Coins have long been used as a currency dating to ancient civilizations. Due to their history and unique traits, it was a matter of time before collectors began seeking and buying rare and valuable coins. If you’re fascinated by the look and history of coins, exploring coin collecting is worthwhile to see if it’s a hobby you’ll love.
Every collector starts somewhere, and collecting the first pieces of your beginner coin collection is a fantastic place to start. Still, there’s much to know when you find coins to collect. Knowing the ins and outs will help you get the best deals.
Luckily, you’ve arrived at this illuminating guide on coin values and the best tips when collecting. Continue reading to become an expert collector today!
Table of Contents
Don’t Spread Yourself Too Thin
The coin bug bites hard after you dip your toes in the water. One of the worst things to do after starting a beginner coin collection is become addicted to collecting and spread yourself thin. The typical pattern is that a coin collector will attempt to become a collector of everything.
Enthusiasm is an excellent resource, but it’s best to focus on a niche within coin collecting when getting started. Collecting everything will burn through your finances and create unnecessary stress. You’ll also burn through your energy, chasing every lead to find the next coin to add.
Another drawback of spreading yourself thin is a varied collection. You’ll find little cohesion in your collection. The collection will look like odds and ends from different eras and countries.
Take things slow and focus on the coins that resonate with you. If you prefer to avoid having downtime between purchases, find an additional collection to pursue. It will keep you busy while you wait for the next coin to enter your life.
Study Your Series
Gaining more knowledge on the series of coins you want to collect is an outstanding way to prepare ahead of an investment. Your efforts will help you become one of the foremost experts on the coin series. Your studies can come in several forms.
Many coin collectors enjoy learning about the history behind the coins in their specialized series. Other collectors place a premium on the rarity of coins and the overall coin values.
Each hour you spend researching your favorite coin series is beneficial for yourself and others who want to learn about collecting coins. It’s a step toward growing your expertise and sharing your passion with others.
Establish Quality Relationships
Coin dealers are the most reputable source for coin collecting. Establishing solid relationships with at least two coin dealers is an excellent way to find coins to collect as they come in. You’re making a mistake if you believe becoming a coin collector is possible without outside help.
The best collections are joint ventures. You’ll need to accept that you’ll rely on coin dealers to find additions to your favorite coin series. The rarity of some coins is too high to find them without help from industry experts.
Invest in building relationships with these dealers to get an early notification and access to the latest options. Your friendship will result in a right of first refusal in the coin-collecting world.
You can find many coins you’ll want to add on sites like eBay, but the rarest options will come through your connections with coin dealers. The quality is also much higher when you purchase through a coin dealer instead of a peer-to-peer selling website.
Don’t expect to build a complex collection of coins without help from your friendly dealer. It’s one of the first steps to take when you commit to a beginner coin collection.
Think Like a Collector
Entering the coin-collecting world with the mindset of an investor will not pay dividends for your entertainment, happiness, or budget. The best collectors have a knack for building a fortune despite themselves.
Coin investors have a knack for buying the wrong coins at the incorrect price and taking a significant loss. It’s standard operating procedure for these individuals to buy high and sell low.
Collectors focus on buying coins and collecting series more because they love the coins and collections. These individuals have a habit of hanging onto the coins and collections for a long time before selling them at a substantial profit.
The irony is that collectors have no interest in making money from collecting coins. If you want to start a beginner’s collection, proceed with the mindset of a collector. You’ll have more fun and enjoy more success.
Buy for Looks
It sounds shallow, but the best approach to buying coins as a coin collector is to save your money for the coins that look the best. The only exception is if you become a specialist in a specific coin series. If you’re not a specialist, it’s wise to save money for pristine coins within your collection series.
A 1964-S Half Eagle is a coin worth buying no matter its condition due to the high demand and low supply. If you plan to buy a widely available coin, it’s worth waiting for an option in mint condition to get the most value for your money.
You’re making a massive mistake throwing money at a coin only in decent condition. Ugly coins will not add much to your collection, and they’re much more difficult to sell than beautiful coins. Buy these Silver Coins to add to your growing collection.
Pay for Quality
When collecting rare coins, you get what you pay for. You’ll need to create a budget to invest in top-quality coins to add to your growing collection. Most quality coins aren’t cheap, and most cheap coins aren’t quality.
The access to coin dealers online makes finding quality and comparing prices more straightforward than ever. You have all the information you need to make a wise purchase at your fingertips.
