4Tips For Novice Numismatists
When I first stumbled across collecting coins I made a good number of costly mistakes. Here are some good tips to hopefully keep you from making the same bad decisions I did.
4 Tips Every Collector Should Know
(1.) Avoid commemorative coins: yep I said it! Avoid commemorative coins or coins that are marketed to collectors. The reason being is from an investment standpoint these types of coins tend to be over priced and are so mass produced as a coin to be collected, so every one of them is collected and kept. The problem with this is for a coin to gain value it needs to be rare. Just like you see with state quarters they are litteraly everywhere. I'd like to add that this is just something to keep in mind. Don't let the monetary aspect of coin collecting overcome the fun of getting a new coin. (2.) Know what your coin should weigh: Unfortunately counterfeit coins are becoming more common every year. A little over a year ago a friend brought a few coins to see if I would know the value of them. They were Morgan Dollars in near perfect condition that he found in a coin lot he bought on craigslist. I can't remember the exact mint or year but they were extremely rare and worth thousands. I was iimmediately suspicious by the nearly uncirculated condition of the coins. Remembering one of the most reliable ways of verifying a coins authenticity is by comparing the weight of the coin. Every year of nearly every coin has a unique weight &,_counterfeiters tend to spend all energy on the design and way the coin looks over looking important details like weight. I looked up the coins weight online and weighed the suspicious ones on my digital scale, all were about 3 grams off what they should be. My friend had been conned into buying fakes that even the most trained eye would more than likely assume genuine. Don't get ripped off! Do your research & know your coins. (3.)Pick a coin! Any coin? As a rookie to the world of coins, I like many others, dove in head first buying every coin I could from half cents to silver dollars I had a collection of random coins with no apparent connection. Well doing this may be fun it is difficult to complete a collection if you don't know what your collecting. My advise is to pick a type of coin or somekind of category so u can can begin to collect and complete an entire set. For example I recommend starting with pennies for first time collectors. I like to use Whitman coin folders that have a slot for every coin from every year and mint mark for each denomination of collectable currenct . Purchase Whitman folders for pennies and begin to find every coin needed to complete it. Pennies are a low budget way to really get into collecting. Focus on one type of coin at a time and you will quickly become an expert on each one, rather than just randomly buying different coins its to overwhelming to try to collect every denomination at once and you will likely spend a ton of money and make manu mistakes. (4.) Dont over do it! Now I know how easy it can be to get caught up in the excitement of collecting and accidentally spending to much money on the hobby. I recommend setting a budget that you can spend on coins, and collecting supplies and sticking to it. I realize that buying coins and supplies is really the funnest part of the hobby but he responsible and don't spend money you needed for the power bill on that one coin you've been Wanting