Coin collecting has a lot going for it. You can start with little or no investment. Pretty much just the currency value of the coin is all the initial investment you have to make. You come across a wheat penny, buffalo head nickel or an old dime and decide to put it aside and your collection has started.

Or you could start with the state quarters that are being issued, or the newer presidential $1 coins. Whichever you choose, these coins are easily obtainable. You can make the effort to find them, or you can just make it a daily habit to look through your pocket change.

How do people start collecting coins? Do they just wake up one morning and say “Hmm, I think I’ll start a coin collection”? Well, maybe, but for most collectors, it starts with a gift.

Maybe a friend or relative has a hodgepodge collection of old coins. Nothing special, just some they’d been holding onto for years.

This collection gets passed on, and that sparks an interest. Maybe an interest in the coins themselves and their history, or maybe the potential earnings is what catches the new owner’s interest. Some people realize the profit potential of coin collecting. And that potential is all they need to get started on their collection.

Other people just start finding coins that interest them and start their collection that way. There are even some that decide they want to start a collection and then decide on coins.

Starting Your Collection

If you’re interested in coin collecting for profit or as an investment, there’s more to it than just looking through your pocket change.

Coin collecting is a very serious business for a lot of people. People all over the world make their living with it. Coin collecting has been a business for generations. And there’s the very real chance of losing a good chunk of money if you just jump in with both feet without knowing what you’re doing.

When you’re first starting out, take it slow. Do your homework. There are many different areas of coin collecting to get into. Look around and find a specific niche that interests you. If you just jump in and start buying everything that catches your interest, your collection will have no order or consistency. Start by visiting a local coin shop or attending a coin show. That’ll give you an idea of what’s out there.

Coin Buying Tips

• Set a limit and stick to it. It’s easy to get caught up in the excitement of finding a coin (or two) you’ve been looking for and spending more than you should. If you set a limit on how much you’re going to spend before going to a coin show or into a coin shop it’ll be easier to stay within your budget. Don’t invest more money than you can afford to lose. Nothing is guaranteed to go up in value.
• Look for coins graded by a major grading service. There’s lots of grading services but not all of them are reputable. Become familiar with the major services and stick with them. Buy a good book on coin grading, then you can learn about the grading for the coins you’re interested in before you buy them.
• Buy from established dealers or shops. You wouldn’t buy stocks from just anyone and you shouldn’t buy coins from just anyone either. At least not until you’re a long time expert. Buying from reputable dealers or shops gives you the ability to return the coin if you decide you’re not happy with it.
• If it sounds too good to be true…Yep, it probably is. Nobody’s giving coins away, so that unbelievably cheap coin is probably just that - cheap.
• Major coin shows can be a great place to find both a large selection and a large variety. The dealers come from all over the country and they’re very knowledgeable. And they’re usually quite willing to share their knowledge.