How to Start a Coin Collection?

2021-03-03

Are you contemplating starting a coin collection? If yes, then that’s great to hear! Having a coin collection is not only an enjoyable activity, but also pretty profitable, provided you know the right way of going about it. When starting a coin collection, certain factors must be kept in consideration in order for it to be interesting and valuable.

So without further ado, here are some keys tips to facilitate you in coin collecting:

Identifying Objectives

Before you start you need to be clear about your intentions for this collection of yours. Do you want it to be simply a collection activity that you can enjoy and display, is it a form of a business for you someday, or do you want it to be a family tradition that will be passed to your descendants? Whatever it is to you, you have to make sure that you have a goal set for the future.

Buying Coins

When starting a coin collection, you can start out with what you have in your pocket or you can buy coins from coin dealers. First and foremost, you will have to buy coins, which are in a decent to good condition. Avoid buying coins with a shabby appearance because it will only make your collection look lackluster and mediocre. Moreover, opting for ancient coins will add more value to your collection.

Choosing A Proper Place to Store Your Coins

Keeping your coins in an insecure place will not only diminish its numismatic value but can also result in misplacement. That is why, it is best to invest in a proper coin holder (which is relatively cheap) so as to ensure that the coins maintain their beauty and value for a long period of time. Plus it makes your collection more presentable (visually).

Type of Coins

An important step is to decide the type of coins you want the collection to comprise of. Now, the selection may vary from person to person. For example, some people opt for uncirculated US coins, some for foreign ones, gold or silver. Moreover, you can also categorize them according to their denominations i.e. smaller or bigger. So as you can see, there’s a diversity of options available. See which ones you are most interested in and then start buying those.

Approaching People

You can approach the people around you such as friends, colleagues, relatives, etc and ask them if they have any unwanted ancient coins relevant to your collection. If they happen to have any, you can buy it at a comparatively low price. Other great sources of getting valuable coins are banks and financial institutions.

Expand Your Collection Even Further

One factor that separates a good coin collection from an excellent one is its enormity. The more coins you have, the greater your chances will be of drawing people’s eyes in amazement (a sign of excellence). It’s always good to go to coin expos because that’s where you get an opportunity of getting unique coins, that too at a pretty low price.

Keep Learning

In coin collecting, continuous learning about numismatics can be a great help for you. If you are starting a coin collection for business, it is very helpful to take some time to study the market. With this knowledge, you can gain an advantage in the coin industry. Once you are ready, you can gradually increase your purchases and take further steps into the coin market. As long as you have the heart and smarts for coin collecting, you will enjoy it.

Have fun building your coin collection!

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