Coin collecting is a fun and exciting hobby, that can also be quite lucrative — if you know where to look!
If you’re thinking about starting your own coin collection, there are a few ways you can jump-start the process.
Read on to discover some coin collecting tips so you can start the hunt for the best deals and the rarest finds.
Check Your Pockets and Piggy Bank
One easy way to start your coin collection is simply by checking what’s already in circulation. Whether it’s your pocket change or your piggy bank, you never know what you might find, even if it’s not pure gold.
Many people won’t recognize a rare or valuable coin when it’s in their wallet, so it simply recirculates through the system. Once you know what to look for, you might be surprised at what you can uncover.
Think of checking coins in circulation like a fun scavenger hunt. Do your research as to what is worth saving, and then start looking through your spare change to see what you can find.
This process can take some time and patience, but the discovery of something unique is worth it. Ask friends and family if they’re willing to let you check their change, too.
Start Your Coin Collection Right at the Source
If you’re looking for ways to add new, beautiful coins to your collection, you can’t go wrong with the United States Mint. This is the number one source for all brand-new coinage and you can shop directly from their website.
The US Mint sells everything from limited edition coins to full sets that come out each year. Keep in mind that these coins sell for more than their face value since they’ve never been touched by human hands.
Owning an uncirculated set is a wonderful way to appreciate the beauty of coins in their new, untouched state. It’s also a great choice for young coin collectors to commemorate the year they start their collection.
Check the website for the United States Mint on a regular basis to see what they have in store. The site updates fairly often whenever new commemorative coins are released.
Talk to Your Local Coin Dealer
You don’t have to purchase an entire set of coins to add something unique to your collection. You might just want a rare dime, an old penny, or something else you can add on an individual basis.
A great place to start is by reaching out to your local coin dealer. They often have a variety of items to choose from, and they can also give you valuable insight into the history of the coin, its resale value, or its rarity.
One perk to visiting a coin dealer is that they sell single coins as well as sets, bags, or rolls. They also have a rotating stock which means you can find new things pretty frequently if you make a few return visits.
Get to know your coin dealer and strike up a friendly relationship. They may end up contacting you when new stock comes in or if they get their hands on something specific you’re looking for.
Another bonus of buying from a dealer is that they can usually get their hands on brand-new coins much sooner after the release date. Visit several dealers in your area to find out what they have to offer.
Auctions and Trade Shows
Another wonderful source for unique and rare coins are trade shows. These coin shows feature a plethora of unusual items including coins from around the world.
Look into any trade shows in your area but keep in mind that you might have to travel depending on your location. Set a budget before you go so that you don’t end up overspending.
When you visit a trade show, be prepared to haggle and negotiate. Some sellers will be willing to go down on their price or they could accept a trade depending on what you have to offer.
Auctions are another way to obtain rare, beautiful coins. Just remember that an auction will typically have coins that are much higher in value and therefore, will come at a much higher price.
The novice coin collector should avoid bidding at a coin auction unless they have experience in evaluating coins. It’s easy to get caught up in the excitement of an auction, which could lead to a bid you might not be prepared for.
Visit a few online coin auctions to get a good idea of what’s out there and what the going prices are. This can be extremely helpful when you’re ready to try your hand at placing a bid.
Between auctions and trade shows, a trade show is the safer bet. If you’re more advanced at coin collecting, auctions can be a very valuable place to find some beautiful rare coins.
Start Your Collection Today
Part of what makes coin collecting such a wonderful hobby is the thrill of the hunt. Once you know what to look for and what a fair price is, you can find all kinds of incredible items to add to your own personal coin collection.
Reach into your pockets, and then reach out to local coin dealers who can help you find the coins you need. Over time, your collection will grow into something you can be proud of.