Collecting coins is easy, and all coins can do. Collecting coins is fun, safe and educational for you and your child. Many believe that you have to buy coins to start a collection, but you can start simply with the change in your pocket.
Steps
Step 1. Don't assume that all old coins are in bad shape
If you buy coins, on the other hand, do not believe that they are in good condition, especially if they are more than 500 years old. Of course, if the age of the coin increases, very good conditions add more value.
Step 2. Get something to hold the coins
This doesn't mean you have to buy eye-catching purses (although these can keep them in better condition). The purses can be quite cheap, or you can use an old shoe box or butter container.
Step 3. Keep the coins in a safe place
If you buy expensive coins, invest in a safe deposit box and containers that do not damage the numismatic value.
Step 4. Decide what you want to collect
- You could collect foreign coins or those of your country.
- You could collect small coins or larger coins.
- You might like to collect coins in folders to try to complete series in circulation throughout your life.
- You may like to collect uncirculated, out-of-circulation coins, such as those available in the United States since the 1950s.
- You may like to collect uncirculated, out of circulation coins minted for collectors.
- You could collect uncirculated silver series (cheaper than gold ones) that are very beautiful, and their value will increase (or decrease) according to the fluctuations in the price of silver.
Step 5. Ask friends and family if they have old coins and if it is possible to have them, or offer to buy them, whichever seems appropriate
Step 6. Check with your local banks or financial institution
Many sell briefcases or bags of coins at face value.
Step 7. Increase your collection by going to the coin exhibitions
You can also visit local retailers to look for bargains, and you can almost always find a cheap coin box suitable for children and adults.
Step 8. Note that some people recommend collecting out of circulation coins
A modern coin in circulation is typically only worth its face value, although there are exceptions to this rule.
Step 9. Try to understand the valuation of the coins
Valuing coins is often difficult and people have a tendency to overvalue their coins. Also be aware that the US valuation system offers higher prices than the UK, for example an American currency valued "Brilliant" may be worth less than a currency valued "very fine" in the United Kingdom.
Step 10. Also note that the US valuation system has problems pricing hammered coins, that is, hand-made (with hammer and hand-held molds) as opposed to knurled ones (which are machine-made)
Step 11. Coins can be a good investment
The currencies have grown in value more than the inflation rate, as well as the interest rates paid by the banks. If you buy and sell carefully, there is money to be made.
Step 12. One of the best ways to "buy and sell carefully" is to research before buying
There are many books on the market. First the catalog with basic information and prices. Then there are books available on specific series (Lincoln's Cent), types (ancient coins, minting errors, gold coins, tokens and medals etc.). There are important books for establishing the value of coins. The books are available on most topics concerning the collection of coins or numismatics as it is more formally known. Knowledge is to understand the difference between a rare coin and a common one.
Advice
- Always keep the coins at the edges. This will avoid wear and fingerprints on faces, which are what really matter.
- If you are planning to buy an expensive coin, a good idea is to buy a "certified" coin, that is, a coin that is valued by an independent service such as PCGS or NGC. This gives the coin a more concrete value.
- Do not collect coins of little value and consider the coins for what they are worth. Put your passion into it. Make it an affordable hobby.
- Remember that the evaluation, even if done by a professional service, is subjective… and subject to variations!
- Expect retailers to charge commissions (usually 20 percent on purchases or sales). To avoid excessive fees, however, find a reputable dealer and use an equally reliable coin pricing guide. For example, in the United States, The US Coins Guide Book, or The Red Book are the best.
- If you are collecting with a child, the best thing to do is probably to collect foreign coins, not all the old ones. In this way, you can combine knowledge of other cultures at the same time. You could also collect the last coin of a country, as long as it was not taken out of circulation more than 500 years ago.
Warnings
- Be careful when buying coins from online auctions. Unscrupulous sellers often over-declare the value or condition of the coins. Also, there are frequent complaints about sellers not delivering the coins.
- Avoid collecting ancient Chinese coins, as they are easy to imitate and you should be an expert on Chinese coins to determine if they are genuine.
- Avoid keeping coins in jars, shoe boxes, or most plastic containers. If the coins rub against each other, their value can be zero. In addition, some materials cause chemical reactions which can negatively affect the value of the coin.
- Polyvinyl chloride can damage coins. Over time, the green adhesive film, which can migrate from the container to the coin, can cause severe damage.
- Many times when buying coins, some offers can be "too good to be true". Always inspect the coins before buying and try to figure out if the coin has been counterfeit or is a replica of the original. You may find out later at the time of selling that the coin you thought was worth thousands is actually a copy or counterfeit.
- Realize that currencies are speculative investments, that is, values (and prices) can go up or down.
- Make sure you have enough information about the coins you are planning to purchase. There have been many complaints about counterfeit ancient coins being produced in large quantities in China. If you buy coins through the internet, check that the seller has a good reputation.
