Most people have a hobby, something to occupy their free time. And while some hobbies are relatively easy to do, others are more tasking, like coin collecting. Coin collecting is one of the oldest hobbies globally that require some measure of expertise and skill to enjoy.
Like other collecting activities such as stamp and comic book collecting, coins enjoy a remarkable place in history given that they have been in circulation for many centuries. As such, every coin has its unique history and cultural relevance.
As a coin collecting enthusiast, there are specific fundamental tips you have to know about the practice. These tips encompass a range of issues central to collecting. Experts recommend you have a good grasp of the tips before acquiring your first coins. Below coin collecting tips:
- Grading
Before going into coin collecting, one of the vital things you need to learn is grading. Grading in coin collecting relates to a unique scale measured from one to seventy that determines the quality of coins in your collection.
A score of one on the grade signifies that the coin is poor and worn down, while seventy means that it is in a prime mint state. Coins that score well under the scale are usually coins that were in brief circulation or buried. Therefore, endeavor to optimize for coins that score high on the scale.
- Specialization
Given the plethora of coins available on the market, experts advise that it is best to specialize in particular coins while collecting them. The best way to do this is to collect coins from a specific historical period, originating from one part of the globe.
This will help you streamline what kind of coins to get under such a period. You can also focus on coins minted in the not-so-distant past, fine gold coins, and other precious metals with the potential of appreciating in the future.
- Network
While hunting for rare coins, one vital thing is to have the right network of people to lead you to the right destination. Getting access to first-hand information from professional dealers and collectors who attend auctions and shows is better than depending on information sourced on the internet.
Coin collecting clubs are one place to access such people, and having them on your network will go a long way in determining your success in the niche.
- Education
It is important to educate yourself about numismatic. Numismatic covers the field of coin collecting and the market dynamics of the industry. As such, endeavor to buy books on coin collections and read as many as possible. You can subscribe to newsletters from renowned numismatic bodies like the American Numismatic Association (ANA), Coin World, etc.
- Think Like a Collector
This involves researching each coin you wish to buy with a view of making profits off them when they appreciate. Also, avoid buying counterfeit and fake coins from people promising over 50% increment in value with time. Only buy from trusted persons and auction platforms.
Progressing in the coin collecting industry requires observing some tips of coin collecting listed above. Adherence to these tips makes the difference between an expert and a rookie coin collector!