Guide to Starting a Coin Collection


Coin collecting is a popular and exciting hobby that is relatively easy and inexpensive to start. If you are considering starting your own collection or you have inherited or otherwise come into the possession of an existing collection, you are about to begin a journey that will entertain and educate you. Enjoy the thrill of hunting down coins to complete your collection and learn about the stories behind their creation.

WHAT KINDS OF COINS SHOULD I COLLECT?

Coin collecting is an excellent way to satisfy the urge to explore, collect and learn without the danger or expense of travelling the globe and digging through ancient graves!

The key to collecting is to choose a theme to base your collection on. You may choose to collect coins from around the world - or develop a collection of coins from a particular country. You may also consider collecting ancient coins. Any of these collections can be started with little or no investment.

Once you have chosen a theme you should start researching the coins and their history with a book. Learn as much as possible about your chosen coins. This will not only help you to become knowledgeable about your collection, it will protect you from unscrupulous sellers who may inflate the value. Absorb your topic and you may even find there are specific time periods or more specific themes or series within a group that you want to focus on, such as early 20th century coins or ancient Roman Emperor's coins.

WHERE DO I FIND COINS?

You can find sources for buying coins almost everywhere, however there are some words of warning for new buyer's who may get swindled because of a lack of knowledge about the value of a coin.

You can find coins in common currency. This is an easy way to begin and you do not risk any investment. You can also start your collection by buying a set from your country's mint. Investing in a basic collection gets you started for relatively low investment and gives you uncirculated coins. It also serves as a guide for further collecting.

There are coin shops and shows where you can find knowledgeable collectors who can help you find what you need and give you advice on your collection. Be wary of sellers in flea markets, antique shops or other non-targeted arenas where the seller may inflate prices or sell problem coins to unknowledgeable customers.

The same risk can come from mail order or online purchasing. Use businesses referenced in coin collecting magazines or from other collectors. Check the return policy and verify you've received what you want with a more experienced collector within the return policy time so you can get your money back if it has been over valued.

HOW DO I KNOW THEIR VALUE?

Value is determined by many factors, but is basically the price another collector would be willing to pay for your coin.

You can find price guide books that give you retail values of coins, however you may get more or less for your coin depending on the market demand for it.

Coin collecting is a stimulating hobby that can teach you about history while providing you a physical product that represents the past. Learn the stories and pass them on for the enrichment of others and you may find your friends or family joining you in your new passion!



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.

  • Collectible woes: Future has faded for treasures of past
    ROCKFORD — Bill Brinkley is a natural-born collector. He has more than 200 Department 56 Christmas-themed city buildings on display at his home. He belongs to a local Department 56 collectors club, and he sells collectibles at The Treasure Shop Florals & Gifts, which he’s owned since 2009.

  • 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 ...