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You’re curious. You want to start an investment. Or you’ve just received a few prize coins from your grandfather’s estate. Whatever the reason, you want to start a coin collection. But how? With thousands of types of coins to collect, it can be overwhelming knowing where to start. There a few key points to think about before venturing into the fascinating world of coins.
INVENTORY CHECK
If you’ve recently received a collection from a relative, that’s an excellent way to dive into collecting. Do some research to see what they have and what it is worth. Or, if you have a coin you’ve kept around because it’s unique, again that’s a great launching point. See what it’s worth and if you can obtain others in the collection.
BUDGET
If you don’t have any coins and are starting fresh, first and foremost you should establish how much you can afford to spend. With as little as $50 you can start a basic and easily attainable coin collection. Knowing your budget will help manage expectations. Choosing coins that are still in circulation is a smart way to get your feet wet. If you decide coin collecting isn’t for you, you can trade them back in for dollars.
BY THE BOOK
Investing in a coin book is very important. It will give you the cost of each of the coins in a series. There are a few different options and they are affordable.
FOCUS
With many series of coins, you need to choose one to focus on. Your budget will have a large hand in choosing a series. Some series, such as the Buffalo Nickel, are much more expensive to complete a collection due to several rare dates and mints. It can be best to do research on an easier and cheaper collection like the Jefferson Nickel.
FINDING A DEALER
Now that you have the series you want to collect, and maybe you’ve already acquired some coins from it, you need to find a coin dealer to talk to about the rest of them. Doing your research will help you to target a coin dealer that has a great reputation and a decent selection. They should never pressure you into starting or buying a coin collection beyond your means.
