In a recent survey, over 56% of people reported having more than one hobby. If you’re looking to start a new hobby but don’t have a large initial outlay of cash, then coin collecting is for you. Even better, the popularity of this hobby continues to grow as the prices of collectible coins go up.
Since America’s first circulated coins date as far back as 1793, you may not know where to begin your coin collection. Luckily, you’ve come to the right place.
This is your ultimate collecting coins guide for beginners. Read on to learn how to start your coin collecting journey.
Get to Know the Lingo
If you’re new to the world of coin collecting, you’ll need to start learning the lingo. You have to start somewhere. There are several terms to learn.
Let’s begin by discussing some of the key terms. Familiarize yourself with the basic parts of a coin.
There’s the head or the observe. This part of the coin has an image of a bust or a portrait. It shows the coin’s mint year.
On the opposite side is the tail. You can also refer to it as the reverse. It features the coin’s face value.
The rim encircles the sides of the coin. Coins can have a relief which is a design that raises above its surface.
Another part of a coin to know about is the mint mark. It shows the mint location. Look for a small letter on the coin.
The Different Types of Coins
There are different types of coins you need to know about. Most of the coins you may deal with as a beginner are circulating coins. These are the ones found in the general population.
There are also proof coins. These are the ones that collectors seek. They have an immaculate design and a special high-quality finish.
Coins that have never been in circulation are BU coins. These have a fine mint appearance.
Keep any coins that have an error. Don’t neglect them as some of them are rare and have a high price tag.
There are special types of coins you can collect. Challenge coins are custom coins that bear an organization’s insignia or emblem.
You can buy these coins to honor an organization that you support. There are firefighter coins that make up the perfect tribute for these heroes. You add them to your collection or give them away.
Start Simple and Small
You can now begin collecting coins. There’s no need to get overwhelmed. Start simple and small.
It’s best to start collecting coins that appeal to you. Which coins provide you with an emotional or visual connection? It’s common for beginners to start with quarters as they vary by design.
You can also begin your journey by collecting coin sets. There are different types of coin sets available. You can buy proof sets or go with annual sets of coins.
As you build more experience, you can expand your options. Gold and silver coins are very popular now as the price of precious metals continues to rise. These are bullion coins collectors can buy in fractions of one troy ounce.
Understand Your Motivation for Collecting Coins
Why do you want to collect coins? There are different common reasons why people do it. Understanding your motivation will help you achieve any goals you set.
Do you admire coins for their artistic value? A lot of coins are works of art. If you find a coin you like, you can display it for its beauty.
Do you plan to collect coins for their bullion value? You can buy them and then resell them to make a profit. Many people also collect coins as a hedge against inflation.
There’s no right or wrong answer to start collecting coins. As a rule of thumb, it’s best to stick with coins you like or find interesting.
Create Your Toolkit
Every coin collector needs a toolkit. You don’t have to break the bank to get the right tools.
Buy a magnifying glass. It’ll magnify all the fine details on the coin. It’s great for spotting all those unique errors on famous coins.
It’s a good idea to buy a notebook. Use it to track the coins in your collection.
Buy a basic reference book. The first to add to your bookshelf should be for coin collectors who are beginning their journey. These books provide information about coin pricing.
How to Handle and Store Your Coins
When it comes to storing coins, it’s important to handle them with care. Use cotton gloves to handle coins. Never handle them with bare hands as skin oils and dirt can damage coins.
Pick up coins by their edges. Don’t grab them by their surface. Handling coins this way will leave a smudge on the coins.
There are several storage options. Coin holders, coin capsules, and coin flips are best for storing individual coins.
These options are fine for storing less valuable coins. If you have valuable ones, it’s ideal to use PVC-free plastic bags or slabs. Make sure the coins fit well in their bags or slabs.
It’s worth investing in a strong safe where you can store the coins that are worth money. You want to have peace of mind knowing they’re secured.
Never clean your coins. This is a major no-no. Cleaning a coin will make it lose its value.
If you try to sell a cleaned coin to a coin dealer, the dealer will likely not buy it. If the dealer buys it, you may get less money than what’s worth in value.
Your Ultimate Guide to Help You Begin Collecting Coins
Interested in collecting coins? Now, you can start your own coin collection by following this guide. It has all the information you need to get the most out of your experience.
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