Have you thought about taking up a new hobby? Do you find coin collecting fascinating, but so far you haven’t thought about it as a way to spend your time in an exciting manner? Maybe the only thing in your way is the simple fact that you don’t know enough things about it. We are here to help you by offering you a list of rules of coin collecting that any beginner should know so that you can avoid bad deals.
Make reasonable purchases from the get-go
Many people feel tempted to believe that they only need one lucky deal and they can get rich. But many professional coin collectors can make such dreams shatter just by examining the coins brought to their attention in this manner with a magnifying glass.
First things first, if you are looking to become a coin collector, you need to learn about coins. Do not throw thousands of dollars on a single item – unless you’re a millionaire and don’t care about losses – and don’t bet on lucky hunches.
There are no such things when it comes to the arduous and exciting hobby of collecting coins. There is, however, a lot of knowledge involved. Also, while you learn, purchase coins that are priced reasonably. They will make the basis of your collection. It is a great starting point.
Learn how to store and handle your coins properly
You might think that since coins are made of metal, nothing can damage them unless you pick a sledgehammer and you start trying to make them flat. However, despite this widespread misconception, coins need proper storage conditions. Environment conditions and other factors can damage their surface.
If the design on a face of a coin becomes difficult to see or there are scratches and other signs of damage, the value of that coin decreases. That is why this rule is essential for those who are mere novices.
Don’t attempt to clean your coins! Any coin that undergoes a cleaning process is considered damaged by professionals and, therefore, you end up with nothing but a piece of metal in your hands. When you handle your coins, make sure that you wear latex or cotton gloves. Try to pick the coins only by the edge. Such measures are essential for keeping the value of your coins intact.
A coin collection will not be as extensive as you want it to be overnight. This is one of the best pieces of advice someone who is just starting out can receive. Start with an idea. What sort of coins do you want to collect? How would you like to keep your collections organized?
Be aware of situations when you might feel tempted to throw some money just for the sake of completing a collection in the making. Avoid such mistakes. If a deal sounds too good to be true, then that means it is.
Hunt down the pieces that are not yet part of your collection. But always make your purchases from reputable sources, and ask for any certifications and guarantees that may be available.
Consider investing in good equipment
Some coin collectors prefer a magnifying glass for coins as the only piece of equipment they need for examining the pieces in their collection. However, the same people tend to have a pretty well-trained eye, and that means that they need only this type of visual enhancement to notice the tiniest details on the coins they collect.
Such a tool is indispensable for beginners, too. It is not expensive, and you can use it while you learn about different coins. However, if you want to examine a new coin that comes to your attention correctly, you might find that a dissecting microscope for coins is a better tool for this purpose. Some models are not that expensive, and while they might cost a bit more than a piece of glass that magnifies details, they are still a good deal.
Get to know people in the coin collecting world
Coin collecting might not sound like the type of hobby that requires someone to perform a lot of networking, but the truth is, getting to know the right people is essential for being successful in this type of activity.
Where can you find such people? One idea would be to join a coin collecting club. Here you will most likely find other people like you that might have information to share. It doesn’t hurt to attend coin auctions and other related events, as there you will be able to find out about rare coins, their value, and other details that you might not be able to get anywhere else.
Coins are a long-term investment
Coin collecting is not the type of hobby you should expect to yield results from within a short time. A coin you buy today will not change its value overnight. Unless you’re fortunate and you stumble upon an incredible deal, or you find your great-grandfather’s old collection, it is not possible to make a fortune by buying coins today and selling them tomorrow.
Think of your coin collection as a long-term investment. Everyone who is serious about this hobby knows this simple truth well. That is why your chances of finding incredible deals are close to naught. People passionate about numismatics are connoisseurs, and they won’t give up on a valuable coin.
Aim for high value
Do not think of your coin collection in terms of quantity. That is a rookie mistake and one that professional collectors never make. A vast collection of one dollar coins is nothing compared to a handful of coins that are valued at thousands of dollars, if not more.
When you make a purchase, search for high-value coins. Get the best price you can. The more valuable coins you have in your collection, the more value your collection as a whole will have. Such a simple rule should put you on the right path of collecting pieces that will bring an extraordinary satisfaction to the collector.