Many people start their coin collection journey by finding a remarkable coin in their pocket, inheriting a coin collection, or acquiring some coins through other means. Other people think they’ve found a rare and valuable coin and are looking to be rich quick. Regardless of where you can start, here are some of the tips that may ensure you can have an extended and profitable journey in collecting coins.
Start small and simple
Unless you’re a millionaire and a thousand-dollar mistake doesn’t bother you, you’ll want to dive into the hobby and learn the ins and outs before making any major purchases. Start with a smaller coin purchases and sets of coins that are easily to assemble. Take the time to learn about the coins, their history, how to rate them, and the price of the coins.
Many great coin collectors have started by putting together a Lincoln penny set. They are still in circulation and most can be purchased at a moderate price at a local coin fair, coin store, or online. If the budget you have is a bit larger, you may also want to start with building a collection of penny or collecting art coins like the one’s in Australia, the “Unearthed Art Coin”.
Collect what you like
Many people ask, “What should I collect?” The short answer would be: “Choose what you want” Select the currencies that interest you. It may be a desirable design on the coin, the story behind the coin, or a story that’s related to the coin. Use the internet to research the history of a coin or to search out its origins. However, watch out if you purchase coins on the internet. They can be too expensive or fake.
Regardless, if the coin sparks your interest, you’ll be more likely to learn about it, and that education will help you avoid costly mistakes on your coin-collecting journey. Some young collectors collect world coins that have a typical theme, like queens, fish, buildings, flowers, etc. The possibilities are endless and it will be as interesting as you create it.
Finally, when you are starting your coin collection journey, you should be careful not to fall into traps like trying to “make a quick buck.” You will be able to meet unscrupulous people and coin dealers who tries to sell you coins at a bargain price. You’ll soon discover that the old adage of “if it’s too good to be true, it probably is” will hold true. Stick with collecting what you like and buy your coins from a trusted coin dealer.
Handle coins with care and store them properly
Although coins are made of metal and we tend to think of metal as very strong, the surface of a coin is very delicate and can be easily damaged. Different kinds of metals will react differently on the atmosphere around them.
Practicing safe coin storage and handling techniques will protect the value of your coins for generations to return. Handle your coins with cotton or latex gloves. If they are not available, just grab the coin by the edge. Most importantly, never clean a coin! Coin dealers will know that it has been cleaned and will be considered a “damaged coin”. This can greatly reduce the value or possibly becomes useless.
It’s not a race
Building a solid collection of coins that may appreciate over time isn’t a race. In fact, most coin collectors who rush with their purchases end up very quickly frustrated and losing money when it comes time to sell their coin collections. Take some time and find out about the actual coins before you purchase them.
Also, don’t buy the first coin that comes along. Expect the quality coin you are looking for offered at a reasonable price that you are willing to pay. Done right, coin collection could be a hobby that may last a lifetime.
Buy the book
There is an old adage that claims “Buy the book before you purchase the coin.” those who have sold their coin collections for many thousands, if not millions, of dollars not only followed these simple rules, but also took the time to find out about the coins they were collecting. The Internet could be a great source of knowledge and, unfortunately, misinformation. Buy the great book for both beginners and seasoned collectors, also known as the Red Book. Take the time to read the introductory chapters in this book and get an education before jumping into the pricing information for which you are also known.
Magazines and websites
Because you’re reading this article right away, it shows that you just are searching for more information on collecting coins. There are popular coins that magazines like Coin World and Numismatic News collect. Coin related websites can also be a great source of information, but beware of websites that are only trying to sell you expensive coins.
Join a Coin Club
One of the most effective ways to learn more about coins and keep your interest in coin collection alive is to join a coin club. A quick internet search will tell you if there’s one nearby. Also, there are several specialty coin clubs that focus on error coins, art coins, commemorative art coins, etc. Regardless of your area of interest or level of experience, there’s a coin club that may meet your needs.
Visit a coin show or coin shop
You can buy many coins online. Unfortunately, this does not give you the opportunity to save, inspect and compare the coins you are about to buy. By visiting a neighborhood coin show or coin shop, you’ll be able to evaluate the coin firsthand before purchasing. Also, a trusted coin dealer can provide you with valuable information to help you with your purchase. Many coin show is holding mini-seminars that will be able to help new collectors hone their skills in collecting coins.
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