An Insider’s Guide on Rare Coin Collecting: How to Build a Treasure Trove
Are you looking to start a new hobby? Do you want something that comes with a sense of history? Do you prefer something that comes with the potential for great value in the future?
Then rare coin collecting may be the perfect hobby for you.
Though the coin collecting community is facing new challenges because of the pandemic, the idea of starting a coin collection remains bright. And when it comes to building a coin collection, it takes a lot of research, preparation, and some tools.
But how exactly do you build a coin collection? How do you know if you’re buying the right coins? Continue reading below for an insider’s rare coin collecting guide for beginners.
Start Your Rare Coin Collecting with Some Research
To start a successful rare coin collecting, you need to build the right foundation. This foundation is knowledge about coins and coin collecting. Thus, before buying any rare coin, you must first do your research.
Begin by understanding how to determine the value of a coin. Though rare and collectible coins generally fetch a substantial resale potential, some of them do stand out head and shoulders in terms of value.
When it comes to coin valuation, there are different factors that play crucial roles. There are also different values that contribute to the coins’ overall value.
First, there is the face value. This pertains to the coin’s value if you were to use it as currency. Another is the intrinsic value, which determines the value of the coin’s pure metal content.
The grade of the coin is another factor to consider. This involves the current condition of the coin. This is where the terms “Good” and “Mint State” come into play.
Last but not least is the coin’s rarity. And since you’re looking to start a rare coin collection, this factor will be the most important one for you. Generally, the rare the coin is, the higher the market value it commands.
Also, you want to learn about “mint lingo.” This pertains to the different terminologies coin enthusiasts use when dealing with coins and fellow collectors.
Go Small and Simple…For Now
This is the phase where you want to define the type of coins you want to collect. Rare coin collecting covers an extensive line of selections. These rare collectible coins come in different forms, shapes, and sizes.
But as a newbie, it is best to start small and simple. Since rarity is your priority, the biggest factor to consider is the year or time period the coin came from.
For example, you can start your collection with coins that came out during the US Civil War. Alternatively, you can go for coins that feature a specific design coming from an old period.
You can also align your collection with the metals the coins feature. Ideally, precious metals like gold or silver are two of the most valuable options. The good thing about these two precious metals is that a lot of rare coins use them as a base.
Another option to consider is the rare military challenge coins.
The secret to starting a collection is to not put too much pressure on yourself. Take your time in searching for the right coins. Start small and learn about the coins before purchasing one.
And of course, make sure you are collecting coins that you truly like.
Build Your Toolkit
Since you are collecting rare coins, you want to keep them in great shape. Hence, you need to invest in a good toolkit. The good thing about this is that you can create your personal kit.
This means you don’t need to spend a lot on buying coin care equipment.
The contents of a toolkit may vary from collector to collector. However, there are essentials that you should never miss out on.
First, invest in a good magnifying glass. You want something that comes with at least 7x magnification. This will help you see your coins especially the smaller details clearly.
Next, you need a notebook or a set of index cards. But if you don’t feel going old school, tracking software is a good alternative.
As for keeping your coins safe, you need to get a durable storage holder. This will be your coins’ fortress against harmful elements that may affect their condition.
You also need to get a good set of cotton gloves. You need to wear these gloves every time you’re handling your coins. The key is to keep your coins safe and dry at all times.
Lastly, you need to get a good coin reference book. This basic book will come in handy especially when you need to find out something about certain coins.
Find the Right Sources
Now that you have the right materials, you can start with the actual coin-hunting. When can you get these rare coins? Thankfully, there are many viable sources out there.
However, you need to do your due diligence before parting with your money. Since there is a pandemic, you can begin your search by going to various reputable websites. The key is to ensure that the online store is legitimate.
Check if the site is secure. This is crucial since you will be giving them your personal information. Another option is to visit trusted pawnshops.
But if you go this route, do your research on the true market value of the coins. You don’t want to be paying more than the amount you should.
Last but not least, consider joining trade shows. These events are also excellent venues to connect with fellow collectors. Here, you can learn the ins and outs of coin collecting from genuine enthusiasts.
Join a Coin Club
And speaking of coin enthusiasts, you need to consider joining a coin club. The good thing about joining a club is the knowledge and information that you can learn from other collectors.
Here, you can get tips and advice on anything and everything concerning coins.
Learn More About Rare Coins and Collectibles
Rare coin collecting is one of the most interesting hobbies to start. Not only will it help you appreciate history, but it will also give you something that you can proudly pass on to the next generation. But there are many other things to learn once you start collecting these valuables.
We invite you to expand your knowledge by reading our other articles. We discuss topics that will guide you in your new hobby.