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Starting a coin collection
Coin Collecting
Coin collecting is a popular and exciting hobby that is relatively easy and inexpensive to start. If you are considering starting your own coin collection or you have come into the possession of an existing collection through inheritance or gifts then, you are already on the path to becoming a coin collector.
Once embarked on this path you will find that coin collecting is enjoyable, rewarding and educational. Tracing that elusive coin to add to your collection will be a thrill. Researching the historical significance or the manufacturing process of certain coins will broaden your knowledge base.
What kind of coin collection should it be?
Coin collecting is an excellent way to satisfy the urge to explore, collect and learn without the expensive layout that other hobbies may incur. Starting your own collection can be achieved with no initial costs in most cases.
The key to collecting is to choose a theme to base your collection on. You may choose to collect coins from around the world - or develop a collection of coins from a particular country or a particular historical period of that country. You may also consider collecting ancient coins, tokens or commemorative issues. Any of these collections can be started with little or no investment.
Once you have chosen a theme you should start researching the coins and their history. There is a multitude of information already out there on the internet or in books for the coin collector. Learn as much as possible about your chosen coins. This will not only help you to become knowledgeable about your collection, it will protect you from sellers who may inflate the value of the coins you want to purchase. It will also keep you informed of market trends and values if you want to sell any of your coins.
Where do I find coins for my coin collection?
You can find sources for buying coins almost everywhere. An excellent source for buying and selling your coins are the Coins category pages at yoobos.com.
Start small, you can find coins in common currency that are circulated and legal tender. This is an easy way to begin and you do not risk any investment. You can also start your collection by buying a set from the Royal Mint. Investing in a basic collection gets you started for relatively low investment and gives you uncirculated coins. It also serves as a guide for further collecting. The Royal Mint uncirculated packs in particular are extremely informative.
There are coin shops and shows where you can find knowledgeable collectors who can help you find what you need and give you advice on your collection. Be wary of sellers in flea markets, boot sales, antique shops or other non-targeted arenas where the seller may inflate prices or sell problem coins to unknowledgeable customers.
What is the coins value?
Value is determined by many factors, but is basically the price another collector would be willing to pay for a coin, remember that. From my experience, don't rush in and buy the first 'hard to get' coin you see just because you need it. Do your homework, will another one be available soon, is it over priced, etc.
You can find price guide books that give you retail values of coins, however you may get more or less for your coin depending on the market demand for it.
Coin collecting is a stimulating hobby that can teach you about history while providing you a physical and manageable product that represents the past. Learn the stories and pass them on for the enrichment of others and you may find your friends or family joining you in your new hobby.
