Coin Collecting 101: Where to Start

Coin Collecting 101: Where to start?

  1. Figure out what areas interest you.

    • Currency? Colonial, Confederate, Obsolete, Federal, Etc.
    • Coins? Choose from US Coins, World Coins, Ancient Coins, Silver, Copper, Etc.
    • Precious Metals? Gold, Silver, Palladium, Platinum, Etc.
    • Rarity? Try collecting die varieties: VAM for dollars, FS – for type coins, Etc.
  2. What is the goal of collecting?

    • For fun? The sky is the limit! Keep an open mind and enjoy it!
    • A short term investment? Invest in something you are confident you can turn for a profit quickly. This requires lots of concentration on current auction prices, upgrading coins, following the market closely, and many other industry related items.
    • Long term investment? You could invest in precious metals and numismatic items that have recently dropped in price. The value will likely go up sometime in the future!
    • Are you trying to pass down a collection to a future family member? Collect what interests you and can retain value long term. Keep in mind, your family will most likely have an attachment when you leave the items to them.
  3. S.G. Rare Coins, Inc. suggests investing in graded coins and currency. This is a guarantee of authenticity by a third party grading service and is easier to sell in the future.

  4. When purchasing coins, be sure to look for a reputable company that is a member of the PNG, ICTA and/or is an Authorized Dealer for PCGS, NGC and/or ANACS.

  5. Research!

    • There is a multitude of information on the internet.
      1. and provide a lot of detailed content and price guides for most coins. There are even guides to how coins are graded and certified.
      2. Check eBay to see recent sale prices of items.
    • Go to a local coin show to look around and ask questions.
    • Don’t underestimate the local public library.
  6. You are now ready to shop!

    • Keep in mind, there are no guarantees in life, therefore there are no guarantees in numismatics.
    • Investments of any type can make a profit or yield a loss. Be prepared for either outcome.
  7. Have fun with your new collection!

Do your research to become a well-informed consumer, ask questions and you will be sure to enjoy your new hobby!

Leave a Reply

Your email address will not be published. Required fields are marked *