Hobbies That Count: How to Start a Coin Collection

If you’re looking for a hobby that may actually be worth something, why not start coin collecting? Here’s how to start a coin collection you can count on.

You’ve always had a thing for collecting little knick-knacks. From drawings your children made to anything with a bluebird on it, you know what you like — and you love having more of it.

Maybe you’ve always loved collecting jewelry, and now, you’re interested in collecting something new. 

Perhaps you’re trying to help your children to find a new hobby, and want to encourage them to start coin collecting. No matter why you’re interested in coins, this post will tell you everything you need to know about how to start a coin collection. Read on to understand how to get the right price, find reputable sellers, and much more.  

1. Determine Your Coin Collecting Niche

The first step in understanding how to start a coin collection? 

Determine your collecting niche. Perhaps, for example, you’re especially interested in medieval coins. Maybe you want coins from a specific time period, from a specific country or region, or even coins made under the rule of a certain sultan or king. 

In some cases, you may be much more drawn to modern coins. Maybe you’re into collecting all different kinds of challenge coins, from those given to the army to ones made for firefighters (check out companies like ChallengeCoins4Less to learn more about the history of these coins.) 

Starting out with a narrow niche will help you to learn what you love, and makes building a collection much easier. 

2. Understand Authenticity

Especially when you’re new to collecting coins, you need to study up on how to determine whether or not the coins you’re being shown are truly authentic. When you’re just getting your feet wet — and even down the line — it’s always best to buy in person if possible.

Ask sellers to weigh the coins to ensure they’re made from real silver or gold. Invest in a few books about coin collecting that tell you how to recognize fakes and point out the finer details that allow you to tell if something is the real deal.

Above all, make sure you keep your eye out for potential “seams” in the edges of the coins. That’s the most obvious sign of a fake. 

3. Research Prices

When you’re starting a coin collection, you absolutely need to take the time to research how much specific coins are worth. Auction houses and antique specialists websites are often the best places to look to determine the actual value of a coin. 

Once you know how much a coin is truly worth, you can start coin collecting without worrying that you’re being taken advantage of. You can also use this new knowledge to negotiate with buyers. 

Remember that things like the condition of the coin and sometimes, even the person who owned it before, can have a serious impact on the overall value. 

4. Work with Reputable Sellers

If you want to know how to start a coin collection, you can learn a lot from industry experts and professional sellers. 

They can teach you about which coins are the most valuable, the ones that may increase in value in the future, and let you know about upcoming coin collecting events and shows. Most of all, you need to ensure that you’re working with reputable sellers. 

This is the best way to ensure that you get a fair price and an authentic coin. Before you make any purchase, make sure you’re familiar with their return policy. Also, see if they offer any sort of guarantee of authenticity. You should also read online reviews left by other coin collectors. 

Send the seller a message, and see how quickly they give you a response. Above all, remember the golden rule: if a price, a seller, or an assortment of coins to choose from seems too good to be true, then it probably is. 

5. Properly Care For Your Collection

Now that you’re ready to collect coins, it’s also important to understand the best ways to care for them. 

First of all, you should absolutely invest in a sleeve, book, or even display case for the coins. Even if you’re not interested in high-value coins, putting them on display will encourage you to keep on collecting. 

When you handle your coins, you should wear cotton gloves, and ensure that you hold the coins only by their edges. We suggest you put down a cloth before cleaning the coin, to provide a bit of cushion in case you drop it. 

Remember that, in most cases, it’s not the right idea to polish your coins. This can seriously lower their value. If you’re not concerned with that, and just want your coins to look their best, then only use soap and water or your own natural cleaning agents to polish coins. 

The U.S. Mint has more excellent tips on how to care for your coin collection. 

Now You Know How to Start a Coin Collection

Understanding how to start a coin collection the right way ensures that you’ll be able to genuinely enjoy — and above all, stick with — your new hobby. 

You’ll love having the chance to show off your collection to friends and family members, and especially other collectors. You can use your collection as a way to make new friends, to challenge yourself, or even to improve your history skills. 

Maybe you want to use your coin collection as an investment. After all, although you enjoy collecting historical coins, you can’t say the same about spending modern money.

If you’re the type who is always looking for the latest deal and tips on how to tighten your family’s budget, keep checking back with our blog. 

We’ll make sure you never run out of ways to save. 

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