People who have become interested in coins tend to fall into various groups, but there are two that are important to differentiate: There are those who collect—who set categorize, organize, and catalog their coins, and those who simply have coins in their possession—maybe a rare coin inherited from their grandfather or an old coin they once found in their pocket. If you find yourself in the former group, and if you are serious about the way you take care of your coins, then you can consider yourself a coin collector.
When becoming a beginner coin collector, the hobby might seem daunting. There are so many coins out there, whether for the coins minted solely by the U.S. Mint, coins produced by European countries, or ancient coins that can be found all around the world, so it might sound difficult and overwhelming to consider how you can begin taking part in the hobby and effectively growing your coin collection.
Yet, when starting out, there are some key tips that can save you a great deal of time and prevent a lot of headaches. Even if you’ve been collecting coins for some time, immersed in the field and community, it is worth your while to consider some advancements in the field. They can help with your collecting more than you might think.
THE IMPORTANCE OF KEEPING TRACK
The idea of keeping track of your collectible coins might sound silly, as you can access them whenever you’d like, being able to assess what you have in your possession, but this is not a strategic way to keep an eye on your collection. There are a few reasons why it’s important for you to keep track of your coin collection, including knowing which coins you have; knowing which coins you need to finish your collection; determining the current value of your collection; understanding the current state of your collection; and documenting the possession of your coins.
You might be wondering why the latter point is included, but it is important, as it is a means for you to protect your collection in the event of extreme damage or illegal seizure. You can outline your collection in your personal property insurance policy, protecting it in the event of a house fire, severe flooding, or theft.
Physical Notebooks and Folders
One of the first, simplest items you can rely on when becoming serious about coin collecting is a notebook or folder. It might not seem like much, but a spiral notebook, leatherback journal or three-ring folder will provide you with the basic means to begin tracking your collection. With lined paper, you’ll be able to make specific notations of coins in your possession, mints of certain coins, and more. If you’re looking for something easier to use and manage, you can rely on grid-ruled (engineering) paper. This type of paper will make it far easier to annotate sections within a page, as well as make notations of what coins belong to what collections.
Most engineering notebooks also contain a table of contents in their opening pages, which makes it far easier to locate where coins are listed inside of the notebook. If your notebook, journal, or folder does not contain a table of contents, you should set aside some pages for one, as it will save you time having to flip back and forth through your papers looking for specific coins.
There are a number of things that should be noted when storing data about your coins within your notebook, journal, or folder, including country of origin, mint mark, year of minting, coin variety, professional grade, date of purchase, purchase price, and more. For example, if you’ve been collecting all modern mints of American Golden Eagle coins, you can effectively keep track of each coin you find, from its grade to its year of production. With this data, you can properly keep track of each coin within your possession, making sure they are wholly accounted for.
Physical Checklists
The pre-made equivalent of a notebook or folder, a physical checklist bought from one of many sellers is a fantastic way to keep track of the coins in your collection, watching them as time goes on. Most of these checklists are produced by reputable coin companies, in which popular U.S. Mint coins are listed in all of their variations. When used, collectors can easily keep track of their coins, evaluating and signifying them by their year, mint mark, type, and denomination. The downside to these booklets is that they don’t allow for as much creativity as a notebook or other options would allow for. Instead, you are able to provide the basic information about coins within your collection, keeping track of them in a simple, easy-to-understand method.
Spreadsheets
If you’d rather save the paper and go digital, a computerized spreadsheet can be a good option. Like a notebook or folder, a spreadsheet is especially useful for its ability to be modified, updated, and filled out with extreme ease. With a program like Microsoft Excel or Google Sheets, you can easily begin tracking your coin collection by whatever layout works best for you.
Programmable spreadsheets are fantastic for tracking coins, as their manipulation and modification can be done with complete ease, from deleting rows to changing titles, modifying prices to creating tabs for each different coin collection. Even if you’re relying on another form of tracking your coins, such as a notebook or checklist, a digital spreadsheet is a greater means of backing up all of your data. You’ll be able to create singular spreadsheets for each coin folder, album, or roll you have in your collection.
These tabs can be named, making them easier to find, and easier to differentiate between, from a collection of “U.S. National Park Quarters” to “Morgan Silver Dollars.” Furthermore, if you were to purchase a set of coins like a bag of junk silver, you can create a tab for that sole purchase, taking distinct notes of all coins found within the package, making specific notes of those that were deemed truly worthwhile.
