Want to start a coin collection? Congratulations! You are at the beginning of a long and thrilling path. Prepare to meet numerous interesting people on the way and discover a mysterious collector’s world full of discoveries and adventures.

But right now, you might be overwhelmed. We all know that making the first step is usually the hardest thing to do. The best thing about collecting coins as well as art, books, action figures, or any other items is that you set your own limits and criteria and deal with something you really love.

Once you are familiar with all the peculiarities of the collectors` world, you may start with more accessible everyday items like coins you get in your change pocket. Examining and sorting those coins carefully, you will start to get the taste and sense of this peculiar hobby. 

Consider it dipping a toe in before diving into a pool.

In this article, we shall provide a step-by-step guide to starting your own coin collection, as well as some information that will help you immerse into the vivid collectors` world and get the most from this thrilling hobby.

Why collect coins at all?

Collecting coins is a hobby that dates back to ancient times. The first famous coin collector was Augustus Caesar. He claimed to see some celestial fascination in the payment tokens of different peoples of the Roman Empire.

Throughout its history, collecting coins remained quite a controversial hobby in various cultures. We all know that money is glorified and condemned almost equally worldwide. 

During the Age of Discoveries (the 1400s-1600s), collecting coins was another way to learn about various cultures worldwide.

In the 1800s, the American Numismatic Society declared collecting coins and medals as a mission to discover, study and preserve the history and culture of America and colonial lands. That was the time when collectors started to divide according to their fields of interests. For example, many chose to focus on the Large Cent series that was terminated in 1857.

So why do people collect coins today? Technically, you can name two main reasons to start a coin collection:

• Personal pleasure – In this case, coin collecting might root in the “treasure hunts” from our childhood. Indeed, what can be more fascinating than searching and discovering new coin series, meeting like-minded people and dive into mysteries of the past, becoming an ultimate expert of your field;
• Investment – some coin collections include precious items that may cost a fortune. Coin collecting can become a serious investment once you start to take your hobby seriously and enter the world of dedicated and high-end numismatists.

As you see, those reasons are not mutually exclusive, and what was once a pleasure hobby can turn into an ultimate investment and a prosperous business.

The big DON’Ts of coin collecting

Before you get down to your own coin collection, it is essential to know about the most common mistakes numismatists can make. Avoiding then will save you a lot of nerve and money, protect you from disappointment, and allow you to grow your own unique collection, getting the most from the thrill of your hobby.

• Never clean a “dirty coin” – The temptation to shine up a valuable coin you just got is pretty understandable. However, the numismatics world is full of embarrassing stories of how a collector was lucky enough to get a coin worth $100,000 and ruin it the same day with some DIY cleaning experiment he saw on the internet. Remember, in the best-case scenario, incorrect cleaning with baking soda or any other home detergent may instantly reduce 50% of the coin’s value!
• Don’t touch with bare hands – Collectible coins sometimes can be compared to art masterpieces. Especially if we talk about ancient items or scarce key dates. Just like any valuable collectibles, coins require careful handling. Dirt, oils, chemicals, and other substances from our hands or surfaces can damage your coins and leave scratches on them. So, just like cleaning, contaminating coins is another big DON’T in the collectors` world;
• Never stick to one search method – There is nothing bad about preferring certain antique shops, markets, online auctions, or sticking to your metal detector, but once you commit to a particular source of coins for your collection, you willingly deprive yourself of numerous perspectives and possibilities;
• Don’t avoid collectors clubs – Newbies tend to keep away from experienced collectors, which is a huge mistake! Committed collectors are usually happy to share their experience and knowledge with beginners. They can help you make the first steps, recommend search sourced you might have never thought of, and teach you to identify truly valuable coins.

