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Rare Coin Collecting

Updated on June 1, 2010

The rare coin industry is constantly increasing in popularity. Once the domain of nerdy train spotters, rare coin collecting is now enjoyed by millions of people across the world. The U.S. Mint reports that there are 125 million rare coin collectors in the United States alone. Ten years ago, there were only 20 million collectors, so the figure was gone up a lot since then. The thrill of finding a rare coin that could be worth hundreds or even thousands of dollars is making rare coin collecting a much more popular pastime. Building your rare coin collection can provide a strong sense of satisfaction in your achievements.

Many coin collectors begin their hobby by saving unusual-looking coins left over from trips abroad. Once they have collected a few of these, and have the bare bones of a rare coin collection, their interest in adding to the collection is fuelled.

Any would-be rare coin collector should have plenty of money to burn, as it can be a rather expensive hobby! The more dedicated rare coin collectors can easily spend thousands of dollars, or even hundreds of thousands of dollars. For those who want to rise to the very top of the rare coin-collecting tree, it is a highly competitive business.

To limit the expenses involved, many rare coin collectors focus their attention on a more specialized area, such as focusing on collecting rare coins from a certain period in history, or from a certain country.

One of the most common reasons for becoming involved in rare coin collecting is investment. Coin prices vary, but they are usually determined by the level of demand in the coin, along with its condition and rarity. Obviously, a rare coin that is highly sought after and in good condition will be worth much more than a rare coin that is not in such high demand and is not in such good condition. Generally speaking, the age of the coin is not a definitive factor in its price. Anyone who wants to become a rare coin collector to make a profit on the rare coins that they buy is best to do their homework before they commit, as it can be something of a minefield for the novice rare coin collector.

At the end of the day, the areas that you choose to specialize in are entirely up to you. Rare coin collecting is a unique hobby, and there are countless ways to build up a coin collection. If you are new to the idea of rare coin collecting, make sure that you do your homework, as there are also many ways to be ripped off if you are not entirely sure of the rules.

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