Do you want to invest in something that is tangible, has history, and will always be worth money? If so, then collecting coins may be the perfect investment or hobby for you! In this article, we will discuss the basics of coin collecting as an investment strategy or hobby. We will also look at some tips for collecting rare coins, and provide a few examples of valuable coins that may be worth your consideration.
Coin collecting can be a fun and rewarding hobby–it’s been called the hobby of Kings. However, coin collections can also be a great way to invest your money. Unlike stocks or bonds, rare coins are tangible assets that you can hold in your hand and aren’t correlated with the broader market. They also have the potential to appreciate in value over time, making them an interesting investment option for the long term.
If you’re thinking about collecting rare coins, there are a few things you should keep in mind. First, it’s important to do your research and find the best rare coin dealers that you can trust. There are many unscrupulous dealers out there who may try to take advantage of the inexperienced collector.
Second, be sure to focus on quality over quantity when building your coin collection. It’s better to have a few high-quality coins than a large quantity of lower-quality coins.
Finally, don’t forget to insure your coin collection. This will protect your investment in the event that your coins are lost, stolen, or damaged. It’s also important to have a plan to securely store your coin collection.
Now that we’ve covered the basics of coin collecting as an investment, let’s take a look at the 9 different types of collectors:
7 types of coin collectors: Which type are you?
- Error Collectors – error coin collectors focus on broad strikes, double strikes, and off-center strikes. This type of collection can be very rewarding, but it can also be quite challenging. These coin collectors focus on coin varieties that are caused by a die clash or some other mistake made during the minting process. This type of collector focuses on the rarity of a coin. These are some of the rarest coins and are typically the most valuable, so this can be a great way to build an investment-grade coin collection. Error coins are often featured in the News making this type of collection most well known to the general public.
- Progressive Collectors – These coin collectors like to complete a coin set in sequential order. This can be done with any coin series, but it is most commonly seen with Morgan Dollars and Peace Dollars. These coin collectors don’t mind a little patience as they wait to find the next coin in their collection. This can include the entire date, just the year, or even a certain era such as junk silver coins. One example might be collecting all the Roosevelt Dimes from 1946 to 1964.
- Series or Type Collectors – As the name suggests, type coin collectors focus on a certain coin type. This can include collecting all varieties of a coin such as different mint marks or finishes. It could also mean focusing on a specific series like Morgan Dollars or Peace Dollars. A type collector focuses on a major design for a given denomination such as all the types of nickels, such as Buffalo Nickel or the Jefferson Nickel. This type of coin collection can be very rewarding, especially if you focus on a coin series that is not often collected. A series is a collection of coins for a given period such as all Roosevelt Dimes. You would need to collect not only the years but also the different mint marks.
- Mint Mark Collectors – These coin collectors focus on amassing a coin from each mint that produced the coin during a certain time period. For example, a collector might try to acquire a Lincoln Penny from each of the following mints: Philadelphia, Denver, and San Francisco for the years. This type of coin collecting can be quite challenging and requires a bit of patience, but it can also be very rewarding.
- Country Collectors – a popular option is to collect by country, which can be a lot of fun if you’re able to get a wide variety of coins from all over the world. You can also try to get a wide variety of coins from all over the world. Collecting coins that are made of precious metals like gold and silver from different countries makes it even more profitable. This can be a fun way to learn about the different cultures and history represented by the coins in your collection. Popular coins include British Silver Britannias, Canadian Maple Leaf, Mexican Silver Libertads, or Austrian Silver Philharmonic.
- Period Collectors – this can be a rewarding hobby for history buffs who enjoy learning about different time periods. One way to collect coins is to focus on those from a certain time period with historical significance. For example, you could collect all US/Country coins from 1914-1918, which includes the time of World War I. Or, you could focus on coins when the U.S. Minted coins with 90% silver often called junk silver. By collecting coins from a specific time period, you can learn more about that era and the events that took place during it. Coin collecting can be a fun and educational hobby for anyone who enjoys learning about history.
- Ancient Coin Collectors – Ancient coins are another unique way to collect a piece of history. Before machinery was invented, coins had to be made by hand. Greek and Roman coins are the most popular for ancient coin collectors. These types of coins with the highest grade are pricey and not for the faint of heart.
Tips for getting started with coin collecting:
- Find a numismatists coin dealer you trust
- Join a coin club and/or participate in online forums
- Attend coin shows
- Examine as many coins as you can
- Always use cotton gloves to handle coins
- Read books about coin collecting
- Talk to other collectors
- Specialize in the type of coin that fits you
- Think long term
- Aim for quality not quantity
- Do not clean coins
One final tip for coin collectors is to be sure to coin-proof your collection. This means that you should keep your coins in a protective case, away from moisture and extreme temperatures. You should also handle your coins as little as possible to avoid damaging them. With proper care, your coin collection can be a beautiful and valuable investment for years to come.
How do I find the value of collectible coins?
The value of a coin is based on a number of factors, including its age, condition, and rarity. There are a few ways to find the value of your rare coins. You can look it up in a coin pricing guide, use an online coin valuation tool, or get an appraisal from a coin dealer or professional numismatist.
When you’re coin collecting, it’s important to be aware of the value of your coins so that you can make informed decisions about your collection. Whether you’re building a collection for investment purposes or just for fun, knowing the value of your coins is an essential part of the hobby. With a little bit of research, you can start building a coin collection that is valuable and meaningful to you.
Coin condition is also referred to as grading. When a coin is graded, it means that it has been evaluated by a professional coin dealer or numismatist and given a condition rating. The higher the grade, the more valuable the coin.
There are a few different Coin Grading Services available to collectors. The most well-known is the Professional Coin Grading Service (PCGS). PCGS is a coin grading company that was founded in 1985. They have a team of professional coin graders who evaluate coins and assign them a grade on a scale from one to seventy.
To find out the value of your coin, you can use an online coin valuation tool like the one at NGCcoin.com.
Where can I get started collecting coins?
Often starting with your own personal coin jar can uncover some valuable coins to kick off a collection. Don’t forget to check coin rolls for valuable finds as well.
Another great way to get started in coin collecting is by visiting your local coin dealer. A coin dealer can help you get started with your collection and offer advice on which coins to buy and how to store them. eBay is another great place to start. Otherwise, you can find some of the best rare coin dealers online.
Wrapping up a Beginners Guide to Collecting Coins
This article is about coin collecting, and it provides a guide for investors who are interested in rare coins. It discusses the value of coins and how to find the value of collectible coins. This article also gives tips for getting started with coin collecting, including joining a coin club or attending coin shows. Finally, the blog post advises coin collectors to coin-proof their collection by keeping their coins in a protective case and handling them as little as possible as well as securely storing their coin collection. By following these tips, coin collectors can build a valuable and meaningful collection.