Starting a Coin Collection

Starting a Coin Collection

It is never too early or too late to have a hobby. Some people are hobbyists for fun while others see a bigger picture; and that is to make money. Some objects that may seem inexpensive now may become valuable or priceless later.

A few good examples are baseball cards, toys and stamps. Many people have made a fortune by collecting and selling on auction sites like EBay. Another collection that can become profitable is coin collecting.

Getting started is as easy as deciding what kind of collection you want. Coins are made every year and some are introduced years later so focusing on a particular time period and location is important.

Conducting research using reference books or the web can aid in coin collecting. You can learn almost anything about the coins to be collected and will help the collector discover those who want to sell coins.

Another good source of information is subscribing to a coin publication such as Coin World or Coinage Magazine. The local coin shop can also expand the search for those antique coins outside the collector’s city or state.

Being a member of a coin club can build the collector’s network. Some members may want to part with a particular coin in exchange for another, etc.

Coins that are no longer used generally have more value than those that are still active, because coins in the past were made of 100% silver or gold. Since the demand for silver coins increased and they were difficult to produce they are now made of 40% and 60% copper.

After completing the collection, the coins should be stored in a nice folder or album. This will keep them clean and easy for the individual to carry around and display.

Coins can be cleaned by soaking them in any of the following liquids: vinegar, rubbing alcohol, lemon juice or ammonia which will remove any dirt or encrustation that’s on the coin when it was acquired. Afterwards, they should be air-dried or patted dry with a soft cloth. Rubbing or polishing the coins is not advisable since it scratches and will decrease the market value of the coin.

Coin collecting can be a lot of fun. By deciding on a specific period to begin with then searching for it, the collector will have something valuable as an investment.



Coin Collecting News

  • Coin collecting, then and now
    Since the beginning of time, there needed to be a form of exchange. In early history, before the advent of coinage, other commodities were used. When the first coins were struck, collecting began. I can't imagine having only a few types of coins to collect.

  • Coin show continues to draw wide variety of collectors
    PERRY -- To those who think that coin collecting is a quaint hobby of yesteryear, this weekend’s Middle Georgia Coin and Currency Show at the Georgia National Fairgrounds told a different story. Between 5,000 and 7,000 attended the 50th edition of the show, some to see what was available for purchase and some to see what the value was for the coins they brought in to be evaluated.

  • What Is Legal Tender?
    The topic of legal tender is one of the most misunderstood parts of coin collecting. By definition, legal tenser is money that can be used to: “Pay debts, both private and public.” Please note “can” rather than “must.”

  • Go gold, collector says
    Local Keith Knight believes the day could come when our paper money is worthless. For that reason and more, Knight is a huge proponent of buying gold. Knight has collected gold coins for 40 years and now owns hundreds, which he keeps in a bank vault....

  • Addicted to Collecting: From Malcolm Forbes to Me
    This article appeared in Forbes on January 30, 2012. Last week Sotheby's auctioned off 13 French military paintings from the once legendary Forbes collection. It represents the end of an era.

  • My silver coins mint me money
    AS a teacher, my students often ask me questions when outside the classroom.

  • Rare penny sells for $1 million in Orlando
    ORLANDO, Fla., Jan. 8 (UPI) -- A rare U.S. penny from 1793 was sold for $1 million at an auction during the Florida United Numismatists convention in Orlando, officials said.

  • In the alleys, a bottle-fed economy blooms
    It's a familiar sound: the jangle of a shopping cart filled with empties being pushed down a bumpy back alley. In many parts of the city, bottle pickers are so commonplace that people aren’t surprised if what they leave outside their blue bins is gone within minutes.

  • Rare penny sells for $1 million at Orlando coin show
    Talk about a lucky penny. It was actually worth $1 million. That was the final bid by an unknown buyer for the one-cent copper coin minted in 1793, the first year the United States produced its own coins. Its sale was one of the biggest deals at the coin show and annual convention of the Florida United Numismatics at the Orange County Convention Center. With nearly 600 dealers of coins and ...

  • $14.3 million Hot Lotto prize claim withdrawn
    Maybe it was someone who had a scheme for winning Hot Lotto who would rather walk away this time and try again later rather than expose themselves, their scheme and risk not getting the jackpot too.