So you think it’s time to start a coin collection? Well, it is a fun hobby for sure. And you never know, you could end up with some great pieces in your collection that may increase in value…
But how do you start coin collecting? Here are five easy steps to get you going in the right direction.
1. Do Your Homework
Before you start poking through pocket change, you need to have a better understanding of what coin collecting is all about.
This includes learning about the proper pricing for coins so that you don’t end up getting taken advantage of and buying overpriced coins just because you are a beginner.
To do this, check many sources in your local area and online to see what some collectors have and what approximate worth these coins have across several sources.
Additionally, the main aspect of coin collecting you should spend time learning about is how coins are graded, and the grading system. This is how value is set on most coins and will impact your costs and collections’ ultimate worth.
CHECK OUT: Card Grading 101: PSA vs. Beckett vs. SGC
2. Starting Your Coin Collection
This is where you need to figure out what kind of coins you intend to collect. You may want to stick to a particular type of coin, a specific era, or a country. This is where your collecting skills will be tested the most.
Plus, you have to decide where you will get your coins from. You can start with rummaging through family coin jars or go straight to a local or online coin dealer.
There are a host of options, but you should join a coin club, attend coin auctions and sales, shop from the mint that produces coins in your country, or seek a coin broker.
All of these are good sources for quality coins provided you know what you are after and what they should cost (step 1).
3. The Handling of Your Coins
We mentioned coin grading. That is a system that essentially describes the condition of coins.
To preserve the condition of all the coins you have collected, you should not be handling them with your bare hands. Even if you wash them frequently, oils from your skin can alter the condition of coins and this could reduce their value.
Cotton gloves are the best way to handle coins and you should have proper coin holders or pages to store the coins in when you are not examining them.
Know that you should avoid touching the surface of any coin as a fingerprint will not disappear and can lead to the formation of corrosion.
4. Where To Store Your Coins
It was just hinted at above, but to keep your coin collection clean and tidy, you need a place to store them that will not change their condition. This means a place that is cool and dry as humidity and moisture are not friendly when they come in contact with any coins.
For particularly valuable coins, you should invest in a fire safe. This keeps them safe from robbery and fire damage. As for coin holders, there are several types and styles to choose from depending on your preferences and collection.
If you shop from a mint, keep the coins in the original mint holders and avoid PVC holders at all costs.
CHECK OUT: The Most Valuable Quarters From U.S. History.
5. Add To Your Collection When Possible
Now that you have some coins in your collection, you will become inspired to add more. This is where the hobby becomes the most fun.
Just remember to access reliable coin sources and you will find that this is a hobby that you will enjoy for the rest of your life – and may even provide a life-changing scenario.