Coin collecting is a great way to spend time with the family and get competitive with your siblings.
I started collecting coins as a child and still have them in my collection today!
If you want to start your coin collection but don’t know where to start, check out these 30 tips:
30 Coin Collection Tips:
1. Collect What You Want
The first and most crucial coin-collecting tip is to collect what you enjoy. Coin collecting fun comes from being interested in the subject matter, so it’s best to focus on a series or type of coins that excites you.
Coin collecting is also a great way to learn more about history, geography, economics, and finance—the more knowledge you have about the world around us, the better off we all will be!
2. Set Goals
This is the same as any other collection but is especially important when starting.
First, you should set a budget and a time frame for your coin collection. How much money do you want to spend?
How long do you want to keep collecting coins? These two questions are related: how much money will it take to complete my collection?
Once your budget is set, write down exactly how many coins it would take to reach that number—this will help keep your collecting grounded in reality and prevent spending too much money on an expensive item (like an ancient coin) before finishing up what needs completing (like filling out all of the dates on a U.S. nickel series).
Set goals based on these numbers as well—aiming high without limits can lead people into debt and regretful purchases from which they cannot recover!
Instead, try setting smaller milestones along the way so that when one phase is complete, there’s another one waiting for them just around the corner.
3. Make Dealers Earn Your Trust
Dealers should be willing to answer questions about the coin, how it was obtained, and whether or not it’s been certified.
Dealers should be able to provide references of previous customers or dealers with whom they’ve done business.
You should be able to get a detailed history of the coin from a dealer before you buy (or sell). The more information you can get about your coins’ history and provenance, the better!
For example: Was this coin in an album for 50 years? Who owned it previously? What does its condition tell us about its past caretakers?
These details may not seem important now but could matter later on the road when trying to authenticate them later on down the road if needed (like if someone claims theirs is rarer than yours).
4. Understand How Coins are Being Graded
Grading is evaluating a coin to determine its condition based on the amount of wear it has sustained. It’s done by a trained professional known as a grader.
There are five primary grades: Mint State (M.S.), Proof (P.R.), About Uncirculated (A.U.), Very Fine (V.F.), and Extremely Fine (E.F.).
It’s important to understand that grading coins is not an exact science but based on human opinion.
As such, there may be some variation in how two people would grade a particular coin if asked to do so side-by-side with each other and avoid bias as much as possible during their deliberations.
5. Protect Your Collection
When you’re ready to start collecting coins, keeping them in the best condition possible is important. You want your coin collection to look as good on display as it did when you bought it!
Protect from damage by storing them in a safe place where they won’t get knocked around or scratched up by other objects.
Protect yourself from theft by keeping your collection out of sight and only showing off pieces at shows or conventions where many people are around.
Protect from fire by keeping matches and lighters away from any heat sources (like the sun) that could cause a fire if they were accidentally dropped on anything flammable like paper money or cloth furniture coverings.
Also, make sure there aren’t any electrical cords nearby so no one can accidentally touch them while reaching down into their pockets, hoping they’ll find something worth selling later on eBay or somewhere else besides Craigslist.
eBay isn’t an option because too many people use it nowadays, so maybe try craigslist again instead?
6. Set a Budget
Setting a budget sounds like a no-brainer, but many collectors don’t do it. It’s not just about saving money—it’s about being realistic and setting goals for what you can afford to spend on your coins.
If you collect coins as an investment, it helps to have a plan to know what direction to take with your collection and how much money to allocate toward buying new coins.
Setting up a budget is easy: divide the amount of money available by the number of coins you want to add each month.
For example, if each coin costs $100 and there will be only $500 left over at the end of the year when rent comes due, then only five new coins should be bought this year instead of 10!
The key is knowing when enough is enough and determining whether certain purchases would be worth spending extra on (for example, rare Morgan dollars hold their value better than many other types).
7. Do Not Clean Your Coins
While cleaning the dirt and grime from your coins may seem logical, this is a bad idea.
Coins their owners have cleaned can significantly lose their value because of damage caused by cleaning them.
