Numismatic Coin Collecting

Points To Ponder Before Collecting Numismatic Coins

Once known as “The Hobby of Kings”, coin collecting has become a very popular hobby for people of all ages and status in life. If you want to collect something worthy of your time and effort, then why not collect money? In fact, coin collecting is also a means to make a living for many people out there. In fact, many people make purchasing, or selling and collection of numismatic coins their career. But coin collecting is not necessarily as simple as pulling a few coins out of your pocket change and putting them in your piggy bank for future use. It is also not as simple as amassing old coins or pennies that you accidentally found lying on the streets though you can also make that a hobby.

When you say that you are into coin collecting, it means you are going to accumulate rare or graded coins, usually silver and/or gold. Most serious coin collectors focus on numismatic coins. Numismatic gold and silver coins may range from ancient coins minted during medieval times, to gold and silver coins officially minted during modern times to be used as currency.

Although numismatic coin collecting has made a breakthrough in recent days, the collecting of numismatic coins dates back to the time of Emperor Augustus or even during the civilization of Ancient Rome. And people collect valuable coins for many different purposes. Once you’ve decided the numismatic coin collecting is a pursuit worthy of your time and energy, there are many things that you should take into consideration. Before rushing off to buy and collect numismatic gold or silver coins, here are some important points to ponder to make your adventure more rewarding:

1. Determine your motive.

Yes, that’s right. You should first determine whether you are going to collect coins simply as a hobby, or to gain profit from it. You should decide whether you are going to be a casual collector or a professional numismatist – someone who studies currency and/or in-depth details regarding the history of coins and related objects. Think things through. Can you actually handle this kind of pursuit? Do you have the financial resources? Are you serious about numismatic coin collecting? After you answer these questions, you will a be able to make an informed decision. Find out where collectors go to do their thing and spend a few weeks observing and participating in forums and discussions. After determining what level of involvement best fits your situation, and formulating a plan to support that determination, you’re ready to move forward.

2. Educate yourself.

Nothing beats sufficient and reliable information. The best way to achieve the results that you are looking for is through the accumulation of the right information. You can find lots of resources pointing you in the right direction. Just do your homework when it comes to searching out the most reliable sources of information, and honest coin dealers. Find out where numismatic enthusiasts gather; interact with them, learn and apply the things you think can help you achieve your goals. Not only will this exercise nurture your hobby, your new found knowledge will also improve your personality and overall well-being.

3. Be ingenious.

Use your time, effort and money in a creative and wise manner. By utilizing all the information that you can gather, you can effectively find the best rare items or numismatic coins. Average collectors don’t just stay collectors forever. Many enjoy making a living out of their hobbies, taking pleasure in meeting various personalities as well as in studying the ins and outs of numismatic coin collecting. Coin shows and conventions are organized by various companies and coin collector’s organizations. Get out there and participate!. Explore the fun and beauty of coin collecting.

4. Be wary.

It is likely that some unscrupulous people will appear and attempt to throw a wrench into your coin collecting pursuit. Such people can make your experience miserable instead of the profitable and enjoyable experience that you were hoping for. The worst thing that could happen to you is to lose your entire coin collection just for the benefit of selfish people. So always be on guard, but not so paranoid that you forget how to savor each rewarding moment. Be cautious and bear in mind that it pays to thoroughly examine each gold or silver coin. Remember, it is always a wise idea to buy from prominent and reputable companies or organizations. And always buy coins that bear the mark of one of the major certification bodies, ANACS, NGC, or PCGS.