You might think that a coin collection requires you to have a lot of disposable income, but that’s not necessarily true.
Every coin collector has to start somewhere, so there’s no reason you should let money stop you. If you’re a history buff, collecting coins is one of the most rewarding things you can do.
In this post, we’re going to tell you how to start a coin collection from scratch and give you a few tips for doing it on a budget. There are thousands of rare and collectible coins out there, some of which are pretty affordable, so keep reading and get your coin collection started on the right foot.
Start With a Specific Area of Interest
All coin collectors start with one specific area of interest. It’s important to do this so that you can narrow your focus. If you come at coin collecting with a broad focus, you’ll end up with a mish-mash of different coins that don’t necessarily make up a good collection.
Your niche can be anything your heart desires, from police challenge coins to classic US coins. Once you’ve picked something out, it’s time to start researching the coins themselves.
You can find more about police challenge coins and classic US coins online. You’ll be surprised how many other coin collectors there are out there who are ready and willing to talk about their favorite coins.
Learn all you can about different series, coin types, dates, makers, and mintmarks before you start buying. Make sure you’re going to reputable sites, like Redbooks and professional grading services.
Grading Explained
The grading of a coin is basically the comparison between its current condition and the condition it was in when it was new. Higher-graded coins are more likely to be in mint condition, which means they’ll have better detail and finish.
Coins with high grades are worth more, so if you’re sticking to a budget, it’s better to start with more affordable low-grade coins. Build out your collection, moving towards better grades as it grows.
Setting a Budget and Choosing Coins
You have to set a weekly or monthly budget for your coin collection. If you don’t, you could end up spending too much too quickly. Set aside a certain amount of money to buy a coin or two each month and don’t exceed it.
Start by choosing coins that are original and visually appealing. All coin collectors will look at how attractive a coin is before anything else. A coin that has its original surface is more desirable than one that’s been refurbished.
The key to putting good coins in your collection from the start is finding the right dealer. There are plenty of reputable coin dealers out there, but you have to be careful of scammers as well. A good dealer shows interest in your collection and helps you find coins that fit your niche.
Learning How to Start a Coin Collection
Now that you know how to start a coin collection, you can set a budget and start doing your research ASAP. Once you get started and learn how to discern between good and bad coins, you’ll see your collection grow and grow. There’s nothing better than looking back through a collection that you chose and grew on your own.
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