Coin collecting is one of the oldest hobbies in the world and can bring considerable joy and fulfilment. If you’re lucky, your collection may even increase in value over time. When it comes to starting your own collection, it can be a confusing landscape to navigate and you’ll likely have a range of questions to ask before you pursue the hobby further.
Luckily for aspiring coin collectors, we’ve compiled the most frequently asked questions below so that you can start your own fascinating journey today!
1. How do I start a coin collection?
Whether you are young or old, it’s never too late to start your coin collection. To kick-start your hobby a good place to start is to decide what type of coins you’d like to collect. Perhaps you might want to start looking for coins that are related to something you’re particularly interested in e.g. coins that illustrate your favourite childhood character? Or maybe you are more into history, so famous historic coins would be a better fit for you. The choice is yours. However, it’s best to narrow your focus when just starting a coin collection. As your collection grows, you may also want to think about purchasing an inexpensive album to organise your coins and make sure they are all kept in a safe place.
2. What Makes a Coin Valuable?
Knowledge is the key to success, so it’s always a good idea to check your coins out once you’ve got your hands on them. Do you remember the storm from the last year about newly issued £5 notes when collectors were ready to pay hundreds of pounds for them? The same rule applies when it comes to being a coin enthusiast – you need to have a good-eye and be really detail-orientated to identify if your coin is valuable. Let’s take a closer look at what key factors are taken into consideration when it comes to value:
• Issue Limit - refers to the maximum amount of coins that can be struck by the mint for a particular issue. Although coins with a low issue limit are classified as rare, it’s worth mentioning that the actual demand will be always the biggest factor when it comes to evaluating how much these coins are worth.
• Grading – is a good way to determine how well the coin was originally struck, how well the coin has been preserved and how much wear and tear has been inflicted upon the coin since its original minting. This would have an effect on the final value of the coin.
• Toning – as coins age, a natural surface known as patina develops on the surface. This coating is a result of the coin metal combining with oxygen and chemicals in the air. While not all toning is attractive, the naturally occurring layers can add beauty and value to coins in some instances.
• Metal content – as some individuals may be attracted to coins made from a particular metal, it’s always a good idea to know what sort of metal content is included within your coin collection. Coin enthusiasts often refer to melt value, which helps to estimate their collection value by observing current prices of metal such as gold, silver, platinum and copper.
If you are lucky enough to have an exceptional piece in your collection then you can expect other enthusiasts to come knocking on your door to try and purchase it from you for a reasonable price.
3. What Coins are Worth Investing In?
One of the most common questions people ask is what every coin collector should have in their collection? At this point, we will not be not only looking at the beauty of the coins but also at their value as collecting coins as an investment is one of the safest deals you can make. The following three are our top choices:
Hunted by coin collectors around the globe, error coins are those which were manufactured incorrectly by a mint. They are considered as rare as the errors are often spotted before the coins are released, hence why they are always in high demand and are worth a lot more than their intended value. A great example of mint-made error coin is 1969-S Doubled Die Lincoln Penny, which sold in January 2008 for $126,500!
Bought for investment purposes, bullion coins make a great addition to any coin collection. Struck from precious metal such as gold, silver, palladium and platinum, these coins are very appealing for not only coin collectors but also investors, because of their gold or silver bullion content. So why not check out our range of Bullion Coins and make your investment today?
Olympic coins / Sporting coins
Every four years people around the world gather together to celebrate fellowship in sport, and for many, the Olympic Games are the perfect occasion to start their interest in coin collecting. Olympic and sporting coins are easily obtained, which make them the perfect asset to any coin collection. Take a look at our range here.
4. Where I Can Find Collectible Coins?
If you are in luck, the first place to check is your wallet or a piggy bank. Remember that random coin you got when traveling across Europe? Now it’s the perfect occasion to check it out and see whether it’s worth anything more that its own face value. For experienced coin collectors we highly recommend visiting auctions both off and online, and continuing to talk to other people who share the same passion, as they are the best source of valuable information. Places to avoid? TV shopping shows and auctions you’re unsure about.
PS. If you are looking for some unique and beautiful pieces to add to your collection, why not discover our New Releases?