Coin collecting is one of the most popular hobbies in the world. It is a great way to learn about the historical, political and economical aspects of a country. But as they say, you need to start somewhere. If you have been thinking for a while about collecting coins, here are some basic coin collecting tips and tricks that will get you started!
Patience
It is not that every second day you would get a chance to buy a coin and build your collection. You need to wait for the right moment and keep looking for the coins that you desire to have in your collection. Networking is the key and only when you keep meeting more and more coin collectors that you will get an idea what is there to offer. Also remember it is a hobby and you are indulging in it just for the joy of it, one of the coin collecting tips that nobody else would probably tell you about!
Start slow but start somewhere
Although starting slow is important, it is also important to start somewhere. Have you made any pen friends, do you have relatives who are residing in a different country? There you go, ask them to share a few coins with you. The first coin in your collection is always special and close to your heart. If you get a chance to attend a coin show or exhibition, buy an old coin without shelling out much money.
Take care of your coins
Once you have started with your collection, keep them in away from moisture and keep them inside air-tight pouches so that they stay exactly the way they are when you bought them. Experts have advised that you should never wash your coins as it may reduce its actual worth. This one’s one of the most important coin collecting tips that you should know about.
Do your research
Research is the key. Keep reading up about the history of the type of coins that you are looking to collect. You could come across some interesting facts that would add value to your collection. A coin is much different from a coin with a significant story associated with it. Keep attending lectures and seminars that take place around you to keep yourself updated. You could also get your coins graded since they are more valued in the market. Keep a good quality magnifying glass handy to study the inscriptions and other minute details on your coins. Mintage World is the biggest online museum which has detailed and well-categorised information about coins of India.
Beware of counterfeits
The value of the coin is dependent on its rarity, its mint condition, its design or the significance of it. Before you make an expensive purchase, it is always better to take advice from the professionals who are into it. Also keep in touch with trusted dealers so that you can be rest assured that the coins that you buy are not fake. This is one of the coin collecting tips that you should take seriously!
Learn the language
When you are trying to build a specific kind of collection it is always advised to learn the language so that you can clearly read and understand the inscriptions on them. This way you are not just getting a chance to know about a different language or culture but are also making sure that you know what you have with you. Just in case another collector asks specifics of the coins that you have, you wouldn’t be caught off guard.
Set goals
Once you have identified your area of interest, you could work towards building a set. Keep looking for coins that will complete your set. Also keep your budgets in mind when you are buying or selling coins. You might want to buy an expensive coin in the near future; so conserve money and stop spending on smaller valued coins. Once you have set a goal in front of you, you can plan accordingly and work towards it.
There is no point in knowing about coin collecting tips, unless you start somewhere! Last but not least, don’t get too stressed out. Yes, coin collecting can sometimes bring in the big bucks but don’t take out the fun aspect of this hobby when you are indulging in it.
The Mintage World Team comprises of experts, researchers and writers from the field of Philately, Notaphily and Numismatics who try to shed light on some of the most interesting aspects of coins, banknotes and stamps from not just India but across the globe as well.
Reading up on the history of different types of coins definitely sounds like a good way to keep yourself informed and on top of your game. I’m sure that knowing more about coins would make it easier to identify a valuable one when you see it. Especially if you’re collecting coins from outside of your home country, research seems like it would be an important step in getting started.
Setting a goal and being patient is probably the best advice you can get for coin collecting. You won’t have any fun if you lose hope too easily so keep on the lookout and it will much better to finally hit your goal.
I really like your recommendation to start collecting slowly. It makes sense that this is important to make sure you’re able to learn about different types of coins, etc. This could also be helpful to find a niche of coins because one collector might prefer modern, foreign coins while another might prefer vintage, domestic pieces. Thanks for the post; I think this could really help somebody like me.
Thanks for the tips for coin collecting. I like how you said to talk with professionals before buying anything, to avoid counterfeits. I want to start collecting, but I do worry about buying a fake. It’s good to know how to avoid that.
I like your advice to read about the history of the coins that you want to collect so that you can gain more knowledge about them. If you want to use them more for the knowledge rather than the financial value, you’d probably be able to find legal replicas for sale that you can use simply to look at or show people. This could help you get the coins at a more affordable price and would be a great educational opportunity for you and the people you know.
I liked it when you mentioned asking for the professionals’ assistance when choosing a coin to add to the collection since its worth is usually based on the rarity and condition. To be honest, I cannot point out which coin is rare and which isn’t, so I think I do need help. That way, even as a beginner, I can choose the right coins and make my collection one of a kind. Thank you for the advice.