Did you know that the 1794 Flowing Hair Silver Dollar is one of the most expensive coins to ever be sold at auction by a coin collector? In 2013, it sold for more than $10 million.
Whether you want to become a coin collector for the money or for pleasure, it can be a rewarding challenge for many people that choose to build their own collections. Think of all of the coins in the world – the possibilities of collection combinations are practically endless!
Are you thinking about becoming a coin collector as a new hobby? If so, you need to know what you’re getting into to make sure that it’s the right hobby for you!
Keep reading to learn our top 5 factors to think about before you get started.
1. Start With the Basics
When you’re just starting out as a coin collector, you need to learn the basic skills and knowledge necessary to succeed with this type of collection before you make large purchases. Some coins can sell for thousands of dollars, and if you don’t know how to collect coins yet, you could be making a big mistake by purchasing those coins without expert knowledge.
To get started, you should always begin with smaller coin sets that aren’t difficult to put together. You also need to be sure that you set a coin collection budget for yourself to make sure that you’re not spending more than you should before you really know what you’re doing.
A great place to begin is with a set of regular coins that aren’t extremely difficult to find, such as trying to collect all 50 states on United States quarters.
You can also try your hand at collecting more specific types of coins, like challenge coins or even corporate coins, if you want something that will take more time. Get more info about those types of coins before you start, however, to make sure that you’re willing to commit to the challenge.
2. Know How to Handle Your Coins
Coins are made of very sturdy metals (or ceramics), but that doesn’t mean they can’t be damaged. The surface of the coins you get can be delicate, especially if the coin is older.
Different types of coins made from various metals will react to the environment around them. You should always pay attention to how you’re storing coin collections, and you should wear gloves anytime you’re handling the coins.
Don’t clean your coins either. Dealers are able to tell when a coin has been cleaned and doing this makes the coin “damaged” in the eyes of many connoisseurs. This means you won’t be able to get as much money (or any money) for it if you try to sell it later on it.
3. Remember That Good Collections Take Time
If you’re planning to make a fortune with a coin collection overnight, you’re going to be disappointed. It takes a lot of time to find the right coins to add to collections and create coin collections that are actually worth something.
Choosing to buy a bunch of coins at one time without looking around at all of your options is likely going to lead to a loss financially. This is because you may be completing your collection, but the coins you chose to add to your collection aren’t the best options or are sold at high prices.
If you spend more time looking for the best coins available, you’ll find that you will complete your collection and have something worth selling later on (if you choose to do so).
In addition to that, it’s much more fun to take your time with building a solid collection. You can work hard to make a collection you’re proud of instead of rushing through it to get it done.
4. Go to Coin Shows and Shops
While there are plenty of coins that you can purchase online, you will also want to take some time going to shows and shops to see what is available. This way, you can actually look at the coins in person and compare them before you make a purchase.
Trusted dealers are going to work with you so that you understand more about the types of coins they have, where they came from, and why they are good additions to your collection.
Being more knowledgeable about your purchases will help you in the long run as you build collections.
If you want to be part of the community, you’ll also meet a lot of other hobbyists that love coins at these types of locations. This will give you an opportunity to find specialist groups or even local coin clubs that will help you enjoy the craft even more.
5. Collect Coins You Want
If you’re thinking that you want to build a coin collection, but don’t know what types of coins you want to collect, think about why you want to start your collection in the first place! Is there a type of coin that you love the design of, or are there coins out there that have an interesting history?
Whatever it may be, it’s much more fulfilling and exciting to collect coins that you care for in one way or another. If you find coins that pique your interest, you will have more fun discovering information on those coins and finding them over time.
A simple coin that has an interesting history is the Lincoln penny. Some of the coins that you’ll find if you choose to create this collection will be easy to find while others may be more difficult. Remember that each coin, no matter where you get it from, has some type of history that you might enjoy learning about.
Are You Interested in Becoming a Coin Collector?
As you can see, becoming a coin collector is as simple as just getting started! Pick the right coin collection for you to begin and start your search for the coins you need today.
With the right know-how and the willingness to learn, you too can become a coin connoisseur.
Do you want to find out about some other fun hobbies to try? If so, be sure to take a look at our Lifestyle section for more.