Coin collections are a fun and valuable journey to start at any age, but without some direction, collecting coins could be a confusing path with thousands of possibilities.
Whether it be for personal enjoyment or future investment, if you’re interested in collecting coins, you’ll need to understand coin collecting and the best ways to collect them.
Where Do You Start?
You’ve decided to start your collection, but what’s the first step in stockpiling coins?
Personal enjoyment is the backbone behind any collection, but if you’re not going into your journey with a large amount of money, you’ll want to start off with some simple coins to begin your collection.
A lot of collectors have started a coin collection with a set of Lincoln pennies. These pennies are still sold at affordable prices and can be found at coin shops, local coin shows and online.
However, if you have a little extra cash, you can start your collection with a set of United States coins.
Types of Collections
There are plenty of categories to specialize in as a coin collector and there are a few ways to make them specific to each individual’s interests.
Time period, year/date, country, design, and composition are just a few ways of being sorting your coin collection. History buffs could choose a time period associated with a World War, or perhaps a certain design that you find particularly enjoyable.
Being Financially Selective
You might be excited to get your collection off the ground quickly, but a coin collecting budget should span well over one year.
Collections are a marathon rather than a sprint and if you’re unsure how much you should be spending, set an annual budget and be realistic.
As simple as it sounds, it doesn’t dip into your saved money for retirement, health care or family emergencies. This may seem blatantly obvious, but it is a common occurrence for collectors to over-extend themselves. The excitement when beginning a collection may lead to an aggressive spending trend.
Handling the Coins
In order to care for your coins, you should make sure to do some research and truly understand coin collecting before handling your purchases.
Researching safe coin storage and handling techniques will aid in the protection and value of your coins down the road. Due to the oil and dirt on your skin, experts say you should never handle a coin with your bare hands (only with cotton gloves) as you could damage the coin’s finish and potentially its value.
Also, avoid using latex or plastic gloves since the powder and lubricants from the gloves can also affect your coins.
Knowing When to Spend
As a beginner, you probably won’t know when to pull out the checkbook for a coin.
Experts say that the coin should be considered somewhat scarce, but this doesn’t mean they have to be expensive. There isn’t much of a need to pay five or ten times a premium price for a coin and as a beginner, it’s about quality rather than quantity.
For any additional help, browsing Costly Coins could be a great starting point to decide what is worth purchasing for your collection.
A Taste of Everything
Now that you’ve started your coin collection, there are dozens of other avenues to dive into. At Tasteful Space, there are thousands of blogs covering lifestyle, fashion and so much more. Start your journey today!