If you’re looking for a unique, fun and simple hobby that could also help your investment portfolio, coin collecting may be just the thing. Collecting coins is a great way to learn more about different aspects of history and culture. This hobby also makes people feel like treasure hunters as they search for the most valuable and rarest coins. Here are the five steps we at Colonial Acres Coins recommend you take if you want to get started on collecting coins.
1. Learn the Terms
Before going out and purchasing any coins, you should first learn the basics of coin collecting. You’ll need to know all of the different parts of a coin, starting with the obverse, or heads side, and the reverse, the tails side. The relief is the three-dimensional image on some coins.
Coins also feature an edge, the rim and the field, the background of the design. As well, new collectors need to know the difference between the coin’s face value and its intrinsic value.
2. Pick a Focus for Your Coin Collecting
Next, decide what your coin collection’s focus will be. Some collectors concentrate on historical coins from hundreds of years ago. Another possibility is to focus on foreign coins from various parts of the world. You could also attempt to collect rare coins that are harder to find in circulation. The best place to start is with a collection that narrows down to a particular date range, a type of precious metal or a design style. As you learn more about your coins, you can expand in a different direction.
3. Invest in a Few Supplies
Coin collecting doesn’t require too many pricey supplies, but if you are serious about this hobby, it’s best to invest in a few items. A magnifying glass is ideal to help you get a close look at your coin collection’s details. You’ll need some sort of storage setup. This can help protect your items from the elements, keep them in order and prevent them from getting lost.
Coin collectors need a way to organize and document their collection, either digitally or the old-fashioned way with a notebook or index cards. Most serious coin collectors also purchase a pair of white gloves for handling. Additionally, consider buying a basic coin reference book to give you more information about new coins you collect and find.
4. Choose Your First Coins
Then it’s time to start building your collection. New coin collectors sometimes start with coins found in circulation and go on from there. You can further add to your collection by purchasing coins from hobby shows, clubs or other individual collectors. Collectors also buy coins from online vendors that sell commemorative options. Coin sets, special-edition coins and other products are usually available online from vendors like Colonial Acres Coins.
5. Use Best Practices for Handling and Storing Coins
Once you have your collection off the ground and have a few good specimens, be sure to understand how to care for your coins. Following the best practices for handling and storing will prevent a pristine collection from getting damaged or dirty. This also helps your coin collection keep its value and mint condition.
Always practice incredible care when handling your coins. Use white cotton gloves and avoid touching them on the obverse and reverse sides. When holding coins, avoid talking too much to keep germs and moisture away. Keep valuable coins in small plastic bags or slabs to prevent damage.
Start your coin collecting hobby today by using our tips for success. You can build an impressive new array quickly by checking out what we offer from the Royal Canadian Mint collection at Colonial Acres Coins.