Are you looking to start a new hobby? Coin collecting is a great new hobby to try! Many people enjoy collecting a variety of coins to add to an ever-growing collection.
Although collecting coins might not seem like the most exciting hobby to try at first, once you get started, you’ll soon find yourself constantly searching for specific coins and becoming more and more interested. It’s exciting to get new coins when leaving the store or when attending auctions. You not only get to admire the image on the coin, but you get to learn a bit of history as well.
Over time, you’ll soon discover how much history comes along with each individual coin. Plus, a solid collection could be worth some big bucks depending on the type of coins you have. Are you intrigued?
Now that you’re interested in the hobby, it’s time to learn some coin collection tips. The more tips you know, the better prepared you’ll be. Continue reading to learn more!
1. Educate Yourself on the Topic
The first step to becoming a successful coin collector is educating yourself on the topic. How much do you know about coin collecting and specific coins? You need to have a solid understanding of numismatics.
Know your coins and know the market also. There are many great books about coins and coin collecting that every coin collector should read. This is one of the best ways to learn more about the subject.
Then find catalogs with information specific to the type of coin collecting you’re specializing in. You can even subscribe to periodicals about coins to help you stay on top of the latest trends in the industry.
2. Choose a Specialization
Before you start randomly collecting coins, it’s ideal to have a specialization in mind, such as custom challenge coins. What are your coin collecting goals? When you start with a specification with a small number of coins, it’s easier for you to become well-versed in them in a year or two.
When you start looking at a larger field of study, you’ll need to dedicate several years to understanding those coins and how to collect them. For a beginner collector, it’s best to start with something small and then go from there. Remember, even with the smaller collections, it’ll require a year or two of dedication and commitment.
When you spend your time concentrating on a specialization, you’re able to become knowledgeable about it quickly and can then make more educated purchases when buying from dealers.
3. Have Patience
It’s not uncommon for beginner coin collectors to jump into coin collecting and try to complete their first set of coins as quickly as possible. You’re excited and want to have your first complete collection. However, it’s essential to remain patient.
The best coin collections take time to build and are completed over the time span of several years. There are times, though, when you can find a few awesome coins in a short period of time to add to your collection. If you know your stuff and find a great deal on multiple coins, then go for it.
In most situations, finding great coins at great deals is something that’s few and far in between, so it takes time. A good tip to follow is to stay patient when presented with the “wrong coin” but need it for your collection. If you make decisions simply to finish your collection quickly rather than making an educated purchase, it can cost you over time.
4. Start Networking
As with any type of business in life, networking is one of the biggest essentials. Now is the time to start networking. Rather than getting all of your most important information from the internet or newsletters, get it from the people who are in the industry and surrounded by the market and new trends at all times.
This is the best way to prevent reading outdated or bias information. The people you want to speak with are other collectors or dealers who attend auctions and shows on a regular basis. These people know what they’re talking about and can provide you with the best information possible.
If you want to find someone willing to offer you this information, then you need to build relationships with people. Once a relationship begins, so does your world of coin networking.
5. Think Quality Over Quantity
Once you begin collecting your first coins, always think quality over quantity. What’s your yearly coin collecting budget? Put your budget together and then choose to spend your money on a few high-quality coins than on many low-cost coins.
Those high-quality coins will only go up in value over the years and will be more of an investment than the low-cost coins. This is due to the high-quality coins becoming more difficult to find as the years pass by. Choose to have a small collection of great coins over a large collection of nondescript ones.
Are You Ready to Start Coin Collecting?
Do you think you’re ready to start coin collecting? After reading through all of the information listed above, we hope you now have a better understanding of what it takes to be a successful coin collector. Remember to start by educating yourself about the different coins and coin collecting in general.
Then, choose a specialization after learning more about the different coins and collections while remaining patient and taking your time choosing high-quality coins over the low-cost ones.
If you’re interested in more money and business, lifestyle, and other topics, then continue to check back here on a daily basis.