Hot Hobbies: How to Start Collecting Coins

Did you know that the oldest coin is almost 3000 years old?

Coins are one of the oldest forms of human currency, and they can tell archeologists a lot about the dead civilization they are studying. Coins reflect the metalwork of their age, and often depict rulers and deities, providing a wealth of knowledge about our ancestors.

As such, coin collectors can make a lot of money. A buyer once paid $18 million dollars for the Double Eagle coin. But even for coin collectors that aren’t interested in the money, collecting coins can provide a sense of pride.

It might seem daunting to get into the world of collecting coins. Where do you even begin?

In this brief guide, you’ll learn where to start your journey in collecting coins.

Collecting Coins: Where to Start

First, you need to determine what sort of coin collecting you want to do.

Do you want to get access to rare minting runs, such as old Lincoln pennies? Do you want to find coins from your birth or marriage year? Do you want to find special runs of coins, such as America’s individual state coins?

There are no rules in coin collecting. It depends on what interests you. This is a hobby, after all, and no one should take part in a hobby that doesn’t make them happy or provide deep satisfaction.

While coin collecting can at times be lucrative, this is not the hobby for investors who want to make a quick buck. Coins appreciate with age, and you’ll have a hard time making quick cash by day-trading a certain coin collection while it’s hot.

In short, do it for the right reasons, and have fun!

Start Small

You have to crawl before you can walk. Don’t jump into the hobby by dropping hundreds on a rare mint set. Start with something simple, such as getting rolls of pennies from the bank and searching through them for old, rare mints.

Practice With a Full Inaugural Set

Start out by trying to find a full collection from a certain date range. For example, Buffalo nickels minted between 1934-1938. You want to start with an achievable goal.

The process of acquiring these nickels will teach you the basics of where to look for coins, and how to evaluate them. This is also a great time to learn how to clean coins without damaging them.

Learn How to Evaluate Coins

There’s a lingo that comes with coin collecting. For example, you grade coins on a scale between 1 and 70. 1 means you can barely identify the coin. 70 obviously means it’s in pristine condition and likely hasn’t been in circulation.

Store Your Coins with Care

A safe place to store your coins will keep them in good condition. Littleton coin albums are an excellent example of coin collecting supplies that keep your stash safe.

Get Out There and Collect Some Coins

Now that you know the basics of collecting coins, it’s time for you to get out there! A collection of coins will take you from auctions to pawn shops in search of the best coins available.

Read our blog for more tips on how to leverage your hobbies!