After years of experience working with individuals who own rare coin collections of all variations, Numismax has a few Tips for Starting a Rare Coin Collection for those looking to start their very own coin collection. Obviously everyone has a different experience when it comes to how they started collecting coins, but here are some useful tips on the best routes to take after you make the decision to start becoming a numismatic collector.
– Take inventory of the coins you already have. Perhaps you have inherited a small collection from a relative or have found some rare coins around your house, these are all great ways to kick-start an interest in starting a coin collection.
– Find coins or a series of coins that interest you – rather than choosing a series solely for its current popularity. Your interest in coin collecting will tend to stand the test of time if you begin collecting rare coins that you’re enthusiastic about.
– How much do you want to spend per month? After determining what type of coins you will be searching for to build your collection, it’s important to set a realistic budget for yourself. Make sure when you’re visiting a coin shop or auction that you have a specific amount of money you are looking to spend, if not you could end up spending more money than you had intended!
– Do your research – whether online or buy a book about numismatic coin collecting. Getting educated before setting out to purchase coins worth a great deal of money is essential, there are many untrustworthy people out there selling coins at inflated prices. Knowing your facts and current industry prices is a great way to ensure you don’t get swindled.
– Become familiar with the numismatic grading scale and learn about the major 3rd party grading services and what they do. When you’re looking to buy coins to add to your collection, know what the right qualities to look for in a coin.
– Learn how to take good care of your coin collection – simple mistakes could drastically change the value of your coins. Keep your coins in a dust-free environment, never loosely in bags or sleeves, preferably encapsulated. If your coin collection is of high value, storing your collection in a bank or safe is a smart way to keep it protected. When handling the coins, never touch the faces or surfaces, only touch the perimeter.
Ultimately know what you want your long-term goal to be with your coin collection. Do you want to fill up your coin display case quickly? Or, do you want to spend time building your collection and finding coins in a specific series? Really figuring out what the purpose of your collecting determines how you go about searching for your coins. If you have a rare coin collection needing to be appraised, contact Numismax today for assistance!