The variable that changes the coin values most is the coins’ abundance (or lack thereof) and the demand for them. You’re unlikely to find impressive additions at cut-rate prices when you attend auctions or attempt to buy from a coin dealer online.
Expect to compete with multiple buyers to get valuable, beautiful coins that add to your niche. If you’re unwilling to budget your cash and make a competitive offer, you’ll struggle to buy new coins, and your collection will stagnate.
Weigh the opportunity costs and determine if you can recoup your value if you sell in the future. Use your ability to make the money back as a way to justify seizing the opportunity.
Trust Your Gut
You must trust your gut instincts when taking the first steps toward becoming a coin collector. Your body’s first instinct is often correct, and you’ll miss out on quality opportunities to make rare and wise purchases when you ignore it.
Instances, where you must force yourself to like a coin, demonstrate that your heart doesn’t need or want that coin. The same principle applies to coins you’ve done extensive research on. If the price is set much higher than research indicates, let the opportunity pass and hold onto your money.
Your gut instincts should also apply to the coin dealers you contact and work with. If something in your gut tells you not to trust the coin dealer, it’s best to move on. You risk losing substantial money by working with individuals displaying red flags.
Learn the Pricing Basics
Your beginner coin collection will continue gaining value as you add more coins to it. It’s an excellent problem to have, but you’ll need to determine how to price your collection as it grows.
The primary mistake most coin collectors make when getting their feet wet is overpricing or underpricing their collections. Research is your best resource to determine what your individual coins and total collection are worth.
Coins that are traded frequently are the easiest to track the pricing of. Rare coins are where things become more complicated. It’s best to seek help from reputable coin dealers for advice on pricing for these rare collector coins.
Stay Patient
The excitement of pursuing your new passion for coin collecting is natural, but you must manage your emotions and learn how to stay patient to get the best results.
Many new collectors become hooked on coin collecting after buying their first few coins. One of the worst mistakes you can make is to sell your existing coin collections at a discounted rate to fund the purchase of a rare coin.
Beginners often start with coins that are easy to find, purchase, and collect. It’s the perfect storm to create a collector who lacks the patience to research and find rare coins for the collection.
Use patience to find the coin you’ve spent months or years looking for. The feeling of finding it and having the budget to purchase it will be a significant reward for your patience. It’s also a remarkable learning experience you can apply to other facets of life.
Don’t Learn to Grade
Learning to grade coins is a tedious process that provides little benefit to collectors. There are more essential parts of coin collecting to invest time and energy into learning.
It’s best to focus on the coin’s natural color, whether the surfaces are original, if the coin is well-struck, and if it’s new or not. You can use this information to get the best deals, but most coins you consider will be in the top 10 percent of grades.
Benefits of Collecting Coins
Now that you’ve learned the tips you can use to find coins to collect, it’s wise to discover the benefits you’ll enjoy from your newfound passion. Collecting coins is a rewarding experience if you can remain patient. It’s an opportunity to learn about currencies, history, and yourself.
Here’s a look at the perks of collecting coins.
Money-Making Opportunities
As mentioned earlier, becoming a coin collector with money-making as your primary objective is a mistake. Many investors lose money when attempting to profit from the rare coin market.
Entering the coin collector world with an eye to building an impressive collection is the best approach. Doing so will help you earn a substantial return when you decide to sell. You can use that return to fund your next rare collection.
Satisfaction
Having the patience to wait for the perfect coins to collect is challenging. When you do find coins to collect and your patience is rewarded, it’s a satisfying feeling.
Another satisfying aspect of your beginner coin collection is how it looks after you’ve completed the set. You’ll feel proud of your patience and determination to collect coins.
Challenging
Keeping up with market changes and coin values takes time and effort. If you enjoy a challenge, you’ll become hooked on coin collecting. It’s best to work with a reputable coin dealer when you dive deeper into collecting and begin seeking rare coins.
Stress Relief
Your new passion for collecting coins is also an excellent way to relieve stress. You can take a break from work and other events happening in the world and focus on tracking down the next rare coin to add to your beginner collection.
You’ll feel your stress sliding away when you look at the coins you’ve collected and consider the history of each. It’s a fantastic way to let go of any negative thoughts or emotions through your coin collection.
The coins will take you to your world. It’s the perfect place to relax and recover.
Start Your Beginner Coin Collection Today
Researching and forging connections with coin dealers is the best approach to starting a beginner coin collection. Remain patient, and focus on a coin series to learn about and collect.
Enter the realm of coin collecting with a positive attitude and a collector’s mindset. Your patience and knowledge of coin values will help you find the best deals on beautiful coins.
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