5 simple steps to start, manage and care for your new coin collection so you can join the exciting world of collecting coins.

Why do People Collect coins?

There are many different reasons why people start to coin collect weather its simply the enjoyment of having and growing your collection in the same way someone collects Stamps, Antique Toys or Artwork.

The thrill of the chase finding and purchasing that missing coin that eludes you.

 Simply as a financial ivestment that will hopefully grow and mature over the years

The Enjoyment of Coin Collecting

There is something magical about finding a piece of history to add to your coin collection and filling in the missing spaces overtime.

Many collectors enjoy the researching aspect that can go hand in hand with coin collecting. Travelling back in time to find out more about your latest purchase and the history that goes with it.

It may be that your hunt in pursuit of that specific coin you need to complete a part of your collection may take you to places in the country that you would not normally go so your treasure hunt could turn in to a series of adventures not to be missed.

Your Collection could turn in to an Asset

 

Not everyone starts a collection with the purpose of generating a financial asset but the two, kind of go together. If you are serious about your collection then over a period of time your collection will grow in size and value, its then your decision to either cash it in if you lose interest or just sit on it as an investment that will hopefully grow over the years.

Many shops and dealers will take coins in as a trade towards your next purchase so if you have duplicates its a great way to help grow your collection without laying out lots more cash.

You could pass your collection down to the kids or grand kids for them to continue collecting. 

Now you have a good idea why we start to collect coins lets have a look at how in the five simple steps below.

Step 1: Get to know the lingo

Like all types of collections, the world of coin collecting has its own language.

Here are a few key terms to get you on your way:

  • Circulation coins: Coins that have been used as legal tender by the general population
  • Commemorative coins: Coins that are designed and minted with the main purpose of being collected as a commemorative coin in association with an event, place, person, etc. and not for general circulation.
  • Face value: The value of the coin (not the amount you purchased for it).
  • Intrinsic value: What the coin is worth in today’s market, based on, historic value, aesthetic features, year it was minted, scarcity/rarity and collect-ability.
  • Mint: government-owned mint that produces coins (e.g., The Royal Mint).
  • Minting: Coin Manufacture.
  • Mintage: The design on which the coin is based on.
  • Numismatics: The study or collecting coins or notes.
  • Numismatist: A student or collector of coins or paper money.
  • Proof coins: High quality coin production.
  • Un-circulated coins: A coin or coins that have-not been put in to general circulation or a coin with a brilliant field over a brilliant relief.

The Body of the Coins terms

Popular terms for the body of a coin:

  • Obverse:  The head of the coin which shows the National emblem of a head of state.
  • Reverse: The tails of a coin, usually depicting the chosen design.
  • Field: The flat surface if the coin.
  • Relief: The raised part if the coin depicting an image
  • Rim: The raised part of the coin running around the perimeter.
  • Edge: The outer part of a coin which may be plain or milled.

Step 2: Time to start collecting your first Coins

There are a few ways you can go about this:

  • Simply by investing in the emotion of a coin or simply put if you like it then buy it.
  • Buying an existing collection and then continuing to grow it.
  • Investing in coin sets is another possibility. A coin set is a collection of un-circulated or proof coins, released by a mint.

There are many reasons why a coin is collectable.

There is the intrinsic value. Or the metals it is made from like, silver, gold, or platinum.

A true collector is not just interested in the value of his/her collection, its also about the joy of collecting and building a thing of beauty.

Now the fun begins, start looking for your first coin.

Step 3: Define your collection type

As your collection grows you may decide to split it in to types of maybe the type of metal  they contain, the design of the coin, or another unique property the coins hold.

Splitting your coin collection in to types may:

  • Define more specifically the type of coins you want to collect.
  • Split your coin collection up in to parts so you can concentrate on a certain type of coin.

This can help narrow down the coins you are looking for and make the collecting more fun.

Collection types of Coins

Just a few examples of the type of coins you can collect:

  • Date: Specialise on date collecting, so collect coins made in a particular year within the country it was minted or pick a specific coin and collect the coin for each year it was minted for the life of the coin.
  • Area; Collect world coins or the specific country you live in.
  • Era; Collect coins that are associated with that era, i.e. world war one or two so the coins must be collected within a specific time frame.
  • Design: This option is limitless just decide on the theme, events, sports etc. and collect within it.
  • Metal/composition: Collect coins made of certain metals like copper, silver or gold.

Flexibility!

