Congratulations that you are thinking of starting a rare coin collection venture! But first things first. Collecting rare coins has never been an easy task. Yes, the coins are rare and hard to find but it’s fun and it can be very rewarding! It is indeed doable and a good number of other numismatists are reaping big.
You may choose to start a career as a coin collector and invest in it, or you may just be doing it as a hobby for the fun and satisfaction it brings with it. Either way, you need to know how to find amazing rare coins for collectors and enthusiasts if you’re really keen about making a career in the same. Let’s give you some tips to help you get started in the rare coin business.
Step by Step Guide to Starting Rare Coin Collection
Get familiar with the numismatic vocabulary
It is important to learn the basic language that you will use in communicating and also interacting with subjects where you seek to collect the coins. For example, it is important to understand such lingo as a collector, or commemorative coins and to distinguish it from circulation coins. The former refers to the few coins minted and not released for use by the public, while the latter refers to the coins available to the population.
This helps in determining which coins you intend to collect. Other such vocabularies include face value or the nominal value of the coin, in contrast to the intrinsic value, which varies depending on factors like demand, age and makes.
So, learn the basic terms to communicate and understand buyers and sellers in the niche.
Find the place to collect
Whether you are collecting coins for fun or as a career, it is important to know the right places to go looking for the coins. This will greatly help you to save on time, energy, and other resources, and will make work easier for you as a collector.
Be specific and intentional
The rare coins exist in varied forms of shape, material, year of minting, historical events around the time of minting and also in size.
Hence, when you set out to collect the rare coins, it is integral to be intentional about it, by outlining a criterion to follow and also the kind of variety to collect. This reduces the bulkiness of the collection task and helps you to focus on only the coins that you are interested in.
However, it is advisable to be fluid in your intentions, as this may bring you good fortune in times ahead. So, if you have decided to look for the Double Die Penny, and you come across a 1943 Steel penny, don’t leave it. It has its value that you may want to invest in later on.
Get the Collector’s Starter Pack
To handle the collection with care and track the collection progress at ease, you might need to acquire a few essential items:
- A Magnifying lens- probably 6X lens. Helps in authenticating intricate details on a coin
- A Reference Book-Coins not only bear value in the metals they were minted from, but also in the historical moments and events they represent. As a collector, therefore, you may need such details to know which variety you need and which information to look out for.
- Notebook-The importance of a notebook cannot be overstated. You will need to jot down items all relevant short notes while in the field collecting the coins.
- Cotton Gloves-Ensure that you have gloves on and not handle the coins with bare hands.
- Collector’s box-You need a safe and clean place in which to store your coins.
Take precautionary measures
Take Care of your coins. Remember that what you are collecting are rare coins. It, therefore, goes without saying that you will need to keep them safe, not to lose them and to have to look for the rare coins again!
You need to do the following to take care of your rare coins:
- Do not touch the obverse or the head of the coin and the reverse or the tail of the coin.
- Don’t handle with bare hands. Instead, use cotton gloves to handle them.
- Store and exhibit safely only when necessary. For this, put your coins in chemical resistant envelopes.
Rare coin collection might look like a daunting task when you get started. But once you understand how the rare coin niche works, you will be good to start turning your efforts into cash.
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