How to Collect Coins

1994 Gold Walking Liberty coin encased in plastic for protection.

December is the month whereby I take an inventory of accomplishments, activities, relationships, health, finances, and whatever else needs to be inventoried in order to set my plans and goals for next year and a five-year future. It is a good month to review, reevaluate, and analyze in readiness to start refreshed and full of energy to execute new plans starting in January.

One hobby which may be of interest to many of you is coin collecting or numismatics. Anyone can start as this hobby is as simple as being mindful of your pocket change. One necessary investment will be books which help you to identify collectible coins and their value.  

This hobby can start for as little as a penny or you may choose to purchase a collectible coin which is affordable for your budget. 

​Research Before Collecting Coins

Before you spend any amount of monies on this hobby, read any available free materials that you can muster from the Internet and your local library. Another good source of information would be to join a local coin collecting club. Its members are very helpful.

Beginners need to learn how to store and clean their coins as well as learning about certification and grading of coins. Much of this can be confusing in the beginning and numismatic members can be helpful sorting out details.

​Coin Purchases

Do not spend any monies on any coin until you acquire knowledge or beneficial purposes for buying it. After you purchase that coin; do not spend it. It is to be kept as a collectible. As the years pass that coin may be worth ten or a hundred times more than its face value. At its worse a coin is always its face value.

Examples:

1. Non-collectible coins may be better used for their metal value. Silver has value and like any other commodity it will vary with the market trend. It can be a difficult decision if you need to choose between collecting or melting. My advice in solving this dilemma is to follow your intuition or gut feeling.
2. Some coins have value as a roll. A roll of coins of any denomination may have increased value. A roll of dimes is $5 but depending on the year, mint, un-circulated or circulated condition it could be worth thousands of dollars.
3. Some coins have value because the collector has placed a value on it.   
4. You love it.

Knowledge is Key

Knowledge is the key to your collection decisions. Coin collecting requires constant learning. The downfall with this hobby is that it can become addictive. Decide on a budget and do not let it consume the majority of your time.

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