Coins pass through our hands on a daily basis. Most people never look twice before passing them along.
But the exchange of metal began as early as 5,000 B.C., and modern collectors seek out coins from hundreds of years ago. This makes coin collecting an exciting hobby.
Anybody can hold onto a pile of change. But becoming a successful coin collector takes skill.
Read on to learn how you can successfully collect coins!
Learn About Numismatics
Numismatics, or the study or collecting of coins, requires special knowledge. You must learn the economics of coin collecting to know where to focus your time and other resources.
Scarcity
The law of supply and demand tells you to seek out scarce coins. Mintage refers to the number of a specific coin produced.
The fewer coins produced, the lower the mintage and the higher the value due to scarcity. Times of hardship often lead to a lower mintage of specific coins.
Condition
Coins get tossed in fountains, pass through hands, and even end up buried for years. The scarcer the coin, the less likely you will be to find one in mint condition. For a coin collector, the better condition of your coin, the higher its value.
Material
Some old coins hold little value due to their composition. Study your current resource market to get an idea of which metals carry more worth. Then learn where and when coins were made with that specific material.
Collector Demand
Who actually wants what you have? In the world of coin collectors, desire determines value.
The above factors will help determine this. Some special collectors go off the grid and will offer big money for coins that do not seem to otherwise hold value, so keep an eye open for that as well when you come across coins.
Specialize Your Collection
We only touched on the factors you must understand as a coin collector. Success comes with detailed knowledge.
If you attempt to collect all types of coins, your research will spread out all over the place. This means that you end up knowing less about each category of coins.
Specialize your niche so you can become an expert. For example, are you cooling for a military challenge coin to add to others, or do you want old European coins or special US coins?
Connect With Collectors
Who you know counts as much as what you know when seeking out collectible coins. Connect with other collectors to learn who wants what and how to find certain items.
Join the American Numismatic Association to gain access to their database and to network with fellow collectors. Reach out, ask questions, and share information to build success.
Become a Coin Collector
As William Wadsworth once said, “To begin, begin.” Decide your niche and start with one coin, even if it holds little value.
As you research and go after each coin, you will meet people and gain a greater understanding of how to succeed as a coin collector.
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