Always try and be flexible when you are collecting coins within a type framework as your interests may change as you continue to collect and learn more about your craft, For Example

  • Maybe you start to collect gold coins but find due to the cost you are restricted to the volume you can secure, you could change the perimeters and include silver and copper.
  • Maybe you are collecting WWI but decide you want to broaden your search perimeters to include other parameters within this time frame.

Step 4: Coin Collecting toolkit

You don’t have to spend a lot of money to look after your coins just a few common sense things you will need to get started which will also make your time spent more rewarding!

  • Ensure your coins are stored and handled properly.
  • Index your coins on a spreadsheet with all the relevant info.

As your coin collection grows so will your knowledge, experience and your tool kit will grow too in line with your needs .

This kit will get you started:

  • Magnifying glass with internal light if possible (approx. 7x magnification): you will need to see the close up detail of the coins;
  • Simple spreadsheet: To keep track of your growing collection;
  • Storage holders: To keep your collection safe and dry start simple and as your needs grow can invest in to a more elaborate storage system.
  • Cotton gloves: For handling and moving your coins;
  • Reference book: For dealing with and so you can look for your next acquisitions.

Step 5: Look after your coin collection

Always remember that your collection is an asset and needs to be regarded  as such so remember to invest in your coins storage and handling needs.

So here are a few tips for keeping your collection clean and safe

Never handle coins with bare hands  use  only cotton gloves

Oil and dirt from handling your coins can damage them and reduce their value over time so always use cotton gloves.

Do not use latex or plastic gloves, as the powder or lubricants from these gloves can damage your coins.

Use caution while handling

Always handle your coins via the rim as excessive handling on the face or back can cause wear over time!

Always handle your coin over a protected table, simply lay down a towel first over the table and handle over that so as to reduce the risk of dropping the coin on the floor.

Saliva can stain your coins so limit your talking when handling your collection of Coins.

Storage and display solutions

Try and keep it simple when you first start collecting coins as there is no point spending lots of money on storage solutions if you decide that coin collecting is not for you.

To start with keep your collection in acid free paper sleeves, tubes, envelopes, folders or albums.

As your collection grows and becomes more valuable you could invest in small PVC free bags or Slabs.

As your collection grows in value it would be a good idea to get it valued and insured for theft and damage.

What starts as a hobby can end up being a niche business from which to draw an income, all you need is passion knowledge skill and a touch luck. Enjoy your collection from all here at www.ezeebids.com

5 simple steps to start, manage and care for your new coin collection so you can join the exciting world of collecting coins.

Why do People Collect coins?

There are many different reasons why people start to coin collect weather its simply the enjoyment of having and growing your collection in the same way someone collects Stamps, Antique Toys or Artwork.

The thrill of the chase finding and purchasing that missing coin that eludes you.

Simply as a financial ivestment that will hopefully grow and mature over the years

The Enjoyment of Coin Collecting

There is something magical about finding a piece of history to add to your coin collection and filling in the missing spaces overtime.

Many collectors enjoy the researching aspect that can go hand in hand with coin collecting. Travelling back in time to find out more about your latest purchase and the history that goes with it.

It may be that your hunt in pursuit of that specific coin you need to complete a part of your collection may take you to places in the country that you would not normally go so your treasure hunt could turn in to a series of adventures not to be missed.

Your Collection could turn in to an Asset

Not everyone starts a collection with the purpose of generating a financial asset but the two, kind of go together. If you are serious about your collection then over a period of time your collection will grow in size and value, its then your decision to either cash it in if you lose interest or just sit on it as an investment that will hopefully grow over the years.

Many shops and dealers will take coins in as a trade towards your next purchase so if you have duplicates its a great way to help grow your collection without laying out lots more cash.

You could pass your collection down to the kids or grand kids for them to continue collecting.

Now you have a good idea why we start to collect coins lets have a look at how in the five simple steps below.

Step 1: Get to know the lingo

Like all types of collections, the world of coin collecting has its own language.

Here are a few key terms to get you on your way:

  • Circulation coins: Coins that have been used as legal tender by the general population
  • Commemorative coins: Coins that are designed and minted with the main purpose of being collected as a commemorative coin in association with an event, place, person, etc. and not for general circulation.
  • Face value: The value of the coin (not the amount you purchased for it).
  • Intrinsic value: What the coin is worth in today’s market, based on, historic value, aesthetic features, year it was minted, scarcity/rarity and collect-ability.
  • Mint: government-owned mint that produces coins (e.g., The Royal Mint).
  • Minting: Coin Manufacture.
  • Mintage: The design on which the coin is based on.
  • Numismatics: The study or collecting coins or notes.
  • Numismatist: A student or collector of coins or paper money.
  • Proof coins: High quality coin production.
  • Un-circulated coins: A coin or coins that have-not been put in to general circulation or a coin with a brilliant field over a brilliant relief.

