Unlike some hobbies that require athleticism, hundreds of hours of practice, or a massive budget, coin collecting provides a simple entry point for aspiring hobbyists. While the barriers to entry are low, becoming an expert numismatist doesn’t happen overnight. But if you’re willing to learn, improving your knowledge of coins and currencies is achievable. If you’re new to the coin-collecting hobby, check out these beginner tips to help you learn a ruble from a shekel.
1. Start Slow and Small
Unless you’re independently wealthy or have a giant inheritance on the way, coin collecting is a marathon, not a sprint. If you truly want your collection to contain rare pieces and appreciate over time, don’t rush into any purchases. Do your homework, find the best deal, and take a break if you need to. Rome wasn’t built in a day, and neither is a great coin collection. It requires patience, understanding, and knowledge. Start slow, learn the ropes, and work your way up.
2. Purchase the Red Book
Learning the ins and outs of a new hobby isn’t always easy — just like coin collecting. So rather than attempt to do it by trial and error, learn from those who have done it and purchase the right resources.
The Holy Grail of coin collecting is the Guide Book of United States Coins, also known as the Red Book. This is perhaps the most important resource that you can use when you’re learning to collect coins. When in doubt, consult the book, and if you’re planning on buying a coin, always read up on it first.
3. Go to a Coin Show
Coin collectors are an interesting bunch, but they’re always willing to lend advice to newly minted numismatic enthusiasts. Coin shows not only give you an opportunity to network with like-minded people, but they also provide you with a basic idea of coin prices, the availability of coins, and how you can expand your collection on the cheap.
4. Do What Interests You
Unless you’re building a coin collection solely for value, collect what interests you. Whether you love the history of a coin or a certain design, buying what’s interesting is a great way to fuel your engrossment in a hobby. The more you like a particular coin or series of coins, the more likely you are to do your homework and avoid costly mistakes.
Buying and Selling Coins: The Final Piece of the Puzzle
The final, and somewhat most important tip about coin collecting for beginners is knowing when to upgrade your collection. Sure, you could hold every coin you buy until you die, but that’s a ton of extra space that you could use for more valuable additions to your collection.
So when it’s finally time to buy or sell some coins, don’t get bottom dollar because you don’t know where to go.
At London Coin Galleries of Newport Beach with maximizing your return by getting you the best price possible for the coins, you buy or sell. Contact us to help you on your coin-collecting journey as you become a future coin-collecting guru.