Collecting rare coins is an exciting hobby that can deliver you a lot of positive emotions. From this article, you’ll get to know how to start a coin collection and make the most of it.
Decide on Which Coins You Want to Collect
Here are a few ideas that you might consider.
- By country. It might be your country, or the one where your ancestors used to live, or the one whose culture you fancy.
- By type. For instance, you might consider collecting Spanish centimos that were retired from circulation in 1983.
- By period. You might collect heritage rare coins that were in circulation during a short period, such as a war or revolution.
- By error. Misprinted coins are rare and they cost much more than their regular counterparts.
The easiest way would be to collect coins made of a certain metal, such as gold or silver. Each item in your collection should be unique. For instance, if you buy centimos according to this scheme, all centimos should be minted in different years.
After you start collecting coins, you’ll become a numismatist. Numismatics will be the official name of your hobby.
Think of How You Will Store Your Coins
The first option is to buy coin collection books. These are folders or albums with slots where you can put your coins. This will save them from dust and other outside contaminants. Plus, you’ll be able to accompany each coin with an identification card. Such books will become a stylish decor item for your house. Put them on your coffee table and let your guests watch them!
The second option is cases. They are not too convenient for showcasing your coin collection. But they provide more space, which is good if you have many coins. Besides, some cases are airtight and they will preserve your “treasure” in excellent conditions.
Learn to Determine a Coin’s Value
These are the two most important parameters that you should pay attention to when trying to estimate a coin’s value.
- Rarity. The rarer a coin is, the higher its price.
- Grade — that is, the condition. Numismatists use a special scale to assess the looks of coins. The best ones are shiny and hardly ever used. You can clearly see all the details on their surfaces. Such coins cost a lot. The longer the coin has been in circulation, the more imperfections you can find on it. For many years, it was rubbing against other coins in people’s pockets and wallets. It changed hands thousands of times. Such items cost less than their brand new counterparts.
The face value, meanwhile, will hardly tell on the coin’s price. This term denotes what a coin would be worth if used as currency. For instance, the face value of a 1 euro coin is 1 euro.
Intrinsic value also doesn’t significantly affect the coin’s price. This is the price of the metal that the coin is made of.
Where Can You Buy Coins?
Numismatists buy coins in the following locations.
- Pawnshops. If there are such shops in your area, you can spend many happy hours there. You will not need to pay for the shipping of your purchases. But you can never be sure whether a coin is worth its price. Pawnshop owners are not experts in numismatics. To make conscious purchases, you should consistently expand your knowledge and learn how to tell a worthy coin from a fake.
- Trade shows. Here, you can buy coins from retailers or trade them with other collectors. You’ll be surrounded by like-minded people and you can be sure that most coins are worth their price.
- Reputable sites. The trickiest part is to get to know which sites are legitimate and which ones are not. Ask your fellow collectors about it and read people’s reviews. After you buy a coin online, it will be shipped to your house.
And of course, you can always look for interesting coins in your spare change!
Collecting coins is fun. You’ll become a part of the community and will make new friends. Your collection will become a valuable asset and its price will keep growing over time. Feel free to buy your first coins right now!