The Body of the Coins terms

Popular terms for the body of a coin:

  • Obverse:  The head of the coin which shows the National emblem of a head of state.
  • Reverse: The tails of a coin, usually depicting the chosen design.
  • Field: The flat surface if the coin.
  • Relief: The raised part if the coin depicting an image
  • Rim: The raised part of the coin running around the perimeter.
  • Edge: The outer part of a coin which may be plain or milled.

Step 2: Time to start collecting your first Coins

There are a few ways you can go about this:

  • Simply by investing in the emotion of a coin or simply put if you like it then buy it.
  • Buying an existing collection and then continuing to grow it.
  • Investing in coin sets is another possibility. A coin set is a collection of un-circulated or proof coins, released by a mint.

There are many reasons why a coin is collectable.

There is the intrinsic value. Or the metals it is made from like, silver, gold, or platinum.

A true collector is not just interested in the value of his/her collection, its also about the joy of collecting and building a thing of beauty.

Now the fun begins, start looking for your first coin.

Step 3: Define your collection type

As your collection grows you may decide to split it in to types of maybe the type of metal  they contain, the design of the coin, or another unique property the coins hold.

Splitting your coin collection in to types may:

  • Define more specifically the type of coins you want to collect.
  • Split your coin collection up in to parts so you can concentrate on a certain type of coin.

This can help narrow down the coins you are looking for and make the collecting more fun.

Collection types of Coins

Just a few examples of the type of coins you can collect:

  • Date: Specialise on date collecting, so collect coins made in a particular year within the country it was minted or pick a specific coin and collect the coin for each year it was minted for the life of the coin.
  • Area; Collect world coins or the specific country you live in.
  • Era; Collect coins that are associated with that era, i.e. world war one or two so the coins must be collected within a specific time frame.
  • Design: This option is limitless just decide on the theme, events, sports etc. and collect within it.
  • Metal/composition: Collect coins made of certain metals like copper, silver or gold.

Flexibility!

Always try and be flexible when you are collecting coins within a type framework as your interests may change as you continue to collect and learn more about your craft, For Example

  • Maybe you start to collect gold coins but find due to the cost you are restricted to the volume you can secure, you could change the perimeters and include silver and copper.
  • Maybe you are collecting WWI but decide you want to broaden your search perimeters to include other parameters within this time frame.

Step 4: Coin Collecting toolkit

You don’t have to spend a lot of money to look after your coins just a few common sense things you will need to get started which will also make your time spent more rewarding!

  • Ensure your coins are stored and handled properly.
  • Index your coins on a spreadsheet with all the relevant info.

As your coin collection grows so will your knowledge, experience and your tool kit will grow too in line with your needs .

This kit will get you started:

  • Magnifying glass with internal light if possible (approx. 7x magnification): you will need to see the close up detail of the coins;
  • Simple spreadsheet: To keep track of your growing collection;
  • Storage holders: To keep your collection safe and dry start simple and as your needs grow can invest in to a more elaborate storage system.
  • Cotton gloves: For handling and moving your coins;
  • Reference book: For dealing with and so you can look for your next acquisitions.

Step 5: Look after your coin collection

Always remember that your collection is an asset and needs to be regarded  as such so remember to invest in your coins storage and handling needs.

So here are a few tips for keeping your collection clean and safe

Never handle coins with bare hands  use  only cotton gloves

Oil and dirt from handling your coins can damage them and reduce their value over time so always use cotton gloves.

Do not use latex or plastic gloves, as the powder or lubricants from these gloves can damage your coins.

Use caution while handling

Always handle your coins via the rim as excessive handling on the face or back can cause wear over time!

Always handle your coin over a protected table, simply lay down a towel first over the table and handle over that so as to reduce the risk of dropping the coin on the floor.

Saliva can stain your coins so limit your talking when handling your collection of Coins.

Storage and display solutions

Try and keep it simple when you first start collecting coins as there is no point spending lots of money on storage solutions if you decide that coin collecting is not for you.

To start with keep your collection in acid free paper sleeves, tubes, envelopes, folders or albums.

As your collection grows and becomes more valuable you could invest in small PVC free bags or Slabs.

As your collection grows in value it would be a good idea to get it valued and insured for theft and damage.

What starts as a hobby can end up being a niche business from which to draw an income, all you need is passion knowledge skill and a touch luck. Enjoy your collection from all here at ezeebids