Are you getting the itch to obtain a new hobby of collecting something meaningful? Have you always found coins and the history behind them to be interesting? If so, then you should consider starting a coin collection.
Doing so can help you get the most of your collection. It will become a fulfilling hobby that you and your friends enjoy discussing and learning all that you can about. You need only consider a few factors before you get going!
See below for an in-depth guide on what expert coin collectors say you should consider before you start your very own coin collection!
1. The Purpose Behind Your Starting A Coin Collection
Ask any coin collector about their collection and they will all tell you the very same thing: there are true purpose and passion behind their coin collection. Each coin in their collection holds sentimental value to them.
It’s what keeps them going. It’s what keeps the desire alive to continually add to the coins they have, learn about new ones, grow their knowledge, and even attend local events to grow their collection further.
Think of it as a hunt. Without knowing what you’re looking for or why you’re doing this, you won’t give it you’re all.
You can look at this as a big-picture investment as well. It’s a hobby and tradition that will carry on with your family for years to come. Here are a few reasons people decide to start collecting coins:
- To pick up a hobby that teaches them more about history
- To start a coin collecting business
- To continue a family tradition or legacy (their grandpa collected coins, dad collected coins, etc.)
The reasoning behind it can be unique to you. All that matters is that your purpose drives you to build your collection further. Otherwise, what’s the fun in doing it at all?
2. What Will You Collect?
For all of you beginners out there that have said “I want to collect coins”, you should know… that’s a very generic statement. There are many types of coins that you can collect.
For example, you might collect things like:
- Military challenge coins
- 50 State quarters
- Coins from different currencies around the world
- Historic coins
- Memento coins & more
You can collect any number of these. All that matters, as we just pointed out, is that the coins have special value in your eyes.
Once you know what you want to collect, you can start learning all that you can about that industry. For example, if you’re interested in collecting military challenge coins, then you can start by reading this military challenge coins ranking list, which points out the rarest challenge coins of all.
You can also think of how you’ll collect them and where you’ll store your collection to keep them safe and organized. For example, Lincoln cent collectors can invest in awesome binders where they can safely store the pennies that they find by year.
Once you commit to collecting a certain type of coin, you can commit all your time and energy to find the rarest and coolest coins of all.
3. How to Clean Coins
As you’ll undoubtedly find out when you trade coins with others, some people don’t clean their coins as well as they should. This is especially true when you buy a coin from someone that isn’t a collector.
Needless to say, you’ll want to figure out a routine way to clean the coins that you collect. This will put them in optimal condition to store inside your case of preference.
The good news is that the proper method for how to clean coins isn’t overly elaborate. Follow these few steps:
- Rinse out the coin on both sides with distilled water or place the coin(s) inside a bowl that has distilled water
- Set a timer for about 5 to 10 minutes to let the coins soak.
- Grab a soft towel and gently dab at each coin, do not scrub, until the coin is completely dry.
- Set each coin on a separate soft towel to let them air dry. Keep out of direct sunlight.
4. Join Coin Collection Clubs and Forums
These days, it’s easier than ever to get connected with different groups of people that share the same interests that you do.
If you really want to grow your collection and knowledge, you need to engage with like-minded people. These groups can alert you to new releases, help you find people to trade with, and so much more.
There are many places you can go to find coin collecting groups. You can join a Facebook group, find a Quora cluster (or start one), follow coin collecting blogs, and so forth.
5. Remember to Take Your Time
One of the most dangerous things you can do as a collector is spending too much money at any given time.
Many beginners get too excited about their new hobby and pour a bunch of money into it upfront. You need to give this hobby and passion time to grow.
The goal isn’t to collect everything right away. The goal is to keep this enjoyable and rewarding, slowly adding to your collection as you go.
Use These Tips When Starting a Coin Collection
Now that you’ve decided to start a coin collection, you must use these factors to show you the way.
Remember, it’s a marathon, not a sprint. Ideally, you’ll be doing this for the rest of your life and enjoying every single second of it! That’s all that matters in the end.
Be sure to browse our website for more articles on coin collecting, as well as many other helpful topics that you will enjoy reading about.