When it comes to hobbies, many people enjoy collecting things. Collecting old coins can be a fun and exciting way to spend your spare time. Having said that, there are some important things you should understand before you start. This article has been written to provide helpful advice for both beginners and seasoned coin collectors.
Understand What Coins Actually Are
A coin is a form of currency that has been minted by the government. Old coins are made from an alloy that’s usually composed of a combination of copper, zinc, silver, or nickel. As a result, old coins can be worth more than their face value (the amount printed on them by the government when they were originally released into circulation. This would largely have depended on their composition).
When old coins no longer become legal tender and come out of circulation, they can still be attractive and valuable to keep as a hobby.
Do Plenty Of Online Research
The internet is a powerful tool for collectors, and it contains a host of free and accessible information on the subject. Many specialist websites provide advice on what they are, how to look after them, and how to identify counterfeits.
The more you know beforehand, the better your collection will be. If you try The Coin Expert, you can see that specialist websites often let you discover how much British coins are selling for today, whether they are 1, 2, 5, 10, 20, 50p or £1 or £2 coins. They do the work for you by scanning eBay and can often answer your other questions, too. For instance, how many Paddington bear 50p coins are there?
Store Them Well
If you do this, they will be better protected from damage and theft. You’ll want a storage cabinet with good humidity regulation (to control the damp levels) so that the coins don’t rust or corrode over time – this means no airtight containers! Also, keep your coin collection out of direct sunlight.
The best storage for old coins involves keeping them in individual flips (paper envelopes) organized by date within larger folders. They are then stored in boxes made of acid-free paper. This protects against moisture as well as physical damage like scratches and dents during the handling process. This method is also less expensive than using coin tubes or plastic slabs, which offer few additional benefits.
If your coins are worth a lot of money, you could consider storing your collection with a professional who specializes in this area. Alternatively, you could keep them in a safe place like a bank vault or safety deposit box at home.
Handle Them Responsibly
Be careful when touching the surface of your old coins because potentially damaging oils from your skin could be transferred to them.
Handle them only on their edges or sides rather than directly on their faces or surfaces. Really old coins can easily break and become worthless, too.
Get Them Valued
Be sure to take your time and do your research before buying any old coins. The more popular it is, the higher its value is likely to be, and some are still valuable even if they’re scratched up.
Get an expert opinion on any rare or valuable coins that you come across. It’s Important to make sure you don’t end up paying for a fake coin made by counterfeit specialists.
Ensure Your Coins
This is to cover such contingencies as theft or water/fire damage. It’s not going to cost too much, but if anything were ever stolen from your collection, the insurance would cover most of the losses.
You should know that insurance won’t be necessary for all the coins in your possession, just those that are particularly valuable or rare – so make sure you know which ones they are.
Be Careful Where You Buy Them
You should never buy anything from an online auction site that has not been certified by a third party. Instead, seek out reputable dealers who can fully vouch for their coins.
When buying old coins at an antique store, make sure you know what you’re looking at before handing over your money. Some people claim to sell rare collectibles when in reality, it’s just junk metal with a fancy price tag on it!
If you do adequate research beforehand and only deal with reputable sellers, you will end up with a fascinating and valuable coin collection over time. It will become a great talking point and provide many hours of enjoyment for you and your fellow coin collectors.