MYTH OR FACT: COIN COLLECTING IS A HOBBY OF RICH PEOPLE

The history of coin collecting is old and long, as well as it is usually related to well-known historical figures such as kings, emperors, popes, presidents, and dictators. It might be possible to describe these figures in one word and that would be “rich”.  Well, this is one side of the coin (no pun intended) as there are many historical documents about the tradition to give rare coins as expensive gifts amongst the emperors of Ancient Rome or how it was a sign of the nobility in the period of Renaissance.

However, the period of Enlightenment has changed so many things and the invention of numismatic as one of the academic disciplines during the second half of the 18th century has opened this hobby for everyone.

MYTH OR FACT: COIN COLLECTING IS A HOBBY OF RICH PEOPLE
MYTH OR FACT: COIN COLLECTING IS A HOBBY OF RICH PEOPLE

Investment

The absolute and unquestionable truth is that coin collecting is a great way of investment. If people are taking it seriously, they can have collections worth millions. However, the initial step is to understand how the investment works: firstly, you have to pay your money in order to buy coins and then later you can sell them at a higher price. Sometimes people understand this hobby as finding a hidden treasure. Sadly, the reality is quite different and coin collecting requires a lot of expenses, patience, and care. However, it is possible to get involved in coin collecting on a budget. First of all, you have to understand that you can collect coins for all of your life buying items one by one. Then, you can start with not so rare coins that require a small initial investment.

General Tips

We aren’t talking about the basics of numismatic now, but you already know that there are many different branches that include coins of different ages, materials, and even shapes. As a result, you can start with one of those branches and collect one type of coins in order to save some money at the beginning. Another way is to describe your target as it might be specific denominations or editions of currency. The cost of a coin depends on a certain material, so, naturally, coins from gold are more expensive. You can focus on collecting silver, copper, or nickel coins. Keep in mind that your collection won’t be less worthy because there are some rare and expensive coins made from nickel also.

Another important thing for beginners is to set a limit for your expenses. Once you are involved in the world of coins, it’s very easy to lose your head and start buying too expensive items. It is recommended to set an annual budget on how much you can spend for coins and to decide whether your priority is to have many items in your collection or to raise a general value of it. In this way you can figure out if you are going to buy one valuable coin or ten coins of lower value.

The third important thing is to do detailed research before buying a new coin or any other item for your collection. You must be sure that a dealer is trustworthy and the coin you are going to buy is not fake. It is necessary to do a market analysis and check out how many of the same coins are available and what are the variations of prices.