Coin Collecting for Beginners: Helpful Tips and Tricks
Did you know that the National Numismatic Collection at the Smithsonian contains about 1.6 million objects, with coins from three millennia and every continent? As a result, it is likely the largest collection of coins and transactional objects globally!
While the NNC is an impressive exhibit, many people have smaller-scale collections at home. In fact, if you learn how to start coin collecting, it can be great fun, and you’ll learn a lot about history as you go!
Would you like to learn about coin collecting for beginners? If so, keep reading as we share some important tips!
Consider Your Motive
Before starting your collection, you should consider your goal. For most, collecting is a hobby that they can immerse themselves into and enjoy in their spare time. Others want to buy coins as an asset.
But is coin collecting a good investment? In some cases, rare coins gain significant value over time and can be fruitful investments. However, you’ll need to be in for the long haul, and if you give up and want to get your money back quickly, you’ll likely be disappointed since coins are volatile.
Thus, it’s best to get into collecting because you enjoy it rather than hoping to make a quick buck.
Unless you don’t mind making an expensive mistake when collecting coins, it’s best to ease into your new hobby and avoid making major investments.
Instead, start with coin sets that are easy to assemble, such as Lincoln pennies. You can find them online, in local coin shops, and sometimes in circulation!
Collect What You Like
Instead of collecting the most popular coins, focus on what interests you. For example, you may like the design of a certain series of coins or their history. If you’re interested in your collection, you’ll be more likely to put in the research needed to avoid making mistakes.
Store Your Coins Carefully
One of the most important aspects of learning how to collect coins is storage and handling. Although coins are metal, the surface is delicate and can easily become damaged from improper handling and storage.
Thus, it’s important to wear gloves when touching your coins or only to hold them by the edges. And never clean coins since this will damage their value!
As for storage, many collectors opt for binders with plastic sleeves made specifically for coins. These keep them organized and safe from dust and dirt.
Use Trustworthy Resources
When learning about coin collecting, it’s crucial to have trusted sources. Unfortunately, some websites publish false information about coins to make collectors think they are more valuable than they really are.
Thus, it’s best to research coins on official websites that people trust in the numismatic community. Or, you can subscribe to a coin magazine or purchase books.
Follow These Coin Collecting for Beginners Tips!
After reading these tips, you are ready to start brainstorming your coin collecting plan. Of course, there are a lot of scams out there, so be careful when buying and selling coins!
Did you enjoy learning about coin collecting for beginners? If so, browse more of our great content related to finances!