Again, unlike the checklist books, you can write down extensive information about each coin that is featured inside of your collections, including: place of purchase, date of purchase, purchase price, date of sale (if sold), sale price (if sold), professional grade, mint mark, type, year, country of origin/production, total quantity owned, etc. In this way, you’ll be able to actively track your coins with a watchful eye while ensuring that your coin collection grows as expected.
Guide Books
Although this won’t make for a good addition to checking off your coins, keeping track of them, and figuring where they fit inside of your collection, a guide book is a great resource to ensure that the notes of your coins are both up to date and accurate. These guide books will provide the reader with a great deal of information, particularly the pricing and listings of almost all U.S. coins produced during minting periods.
One of the most well-known books used by coin collectors is the “Red Book,” considered by many to be the official guide book for American coin collectors. Not only is the history of this book cause for its reputation, but it considers many other coins and medals not often included in other collection books—error coins, Confederate coins, and many more. Furthermore, the annual book often includes articles from other coin collectors, helping others garner new information about the trade.
Computer Software
Another digital computer-based option for tracking your coins is to purchase software from a reputable source. There are many different types of coin tracking software available, including CoinManage and Collector’s Assistant.
This software will make it much easier for coin collectors to simply track their collection, having an installed database of all U.S.-minted coins. With consistent updates, you’ll be able to easily track the worth of the coins in your collection, along with tracking the exact coins that are part of your collection. In the case of CoinManage, coins within the database will be tied to the Professional Coin Grading Service (PCGS) and can be cross-referenced to verify their legitimacy.
Although these are two recommendations, it is important for you to take a closer look at the software available. The reason for this is that each software will be different in its own unique way. Software will vary on price, but it will also vary in the number of options it provides to the user—how much you are able to input for each coin collected, how easy the interface is to use, how intuitive the software and its presentation is, and so on. For this reason, you’ll want to take care to ensure you have a good idea of the software you’re settling on before purchasing it.
Digital Apps
Digital options are just as beneficial as the other digital options mentioned above. However, there is an advantage that cannot be had by some of the other options: mobility and accessibility.
Easily accessed by phone, these digital apps will make it easy for you to track your collection even when away from your coins. No journals or folders need to be carried around, nor do you need to rely on your computer; instead, you can simply reach for your phone, checking your collections either during conversations with other coin collectors or shopping for other coins.
COIN-COLLECTING APPS
There are various coin collecting apps available on the market, but here are just a few to consider if this sounds like a good option for you:
Coin Collection: Created by SpencerPages, the Coin Collection app is a great resource for collectors that are partway through finishing a collection. By having a resource like this on hand, collectors can easily assess coins when they are looking at them at auction, online, or elsewhere, determining if it is a coin they should truly invest in.
The coins included in this app are solely those from the U.S. Mint. Some people have had complaints that the app should include proof and mint sets, as many collectors tend to appreciate these special sets, but most are quite pleased with the interface and its database. Collectors can expect to be able to fill out information for various coin sets, including Barber half dollars, Peace dollars, Morgan dollars, American Golden Eagle coins, and more.
US Coins: Like the Coin Collection app above, US Coins is a well-loved app providing users the chance to keep a close eye on their collections. If purchased, the app can be used as an offline database, one that some have referred to as a “coin inventory.” Rather than having to carry around a copy of the “Red Book” with you, US Coins will allow you to take note of many different coins right from the screen of your phone. Users are able to track the value of specific mint coins, whether a circulated or uncirculated proof. Coins included, all of which can be tracked, include Liberty nickels, Capped Bust dimes, U.S. state quarters, Kennedy half dollars and more.
PCGS Set Registry and Coinfacts: Mentioned above, the PCGS is one of the most reputable third-party coin grading services used for minted coins. For this reason, their apps have garnered notable attention from coin collectors. While there are several available, these two apps provide coin collectors with a slew of information and accessibility at the ready. Set Registry allows users to openly track, manage, analyze their collection of coins, annotating lists dependent upon the coins they are collecting, or notating which coins they are attempting to soon buy. On the other hand, Coinfacts offers users a database of information that can be accessed that will inform them of the history of coins, the value of specific coin collections, tips for buying and selling coins from dealers, and many more useful tips.
Consider testing some of these options out to see which works best for you. Each has its own personalities and characteristics that make it useful. It’s better to see which you most appreciate before putting all of your eggs (coins) in one basket.
