Coin collecting can be both fun and profitable, and collecting American coins is sometimes thought of as a kind of history of the United States. Newcomers to coin collecting, which is properly known as numismatics, are usually advised to educate themselves before they start laying down their hard-earned new money on collectible old money.
There are many different ways to start a coin collection, and seasoned collectors sometimes say they got started when they found an old or unusual coin in their pockets that they picked up in some ordinary transaction. Others simply became fascinated by coins in someone else’s collection and decided to go into it for themselves.
Experts say that the first step in building your first coin collection is to identify an area that interests you. It might be coins of the nineteenth century, or nickels from the turn of the century, or it might even be paper money. Whatever the decision there are several ways to determine your focus. It might be Statehood quarters or obsolete National Bank Notes, or coins from around the world.
Whatever you focus on, an important factor is going to be budget, and how much you are able to spend on the hobby. Generally speaking, a complete collection of older coins is going to cost more than an incomplete collection, or one that is more recent. Each series of coins features Key Dates, including scarce or low-mintage issues that you’ll need to complete a series, which in turn will command the highest price from collectors.
The owner of Kenneth G Rare Coins in Mishawaka, Indiana began collecting coins during his childhood. His store specializes in rare coins, as well as precious metals, jewelry, and other valuables.