Coin collecting is a rewarding hobby that combines history, art, and the thrill of the hunt. Here’s a beginner’s guide to help you start your numismatic journey:
- Focus your interests: Decide whether you want to specialize in coins from a specific country, time period, type (e.g., commemorative or ancient coins), or even those with particular mint marks.
- Consider your budget: Coin collecting can range from inexpensive to a significant investment, depending on the rarity and value of the coins.
- Look in your own pocket change: You may already have interesting coins in your possession.
- Banks: Purchase rolls of coins and search for unique varieties or dates.
- Coin dealers: Dealers offer a wide selection of coins and expertise, but compare prices and check return policies.
- Coin shows: These events offer opportunities to buy, sell, and trade coins with various dealers and collectors.
- Online auctions & retailers: Exercise caution when buying online and ensure reputable sellers.
- Flea markets & antique shows: These can be great places to discover unique finds, but beware of potentially inflated prices or “problem coins” (damaged or altered).
- Handling: Always hold coins by their edges, never touch the obverse (front) or reverse (back) surfaces, as natural oils can damage them.
- Wear cotton gloves: This will help protect the coins from fingerprints and skin oils.
- Grading: Coin grading determines a coin’s condition and significantly impacts its value.
– The Sheldon Scale (1-70) is the industry standard for grading coins, with 70 being perfect mint state and 1 being barely identifiable.
– Key grading factors include: strike, luster, color/toning, surface preservation, and design elements.
- Seek professional advice: Reputable third-party grading services like NGC and PCGS offer authentication and grading services.
- Cool and dry environment: Store your coins in a cool, dry place to prevent discoloration and damage.
- Avoid attics, basements, and direct sunlight: These areas can be prone to temperature and humidity fluctuations or UV damage.
- Use proper storage materials: Options include:
– 2×2 cardboard or Mylar flips: Inexpensive options for general storage.
– Plastic tubes: Good for storing bullion or bulk coins of the same size.
– Albums & folders: Offer organization and display but can expose one side to wear.
– Coin capsules: Airtight, hard plastic cases, ideal for high-value or proof coins.
– Slabs: Durable, sealed plastic holders used by grading services for authentication and long-term protection.
- Avoid PVC flips or acid-containing materials: These can damage the coin’s surface.
- Don’t clean your coins: Cleaning or polishing can diminish a coin’s value. If necessary, consider professional conservation.
- The Official Red Book – A Guide Book of United States Coins: A comprehensive resource for U.S. coins including pricing and information.
- Online resources: Explore reputable websites and forums dedicated to coin collecting, like those from the American Numismatic Association (ANA).
- Join local coin clubs or online communities: Connecting with other collectors can provide valuable insights and support.
By following these guidelines and continuously learning, you’ll be well on your way to building a valuable and enjoyable coin collection.
What coins should a beginner collect?
Good point! If you want to buy your coins, Morgans are popular for beginners.
What is the best way to start collecting coins?
The internet is the best place to learn about coin collecting these days. Begin by searching for the type of coins you are interested. Once you think you have some idea about the coins you are interested in, search Facebook, Yahoo! and Instagram for groups that discuss these coins and join them.
How to know what coins to collect?
Great question! Check mintage figures to identify rare coins. …
Design variations and anomalies are key for rare coin identification. …
Historical significance is integral to what makes coins rare. …
A coin’s circulation history is a pivotal factor in how to identify rare coins.