Coin collecting can be an exciting hobby, but determining how to start your collection can depend on certain preferences. For example, you might prefer to collect foreign coins or focus on purchasing coins from your own country. Some collectors enjoy purchasing coins that go into a specific folder, such as a series that focuses on quarters that have been produced by each state. Uncirculated coins are a popular collector’s item as well, and collecting silver proof coins has also become a staple of coin collecting. No matter what your preference, here are some things to look for when you start your collection.
Grading coins might be difficult because of a variety of factors. England and the United States each have different grading systems, which could make collecting more challenging when purchasing coins overseas. Specifically, a US grading might reference that a coin is in “mint” condition, while England might state that a coin is in “extremely fine” condition.
Coin deficiencies are easily unnoticed at the time of purchase, but an experienced professional who deals with them will not place as high of a valuation if there are damages. Coins can become damaged if they are cleaned with abrasive materials, have become even slightly bent or have been scratched. The value could be significantly reduced. For incredibly rare coins that were hand-made with a hammer and dies, it could be more difficult to understand how to grade them.
Always Do Your Research
Always learn as much as you can about coins before you invest in them. There are several books available on the market that will help to educate you about investing in coins, including books that discuss how to grade coins, catalogs that include the most basic information and pricing estimates, as well as books that focus on the details of a specific series, such as the Lincoln penny. The right knowledge can make the difference between purchasing a coin that has a high value or purchasing one that is more common in nature.
Participate in a Club or Association
Coin clubs provide the opportunity for you to gain information about buying and selling coins. Sometimes participants will even offer the sale of a coin at discounted prices. A coin club or association can also provide information about upcoming opportunities.
Collecting coins can be an excellent hobby and with the right experience, you can even learn how to make money with it.