A lot of people get into coin collecting after finding an interesting coin in their pocket change. Others might inherit a coin collection or they might notice the collection of a friend. Still, others get into coin collecting in order to find rare and valuable coins and hopefully get rich off of them.
No matter what your reasoning is, coin collecting can be a fun and profitable lifelong hobby. And by following our tips for starting coin collections, you’ll be able to more easily get your coin collection off the ground. So keep on reading and we’ll walk you through everything you’ll want to know!
1. Start Small and Simple
While coin collecting can ultimately be profitable, it can also be a quick way to lose a lot of money if you don’t know what you’re doing. Because of this, you’ll want to ease into coin collecting and learn the ropes before you make any big purchase.
Begin with smaller coin purchases and coin sets that are easy to put together. Take your time to research the coins. Understand coin pricing, how to grade them, and their history.
Part of the fun of coin collecting is knowing the story behind their creation.
Many of the world’s top coin collectors have started by building their own Lincoln penny collections. These pennies are still found in circulation and you can also easily buy them online or at coin shops.
State quarters are also popular among beginning collectors.
2. Handle Coins Carefully & Store Them Properly
While coins are made of metal and can last for many years, the surface of a coin tends to be very fragile and it can damage easily. Also, different metals will react differently to the atmosphere and chemicals.
You should handle your coins with latex or cotton gloves. And perhaps most importantly, you should never clean your coins. When dealers see a coin that’s been cleaned, they’ll consider it damaged.
In fact, a cleaned coin can end up losing most – if not all – of its value.
3. Consider Challenge Coins
Challenge coins are exclusive coins that are only given to members of specific organizations. They’re extremely popular among members of the military and come with a lot of sentimental value.
They are called challenge coins because if a person presents their challenge coin in a pub, then every other group member needs to present their challenge coin. The last person to present their coin has to buy the rest of the members a round of drinks.
Challenge coins are popular among members of the military but they can be for all kinds of other groups too. Today, you’ll find challenge coins for firefighters, police officers, sports teams, and business executives.
The Importance of Knowing Tips on Starting Coin Collections for Beginners
Starting coin collections can be exciting and rewarding. And by following the tips above, you’ll be able to get started more easily and quickly.
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