For people who are either just learning about the field of coin collecting or have long been interested but never taken the leap into the hobby, there is a common misconception that must be abandoned from the start—coin collecting does not have to be an expensive hobby. In truth, coin collectors have been around since the advent of coins, holding onto them for their artistic designs or their considerable significance.
While it might be normal to see these rare coins discussed on shows about antique fairs and pawn shops, the truth is that these expensive, rare coins are not the norm. By setting some guidelines for yourself, a person can easily enter into the field of coin collecting, taking part in the hobby and becoming part of the vast and diverse community. What are some of the best ways to become a coin collector without breaking the bank from the start? Let’s take a closer look at some specifics.
Start Off on the Right Foot by Preparing
Set a Budget for Yourself
To begin, the smartest decision you can make when first becoming acquainted with the coin collecting community is to set aside a specific amount of money to work with. We meant it when we said that coin collecting doesn’t have to be an expensive hobby, but, without some forethought, you can end up spending far more money than you’d expect. The same goes for any hobby. Without being mindful of how much money you’re spending on notable items, you can begin racking up large costs, sending your budget awry.
By setting some financial rules for yourself from the start, you can keep a close eye on the amount of money you are willing to spend on the hobby when first jumping in. Some considerations are how much you’re willing to spend on coin collections per month, how much you’d be willing to spend on informative resources each year, and how much you’d be okay with spending on collecting gear every few months.
Set Some Goals for the Future
Along with setting a budget for yourself, you’ll also want to consider setting goals that you should keep in mind. Even seasoned coin collectors will be aware of what coins they’re eyeing at the moment or what coin collections they want to be finished by a certain date. By setting parameters for yourself, you can easily dive into the hobby while helpfully designating tasks you’d like to complete as time goes on. This is a surefire to continue meeting your budget, while also stopping yourself from facing burnout from the very beginning.
You can begin setting goals for yourself by starting out with determining the very reasons you became interested in coin collecting, to begin with—what coins first caught your attention, what do you think are some of your most attainable collections? Furthermore, consider purchasing a journal or designated folder. This is a place where you can effectively sit down and write out your thoughts on the hobby, from how you’re feeling about your collection on a regular basis to what coins have been on your radar.
Get Some Basic Gear Before Starting Out
Before you even begin purchasing coins and setting them aside for your collection, you should take the time to buy some simple, necessary equipment. There’s a benefit to having some basic gear on hand, as it will make it easier for you to effectively protect any of your coins, not only treating them as a part of your hobby but as an additional investment.
Some gear you should consider from the beginning includes storage gear, from protective coin folders to singular coin holders to in-home file cabinets. These are simple options available that will make it worth your while, setting aside a small amount of time and budget to begin protecting your coins for the future.
Where to Start?
Coins to First Look At
Just like with setting your budget, you should consider what you plan on shooting for from the start. For new coin collectors, don’t start out by shooting for the stars! By thinking a little outside the box, you can begin collecting coins that you find simply by chance. It might not be the first spot you would think to look, but you could find some interesting coins around your home, in your pocket, or stored away in an old piggy bank. While you might think that the value of these coins is slim to none, it doesn’t mean that they aren’t worth collecting. Some of these coins might surprise you, from pre-WWII coins to a Morgan Silver Dollar you might have forgotten about.
By giving them a closer inspection, you can effectively take the time to rethink just what it is you’re looking for. Without thinking about it, some of your first properly collected coins might be right under your nose. While looking through those coins lying around your home, you might be surprised by the value of coins currently in circulation. An excellent coin collection for beginners would be gathering the U.S. state and national landmarks quarters. These quarters, which are specially designed per location, feature a representation of each state and national landmark on their reverse, making them beautiful coins deserving of collection. This might seem like a simple place to start, but it can show you how a little patience and a keen eye can go a long way. And, once you have them in your possession, you can begin moving on to the next series you have in mind.
If you’re still looking for another cheap option to start out with, you should also consider investing in junk silver. While the name might sound unpleasant, these bags of various silver coins can provide you with some noteworthy finds! They might not be in as mint condition as if you were buying silver coins from a bullion dealer, but junk silver can make it easy to make small investments that could end up paying off quite well. Furthermore, there’s an excitement that comes with playing your luck when purchasing junk silver, as you’re taking a chance that might make for great rewards.
