There are an estimated 10 million coin collectors in the world today—it's a pretty thriving hobby! If you're looking to start coin collecting, then we've got the perfect beginner's guide for you.
We'll help you figure out the best way to jump into coin collecting, some tips about things you should do, and even a few things to avoid once you've been collecting coins for a long time.
Coin Collecting: How to Start
Jumping into coin collecting can be overwhelming. People have different ideas, and you might find contradicting information on the internet. This guide is meant to help the average coin collector get started.
Keep in mind that these tips are for most people, not everyone. If your father was an avid coin collector and you've been around collecting coins your entire life, your beginning tips probably won't look the same.
Go Ahead and Get the Book
Coin collecting books are extremely helpful for beginner collectors. The old saying of "buy the book before you buy the coin" is excellent advice, and you want to follow it. There are several different kinds of books you can get to start with.
First, collecting books where you keep your coins are great options. Not only do they look great, and they help you keep organized, but they also help you start noticing the differences in coins. For many beginners, it can be not easy to know what you're looking for immediately. These books are great options for helping you learn.
The other important book you'll want to get is some coin collecting 101 guides. While we have this great beginner's guide for you, there are some essential things you need to learn before investing your money in coins, such as how to avoid issues and other tricks to coin collecting.
Start With What You Like and Keep it Simple
Don't get too complicated when you're just starting. Simplicity is key to continuing this hobby, and going extreme right when you begin will only cause you to lose interest in the long run. Let your curiosity grow.
Going off of that, make sure to go ahead and start collecting the things that you enjoy. If you know that you love a specific kind of coin or coins from around a particular time, then go ahead and start collecting them. Don't settle.
If you don't know where to start, then go ahead and get a coin collecting collector's book and fill it up! It's a great place to start, and it can make coin collecting a fun task at the very beginning. There are plenty of different kinds of these books, so shop around and find one that interests you.
Handle Coins with Care
While coins aren't the most high maintenance item, you still need to take care of your collectible coins. You can do plenty of different things to keep your coins spiffy and prevent damage that will naturally happen over time.
The most crucial preventative tip you can remember is that coins need to stay in a cool, dry place. While you more than likely aren't going to keep a coin collection book somewhere that's humid, certain areas in your house might get hotter than you realize. For example, if you store your coins near a computer or by a window, you might not realize how hot your coins are getting.
Also, make sure that you handle your coins without touching the face. The natural oils on your skin can erode coins over time, so holding a coin by the ridges on the sides is a much safer alternative. This also means trying to keep coins out of the palm of your hand as much as possible.
Learn How to Clean Coins
Caring for your coins includes both preventative care and cleaning care. Learning how to clean your coins properly is an integral part of collecting.
Certain cleaners and soaps can harm your coins, similar to how your skin's natural oils can erode coins. The best idea is not to clean your coins. This might sound counterintuitive, but there are many ways your coins can be harmed with even a soft scrub.
You'll cause the value of your coin to go down when you clean it. Traders can tell if a coin has been cleaned, and you're going to lose money on your collection in the long run.
Check out Coin Magazines
If you're starting a coin collection, then one primary coin collecting supplies you'll need is a subscription to some coin magazine. While you're not going to find these by the registers at your local grocery store, you can find them online with a quick Google search.
Coin magazines might sound cheesy and outdated, but they can be helpful when you're new to the scene. For example, these tips we've included in this article are for beginners. When you're ready to learn more, you'll look for new information and news about the coin collecting world. Coin magazines are the primary way to do this.
There's also information online that you can subscribe to. While magazines are still thriving, many websites offer email notices when there's an important news event. This can be another way to keep your eyes and ears open.
Look for Coin Shops Around You
Coin shops offer plenty of resources to beginning coin collectors. For one, you can get hands-on experience with handling and collecting coins. You can buy coin collecting supplies from a coin shop as well as learning your coin collection's value.
Keeping track of your coin collection value can be almost as fun as collecting coins in general. For some collectors, it's one of the main reasons they begin collecting.
Coin shops also offer you the chance to network with other collectors. While collecting any items isn't a social hobby, it can pay off to meet and mingle with other collectors. For example, if you want to collect a specific kind of coin, other collectors may let you know when something you're looking for pops up.
Realize that You'll Probably Sell in the Future
While part of the thrill in collecting coins comes from seeing how much money you'll make, many collectors can be daunting to part with their collection.
While you're not going to be selling your coins all the time, it's a stone-cold reality that you'll have to face. Selling the coins, you've collected is part of the process of collecting in general. The sooner you accept that, the more enjoyment you'll get from collecting coins.
If you're looking to sell your collection, we'd love to work with you. Here are the items that we buy.
Stick to Your Budget
Sticking to your budget ties in with understanding that you'll sell your coins one day. It doesn't make sense to overspend when you know the value of the coin you're trying to buy.
Budgets are great options for both your personal life and your hobbies, including coin collecting. While you might know (or learn) the best coins to collect at any given time, it's important to remember the value of the coin as well. No matter how badly you want a specific coin, overspending doesn't make sense.
This is much easier to say than it is to do. Getting swept up in the excitement of trade shows is easy to do. This can lead to your budget being tossed at the window at the sight of a rare coin. Be diligent by finding the best solution to helping you stick to your budget.
Where to Find Coins
Finding coins can be a daunting task, especially if you're starting coin collecting. Make sure to look for any coin shops near you, or keep an eye out online for specific coins you'd like to collect. Sometimes, families and friends might even have a stash of coins you can go through to find gold.
This is also why networking with other coin collectors is essential. You can find plenty of groups online to speak with and learn from if you don't have a coin shop near you!
We'd love to help you out as well. If you have any questions, feel free to contact us! We also have plenty of other content on our blog about gold and silver, whether you're looking for information on coins or fine jewelry.