Collecting Coin
How would you like to start a coin collection? It is easier than you think. This article will cover six steps that will help get your started on the right track. Before we get into it, let’s take a look at what coins are and how they work.
What is a Coin?
A coin is money in the form of a small, round piece of metal or other material. Coins are usually minted from precious metals such as gold and silver. They’re used for storing wealth, making change, and even sometimes as legal tender. You can start collecting them by purchasing non-legal tender coins with your spare pocket change at the grocery store or bank.
Steps to Start a Coin Collecting
Here’s how to start a coin collection:
- Know the different types of coins and what they are used for.
- Do your research on which type of coins you want to collect.
- Buy some starter pieces at a local hobby shop, flea market, or online retailer – Buy extra containers too if necessary (you’ll need them).
- Choose an organizational system that suits your needs; there is no right answer here but it’s important that you find something that will work with budget constraints and personal preference. There are many available options such as bookshelves, binders, and even Pinterest boards! After about one year you should have enough money saved up from all those spare coins to buy a larger, more significant piece.
- Maintain your collection by always storing them in the containers you have or getting new ones as needed
Benefits and Downsides of Starting a Coin Collection
Benefits
The beauty of coin collecting lies in its accessibility – just about anyone can start (and finish) a collection with the change in their pocket.
You can collect coins with your spare change. We get spare change in the form of coins because change is a coin.
Coin collecting is also an affordable way to start investing – depending on which coins you buy, they can be worth much more than what you paid for them. For example, if someone bought $200 of copper pennies at face value and just kept adding to their penny jar each day, after 30 years it would have grown into over $22 million! It’s not uncommon for one person’s coin collection to end up being worth millions.
Downsides
- Coins get dirty quickly so it’s important that collectors handle them with care when moving around or taking out of storage containers.
- Coins may need graded by specialists before putting them up for sale.
- It may be difficult to find a system that works for everyone so it’s important to work with your budget and personal preference.
Coin Collecting Tips for Beginners
Start Simple and Small
The best way to start a coin collection is by starting small. For one, it’s cheaper than buying higher-value coins right off the bat and you’re less likely to become overwhelmed with owning too many types of coins at once. In other words, there are no wrong or bad coins when collecting; but in order to develop your own system for organizing them all, you need to first simplify things so that they will make sense in the future.
Collect Coins You Love
A lot of people like certain countries’ currency more than others – so if this interests you then go ahead and focus on those ones! There is an element of personal preference involved as well because not everyone likes their change jingling around inside their pocket.
Store Them Properly
Regardless of how much you love your coins, the best way to keep them in good condition is by handling them carefully and storing them properly. This means taking care not to touch or handle a coin that’s dirty as it will transfer residue onto other coins; always store all loose change inside containers so they’re not just floating around everywhere (and don’t forget to label these containers!) You’ll also want to take out any air bubbles from paper rolls before putting coins into binders – this prevents long-term wear and tear on the metal.
It is not Getting Rich Scheme
Coin collecting isn’t about getting rich quick because unfortunately there are no get-rich-quick schemes. Collecting coins takes time, patience and a lot of hard work. That said, it’s not bad to set some goals for yourself – like the number of coins you want in your collection by next year or what type of coin collecting system you’re going to use (i.e., bookshelves vs binders).
Read Books and Magazines
Purchasing these materials will help you learn more about different types of coins that exist out there; they’ll also tell you which ones are valuable right now. Plus if anything happens with your own collection then at least this information can still be used as reference material!
Join a Coin Club
Knowledge is power so when joining an existing club make sure it has members who are knowledgeable about coins. This can be done by visiting a coin show or coin shop to see what they’re all about – the best way is to ask them questions and find out how long each member has been collecting for.
Visit a Coin Show or Coin Shop
A lot of people might not know this but there’s actually an International Association of Professional Numismatists that you can join if you have some spare change in your pocket! The website also has links that will help lead members down their very own path so it’s worth checking out before making any decisions yourself.
FAQS
Can coin collecting be profitable?
Yes, coin collecting can be profitable but it depends on the individual as well as the type of coins you’re looking to collect. For example, a collection that is made up of mostly low-value coins may not ever make someone rich if they are selling them – this is because most collectors purchase rare and valuable pieces.
What’s considered a “good” or “bad” coin?
There are no bad or wrong types of coins when starting out in your own personal collection; however sometimes it takes time before developing an eye for what might eventually become very valuable items down the line (i.e., certain countries’ currency).
Can I just buy one book about my country’s money instead?
A lot of people like to buy just one book about their country’s currency instead of purchasing many – this is a great idea if you’re only looking to learn more about these coins. However, it does have its drawbacks because there are no pictures which can make things confusing for beginners who don’t know much about the subject.
Can I use anything when storing my collection?
No matter what type of material or container that you’re using to store your coin collection in, please take care not to touch or handle them with dirty hands! This will keep all loose change neat and tidy inside containers and prevent long-term wear on metal pieces; air bubbles should also be removed from paper rolls before putting any coins into binders (this prevents damage).
Are books really necessary?
No, books are not necessary but they do provide a lot of information for those who want to study more. There’s also detailed pictures which can be helpful for beginners and those who don’t know much about coins; at least this material will still be useful in the future if anything happens with your own collection!
Is coin collecting dying?
It’s not dying but it is declining in the United States. This might be because of a lack of interest and knowledge about coins (especially for those who have never collected before) so if you’re looking to learn more then this article will hopefully make things easier!
What coin collecting system should I use?
The choice between albums, binders or bookshelf-style systems comes down to personal preference; there are advantages and disadvantages with each one that can’t really be summarized as right or wrong – only what works best for someone given their space requirements. Making your decision early on will help reduce the amount of clutter later on since some collectors upgrade from binders to old bookshelves once they’ve built up a sizeable collection.
What’s considered rare?
There are different levels when it comes to what people consider rare; usually there’s something in their own personal collection they’re looking for which might also make them want to collect more because they have a goal in mind. For beginners though, you’ll just need to decide what type of coin would be worth the most to you based on your knowledge of coin collecting and what’s considered valuable.