There are several reasons why people collect coins, but for those who find it fascinating, it makes for an interesting hobby. What motivates them to do this? It’s perhaps because they find some value in it.
Coin collecting has been around for quite some time. Everything began when individuals started gathering rare coins during ancient times. These coins were once presented as valuable presents and precious metal coins were used as a store of value. Today, however, many take pleasure in locating some of these rare coins to learn more about their history and also to profit from them.
Additionally, people collect coins for fun. So, if you’re thinking about taking on this hobby, realize that you’re not alone. You’re sure to find different groups of coin collectors from all around the world if you search online. You can opt to become part of a community of collectors, especially when you’re just getting started. The ideal group for you depends on why you want to collect coins. Is it to make money, or is it just a hobby you want to pursue? If it’s the latter, communities will likely be a handy networking tool for you. But if it’s the former, you could discover unique ways how to make money from the hobby.
That said, below is a comprehensive beginner’s guide to coin collecting. It’ll outline all the things you need to know as you embark on this fascinating journey of coin collecting. Moreover, it’ll help you gain insights on what kind of coins to look for, how to find them, and other helpful information.
Why Collect Coins?
While coin collecting is fun, it’s not as easy as you might think. You have to be intentional about it, especially if you want to become a good coin collector. Therefore, it would be best to clarify your motivations for starting a collection. There will be opportunities to make plenty of excuses if you don’t have the proper motivation to start this hobby. Hence, here are a few good reasons to start a coin collection:
To Know The Historical Significance of Coins
Not everyone will be enthralled by the prospect of having a relatively antique coin in their hands. However, some will. Of course, the historical relevance of antique coins will vary. Keep in mind that the majority of these coins have a history that might help you determine their value. Knowing the background of each coin can increase your appreciation of it and may even persuade you to start collecting coins.
For Investment
The worth of a coin can often significantly exceed its face value. Remember that the rarer a coin is the higher its worth. In addition, some coins, like ancient paintings, appreciate in value with time. So, if you want to gain more profit, sell your coins at a much later date.
Ultra-rare coins frequently sell for tens of thousands of dollars or more. But it all comes down to choosing the appropriate coin and partnering with a reputable dealer like Infinity Coins. Therefore, if you aim to make money from coin collecting, you must be prepared to conduct extensive research beforehand.
For Fun
The majority of people fall under this category. Coin collecting could be a terrific hobby if you enjoy finding and storing coins. There are many unique discoveries to be made and a lot to learn along the way if you invest yourself in this hobby. Curiosity could benefit you if you wish to become an ardent coin collector. Furthermore, if you enjoy doing something, you are unlikely to take it for granted. So, starting coin collecting for fun and adventure is an excellent reason.
It’s an Inexpensive Hobby
You don’t need a lot of money to start a coin collection. A coin collector does not need any specific kits or equipment. However, if you’re in it to make money, you must be willing to put effort into it. This can mean purchasing suitable storage for the coins or designating a space in your home to serve as a place to keep the coins safe and protected from rusting.
How to Get Started?
Thinking about where you should begin your coin-collecting journey can be challenging. But with passion and guidance, it’s doable. Below are some useful tips to help you get started:
Define Your Interests
First, you need to define your interests. Knowing these will help you choose the right pathway. You certainly don’t want to become a random coin collector because ideally, building a coin collection should be meaningful and specific to you.
What makes a coin collection distinct is the story behind it. You’re supposed to be the author of it. But the first step is to figure out what appeals to you about this hobby. Simply ask yourself what excites you, and then proceed from there.
Choose The Coins You’re Interested In
Now, you’ll need to choose which kinds of coins you want to collect as there are various types you can decide to focus on. For example, if you’re interested in ancient Greece, you would want to collect coins from that era. Note that you may have to do some research to know where to find these coins.
Conduct Research
As a beginner, reading up on coin-collecting resources is essential. As mentioned, coin collecting has been around for ages. Therefore, there are many things you should learn first before you start. Look for books and magazines on coin collecting to help you know more about the ins and outs of this hobby. Plus, educating yourself is an excellent way to keep you from falling for dubious scams.
Join Relevant Groups and Communities
It would help if you considered joining a coin collecting club or online group. If you’re fortunate enough to have a club in your area, by all means, join it! But joining an online community works just as well. Coin collecting is a popular hobby worldwide, and if you’re lucky enough to be part of a club, you’ll be able to learn about the hobby much faster.
It also allows you to network with like-minded individuals. Moreover, there’ll likely be a facility that allows members to buy and sell coins, which means that joining a club will give you access to various coins.
