People have been collecting old United States Coins since the nation’s founding. It is one of the most popular hobbies out there, and it is one of the few hobbies that will pay you back for your time and investment. By taking your time to learn about old United States Coins, you will be able to make wise decisions and buy coins that will appreciate in value over time.
The first thing you want to do when collecting old United States coins is to decide what type of collection you want to build. Some people specialize in completing 1 series of coins, like a complete set of Walking Liberty Half Dollars or Mercury Dimes. These are two popular designs with wonderful details that collectors have loved for years. The tough part of completing a series is finding the key dates which are the rare and very expensive dates in any series of coins.
Other folks may collect a type coin set where you collect one of each type of coin from each series. For example, you could collect a type set of pennies that contained 1 of each type Large Cent, Flying Eagle Penny, Indian Head penny, etc. Another type of type set could be a 20th Century Set, where you collect 1 of each type of coin available from 1900 to 1999. You have a better shot at completing a type coin set because you are not targeting the rarer, more expensive key dates.
No matter how you intend to collect, you must learn all you can on United States coins in general and any specific coin you intend to collect in particular. As a hobby, coin collecting is full of pitfalls and traps for the uninformed. By educating yourself on the hobby you will learn to avoid costly mistakes.
Every new collector will want to get a copy of the Guide Book Of United States Coins, AKA the Red Book. It is truly the Bible of US coin collecting, and is a wealth of knowledge. Some collectors even collect the Red Book! Looking at different editions across the years can show how coin values have gone up (or down).
New collectors should also buy a copy of the Photograde book. This book will show you how to grade coins. This is a skill you will want to have because a coin’s condition has an impact on its price. By learning to accurately grade a coin before you buy it, you will make solid purchases that will increase in value. It will also help you avoid overpaying for your coins. This is important because most coins you see will be graded higher than they really are. You will be able to spot bargains and avoid overpaying.
You may also want a loupe or other magnifying device to be able to look closely at the coins you intend to purchase. This will help you get a closer look at the detail on these small objects and help you grade and decide what to pay for coins you may be interested.
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