Are you interested in coin collecting?
Challenge coins date way back to WWI, used as a form of identification for soldiers. Nowadays, we use it as a membership badge, honoring an individual, or identifying a brand logo.
Some rare coins also have the potential to be a lucrative investment. However, it can also be a fun and simple hobby! Looking to start coin collecting? Read on to learn different tips on collecting challenge coins.
1. Understand Why You’re Collecting
Many people start collecting challenge coins for different reasons. They amass them for their value, investment potential, or a way to begin any collection. Understanding why you’re collecting can direct your research and purchases.
For example, you start a coin collection to earn money. You can search for specific medallions that can generate a higher profit. Your reason boosts collection value and makes it easier to narrow down new pieces to add to your collection.
2. Determine the Type to Collect
Different types of challenge coins exist today. Some of the types to choose from are first responders, military, and government. People often choose their coins based on interest, value, history, and design.
You can create custom coins, too. Visit the link for more info on the challenge coin designs.
3. Start Small
You don’t need to spend a ton of money on a challenge coin. Start small and take your time to grow your collection. Buy the coins that pique your interest and learn more about them.
Enhancing knowledge expands your challenge coin options and improves decision-making. Moreover, your collection journey adds value to the coins you amass.
4. Maintain Your Budget
There are plenty of challenge coin options for every price point. That’s why it’s essential to set a budget to prevent overspending.
The average price for a challenge coin ranges from $3 to $5. However, it can go higher because of factors that influence its worth. Some of them are coloration, rarity, and size.
5. Prepare Storage
Every collector has neat and safe storage space for their collections. It preserves the coin’s appearance and prevents damage that can reduce its value. If you hope to sell your coins in the future, this is a must!
A pocket, a container, and a space can keep your challenge coins. Use acid-free materials to prevent staining the coins. Moreover, ensure to store them in a cool and dry area.
6. Look For Other Collectors
Many hobbyists collect challenge coins and focus on different types. Find other collectors in your local area and connect with them to gain more knowledge.
Hobbyists share ideas and give tips to each other to expand their collections.
You can also find other collectors selling and buying coins.
7. Consider Selling Some Coins
Veteran collectors can find it hard to part with their collection. However, it’s best to learn to let go of some coins as the collection grows. Consider trading several medallions to make room for more valuable challenge coins.
Tips on Challenge Coins Collection
Many people collect challenge coins as a hobby. They do it to show pride, to give as gifts, and for investment. If you’re interested in challenge coin collecting, use these tips to get started!
Want to learn more about rare challenge coins? Check out our other blog posts to discover more!
