While coin collecting is a very rewarding and enriching hobby, it can be quite daunting when starting out, however at Preferred Coin Exchange our consultative approach makes coin collecting much easier for you as we give full visibility on your coins. When looking at rare coins alone, there are countless series, denominations, and designs to choose between. At Preferred Coin Exchange, when consulting with beginner numismatists and coin collectors, we hear the same question frequently, “Where do I begin?”
In order to help give you a point of reference to initiate your coin collecting pursuits, we have outlined five of the best methods to follow for starting to build the coin collection of your dreams!
There are “key dates” found in every government issued coin series. These refer to the more rare coins of a series that were made during a specific year that is more difficult to find than others when attempting to complete a coin set. Beginning your collection off with finding the key dates of your desired collection makes it so you have gotten the hardest part over with first and you can more quickly find and complete the rest of the set for your coin collection.
One of the easiest ways to break into the world of coin collecting is to seek out newer Uncirculated coin issues from the Philadelphia and Denver Mints, also known as “P’s and D’s.” Many entry-level numismatists begin their coin collecting ventures this way with a multitude of series to choose from, including the Statehood quarters, National Park quarters, and Presidential dollars. While these collections may not be as rare, they offer a great way to get your feet wet in the vast world of coin collecting. Mint sets also offer a suitable option for building a P&D collection. These coin sets consist of every Uncirculated coin minted for a given year for both the Philadelphia and Denver Mint.
If you think you have what it takes to skip past the entry-level tactics of coin collecting, variety sets are the way to go. Variety coin sets offer more thrill, but the coins are rare and not nearly as readily available as regular-issue coins. They consist of coins that were minted with some sort of variation, whether purposefully or due to error. Oftentimes, these rare coins come with a nickname, such as the Three-Legged Buffalo, which you can read about in our previous blog post. You have much more freedom with collecting varieties as well since there is no specific way to go about the collection process.
Collecting year sets can add a more personal touch to your collection than other methods. Many people begin collecting year sets by searching out coins from their birth year, a relative’s, or even anniversaries. Once you’ve finished collecting your set for a particular year, you can even branch out to covering the entire decade! These can make great gifts or wall displays.
One of the main reasons people become numismatists is because of their love for history. If this describes you, then beginning your collection with coins and currencies surrounding historical events can be incredibly worthwhile. Many coin collectors choose a specific era of history such as World War II or the Civil Rights era, but you can also collect coins that honor a specific historical figure, such as Abraham Lincoln. Having rare coins with historical significance only adds to the sentimental and monetary value of your coin collection.
We hope that reading this blog has helped you decide how you want to proceed in your coin collecting ventures, and if you have any further questions or concerns, reach out to us at Preferred Coin Exchange with all your numismatic inquiries.
Also, be sure to check out our currencies and rare coins for sale online to add a unique piece to your coin collection!