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How to become a coin collector

Coin collecting can be a satisfying and enjoyable hobby if you know what you are doing. Serious coin collectors constantly study and keep up-to-date on all information to make smart purchases. For those starting out, there are some key rules to remember before making a first buy.

Getting started

Educating yourself The most successful collectors take the time to learn everything they can about coins. They study coin history, value and the market as well. To learn about coins buy as many books as you can and read as much as you can. Look for books on coins and catalogues which demonstrate about the kind of coins you are interested in collecting. Study the price guide and the market to learn about how the values of coins are affected by date, condition and demand. Talk to other collectors, visit dealers and ask questions. Choose a specialty It is hard to start a hobby that is as large and widespread as coin collecting if you don’t have a specific coin or collection in mind. Find something that interests you and catches your attention, so that you can focus on one specific area. When you become a specialist in a certain type of coin or collection, you are able to make smarter and better purchases when you buy. For example, if you are interested in the royal coins, you have set a boundary and a focus for your collection.
Have passion You must think like a coin collector and have passion for your hobby; otherwise, you lose interest and waste money. Buy coins that you love, not just to add to a collection. Without the passion, you may end up purchasing coins you hate and grow tired with your hobby.

Buying coins

Start smart When starting your collection, start small. It is okay to start with a coin set or two purchased from dealers, but your first purchase should not be a £500 coin. Look for coin sales when you begin to help you get started. Where to buy Coin dealers are not the only places from whom you can buy coins. Visit coin auctions, go to coin shows and join a circle of collectors who trade and buy/sell from each other. Inform friends and family of your hobby and what you are specialising in to give them the option of coin gifts for the holidays. Be prepared Coin collecting is not a cheap hobby. Be prepared to spend some money but be smart about it. Look at quality versus quantity. A small collection of valuable coins you love is much better than a large collection of a mishmash of coins of little or no value.

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