Surprising Coin Collecting Secrets and Tips for Maximum Value and Fun

According to Wikipedia, the free encyclopedia, Coin Collecting is the collecting or trading of coins or other forms of legally minted currency. Frequently collected coins include those that were in circulation for only a short time, coins minted with errors, or especially beautiful or historically interesting pieces. Coin collecting can be differentiated from numismatics in that the latter is the study of coins. Although both are closely related, a numismatist may or may not be a coin collector and vice versa.

Coin collecting has been a very popular hobby for generations and goes far beyond coin hoarding because of its value. Once known as the “Pastime of Kings”, it is generally believed that modern coin collecting began in the 14th century with Petrarch. Most people start collecting coins that are already in circulation. There’s no risk, as you can always spend the coins you’ve collected, but there’s not much to gain either. Coins that have been in circulation are more likely to get damaged and are only worth money if you keep them for a very long period of time.

Once the hobby has gained your interest, you can move on to earning coins from other sources. Buying from family and friends is a good way to start, just be careful to fully document your purchases! Next, you may want to consider your local dealer. Shop around until you find one you feel you can trust. A good local dealer can provide quality coins and instructions on the finer aspects of coin collecting. Just remember, the dealer has his own taste in collecting coins and it may not be the same as yours. As you continue to collect coins, you will see your preference for collecting coins develop. You can also buy coins at coin clubs, coin shows, mail order, the Internet, auctions, other collectors, estate sales, flea markets, and in the US or other mints.

You can buy specially made books in order to collect coins each year or interest. Coins issued during historically important periods may be particularly interesting. These collections typically consist of coins issued from the 18th or 19th century, of Ancient Roman, Byzantine, Greek, Indian, Celtic, Merovingian, Ostrogothic, Parthian, or Israelite origin, or medieval periods. Coins are a reflection of events in time since they were produced. Collections can vary widely for this purpose and may contain coins struck during a particular emperor’s reign, presidency, war, or other historical event.

Coin collecting can be seen as an investment. Coin prices may be constant or the prices of certain coins may fall for coins that are not in high demand over the long term. Like other collectibles, a coin collection does not produce income until it is sold. Although there is a market for almost any rare or obsolete coin, like any other collectible, the condition of the coin is important to its value. Any type of damage such as dented edges, holes, nicks, even cleaning can greatly reduce the value of the coin.

Managing a currency is very important. For the most part, coins must be handled with care to avoid causing wear, blemishes, or color changes. Uncirculated or proof coins are not touched by collectors anywhere except the edges. Fingerprints and even your breath can reduce the grade and value of the coin. Even placing a coin out of its holder is done with care, usually on a velvety surface. For this reason, you may want to wear latex or a good pair of cotton gloves when handling coins.

Today there are millions of people fascinated by coin collecting and several different museums displaying collections of rare and valuable coins. These museums include the Smithsonian in Washington DC, as well as the American Numismatic Society in New York City, which was established in 1891 to encourage education about coin collecting. Start your collection today, if you haven’t already, and join me and these millions of others in coin collecting fun!