Tips for Starting Your Coin Collection

In early trade on Wednesday, gold and silver continued a downward motion following a boost in the U.S. dollar index after the weekly jobless claims brought fewer applications for benefits than expected. U.S. gold futures for February delivery traded down $4.00 to $1,689.90 per troy ounce as the spot price of gold lost $6.40 to $1,688.50 per troy ounce. Comex silver for March delivery lost $0.237 to $32.705 per troy ounce.

Starting Your Coin Collection

Small coin shops in the Pacific Northwest have put together a few tips for starting your own coin collection. First, choose a series of coins you would like to collect, starting with some modern coins. Organize your coins, display them, and learn how to store them safely.

As you transition to numismatic coins, coins of historical value, and rare coins, purchase a reference tool, such as the Guide Book of the United States Coins, commonly referred to as The Red Book. This reference guide is published annually and is an easy reference for useful information including history and current values. It also offers colorful photos. For foreign coin reference, the Standard Catalog of World Coins is a series of reference books cataloging coinage from the 1600’s to the present.

Most importantly, there are no rules when it comes to coin collecting. However, a few guidelines will ensure your coin collection grows steadily and quickly.

Learn the language of coin collecting by familiarizing yourself with terms and phrases such as toning, bag marks, obverse, and reverse.

Take very good care of your collection by learning ways to handle and store it. Certain materials are best suited to preserving the coins and their value.

Learn a numeric grading scale that offers professional, well-recognized, and standard grading for numismatic coinage.

Meet other collectors by attending a coin club or going to a coin show. Collectors are typically very friendly people, particularly when they’re discussing coins. They’re happy to share their knowledge and their collections with you and you can take that opportunity to learn about collecting.

Learn about third-party coin grading services like Professional Coin Grading Service (PCGS), NGC, ANACS and their scales for certifying numismatic coins.

Get your collection started today, and above all, have fun.

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