clipped off) can cut the value of a book by 75 percent or more.

Books are graded according to condition. The standard grades are As New, Fine, Very Good, Good, Fair, Poor, Ex-Library, and Book Club Edition. You will often see "Near Fine" as well, and it is important to note that Book Club and Ex-Library Editions have next to no value except as reading copies. The problem, especially when purchasing books on the Internet, is that what one person calls Fine may in fact only be Good. If you are unable to personally inspect a book before buying it, at least ask for photographs of the dust jacket, binding, and copyright page.

2. In most cases, only the first printing of a first edition is of interest to collectors. This is one reason it is important to check the copyright page; especially for books printed in the past 20 years, the edition is typically clearly marked. There will be a series of numbers near the bottom of the page, and if a "1" is not visible, then you probably don't have a first printing. For example, you would want to see "First Edition" and 1 2 3 4 5 6 7 8 9 10 or 2 4 6 8 10 9 7 5 3 1. This

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