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How to Start Coin Collection

As a wife of a collector, I am always curious on how to start collecting.  Sometimes wondering where he gets the inspiration of collecting items like stamps, documents, money, coins and currencies, postcards and what have you.

Whenever we travel he passionately and patiently digs out from old market items that must be added to his collection.  An item he see that he feels worthwhile are “must have”.

Collecting coins is easy, and all coins are good to have. Coin collecting is fun, safe and educational for you and your child. Most people think that you have to buy coins to start a collection, but you can begin with just the change in your pocket.

Below are 12 steps on how to start Coin collection thanks to Wikipedia.  I hope that this will spark your interest to start collecting:

  1. Don’t assume that all old coins will be in very poor condition. If you are buying coins, you can expect such coins to be in respectable condition, even if it is over 500 years old. Of course, as the age of the coin increases, the condition, if very good, will add more value.
  2. Find something to keep your coins. This does not mean that you have to buy fancy coin holders (although this would keep them in better condition). Coin holders can be fairly cheap or you can use an old shoe box or peanut butter jar.
  3. Store in a safe place. If you are buying expensive coins, invest in a safe-deposit box and containers that will not destroy the numismatic value of your coins.
  4. Ask friends and relatives if they have old change, and then, ask if you can have it or offer to buy it, depending on what feels appropriate.
  5. Check with your local bank or financial institution. Many will sell you rolls or bags of coins at face value.
  6. Expand your collection by going to coin expos. You can also visit your souq or local coin dealer for buying coins and almost all the time there’s a cheap coin bin that is suitable for kids and adults alike.
  7. Note that some people advise collecting coins out of pocket change. Once a modern coin has been in circulation, it is typically only worth its face value, although there are notable exceptions.
  8. Understand the grading of coins. Grading coins is often difficult and there is a tendency for people to over grade their own coins. If you keep in mind the strictest grading and use that when pricing coins for purchase, you will seldom go wrong.
  9. Avoid the purchase of problem coins. Coins with damage or deficiencies that go unnoticed at the time of purchase will sell for substantially less to a sharp-eyed coin dealer or numismatist. Keep in mind that coins with deficiencies (such as having been cleaned using mildly abrasive cleaning methods, being slightly bent, gouged) will be worth substantially less than a coin without problems. Such coins might be valued at 5-35% of the price of a problem free coin.
  10. Buy coins because you enjoy them, not because you hope to get rich. It is best to realize that what you like about coins, others will as well. Therefore, the numismatic value of your collection should grow over time, though not necessarily. Coins are often good investments, growing in value faster than the rate of inflation and, if you buy and sell carefully, there is money to be made.
  11. “Buy the book before the coin”. This is an oft-used saying in numismatics that means learn about the coins before spending a lot of money on them. Knowledge is how we tell the difference between a rare coin and one that is common.
  12. Join numismatic society. Numismatic society provide a range of opportunities to get information or buy and sell coins: Society members will meet regularly, young collectors can get advice from their well-versed colleagues, some of the members sell coins at comparatively low prices, and one will be informed about upcoming events. So, joining a numismatic association can help you quite a lot to further your hobby.

And lastly decide what kind you want to collect.

  • You might like to collect foreign coins or your home country’s currency.
  • You might like to collect smaller denominations or larger denominations
  • You might like to collect circulated coins in coin folders to try to complete a series such as your own life span.
  • You might like to collect uncirculated coins which have been available in your country.
  • You might like to collect proof sets which are uncirculated coins prepared especially for collectors.
  • You might like to collect silver proof sets which are very beautiful (more affordable than gold) and their value will increase (or decrease) as the value of silver increases (or decreases)

You may sell or exchange coins during auctions and through our online shop www.bazaar.antiquebahrain.com.

 

 

        

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