The best way for a coin collector to clean coins is by having other people do it for them.
If you have a coin collection, contact local coin retailers or collectors in your area and ask if they would be willing to clean your coin collection for free or at a significantly reduced rate.
They will often be happy to help fellow collectors since they usually have large numbers of coins that need cleaning anyway!
8. Be Aware of Fake Coins
You should be aware of fake coins. While it’s unlikely that you’ll accidentally buy one, unscrupulous dealers can sell them.
Fake coins can be sold by someone who doesn’t know they are fake or someone who knows they are fake but doesn’t want you to know.
The internet is filled with websites selling low-price coins and claiming they are genuine examples of rare collectibles.
It’s essential to do your research when shopping online so that you don’t end up with a piece of junk instead of an authentic coin collection!
9. Join a Coin Club
Joining a coin club is the perfect way to learn from other collectors and meet people with similar interests.
In addition, the resources available at many clubs can help you gain knowledge about the hobby, including information about buying and selling coins and where to find them.
When choosing a club, it’s important that you feel comfortable there.
If you don’t have much time to devote to going out weekly or meeting in person, consider joining an online coin forum instead.
10. Be Patient
Patience is an incredibly important attribute for any coin collector, but it’s also a valuable lesson that can be applied to many areas of life.
From waiting in line at the bank to spending hours on your phone looking at coins, it’s crucial that you take things one step at a time and don’t get frustrated when things don’t happen as fast as you’d like them to.
Patience will help keep your emotions in check while allowing you to enjoy each experience more fully.
Plus, it allows other people around you (like me) to breathe more quickly when they see how calm and collected you are while they’re completely losing their shit over some stupid piece of cardboard money!
11. Attend Coin Conventions
Attending coin conventions is a great way to meet other collectors and dealers. You can also learn more about the history of coins and their value.
Often, these conventions will offer seminars on how to become a better collector.
12. Quality over Quantity
There’s no shortage of coin collectors out there, and it’s easy to get caught up in the excitement of adding another to your collection.
But quality over quantity is a good strategy for coin collectors to follow. This strategy can mean different things depending on the type of coins you’re collecting.
For example, if you’re into rare or back-of-the-book coins (those that aren’t as well known), quality means finding the best condition possible when purchasing them.
On the other hand, if you want complete sets or want every mint mark ever made by a government entity, then quality could mean chasing down specific varieties rather than just obtaining one type of coin from each year issued by an issuing authority—and that might require more than one purchase per year!
13. Download Apps to Track Your Collection
Many apps can help you keep track of your collection, including the PCGS Coin Facts App, free and available for Android and iOS.
This coin-collecting app’s features include tracking your collection, making a detailed inventory of your collection, you can check prices, and meeting other collectors!
14. Learn About Your Coin’s History
If you’re a coin collector, you probably already know this: coins have a rich history and can be used to learn everything from history to geography.
Coins are physical reminders of the past. They show us what was important in the period they were made, which helps us understand what life was like at that time.
For example, if you find a coin from the early 1900s made for use in North America—known then as the United States—you’ll know that it was issued during an era when transportation technology had advanced significantly over older forms of travel such as boats or trains.
You might also discover that men’s fashion trends were moving away from traditional suits towards more casual clothing styles like polos and button-downs, or perhaps women’s hairstyles were getting shorter rather than longer as they had been before World War I started (and ended).
If we want our children or grandchildren (or even ourselves!) to learn more about different cultures around the world today—whether those cultures are far removed from each other geographically or simply different due to different languages spoken within proximity.
Then we need to look no further than our backyards (or front yards) because there are many opportunities available where their curiosity may lead them toward new experiences within their communities.”
15. Insure Your Coin Collection
Collecting coins is an investment; you should protect your assets like any investment. Insurance can help protect your collection if stored at home or in a bank vault. It also helps with many other things, such as fire damage and theft.
Some insurance policies even cover natural disasters like hurricanes that could damage your coin collection while in storage or on display at a show!
16. Protect Your Purchase
The last thing you want to do is find that your collection is worth little more than the paper it’s printed on. To avoid this, take precautions.