The big DO’s of coin collecting

After going through the most common mistakes, it is quite logical to determine what you should do from the very beginning to become a successful coin collector. Here are some essential tips:

• Start simple. In the beginning, mistakes are unavoidable. So, before you learn to identify fakes and determine the real value of coins, start with the most available items and sets. For example, collecting Lincoln Pennies may be a great way to get the taste of numismatics. Some even start with careful examination of the ordinary change coins one can find in a pocket;
• Know what you collect and collect what you know. The main beauty of the collection process is that you get a chance to immerse yourself in the most interesting matters for you. Once you collect coins from a certain region or era that you love most, it will help you avoid costly mistakes and permanently enrich and develop your expertise;
• “Buy a book before you buy a coin” – that is what any numismatist will tell you. In fact, it does not matter how you do your research – through books, expert advice, or the Internet, collecting coins is not a place for impulse purchases. The key to success lies in research and informed decisions.

Let’s get started!

Now that you know all the fundamental DO’s and DON’Ts of collecting coins let’s start your collection!

• Go through the change in your pocket. You won’t believe how many valuable coins literary slip through our fingers every day! Presidential Dollars, State Quarters, and many other numismatic valuables may lie in your pocket right now! At this point, you may also define the series you will want to collect;
• Get an album. Organizing your coins is essential to preserve their value. Also, it is a great way for a newbie to determine his collection series and not to get overwhelmed with the variety of coin series;
• Join a club. You may be surprised how many various numismatic clubs there are in the world. You may find one in your local community center or join an online association. Communicating with like-minded people, you will not only enrich your knowledge about certain coins, mints, and series but find friends, mentors and get inspired to continue and grow your collection;
• Get a toolkit. Just like any hobby, coin collecting requires certain equipment that will provide a fuller experience. You will need:

• A storage holder that will keep your collection neat, clean, and organized;
• A magnifying loupe so you can examine coins thoroughly (7X magnifiers are perfect for numismatics);
• Cotton gloves for proper careful handling;
• Index book or software to keep the catalog of your collection;
• Reference literature about coins in general or particular sets that interest you.

Define your collection

Once you just begin, it may be hard to define your preferences. Your collection will start to take shape as you go. However, it is essential to know basic collecting principles not to get overwhelmed with various options. You may collect according to:

• Country. The easiest way to go is to collect coins from your region. However, many collectors tend to focus on particular overseas countries. Those may be places of your origin, a land that fascinates you with its exotic culture, or just the place where you had your best vacation;
• Time period. Once you are a history nerd, think about coins minted at a certain period. Those who know more about WWII, Victorian Era, or Civil War have better chances to avoid frauds and failures in the related coin series;
• Year. You may start collecting coins minted precisely at the year you were born or the same coin type for every year – from the very first one to the present day;
• Metal. Some collectors focus exclusively on certain metals such as gold, silver, or copper;
• Theme. It is also a great idea to collect coins with a certain design from all over the world. Images of animals, landscapes, plants – you name it, there is a coin about it!

Know your vocabulary

Just like any discipline, hobby, or culture stream, numismatics has its own vocabulary and slang. Knowing those terms will help you dive into the world of coin collecting easily and feel natural in it.

Here is the essential vocabulary of a coin collector:

• Mint – The facility that has manufactured a coin. For example, in the United States, you may find Philadelphia, Denver, San Francisco, and West Point mints;
• Mintage – The number of coins manufactured in a particular year and mint;
• Minting – manufacturing of coins;
• Proof Coins – High-end coins with a superb finish;
• Circulated coins – coins that have actually be used in commerce and everyday life;
• Commemorative coins – some also call them “anniversary coins”. Those are issued to celebrate a certain person or events like Olympic Games, State Anniversaries, etc. Such coins are usually uncirculated;
• Face value – the value declared on the coin (it has nothing to do with the cost of the coin!);
• Intrinsic value – also known as the melt value, the current market value of the metal contained within a coin;
• Numismatic value –  The value of a coin as a collectible item. It depends on the rarity of the coin, its historical significance, condition, demand and many other factors.

Now, get ready to start your own coin collection!