The Flowing Hair Silver/Copper Dollar of 1794/5 holds the record for the world’s most expensive coin. The coin currently sells for a staggering $10 million, worth more than most people could earn in their lifetime.
If you want to join the likes of King Louis XIV of France and Emperor Augustus of Rome, then it’s time you started your own coin collection. Collecting coins is a noble pursuit and fun and an exciting one at that. If you’re looking to start a coin collection but don’t know where to start, we’re here to help.
In today’s post, we’ll teach you everything you need to know about coin collecting. We’ll show you how to get started and give some tips for keeping your collection in pristine condition
Learn the Ropes and Ease Into It
The biggest mistake beginner coin collectors make is jumping right into the hobby without getting the necessary background information. Most end up buying a ton of fake coins for a “steal” and losing a lot of money.
You want to learn the ropes first and slowly ease into the hobby if you’re starting out. There are tons of resources online about collecting coins, so put them to good use. You can even visit your local library and learn all you need to about the same.
Once you’ve learned a fair bit about collecting coins, you can start your new collection. Start with smaller, more affordable coins that are easy to acquire. As you learn more about coins’ histories, grading, and pricing, you can move on to the more expensive coins.
Collect Based on Your Likes and Preferences
There’s always the question of what type of coin you should collect. Well, the simple answer is: the ones you like!
If you’re a history buff, you could focus your collection on ancient coins. If you prefer the more modern coins, there are plenty of those to choose from too.
You can even focus your collection on a specific country or region. For example, you could collect all the coins from the United States minted in a particular year. Anything goes, provided it fits your fancy and is original.
Most people like to collect their coins based on thematic preferences. This is a great approach, but that doesn’t always have to be the case. You don’t have to limit your collection to a particular region or period to have a good collection.
Handle Coins With Ultimate Care
Coins are precious items, and you should treat them as such. You should always handle your coins with care to avoid damaging or devaluing them.
For starters, always hold your coins by the edge and with a pair of clean cotton or rubber gloves. Also, when cleaning your coins, use coin-cleaning solutions made specifically for the task. Avoid using chemicals or detergents, as these can damage the coin’s surface.
Store Your Coins Properly
Most coin collectors store their collection at home, which makes perfect sense. This allows them more control and access over their collection. Unfortunately, it’s also one of the riskiest places to store your collection because of potential interference.
Your coin collection won’t do you any good if you don’t store it properly. Remember, coins deteriorate when exposed to excessive humidity or extreme temperatures. The best way to store your collection is in a high-quality album folder or a safe deposit box that you place in a cool, dry place.
The storage environment should be comfortable enough for you to stay in it. If it’s good for you, it’s good for your collection.
Take It Slow
Every coin collector’s dream is to build an extensive collection of valuable pieces. While this should also be your goal, don’t rush it. Don’t be that person who buys a lot of expensive coins and gets frustrated when the coins don’t gain value as intended.
As mentioned above, you want to take it slow and start with the less expensive options. Over time, you can grow your collection and acquire more pricey pieces. Although it’s not a race, slow and steady wins in this case.
Also, only buy your coins from a reputable vendor to get original coins with a high value. There are plenty of fakes circulating on the market, some of which are almost similar to the real thing For gold and silver coins, you want to look at vendors like American Precious Metals, that only stock the real stuff.
Join a Coin Collecting Club
One of the best things about coin collecting is that it’s a social hobby. It provides an opportunity for collectors to meet and interact with like-minded people.
There are coin collecting clubs worldwide, so it shouldn’t be too difficult to find one near you. Alternatively, you can also join an online coin collecting community.
These clubs and communities are a great way to learn more about coin collecting. They also provide an avenue for you to show off your collection and get feedback from other collectors. You can also trade or buy coins with some of your club members.
Attend Coin Shows
Another great way to interact with other coin collectors is attending coin shows. These events are usually held once or twice a year and provide an opportunity for collectors to buy, sell, or trade coins.
Start Your Coin Collection Today
If you’re looking for a fun and rewarding hobby, coin collecting may be the perfect option for you. Coin collection offers something for everyone with its deep history, beautiful pieces, and potential to be an investment opportunity.
However, before you start collecting coins, it’s important to learn the basics. This includes everything from proper coin handling and storage to finding reputable coin dealers. With a little bit of knowledge and effort, you can start building your own coin collection today.
We hope you have enjoyed this! For more helpful tips, be sure to check out the other blogs.