re: Buying Vinyl Records - What Do You Know?

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For instance: "How can you tell if an album is a 1st Pressing?"

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It will vary for pretty much every record. You can use actual books like the Goldmine guides to help you narrow it down, but websites like Discogs.com and popsike.com will give you more specific clues and information. You can also see a decent market approximation of the record.