A Beginner’s Guide to Collecting Coins
Coin collecting is not as hard as it looks. The activity is safe, educational and fun for collectors of all age groups. Many of the beginners however, are under the impression that collecting coins requires heavy investment. With so many precious and rare coins out there, one needs a large capital base and storage space to collect and store such coins respectively. The truth, however, is far from it.
If you’re a beginner on a lookout for coins worth collecting, then here are a few steps to guide you through the process:
Step 1: Start with your Wallet
You do not need a lot of money to buy coins. You can even start from your own wallet. If you have coins of another country, then save them. Whenever you’re on the street and see a quarter lying by, pick it up and keep it with you. After all, a penny you saved is a penny you earned!
Step 2: Don’t assume that all Coins should be in Mint Condition
This statement holds true for vintage coins, especially the ones dating more than a hundred years old. With the passage of time, the coin material starts to deteriorate. Rust plays its part. It is reasonable to expect the coin to be in good condition, but not all of them are that way. When your money counters do not differentiate between good and bad quality coins, then why should you?
Step 3: Decide on your Coins
Once you’ve removed your assumptions, it’s time to think about the coins you want. There are limitless possibilities when it comes to choosing your coins. You can collect your home country’s coins or those of a foreign country. You can decide between denominations and base metals used. You can even choose the time period to which your coins relate - some people like to collect pre-World War coins, while others aim for those that denote the thriving capitalism of the 60’s.
Step 4: Find the Right Storage Space
Not all coins rank equal in value. Some coins are more expensive than others. The value of a coin should determine its storage space. For instance, if you have pure gold coins, you might want to keep them in safe-deposit boxes. The same rule goes for silver coins.
Step 5: Choose the Right Coin Holders
There is no need to buy fancy and expensive coin holders for your coins, especially if they have low market value. Such coins can easily be stored in an old shoe box, a peanut butter jar or even in a piggy bank! High value coins, on the other hand, need to be stored carefully. If they are damaged or deteriorate, they lose value. Consult a quality coin collecting supplies’ business when it comes to storing such coins.
Step 6: Understanding the Grading System
This is a complex procedure. Grading is done to determine the true value of a coin and to prevent coin holders from over-valuing their own coins. Furthermore, grading system varies from country to country. A mint-grade coin in one country might not be regarded as high-quality coin in another one.
To learn more about collecting coins and how the grading system works, please contact CS Supply Central today!