Coin collecting, also known as numismatics, is a rewarding hobby that combines historical appreciation, artistic admiration, and even potential investment opportunities. If you’re interested in starting your own coin collection, here’s a beginner’s guide to help you navigate this fascinating world:
Instead of acquiring random coins, choose a focus that aligns with your interests and budget. Some popular approaches include:
- Collecting by Type: Focus on specific denominations like pennies, nickels, or quarters, and try to obtain one coin from each series minted.
- Collecting by Series: Target a specific coin series, like Lincoln cents or Buffalo nickels, aiming to collect one coin from each year of its mintage and potentially from different mints.
- Collecting by Design Theme: Choose a recurring design theme, such as eagles or Lady Liberty, and collect coins from various denominations and eras that feature that theme.
- Collecting by Date Span: Select a date range with historical or personal significance (e.g., coins minted during World War II) and gather coins from that period.
Several avenues are available for building your collection:
- Start with what you have: Look through your pocket change, coin jar, or even under the couch cushions for interesting finds.
- Local banks: Exchange paper money for rolls of coins – you might discover unexpected gems.
- Coin dealers: Reputable dealers offer a wide variety of coins and can provide valuable advice.
- Online auctions and websites: Explore platforms like eBay or [the Great American Coin Company] for a broader selection.
- Coin shows: Attend these events to meet dealers and other collectors, explore various coins, and potentially find unique additions.
Protecting and organizing your collection requires some basic equipment:
- Magnifying Glass or Loupe: For examining fine details.
- Soft Cotton Gloves: To handle coins without leaving damaging fingerprints or oils.
- Soft Towel or Pad: To cushion coins while you inspect them.
- Coin Holders: Options include albums, folders, flips, tubes, and slabs, depending on the coin’s value and how you want to store it. Remember to choose acid-free materials for albums and folders to prevent damage.
- Reference Books and Magazines: The “Red Book” (A Guide Book of United States Coins) is a popular resource for beginners. Coin World and Numismatic News are also reputable publications.
- Coin Cleaning Supplies (with caution): If you decide to clean a coin, use mild soap and distilled water, then gently pat it dry with a soft, lint-free cloth. Avoid abrasive materials and chemicals. Caution: Cleaning coins can damage their surfaces and reduce their value, especially older pieces with desirable patinas.
Coin grading is a standardized way to assess a coin’s condition, which significantly impacts its value. The Sheldon Scale, ranging from 1 to 70, is commonly used for US coins, with descriptive grades like Good (G), Very Fine (VF), and Extremely Fine (XF) indicating wear. For valuable coins, consider professional grading services such as PCGS or NGC, which authenticate and grade coins, then enclose them in protective holders.
Building your collection is a process that involves patience and education. Aim to acquire the best quality coins you can afford, focusing on high grades and appealing appearance. Continuously learn about coins through resources like books, magazines, websites, and coin clubs. Developing relationships with reputable dealers can also provide valuable guidance for informed purchases. Ultimately, enjoy the journey of collecting and appreciate the history and artistry of each coin.
What is the best way to start collecting coins?
Good point! 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.
What coins should a beginner collect?
Pennies are great to start collecting. There are a lot of varieties and it’s fun to hunt for them in coin rolls. The state and national park quarters were also made to kick start coin collecting.
Is coin collecting really worth it?
Coin “collecting” generally is not profitable but precious metals and rare coins often meet or exceed the rate of inflation. However, if you treat it like a job or as a serious investment, it may become very profitable.