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HOW TO BEGIN COIN COLLECTING

Published by: Gold Expert on September 16, 2015
HOW TO BEGIN COIN COLLECTING

One of the most common questions we get from our customers is "How should I collect coins?" or "How do I get my son interested in collecting coins?" It's a more complicated question than it seems. First, let's remember rare coin collecting is supposed to be FUN. Second, it should be appropriate for your budget. Some people feel comfortable spending a thousand dollars or more on each coin, others, much less. We believe water finds its own level and you should feel reasonably comfortable collecting coins that don't impact your lifestyle. Last, whatever coins or currency you collect, it should hold your interest and be pretty cool when you show people.

The biggest pitfall we see among young collectors is getting "started" on a series such as the Lincoln Wheat Cents or Morgan Dollars. The goal, then, becomes collecting an example of each date and mint mark combination. Invariable there are a few dates, like the 1909-S VDB Lincoln Wheat Cent or the 1893-S Morgan Dollar that will set you back a few car payments to own one.

We recommend to novice and young collectors that they begin with a Type set. Type collecting focuses on getting one of each type of coin the United States has minted. For example, a collector might build a set that includes a Flowing Hair Half Dollar, then the Draped Bust Half Dollar, Capped Bust Half Dollar, Liberty Seated Half Dollar, Barber Half Dollar, Walking Liberty Half Dollar, Franklin Half Dollar and finally the Kennedy Half Dollar. Have you ever seen all eight half dollar type coins in one collection?

Type coin collecting has many advantages. It's fun, you can tailor it to any budget (sort of), and it's pretty cool to show your friends the eight different types of half dollars the United States has minted. Because you're not necessarily buying key dates and semi-key dates, and because you only need one, you can generally by a higher grade example. Many type coins can be purchased in uncirculated condition in NGC or PCGS certified holders.

As a leading online coin dealer, we sell type coins to collectors across the country. We look forward to answering your coin collecting questions and giving you the opportunity to "Own a piece of history!"