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How To Start a
Coin Collection
Start by identifying what you want to
collect: silver dollars, $100 gold coins, bi-metallic coins, coins featuring animals? Any
category that interests you will do.
Collecting coins from circulation is a great place to
start. The risk is negligible (you can always spend the coins), and you can learn a lot
examining your coins carefully and seeing what reference books say about them.
Buy the book before you buy the
coin is the best advice!
Research. Contact your local coin dealer
or numismatic club, and ask them to recommend good resources from which you can learn
about the hobby. This will help you know what to look for when buying a coin, and to learn
how best to determine the value of a coin. You may start with a visit to American Numismatic Association to find out more about the
dealers and associations who promote the hobby. If you are working on a low budget
you may want to check out your local library to find out what books on numismatics are
available to you.
Budget. Decide how much you wish to spend
on your new hobby - it's easy to get carried away!
Coins can be rewarding for the collector who makes the
effort to study the hobby and the market. Someone who does not make that effort is more
likely to waste money on over graded, problem or counterfeit coins. Before spending a lot
of money on coins, invest in your knowledge of the hobby.
Protect Yourself. You should have at
least one reference book covering your area(s) of interest. Reading a few issues of
periodicals is another good idea. A good place to start collecting is reading the Consumer Alert: Investing In Rare Coins
pamphlet; located on our site.
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