7 Tips for Starting a Coin Collection

People have been collecting coins for many centuries. It is a fascinating hobby that can be enjoyed casual or seriously. Here are 7 tips to get your coin collection started.

Decide what type of collection you want

There are several different types of coin collections. Some collectors focus only on obtaining coins made before a certain date. Some collectors focus on coins from specific countries or regions, and some collections consist entirely of mint condition proof sets.

Because there is such a variety when it comes to coins, it is important to choose a coin niche and stick to it. This doesn’t mean you can’t branch out to other niches in the future, but in the beginning, it’s easier to start with a single goal.

You should also decide why you’re collecting coins. Do you like the history behind each coin? Do you just enjoy collecting things? Are you looking to make some money by investing in coins? These questions will be very important as you increase your coin collection.

Decide how you will store your coins

If you are collecting coins as a hobby, you may want to display your collection. There are a variety of cases and covers available that protect the condition of your coins while still allowing you to view them. If you plan on collecting less valuable coins, you can display them in the open. Glass cases are a nice way to add style and class to a coin collection.

If you are collecting coins as an investment, it may be better to keep them in a home safe or a safety deposit box at a bank. Displaying high-value coins increases the risk of theft. If your collection is noteworthy enough, you may look into displaying it at a museum. History museums will often host private collections.

Understand how coins are graded

An individual coin’s grading represents the condition of the coin. The United States has its own grading system that is often more lenient than in other countries, so be aware that some ratings may be embellished.

You can learn to grade coins yourself using manuals, but it usually more accurate to take the coin to a professional grader. Professionals are held to standards that ensure coins a graded fairly. A certified appraisal can boost the value of some coins.

Get a reference book

A reference book is a guide to coins, both rare and common. These books describe details about grading coins and coin values. Some also include the history of coins, which is nice to know for a hobbyist.

There are several different publications about coins, so be sure to find a reliable reference.

Join a coin club

Chances are there’s a club in your area made up of people who share your interest in collecting coins. Joining this club is a great way to swap coins, but coins at low prices, and get advice from veteran coin collectors. Some coin dealers even provide discounts to certain coin collector clubs and associations.

Attend a Coin Expo

Coin Expos are large gatherings of coin collectors, dealers, and enthusiast. This is a great place to start a coin collection or add to an existing collection. Most expos also feature deals on coin cases and other collection tools.

Get to know your local coin dealers

Do some research on the coin dealers around you. Shop around to find the best prices and then get to know the coin dealers. Most coin dealers are collectors themselves and will be glad to share information with you.

Coin dealers work in a competitive market, so they appreciate customer loyalty. Building a good relationship with your coin dealers is a great step to take in expanding your collection.

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