EASY TIPS TO COLLECT COINS

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Many people think that starting a coin collection is hard because you have to know where to purchase them and they might not have the money to invest in a coin collection. I wanted to share some tips that I followed when I first began to collect coins that didn't cost me a fortune. You can apply these easy tips and you can begin a coin collection in no time.

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COLLECTING CHANGE

The easiest way to begin collecting coins is by saving your change. You can probably start your collection just by looking around the house, under the couch, or out in your vehicle. You should go ahead and get you a jar or container to put your coins in when you get change. If you are walking and you see a coin, pick it up and put it in your container. Whenever you purchase something at the store or wherever, save it and add it to your collection. Any change, whether pennies or quarters will do. I will tell you why later.

BEGIN WITH PENNIES

Of course, your container will have all types of change in it so do not discard them. You can start your collection with pennies. This is a cheap way to collect coins and it can be very beneficial. There are still wheat pennies found in circulation today. Some wheat pennies are worth thousands of dollars, depending on the date and mint mark on the coin. You can also go to your local bank and purchase a few penny rolls to go through. You want to try to get the coins in the secured bank wrapper because they have a higher chance of having older coins in them. Since many people save coins anyway, if you get a regular penny roll, you have a smaller chance of finding good coins. Also, you need to save every penny and check them because some memorial cents are worth a lot of money also. Many people are collecting the new pennies and they have become a very popular penny.

You don't have to only collect pennies. That is your choice. Every type of coin has valuable coins in the series. That goes for nickels, dimes, quarters, and half dollars. Once again, try to get them in rolls and try to get the secured ones so you have a better chance of finding a valuable coin. I have had a lot of luck on half dollar rolls. A few days ago I got a $10 roll and I found 3 Kennedy half dollars that were silver. The ones before 1970 are made out of silver. You can still find silver coins in these rolls so they are worth checking out.

LEARN YOUR COINS

This is the most important tip I can give you. You need to know every coin type that you are planning to collect. Not only will it help you know what coins to look for, it will also help you from getting ripped off from aggressive coin collectors or any other type of service that may sell coins. Some coins may be 200 years old, but that don't make them any more valuable then they naturally are. As I said before, it also helps you know what to look for. Once you do, you will be able to sort through your coins much faster then usual. Make sure you know what to look for. You can always use the internet to find prices. From what I have seen online, most coin values are near the same price.

BUYING IN BULK

If you are able to purchase large quantities of coins, do so. In most cases, you will get a deal when you buy a lot of coins compared to a single coin. You want to make sure you know what you are buying first though. If a deal is to good to be true, then it probably is. If you are buying silver bulk coins or gold bulk coins, make sure you properly test them. Anytime that you buy bulk, make sure you know who you are buying from.

INVEST IN SILVER AND GOLD COINS

In most cases, silver and gold coins are worth more then those coins that do not have a precious content. There are coins worth more then silver and gold coins, but only a few types. As you may already know, gold and silver coin values can be based on the amount of gold and silver that are in the coin. When it comes to gold and silver junk coins, their value is based on the content. Their values often travel with their market price. Silver has dropped recently from its high peak of nearly $45 dollars an ounce. Gold averages around $1,600 an ounce. Dimes, quarters, and half dollars before 1965 were made out of silver. Those dated 1965 and older are made out of clad, with the exception of the half dollar that had silver in it until 1970.

USING EBAY

Ebay is a great place to buy coins from. If you do not have an account on Ebay, all you have to do is set yourself an account up and you will also need to set a Paypal account up as well. Once you do, you will be able to purchase coins on the site. You can overlook the seller's statistics and feedback to make sure they are a legit seller. You can also earn money called "Ebay Bucks" by buying items and you can use it on future purchases. Most of the coins are sold at auction which gives you a chance to buy what you want for a great price. For those of you that are just starting, you can go to the website at coincommunity.com and then click on the link to the left that says "cheap US coin". It will take you to the auction page of all coins listed for under $5. For those of you that don't collect U.S. coins, foreign coins can also be purchased on this site. You will have to make sure the seller ships internationally though. You can really get some good deals at auction and you can also visit the seller's store if they have one. Some sellers have a "buy it now" tag where you can go ahead and purchase the coin if you choose too.

FIND A TRUSTING CONNECTION

This is another important tip once you get into the coin collecting. If you do find a coin that is very valuable and you choose to verify it with a coin collector or coin shop, make sure you trust them. A coin collector could tell you that the coin is not what you thought. They could also try to get you to sell it for a much cheaper price. No matter if you are trying to sell it or just get an honest opinion, make sure it is from someone you trust. You can also purchase coin value books at most coin shops or you can do it online. It goes back to making sure you know what you have.

PROTECTING YOUR COINS

If you didn't already know, the better the coin looks, the more valuable it is. You want to protect the coins that you collect so they do not get damaged. You can purchase protectors at coin shops or online. If you don't have much money, you can use cardboard to cut a holder out and you can use regular kitchen wrap to protect the coin. You can also use baseball card page holders. They usually have three sections. You can cut each section in half and tape down the open end to store a coin. You can use many different methods other then these ones. The main goal is that your coin is protected from damage.

PATIENCE

When you are collecting coins, you have to be patient. You can't find a special coin in every roll you search. Sometimes, it takes going through 20 rolls to find a valuable coin, sometimes more. When you are searching through coin rolls, just be patient. You also want to be patient when you are looking at the coin to determine if it is what you are looking for. There are many error coins where a magnifying glass is needed to determine the error. You don't want to overlook anything. You never know, you may find an error coin that has not been discovered yet. Error coins can be very valuable.