For example, if you bought your coins at a store or bank, ensure you get a receipt for each purchase.
This will allow for more straightforward insurance claims and make it harder for someone else to falsely claim ownership of the coins if they have been stolen (which happens more often than one might think).
If you are buying coins online or from another person, ask them if they have any insurance policy on their collection.
You can then ensure the coins through them so that should anything happen while they are in your possession, they’ll be covered by what they’ve already paid into an insurer—a win-win situation!
If even these precautions still don’t feel good enough for some reason (or if none of these options work), there are many other ways to protect yourself.
Keep track of where all your purchases are located at all times; never leave them unattended; keep essential documents in secure locations; etcetera ad infinitum.
17. Be Knowledgeable about the Current Prices of Coins, Gold, and Silver
To be a successful coin collector, you must know the current price of gold and silver coins. This means you need to keep up with the latest news in the market.
The price of each coin is based on supply and demand, so it can change frequently.
The economy greatly affects how much your coin collection is worth. If there are more buyers than sellers in the marketplace at any given time, then prices will go up because people want as many coins as they can get their hands on!
But when there are more sellers than buyers – which usually happens during recessions – then prices fall because there aren’t enough people interested in buying things like precious metals like gold or silver bars or bullion coins, which can be used for investment purposes only (more about this later).
Government policies also affect how much money you’ll make if you decide to sell your collection after investing some time into building it up over many years while working hard every day just so that someday down the line, maybe bring home some extra cash after retirement again.
18. Expand Your Network
The coin-collecting community is a huge and vibrant one. However, to get the most out of your hobby, you must have an extensive network of people who can help you along the way.
To expand your network, there are plenty of resources at your disposal. You can start by joining social media groups on Facebook or Instagram, where coin collectors exchange tips and ask questions about coins.
If this doesn’t sound like something you’d be interested in doing, consider going to local meetups with other coin collectors and trading coins face-to-face instead.
Coin clubs are another common way people connect with fellow collectors while learning more about their collections and others.
Additionally, many museums have galleries dedicated entirely to coins—and some even have exhibits open specifically for kids! If possible (depending on where you live), visit these expositions so that you and your child(ren) can experience all sides of their favorite hobby together.
19. Organize Your Collection
- Organize your collection.
- Use a binder or album to store your coins, and keep them in a safe place.
- Keep a list of what you have so you can add to it over time.
20. Take Care of Your Coins
The main reason for a coin collection to fail is poor care. The most basic rule of coin collecting is to avoid scratching or damaging your coins, which means you should never put them in your pocket.
Keeping them in a safe place and using a soft cloth to clean the coins will ensure they last for many years.
21. Purchase from Reputable Dealers
Know your dealer. While it’s always a good idea to purchase from reputable dealers, buying coins is even more important. You should always check out your dealer and ask for references.
A good coin dealer will have no problem giving you references (and they should be happy to do so).
Ask for a written guarantee. If something is wrong with the coin, don’t hesitate to ask for a refund or other compensation.
Ensure that the company has an insurance policy in place if something goes wrong during shipping—that way, if anything happens during shipping, you’ll still be covered by the insurance policy. You won’t lose money on this purchase.
22. Work with Companies with Large Inventories
Look for companies that have a large inventory. If you’re looking for coins and other collectibles, you should be able to find them at your chosen company.
It’s better if they have hundreds of different items to choose from rather than just ten or twenty.
Find out the reputation of the company that you plan on working with.
You don’t want to work with an unreliable company because they might not send back your money if something goes wrong, or worse yet—they may keep all your money!
Check out their return policy before buying anything from them so that if something does go wrong with your order or you receive the wrong product, then at least there is some kind of recourse available for fixing these problems without having any further financial loss down the line due simply due lack foresight regarding such policies itself!
23. Always Do Your Research
Do your research when you buy, sell, or decide on coins. This is a basic rule that can help you make the most money.
Look up the coin’s value on sites like eBay, Google Shopping, and Craigslist. You will know how much something is worth by looking at similar items in their listings or comparing them with other products from different sellers.
