All About The Hobby Of Rare Coin Collecting


Rare Coin Collecting

Do you like to collect things? Do you like the idea of owning a piece of history that has been in existence for hundreds, even thousands of years? Well if this sounds like something that interests you then rare coin collecting may be just what you’re looking for.

What is a rare coin?

A band performing on a counter

A rare coin would be defined as one that is difficult to find, out of circulation for many years, and in fine or better condition. They are often very old coins with an interesting history behind them. Many collectors begin rare coin collecting because it brings focus to the hobby, gives meaning to your collection, and can help you build relationships with other rare coin dealers. People say that “a picture is worth 1000 words” when describing the see-through plastic slides (slabbed) held by professional grading companies like PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Corporation), ANACS (American Numismatic Association Certification Service). Professional graders put the coin in a holder and look through their microscope to evaluate the wear on the coin. If it is acceptable, they give it a grade; if not, they send it back as an unacceptable (reject). Coins that do pass inspection are graded with numbers like MS-70 which means “Mint State 70”. This would be almost perfect. A lot of great deals can be found at shows or at auction sites where coins sold for $1 sell for $20 or more.

Why collect coins?

A close up of a logo

Rare coin collecting is

Where to find coins?

Many stores sell new and used coins but they often charge too much money because they know collectors want these beautiful items. If you buy them at the store, you will probably pay more than what is worth it (no matter how pretty or shiny they might be). There are many auction sites on the internet where you can bid on coins zooming down in price until the timer reaches zero. “The earlier you buy, the better luck at auction sites.” (Coins: The Smart Investor’s Guide)

How much does it cost to start collecting coins?

It doesn’t cost anything to grab a few coins from your pocket and add them to your collection. Some coin series can be collected for free such as Lincoln Cents or Jefferson Nickels because they are currently legal tender and in circulation all over the world! If you want to collect silver quarters, you will need $55 so that means five quarters per dollar and 15 cents in gas money if you live in Los Angeles or New York City and drive a car! If you want certified coins then expect to pay more than their face value but will still be cheaper than buying new coins.

tips

Start small! Many people go all-in and lose a lot of money by getting caught up in the hype of mint condition collector’s items selling on auction sites for over $1,000 dollars an item–WOW! They buy up 10 or 20 of these and they sit in their closet because no one wants to pay full price for them and they can’t put them back on the auction sites because prices have gone down. Over time you will learn more about rare coins and how to properly invest in them. You are looking at this hobby as an investment so make sure to research everything before investing your hard-earned money into it! Sometimes the best thing to do is invest in a book or article that walks you through the process and explains more about rare coins and their market value.

Here are some of our favorite books that give tips on rare coin collecting!

Coins: The Smart Investor’s Guide by Andrew W. Pollock

Moneyskill by Martin A. Armstrong

Conclusion

Rare coin collecting has been a hobby of mine for many years, and it’s something I love sharing with others. The best part about rare coins is that there are so many different types to choose from! Whether you’re looking for antique or modern-day coins, you’ll find them in the form of gold, silver, or even copper. One thing people might not know is how easy it can be to start rare coin collecting these fascinating pieces of history today.

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