Starting a Coin Collection

Starting a coin collection can be easy and inexpensive.  Most people start by saving coins they get in change.  This is actually free, since if you quit saving coins they can be spent.  But knowing when you have all of a certain coin, such as all Lincoln cents, requires knowledge.  Where does this knowledge come from?  Well, you can buy folders that have a space for each different issue, or you can buy a coin book that shows all coins minted in a country or group of countries.

Coin folders have the advantage of organizing your collection by year and mint mark.  You place each coin into the appropriate space, and look at what else remains to be found.  Many collectors started with one or more folders.  But, folders are not without their problems.  While solving the organizational and completeness of a collection, they allow viewing of only one side of the coins.  Another problem is they induce a bad practice, that of handling a coin improperly.  While it will make little, if any, difference to take a thumb and push a coin into place, that causes wear, and should never be done to an uncirculated coin.  When  should never be done to an uncirculated coin.  When you start seriously collecting valuable coins, this practice is not done.  Even if you are careful about wear, the oils in your finger can cause damage years later.  It is best to have good handling practices from the beginning. 

Upgrading a collection means replacing lower grade coins with higher ones.  As you find better coins, simply change them out.  Unfortunately, changing out coins from a folder can wear the hole into which the coin is placed, making it difficult to keep coins from falling out.

An alternative is a folder with clear vinyl slots for the coins.  Buy a binder and pages with pockets.  The coins can slide in the slots a small amount, but can be viewed from both sides. The organization will require work, since you will need to know which coins were issued.  So, these should be accompanied by a good coin reference book.

Collecting multiple types of coins can be even more fun, but folders designed for pennies cannot hold nickels.  The vinyl folders can hold a wide range of coins, and if you are buying pages for a binder, your one binder may serve your entire collection, hence reduce your expense.

Expanding on your coin collection is easy.  Select one kind of coin, and concentrate on it.  Look for short series with few key and semi-key coins if your funds are limited.  Find a local dealer and discuss your plans.  After becoming a regular customer, that dealer may just call you when something you are interested in comes into the shop.  Remember, when there are only a few coins left in the type you collect, expand into another type of coin.  Or, if funds are not a problem, jump in and look at any kind of coin available.

Buying directly from the mint is another possibility, but the mint does not offer bargains.  Expect to pay for the coins, and expect to pay shipping.  And, there is no guarantee the coins will not drop in value the next year.  The United States Mint often makes more coins than collectors would prefer.  Older coins, made in lower quantities, are better at retaining their value.  Then, if the coin has a precious metal content, the price may move rapidly.

Lincoln Cents Folder Starting 1975 (Official Whitman Coin Folder)

 


 BCW Pro 20-Pocket Page (100 Ct. Box) - Coin Storage - Collecting Supplies

 The Official 2014 Red Book - Guide to U.S. Coin Values - Spiral Bound

 

 The Royal Canadian Mint is friendlier to collectors. Several coins are issued at face value, such as the twenty for twenty series. These coins have a face value of twenty dollars, and are sold by the Royal Canadian Mint for twenty dollars. They are sold only to Canadian and United States residents, strictly limited to three per person. What is great is they are minted in low quantities, presenting a real possibility of increasing in value. This is the way to encourage new collectors. In addition, the Royal Canadian Mint produces a six coin twenty-fine cent denomination set of enameled coinage, and several dollar coins, that are sold at face value. Unfortunately, these are sold only to residents of Canada. And, they are issued sealed from the mint, insuring that if the packaging is unbroken the coins inside have never been handled by humans once the coins left the mint. While it is easy to become a coin collector in the United States, the United States Mint could be doing more to make it attractive as a hobby.

 2014 North American Coins & Prices: A Guide to U.S., Canadian and Mexican Coins (North American Coins and Prices

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