Coin collecting, also known as numismatics, is a fascinating hobby that allows enthusiasts to explore history, art, and culture through the study of coins.
Following is a basic guide to coin collecting:
1. Educate Yourself – learn the basics of numismatics including the terminology, grading process, and history of coins. Familiarize yourself with various coin denominations, mint marks, and the different metals used.
2. Define Your Focus – decide on the specific type of coins or areas of currency you may be interested in collecting. Some collectors focus on a particular country, time period, or type of coin (e.g., ancient, commemorative, or error coins).
3. Invest in Tools – acquire basic tools like a magnifying glass, gloves, and a good quality coin album or holders to store and protect your coins.
Building Your Collection
4. Start Small – begin with affordable coins and gradually expand your collection. Don’t feel pressured to start with rare or expensive pieces.
5. Visit Coin Shows and Shops – attend local coin shows and visit coin shops or online resources to explore and purchase coins. Networking with other collectors can provide valuable insights. Online resources including the American Numismatic Association, Numista, and NGA can be helpful as well.
Caring for Your Collection
6. Proper Handling – handle coins with clean, dry hands or use cotton gloves to avoid damaging them. Hold coins by the edges to prevent fingerprints. Cleaning, polishing, or ‘whisking’ coins is discouraged as these processes often negatively impact the value of the coin.
7. Storage – store coins in a cool, dry place, away from direct sunlight. Use acid-free holders, albums, or capsules to protect them from environmental damage.
8. Grading – learn how to grade coins. Grading determines a coin’s condition and influences its value. The Sheldon Scale is commonly used for this purpose.
Selling or Trading
9. Know the Market – stay informed about market trends. If you decide to sell or trade, understanding the value of your coins is crucial.
10. Document Your Collection – keep detailed records of your collection, including purchase dates, prices, and any relevant historical information. This documentation can be useful for insurance purposes or when passing your collection to someone else.
Remember that coin collecting is a personal and enjoyable hobby. Take your time to explore and appreciate the diversity within the world of numismatics.
At Accent Jewelers, we have a team of numismatic experts who are available to evaluate and make an offer on your entire collection or on an individual item! Whether you are interested in buying coins or selling your coins here in Memphis, stop by and see us. We’re located on the first floor of the I-Bank Tower at 5050 Poplar in Memphis. And remember, at Accent, We Pay More!
>> Memphis coin dealers since 1989.
