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Guide to Starting a Coin Collection
Coin collecting is a popular and
exciting hobby that is relatively easy and inexpensive
to start. If you are considering starting your own collection
or you have inherited or otherwise come into the possession
of an existing collection, you are about to begin a
journey that will entertain and educate you. Enjoy the
thrill of hunting down coins to complete your collection
and learn about the stories behind their creation.
WHAT KINDS OF COINS SHOULD I COLLECT?
Coin collecting is an excellent way
to satisfy the urge to explore, collect and learn without
the danger or expense of travelling the globe and digging
through ancient graves!
The key to collecting is to choose a
theme to base your collection on. You may choose to
collect coins from around the world - or develop a collection
of coins from a particular country. You may also consider
collecting ancient coins. Any of these collections can
be started with little or no investment.
Once you have chosen a theme you should
start researching the coins and their history with a
book. Learn as much as possible about your chosen coins.
This will not only help you to become knowledgeable
about your collection, it will protect you from unscrupulous
sellers who may inflate the value. Absorb your topic
and you may even find there are specific time periods
or more specific themes or series within a group that
you want to focus on, such as early 20th century coins
or ancient Roman Emperor's coins.
WHERE DO I FIND COINS?
You can find sources for buying coins
almost everywhere, however there are some words of warning
for new buyer's who may get swindled because of a lack
of knowledge about the value of a coin.
You can find coins in common currency.
This is an easy way to begin and you do not risk any
investment. You can also start your collection by buying
a set from your country's mint. Investing in a basic
collection gets you started for relatively low investment
and gives you uncirculated coins. It also serves as
a guide for further collecting.
There are coin shops and shows where
you can find knowledgeable collectors who can help you
find what you need and give you advice on your collection.
Be wary of sellers in flea markets, antique shops or
other non-targeted arenas where the seller may inflate
prices or sell problem coins to unknowledgeable customers.
The same risk can come from mail order
or online purchasing. Use businesses referenced in coin
collecting magazines or from other collectors. Check
the return policy and verify you've received what you
want with a more experienced collector within the return
policy time so you can get your money back if it has
been over valued.
HOW DO I KNOW THEIR VALUE?
Value is determined by many factors,
but is basically the price another collector would be
willing to pay for your coin.
You can find price guide books that
give you retail values of coins, however you may get
more or less for your coin depending on the market demand
for it.
Coin collecting is a stimulating hobby
that can teach you about history while providing you
a physical product that represents the past. Learn the
stories and pass them on for the enrichment of others
and you may find your friends or family joining you
in your new passion!
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