Do you want to start coin collecting but don’t know where to begin? Then, you’ve come to the right place! This Coin Collecting For Beginners guide will teach you everything you need to know about coin collecting. We will discuss the history of coin collecting, what coins to collect, how to store and protect your coins, and more! So whether you are a complete beginner or just looking for a refresher course, read on for all the information you need to get started in the exciting world of coin collecting!
Why Collect Coins?
There are many good reasons to collect coins, but here are 3 of the best reasons:
- Learn More About History – Coins are a great way to learn more about the history of different countries. You can learn about that period’s culture, politics, and economy by studying the coins used in different eras.
- Investment Potential – Over time, coin values tend to go up. This is especially true for rare and antique coins. So, coin collecting may be a good option if you want to invest your money.
- Fun and Rewarding Hobby – Coin collecting is a fun and rewarding hobby that people of all ages can enjoy. It is a great way to learn about different cultures, countries, history, and economics. And it can be fascinating to track the value of your coins over time and see how they increase in worth.
I collect coin because I like how beautiful it is. I also have a sentimental reason why I collect coins. When my grandfather passed away, he gave me the coin collection he had been collecting for over 50 years. It has been a tradition in my family to inherit the coin from the previous generation from then on. It is my turn to start my coin collection and pass it on to the next generation.
How to Get Started?
Coin collecting is an easy hobby. In this coin collecting for beginners guide, we will share how you can start. Let me share with you how I got started with coin collecting. Once I was given the coins from my late grandfather, I asked my friends and colleagues if they had any exciting coins in their collection. Most of them will be glad to give you the coins because they have no interest in coin collecting.
From there, I started to buy any coins I saw on impulse. I do not know, nor did I do any research before buying. This cost me few thousand. I thought it would be suitable for collection if it was an old coin. I bought a lot of fakes and learned from my mistakes. These are the steps needed to start your coin-collecting journey:
- Define Your Interest – The first step is determining what type of coin collector you want. For example, are you interested in coins from a specific country or era? Or are you looking for coins that have high value and may make a good investment? Once you know what type of coin collector you want to be, it will be easier to focus your search and avoid buying coins that are not of interest to you.
- Do Your Research – The next step is to do your research. Learn as much as possible about the coins you are interested in collecting. This includes learning about the coin’s history, value, and rarity. The more knowledge you have, the better equipped you will be to make an informed buying decision.
- Buy From Trusted Sources – This is the fun part! Buy and buy.
Where to Find and Buy Coins?
These are places where you can buy coins. Some of them are:
- Coin Shops
- Coin Collector Clubs or Organizations
- Flea Markets
These two are my favorite place to buy. My main reason is that it is convenient and it is safe. If the coins I buy prove fake, I can ask for a refund. So these are the two places where I usually buy my coins:
- Amazon – Amazon has a review section, and this can help you to check the authenticity of the coins plus what others are saying about it
- eBay – The best thing about eBay is that it helps connect people with rare coins you cannot find elsewhere.
What Kind of Coin Should You Collect?
I cover all these in another post; check it out here: Coin Collecting Guide – Everything You Need To Know.
How to Avoid Common Scams and Pitfalls?
I learned this the hard way. I will share with you what you can do to avoid being scammed.
Do Research on The Dealer
It is equally important to do your due diligence on the coin you intend to buy and the dealer. Read the dealer’s reviews if you want to buy from others. It won’t harm you to do extra due diligence on the dealer. My experience with Amazon and eBay has been good so far. They are my go shop to purchase a new coin for my coin collection. There are several reasons, most notably are:
- Money-Back Guarantee – Both Amazon and eBay have a money-back guarantee. So if you think the coin is fake or counterfeit, you can return it for a refund.
- Reviews – The reviews on the product page serve as an extra layer of defense against scammers.
- Delivery – Both Amazon and eBay offers free delivery on coin purchases, and these delivery are guaranteed with insurance.
Check The Grade of The Coin
Don’t just believe what the dealer said about the grade of a particular coin. Instead, check the coin with Numismatic Guaranty Corporation (GNC) or the Professional Coin Grading Service (PCGS). Determine the grade and get a rough idea about the actual value of the coin you intend to buy. However, historical coin prices are subjective to rarity, historical reasons, physical conditions, demand from buyers, and many more. So use the two organizations above to get the excellent price of the coin.
Be Cautious of Good Deals
One way to spot a scam coin is when the price seems too good to be true. If you’re not an expert, getting scammed by buying over-discounted coins can be easy. So always use your best judgment when purchasing.
Taking Care of Your Coins
Once you’ve bought your coins, taking care of them is essential to maintain their value and condition.
- Don’t Clean Your Coin – This is important; don’t ever clean your coin, even if there is a stain. This is the fastest way to devalue your coin. The patina, stain, or discoloration are what make them valuable.
- Touch Your Coins With Care – Ideally, touch your coin with gloves. The natural oil on our skins may damage and corrode the coin over time. The best is to seal the coin into an airtight container.
- Store Your Coins At The Right Place – Store your coins in a proper coin container or a coin display unit like this.
Rough Condition To Be Aware of
Several things may impact the quality of your coins.
- Rough Physical Treatment – Jangling a handful of the coin together or dropping it on the floor. These can lead to damage to your coin.
- Air Pollution – It can oxidize the coin over time and may cause it to corrode.
- Light – Direct sunlight or fluorescent light can fade your coin over time.
- Humidity – Too much humidity can cause the coin to rust, while too little moisture will make the coin brittle.
Useful Books & Resources
Strongly recommend checking all the books I have listed below. These will get you on solid ground on all things related to numismatics.
A Guide Book of United States Coins 2023: The Official Red Book by R. S. Yeoman.
This enormous book is a must-have for serious U.S. currency collectors. This enormous book provides up-to-date valuations, auction records, and information on the present rare coin market. The book also includes details regarding each coin’s history and specifications. You’ll learn how to grade coins, identify fakes, make informed purchases, and determine your coin’s worth.
The Coin Collector’s Survival Manual, Revised Seventh Edition by Scott A. Travers
This coin-collecting classic has been updated for the new millennium with the latest information on coin collecting, including coin values and how to spot counterfeits. In addition, updated advice on insurance, investing in coins, online auctions, and more makes this an essential volume for anyone who wants to collect coins safely and profitably.
Ancient Coin Collecting by Wayne G. Sayles
This guide offers a comprehensive introduction to ancient coin collecting, with expert advice on buying, selling, and preserving these valuable pieces. You’ll learn about the different types of coins minted in antiquity, how to identify fakes and forgeries, and where to find the best deals on ancient coins. The book also includes profiles of history’s most famous coin collectors and dealers.
Coin Collecting For Dummies by Neil S. Berman
This friendly guide gives you the basics of coin collecting, from understanding coin values and grading coins to assembling a collection that meets your interests. You’ll also learn how to care for your coins, navigate the coin auction process, and invest in coin collections confidently.
Coin Collecting For Beginners by Eldridge Kalford
This book is for anyone who wants to start coin collecting. The author provides clear and concise information on the history of coinage, coin dealers, coin auctions, what to collect, how to grade coins, detecting counterfeits, and more. With this helpful guide, you’ll be able to get started in coin collecting with ease.
Before you go…
I hope you have found this coin collecting for beginners guide valuable and helpful. Coin collecting is a fun and rewarding hobby that anyone can enjoy. If you have any questions, please feel free to comment below, and I will get back to you as soon as possible. Thanks for reading!
Check out my next article: “Coin Collecting Guide – Everything You Need To Know.”