HAVE FUN

Starting a coin collection can be very rewarding and it can be time consuming as well. Don't stress yourself out. The most important thing is to have fun doing it. When you get into it, the pride you feel when you find an old coin is well worth all the time. The history is fun to learn and just think when you get that coin, it makes you wonder how many people has had it before you. If you follow these tips, you can get off to a good start for cheap. These tips will also make you a better collector now that you know what to look for. I hope you have found this article helpful and I wish you the best on your collection. Thanks for reading.

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Comments 16 comments

chanroth profile image

chanroth 5 years ago from California, USA

You are right, coin collection is valuable. I collect coin and it take me 7 month to make about 250 dollar. I also collect gold coins and like you said, per ounce is quite a lot. I vote up and useful. Thanks for sharing! Be bless!


felicitylovespari profile image

felicitylovespari 5 years ago

Smart article and a great way to get going with these helpful tips on how to collect coins.


thelyricwriter profile image

thelyricwriter 5 years ago from West Virginia Author

Chanroth, thank you for the comment and the vote, it is very much appreciated. Gold coins are the coins to have these days. Even if they are damaged, they keep that base gold value. It is great to meet another collector. Best wishes.


thelyricwriter profile image

thelyricwriter 5 years ago from West Virginia Author

Felicitylovespari, thank you for stopping by. Thanks for your time and take care.


Coolmon2009 profile image

Coolmon2009 5 years ago from Texas, USA

A few years ago, I bought a bag of old silver coins on Ebay. It was fun to examine the various Pre-1965 coins. Its also interesting how coins with a high real silver content seem to have a different feel than the coins with little or no silver in them. I enjoyed reading your article.


thelyricwriter profile image

thelyricwriter 5 years ago from West Virginia Author

Thanks for the comment Coolmon. Yes, you are right. I can almost feel the difference in touch and weight instantly now. Collecting coins brought a hobby and happiness to me when I began. I hope others can find it self fulfilling as well.


Gypsy Rose Lee profile image

Gypsy Rose Lee 5 years ago from Riga, Latvia

A fascinating read. I have a bunch of coins which my dad collected sometime in his life. I will have to find out if they are worth anything.


thelyricwriter profile image

thelyricwriter 5 years ago from West Virginia Author

Gypsy, for sure get them checked out. My dad collected coins, but just more recently. I never got my grandpa's coins cause my family, but it was their choice. I haven't had the pleasure of going through an old collection. It would be great. I thank you for your time. Be good!


Vinaya Ghimire profile image

Vinaya Ghimire 5 years ago from Nepal

Once I paid a huge money for 1880 American coin but later when I wanted to sell it, I found it was easily available in the United States and had no great value. I gave up collecting coins.


thelyricwriter profile image

thelyricwriter 5 years ago from West Virginia Author

There are many people out there Vinaya that try to take advantage of people when it comes to coins. You really have to do your research on this. I hate this happened. I have quite a few hubs about U.S. coins and I will continue to add more. Thanks for coming by.


sgbrown profile image

sgbrown 4 years ago from Southern Oklahoma

Hello lyricwriter. I started collecting coins when my husband and I started a vending machine business. I get about $250. in coins each week. I have found a few coins that have more value than normal. It takes a lot of time to go through all those coins. I am going to check out the websites you mentioned. Thank your for SHARING your information. Voted up and interesting. :)


Perspycacious profile image

Perspycacious 4 years ago from Today's America and The World Beyond

What is a 1955 double-die penny worth these days? [It is called "double-die" because its face shows the 1955 twice, slightly offset from each number.] And, will the recent querters done honoring each state and US Territory ever have a significant, steady appreciation in value for complete "uncirculated" or "very fine" complete collections?


thelyricwriter profile image

thelyricwriter 4 years ago from West Virginia Author

*Sgbrown, thanks for taking the time to come by. You are bound to find a few gems in that much change. Just keep your eyes peeled. I know it is a lot of looking, but it can pay off big in the end.

*Perspycacious, thanks for taking the time to come by and thanks for the great questions. The 1955 double-die is the cream of the crop when it comes to double-die wheat pennies. It is easily worth a few thousand dollars depending on the condition. Usually, a new coin design in nickel-clad is not worth anything, but state quarters are more valuable then their face value. Most are just a few cents more, but complete sets are bringing in an extra 10 dollars or more then face value. Plus, they are some error coins in the state collection as well. One is the 2004 Wisconsin quarter. The error coin is worth a few hundred dollars. It will climb, but who knows by how much. It was the first time the quarter has been changed since 1932. In uncirculated condition, state quarters can be considered gems. Right at this moment, they are more then face value. In a decade or so, perhaps double that.


aviannovice profile image

aviannovice 4 years ago from Stillwater, OK

Voted useful and interesting. This takes me back to the days when I was just a kid. My father gave me a few older coins that he had lying around. One was an 1863 Indian Head penny, which even then thrilled me, as Abe Lincoln could have touched that coin.


thelyricwriter profile image

thelyricwriter 4 years ago from West Virginia Author

Aviannovice, thanks for taking the time to come by and comment. Awesome story. I have a few Indian Head pennies, but none as old as that. Great way to think about it.


Glorymiller profile image

Glorymiller 2 years ago from USA

A very interesting hub and I even learned a few things. :) Thanks for sharing!

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