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The best way to start coin collecting and not lose money
by D. L. Crane
Some people choose to collect coins as a pass
time, but others try to make money out of their
passion.
Collecting coins from circulation proves to be
the cheapest way of starting your collection.
The first step is to start out of your own
pocket change, this will help in getting the
taste on how easy or hard it would be to get the
coins you are searching for.
If you want to skip the whole ‘start out of your
own pocket’ procedure and want to jump to
purchasing coins, make sure to start out with
less valuable coins. As soon as your knowledge
on coins increases, you should start investing
and buying more valuable coins to add to your
collection.
Teaming up with other Coin collectors will
definitely help put you on the right track.
Usually a first time collector would start out
by buying a starter set this would carry
necessary material for you to begin to enjoy
your new found hobby.
Here are some tips on which coins you should
look for if you want to benefit from coin
collecting without losing money:
1) Coins which are definitely beneficiary are
low mintage
proof coins. These are un-circulated coins made
from special proof dies for collectors only. What
makes them special is the technique these coins
are manufactured by. A proof coin is made by
using a specially polished die.
Because of the effort and time the laborer puts
into this certain coin the government mint sells
them at a higher price. So investing in a low
mintage proof
coin will help in starting your collection with
style assuring you will not lose any money in
case you decide to sell.
2) Each year the US Mint offer a mixture of coin
sets. Mint sets especially are the sets which
are looked for by first time collectors .These
are particularly uncirculated sets which are
usually purchased in the same condition that they had
been originated in.
3) Coin rolls are the most common purchase coin
collectors make, this is because they are easy
to get. These can be purchased from your local
bank and usually consist of pennies, nickels,
dimes, quarters, half dollars and dollars.
4) An easier way without any hassle to start
coin collecting is from online auctions ,
collectors find it easier to bid online , the
only let down is unless you are buying from a
professional distributor you wouldn’t know the
authenticity of the product until you receive
it. So the best situation would be to have a
money back guarantee if the product is not a
hundred percent satisfactory.
So if you are starting out in the coin
collecting industry is sure to have a strategy
on which coins you will be collecting. Decide if
you are planning to make a profit out of the
whole process or if you are doing it for your
own personal pleasure. Keep your eye on coins in
which you are sure not to lose money on like Key
date coins, low mintage proof coins and Mint set coins.
Proof : a
special process for producing coins of
exceptional quality and brilliance. Proof coins
will exhibit a full strike, mirrored surfaces,
and sometimes a cameo effect.
Proof dies:
the dies used to strike Proof coins. Modern
Proof dies are specially prepared to create
coins with frosted devices and deeply mirrored
fields.
Mint set: a
specially packaged set of Uncirculated coins
produced and sold by the U.S. Mint.
Roll: a set
quantity of coins that banks “roll up” in paper
wrappers. Example: a roll of Quarters has forty
coins.
Go to
www.BestCoin.Com for a Free Coin Guide and
More Coin Collecting Information.
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