Coin Collecting

A little about the Author

The author of this page has been a coin collector for over 53 years.  When he was a young boy, his parents had a rule; he was only aloud to spend a penny for a penny, a nickel for a nickel, or a dime for a dime.  Even with this rule he was able to build a very impressive collection.  One of his favorite coins is his 1937-D 3-legged Buffalo Nickel, which he found for only five cents.  He has been involved with coin clubs for many years and is currently the president of one of the oldest clubs in the United States.

Coin Collecting ( also known as Numismatics )

Numismatics is the study of currency. Coin collecting is the collecting of coins of legally minted currency. Some times it expands into collecting Metals of which are not legally minted currency. Also known as the "Hobby of Kings". Coin collecting is a relatively easy and inexpensive to start.

Welcome to a popular and exciting hobby, Coin Collecting. Enjoy the pleasure of searching down coins to complete your collection and learn about the stories behind their creation.

Types of Coin Collectors

The Coin Collector

The true coin collector collects for the pure pleasure of having their own collection. Most likely they would never think of selling any of it. They collect just for the fun of it and pride of owning it.

The Investor

The Investor purchases coins as an investment. Coin prices can and do go up and down. Coin prices are determined by supply and demand, along with age, condition and rarity. Coin collections are like most collectibles, they do not produce a income until they are sold. Do not forget to include the cost of safe deposit boxes, insurance, and coin protecting items.

The Hoarder

The coin hoarder just accumulates as many coins as possible. Hoarders don't usually focus on one specific variety of coins. They gather whatever coins they can and just hold them. One great way to do this would be go to a bank and get rolls, and sort though them looking for the silver ones.

The Inheritor

The Inheritor has inherited a collection, a hoard or an investment from another person. They usually know very little about what they have inherited as far as any numismatic value of the coins are concern.

What Type of coins do you want to Collect (Sometimes called a Theme )

Country Collections

Some collectors try to collect examples of coins from every country which has issued coin currency.

Year or Year and Mintmark Collections

Some collectors prefer to collect one example of each coin by the year. Others collect by year and mintmark. Example would be to collect all mintmarks of every coin for that type. Like a 1943, 1943-d, and a 1943-s. By the way those are steel pennies. Many bookstores sell specially designed books all set up for you. You need only to fill the holes with the right coins.

Variety Collections

Because coins are made from many sets of dies sometimes there may be a slight difference in the small details. Some variety collectors collect as many examples of each type of coin. A great recent example of this is the Wisconsin state quarter.

Type Collections

Some type collectors try to collect one example of each coin from one country. An example of this type of collection would have one Mercury Dime, one Roosevelt Dime of each type minted. Each coin would represent each type of coin in the series. This sounds easy, but a hard collection to complete.

Subject Collections

Some collectors like other subjects and may want to only collect coins on that subject. An example here would be to collect coins with Buffalos on them, or Panda Bears or what ever your interest. The author likes Gold Prospectors so he has a coin and metal collection with Gold Prospectors on them. You would be surprised just how many you can find.

Period Collections

Some collectors try to collect examples of coins from different periods of time. A good example would be a collection of Roman Empire coins.

Basics for the Coin Collector

Now that you decided what kinds of coins you want collect, there are a few basic things you should know about protecting your coins.

Never clean your coins -- Keep your coins in the same condition as you found them.

Fingerprints are bad -- Use Cotton gloves if you have them and handle only by the edge.

Water and coins are bad --Keep your coins in a cool dry place.

Learn everything you can about the type of coins you want to collect. There are books on every type of coin out there. One of the best places to buy coin books would be Amazon.com.

You might want a Magnifying Glass. For beginners a 3X or 5X would be great. That means you can look at your coin at 3 times or 5 times larger then it's normal size. Maybe down the road you might want a 10X.

There are many ways to store your coins. There are coin books with holes to put your coins in, there's Plastic tubes for rolls, and plastic flips, just to name a few. If you plan on storing your coins in a plastic flip, be sure to use inert (non-reactive) plastic ones. There are many, many ways to display your coins.

Which ever way you choose, keep in mind that you will want to share your collection with others, and you really don't want them to touch or handle your coins. Remember fingerprints are bad.

Now the Fun Part, Where & How to Find Coins

If you are starting out for the first time, remember the first rule: a penny for a penny, a nickel for a nickel. Otherwise, be careful, only buy after reading enough books, talking to enough other people and learning enough to feel comfortable in paying more than face value, without loosing your shirt.

The Penny for a Penny Rule:

 First places to look:

Let people know you are collecting coins and which ones.  You'll be surprised to find out they are very willing to help you.  Maybe your grandfather or grandmother has a bottle, box or jug full of coins.(most do)  Your Mom or Dad.  Maybe you have a piggy bank.  Don't forget Aunts and Uncles. 

Locate coin clubs in your area.  Most clubs give away coins for door prizes and other drawings.  Some even give away coins to juniors for free. 

Here's a great idea, go to the bank and get a roll of the type of coins you are looking for.  It doesn't cost that much, if you remember you are only keeping the coins you need and turning back in the coins you don't need.  If you're lucky you might find one, two or three coins out of a roll. If you are working on pennies, that's one, two or three cents.  If you are working on dimes, quarters or halves remember 1964 and before they were made of 90% silver.  These are worth much more than face value.  You should keep these.  These are great for selling and buying coins you do need.  What a great way to collect items that cost a little more then face value.  So, if you find a dime that is worth $1.20 and the dime you need cost $1.20 or less, you just bought a dime with a dime.  Get It?