Make the Most of Coin Collecting Apps and Resources
It might not be the first thing to come to mind, but, as with any other hobby, you should take the time to learn the basic ins and outs of coin collecting. In particular, you should take the time to learn more about the coins that have caught your attention. One important guide to have on hand is a book concerning the value of specific coins. One of the best books for Americans is what is known as the “The Red Book,” a yearly price guide to U.S. coins. This resource is considered near essential, as it can help you determine if the coins you are considering purchasing are being sold to you at a fair price. This is especially useful when browsing antique stores, pawn shops, and trade shows.
If you feel like taking a chance on eBay, this is a must, as you’ll want to verify the price of the coins you’re looking into—yet, with a site like this, remember that fakes might be in circulation, and you don’t want to be caught spending money on a fake coin. If you don’t feel like lugging a book around with you to every seller you visit, consider utilizing one of many different coin apps. Apps such as US Coins and U.S. Coin Checker can help you to verify the price and condition of coins whose purchase you are contemplating. Additionally, these apps will provide you with a traveling portfolio of your collection, monitoring what coins are already in your possession to ward off the possibility of buying duplicates.
Do Your Research and Begin Scouring
If these resources and tips have shown anything, it’s that you should ensure that you are prepared prior to purchasing coins for your collections. Like most other antique items, you are sometimes running the risk of purchasing a fake item, but, with selective reasoning, you can effectively weed out any coins that might be of questionable origin.
Moreover, it is important that you begin with sellers who are reputable within the coin collecting community. Search for reviews from people who have made prior purchases; buy from certified bullion dealers; attend professional gatherings to learn some of the tips on choosing your sellers wisely … which leads us to our next topic.
Getting Into the Coin Collecting Community
So you’ve taken the time to learn the basics of coin collecting and you’re ready to begin implementing them. This is exciting news! But one of the best things you might be overlooking is the thought of immersing yourself in the community prior to taking the leap alone. With the support of community members, you can make more informed decisions, begin to understand insider secrets, and take coin collecting head-on. Here are some communal options you should consider from the start:
Forums and Message Boards
As with any other hobby, there is a large swath of members discussing the finer details of their passion online. Coin collecting is no different, and there are a lot of online forums to choose between. If you’re looking for a good entry point, one that will feature discussions between collectors fresh-faced and veteran, we recommend the Numismatic Guaranty Corporation’s (NGC) online forum. With over 40,000 posts contained in just their newbie thread, you can find a lot of topics to learn from, discuss, and synthesize. If you’re not finding what you’re looking for through the NGC forum, considering seeking out one of many other forums online. There are more than enough coin collectors out there willing to talk shop about their passion!
Podcasts
With increasing accessibility to media being made on a regular basis, there are many options for hobbyists to readily learn more about their interests. One of the most popular mediums that has emerged over the past decade has been the podcast. There seems to be a podcast about almost any niche subject nowadays, and coin collecting has numerous ones you should be listening to.
Whatever the coin collecting topic is, whether modern or historical, it’s likely that you’ll be able to hear about it on these expert-lead podcast shows.
Two to consider are CoinWeek and CD: Both Sides of the Coin. These two shows offer a wonderful insight into the community at large, from discussing recent trade shows to the overlooked history of some coins making a reemergence. If you don’t feel like you have the proper time to research more about coin collecting, you can download one of their podcasts and listen to it on your commute to work, gaining knowledge along the way.
Local and Regional Events
Don’t sleep on these! While it is easy to connect with fellow coin collectors online, there is nothing quite like meeting with them in person. At these local and regional events, you can talk shop in-person, learning more about the people behind the hobbyist, seeing how it has enriched their lives. While attending conferences, expert trade shows, and maneuvering among all of the sales booths, you might just meet someone who seems awfully similar to yourself, leading to a lifelong correspondence and friendship. With similar interests come similar tastes!
Coin collectors don’t need to be an impoverished bunch who spend their earnings on highly sought-after coins. These are people who have lives enriched by the collecting they do on the side. For some it is professional, but you can easily enjoy taking part in the community without breaking the bank. A little budgeting can go a long way!
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