Coin collecting has been a popular hobby for generations and goes well beyond hoarding coins due to their value. It is the trading and collecting of coins or other forms of legally minted currency. Valuable coins are those that were in circulation for only a short time, coins that were minted with errors, or extremely beautiful or historically interesting pieces. Numismatics, although closely related to coin collecting, is the study of currency.
Most people start collecting coins that were already in circulation. There is no risk involved since you can always just spend the coins you have collected but, there is also not a lot of gain. Coins that have been in circulation are more likely to get damaged and are only worth money if you hold onto them for a very long period of time. Once the hobby has gained interest for the person they can then move on to obtaining coins from other sources. Buying directly from the US Mint is a great way to ensure that the coin has not been in general circulation. Collectors can also purchase coins from coin shops, coin shows, the internet, auctions, other collectors, or flea markets.
Although there is a market for almost any rare or obsolete coin, like any other collectable, the condition of the coin is important to its value. Any sort of damage such as, dented edges, holes, gouges, even cleaning can greatly reduce the value of the coin. The handling of a coin is very important. For the most part, coins should be handled carefully to try to avoid causing wear, spots, or color changes. Collectors do not touch un-circulated or proof coins anywhere but the edges. Fingerprints can reduce the coin’s grade and value. Even placing a coin down outside of its holder is done carefully usually on a velvet like surface.
There are a few different themes that are common and are often combined into a goal to reach a collection. Some coin collectors try to obtain a sample of a coin that was issued from every country. Or collectors may want to collect coins only issued from one country, most likely their own. Collectors can also buy specially made books for the purpose of collecting coins from every year. For some collectors, coins issued during historically important periods are particularly interesting. Their collections normally consist of coins issued from the 18th or 19th century, ancient Roman, Byzantine, Greek, Indian, Celtic, Merovingian, Ostrogothic, Parthian, or Israelite origin, or medieval time periods adorn their collections. Coins are a reflection of the events in time from when they were produced. Collections can vary greatly for this purpose and could contain coins minted during a particular emperor’s reign, presidency, war, or other historical event.
Coin collecting can be viewed as an investment. The prices of coins may be steady or the prices of certain coins may drop for coins that are not in great long-term demand. Like some other collectibles, a coin collection does not produce income until it is sold.