Watch Online Exhibitions
You also need to check out coin collecting exhibitions and shows. Nowadays, these shows are being conducted online, so you can be part of some of them. You’d be surprised at how much you can learn from other people who enjoy the same interest. If you’re wondering where you could get the links to some of these antique and coin-collecting exhibitions, you can ask the members of the clubs and groups you’re a part of.
Invest in Proper Storage
As mentioned earlier, you may want to find a place to store your coins. Ideally, you want them to be displayed where you or other people can see them. But then again, how you store them is up to you. Just ensure that they’re safe and secure. Safety is paramount if you’re keeping fragile coins.
Types of Coins You Can Collect!
Before you embark on your coin-collecting journey, you need to know some of the basic types of coins you could acquire. Here’s a brief description of a few of them:
Commemorative Coins
These coins are those that are intimately linked to particular historical events. As the name suggests, these coins were created to commemorate important occurrences. They can also be used to recognize a famous historical figure’s birth or memorialize a significant person’s passing.
Proof Coins
These coins are usually also minted for special occasions. They’re also usually produced in limited quantities and tend to have unique features that make them valuable.
Bullion Coins
These coins were produced using precious metals such as gold, silver, and platinum. Therefore, these coins are very valuable and cost a lot. So, for those who want to start collecting coins as a way of making money, bullion coins would be an excellent investment.
Error Coins
These are simply incorrectly-made coins. It may seem strange why one would want to collect these, but some error coins often come with interesting stories behind them. So, they’re worth checking out.
Ancient Coins
These are the old coins. Since they originate from the ancient world and countries such as Greece and Rome, it is understandable that they are tough to locate. These coins feature the faces of illustrious historical figures like Julius Caesar.
East Asian Coins
Many collectors are drawn to the historical backgrounds of Asian countries like Mongolia, China, Japan, and Korea. There are many coin collector enthusiasts who collect these types of coins.
Latin American Coins
Latin America has a rich history. And through the ages, many coins have been produced in their ancient regions. If you’re fascinated with Latin American history or have Latin heritage, this could be a good option.
Where and How to Find Coins?
- Metal Detecting: If you’re adventurous, you may use metal detectors to search for antique coins. This isn’t the most convenient approach to finding coins. However, seeking them in historical sites might be helpful. Before beginning your search, make sure to review the site’s local rules and restrictions. You also need to have more patience because this will involve extensive searching. Nonetheless, if you find a coin, keep in mind that it is unlikely to be in good shape. The older it is, the worse the condition.
- Flea Markets: You could also try your luck at flea markets or yard sales. These could be fantastic spots to find some unique coins. The only downside with this option is determining the authenticity of the coins. But make no mistake, you could find some real gems in some of these spots. You just need to be careful.
- Antique Shops: These stores could be a great place to start when you’re a beginner. Plus, some of them have online websites that showcase various catalogue and information that can help you decide which one to purchase. Only make sure that the sites are authentic before buying anything.
- Online Dealers: This is also a convenient way to find coins for your collection. There are many dealers on many online and e-commerce platforms you could choose from. But again, you need to confirm the authenticity of some of these online dealers. Work with reputable dealers to avoid being scammed.
How Coins are Valued?
The Sheldon Scale is a tool used by coin valuers to determine a coin’s worth. This scale runs from 1 to 70, with 1 representing the lowest rating and 70 the highest. A coin that has experienced significant wear and tear may be given a P-1 Poor rating. On the other hand, a coin is given an MS-70 Mint State Perfect rating if it is in exceptional condition. As a result, you can sell your coin for more money the higher the rating is.
This scale is utilized by several coin and antique stores to appraise their coins. However, additional elements, including a coin’s metal type, condition, distinctive characteristics, and mint year, also affect its final cost or worth. Furthermore, it would be best to treat these valuations cautiously because they could assign themselves untrue valuations. However, these values might be more reliable if it’s done by a renowned store.
So, in your coin collection journey, note that keeping your coins in good condition is vital because of the Sheldon Scale. As long as you maintain them, you should be able to obtain good ratings and get good returns from them.
Conclusion!
Coin collecting is a fantastic hobby that anyone can engage in. You don’t need to possess a specific skill set or intellect to partake in it. You simply need to have a passion for it. However, it’s important to note that various people will start collecting coins for different reasons. But regardless of your motivation, coin collecting can be a fascinating and informative hobby.
Starting might not be simple. But if you get involved in clubs or communities, this might improve your experience. It’s always better when you can share your journey with people who are equally as interested or even more enthusiastic than you are. Also, prioritize lifelong learning. You must constantly stay current on news and trends in the world of coin collecting. In addition, you must be prepared to conduct research and be informed with updates on the numerous forums you participate in.
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