If there are no listings for your coin on those sites, try searching for it at Coinflation (a site that provides information about U.S. currency).
Ask for references—you want to know who sold their coins so that you can contact them directly if something goes wrong!
24. Don’t Overspend
It can be tempting to rush into a coin purchase, especially if you’ve just seen something that looks worth your money.
But don’t be afraid to keep looking around for a better deal—after all, those coins are worth what someone else will pay them!
If you find the perfect coin at a great price, remember: It doesn’t mean you have to buy it. If the price is too high or other factors make this particular collection less than ideal (the seller has no history of selling coins on eBay), then walk away!
You’ll always find another one eventually, so don’t feel bad about walking away from one potential purchase to save yourself money.
Buy only as many coins as you need; don’t splurge unnecessarily on an item simply because it’s cool or rarer than most others out there.
This can help prevent overspending and ensure that each coin represents its value rather than some vague estimation based on rarity alone
25. Be Confident about What You Want
If you want to buy a coin, don’t hesitate to ask questions about it. Don’t be shy about voicing your opinion on the coins that you like and do not like.
If a dealer tries to push you into making a purchase, walk away. Don’t feel obligated to buy if you’re unsatisfied with what is offered; other coins will be waiting for your attention!
26. Meet Other Collectors
Meet other collectors. Others share your passion if you’re interested in collecting coins or stamps.
Go to coin and stamp shows, or join a local club, where you can meet people who have been collecting for years and learn from them.
Ask them questions and find out what they’ve learned through their experiences with the hobby. Questions will help you avoid making mistakes that may cost you money, so don’t be afraid to ask!
Learn from their mistakes and successes—you don’t want to make the mistake of buying something that isn’t worth much money (or anything at all).
27. Start Simple and Small
First things first: don’t stress about your collection. The goal is to enjoy yourself, not spend all your time and money trying to build the most extensive, impressive collection possible.
Start small. Focus on collecting coins you like or are interested in rather than ones you think will be worth more because of what they say or look like.
You’ll have better luck with a smaller collection than with a larger one if you make mistakes along the way (as everyone does) since it will be easier to get back on track if there aren’t too many coins at play.
You’ll also want to find some coins that are easy to buy and sell since they’re likely cheaper than rarer pieces (and, therefore, less hassle).
If specific denominations or types interest you—for example, silver dollars from before 1933—you may need to search around until finding them at reasonable prices, but generally speaking, buying inexpensive common coins is usually pretty simple!
28. Learn from Coin Collecting Books
One of the best ways to learn about coin collecting is by reading books. Books can be used to learn about coin grading, values, and various coins’ history.
The book “Coin Collecting for Dummies” is an excellent resource if you want to become an expert in coin collecting. Learning all there is to know about different coins will help you decide which ones are right for your collection!
29. It’s Not a Race
You don’t have to rush. As a collector, it’s important to remember that you will learn more if you go at your own pace.
Rushing through the collection process won’t allow you to fully understand each coin, which means that when it comes time for them to be sold or donated, they may not be worth as much as they could be.
Just because other collectors or family members may want their coins faster doesn’t mean that’s how things should happen! So instead, go at your own pace and enjoy the experience of collecting coins!
This way, when it comes time for these valuable items in your collection—the ones with real value—they’ll still be worth something when sold or donated.
30. Enjoy
If you’ve enjoyed the process, you’re part of the club. If not, well, there’s plenty of time for that later. It’s important to remember that coin collecting is a hobby.
It should be fun and exciting—not something that makes you feel bad about yourself or like a miserable failure who has nothing going for him except some old coins (and even those that don’t belong to him).
So enjoy it! There are so many things out there waiting to be discovered by curious minds like yours: new places, people, and things. They’re all waiting for someone just like you!
Before you go…
With all the tips and tricks we have discussed above, there is no doubt that you will be able to build a great coin collection. The most important thing is to ensure you have fun doing it! Before leaving, make sure to check out the articles below!
Check out my next article: “Tips on When To Sell Your Coin Collection.”
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