Almost every youngster dreams of finding a buried treasure. As we get older our dreams may change and we begin to dream of winning the lottery or getting a visit from Publishers Clearing House. While the odds of any of these things happening are rather slim if you know what you are looking for you can discover valuable coins in your pocket change. So, in addition to being an interesting hobby, coin collecting can also be lucrative as well. You most likely won’t find any rare coins right away, but you can build up a valuable and sizable collection over time by simply remaining consistent. Here are a few tips and tricks that you can use to start your own coin collection.
Start with Circulated Coins
Collecting circulated coins is a simple and inexpensive way to get into this hobby. Many collectors start with relatively common coins such as state quarters. If you eventually decide that this hobby isn’t for you, then you can always take those coins to the bank or spend them on everyday purchases. One kind of coin that you can occasionally come across in circulation is a pure silver coin. Prior to 1965 Dimes, Quarters and Half-Dollars were made of pure silver. So if you come across one dated 1964 or earlier it is worth much more than face value. As of this writing according to coinflation a silver dime is worth about $1.12. As time goes on and you learn more about coins, you can then look for rare years and unique features such as errors. In the following video we can see several error coins that are still readily available in circulation, some of which can be worth thousands of dollars.
Properly Handle and Store Your Coins
Even though coins are made from various metals, they can be quite delicate. Although circulated coins have been handled quite a bit already, scratches and wear can decrease their value. Improper cleaning can also decrease their value. You should handle your coins by the edges, and they shouldn’t be allowed to rub against each other. Whenever you aren’t viewing the coins, you need to store them properly.
Join a Coin Club
One of the best ways to learn more about this hobby is to join a local or online coin club. The members of your club will provide you with invaluable information as your collection grows. They are also going to be a great resource when it comes time to sell or trade coins. If you ever decide to sell your coin collection, then you will have a long list of potential buyers. Club members can also help you identify and rate any rare coins that you come across.
Collect What You Enjoy
Many collectors only look for the most valuable coins, but that isn’t always a wise financial decision. Instead of going for the most expensive coins, you should look for coins that you actually enjoy. The coins that you enjoy might not be worth as much, but your collection will continue to grow in value as long as you keep an eye out for great deals.
When building up your collection, it is important to remain as patient and diligent as possible. This hobby requires an enormous amount of research, and you could end up losing quite a bit of money if you rush into purchases and trades.
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