Coin collecting is a very rewarding pastime – both monetarily and as a hobby. Coins offer a wealth of unique knowledge for those who are interested in researching them. They are also excellent for investing in your future. Many people have earned a substantial amount of money by simply accruing the right coins and holding onto them.
As with anything in life, if you are going to do something, you should really do it right. Although every coin collector has their own unique approach and interests, there are some general tips that will help to make your financial endeavor, and your time, worth the cost of admission.
1. Get out there. If you collect , it can be easy to just let them sit in a safe or in your closet, never to see the light of day. There is a wonderful social aspect to the world of numismatics. Visit trade shows, talk to your friends and family about your coins, and try to meet other numismatists who share your fascination. You will learn a great deal from others who have experience in the field, which will inevitably lead to new discoveries and exciting possibilities.
2. Increase your knowledge. The more you know about your collection, the more you will be able to fully appreciate it. Study the history behind each coin and get to know their stories. Knowing about each coin will help you to really understand its worth. This will also give you interesting knowledge to share with other coin collectors.
3. Know your collection. It is well worth the time and money to have your coins slabbed and graded by a top tier or second tier grading service. Knowing exactly what your coins are worth is just good information to have. Even if you are approaching your collection as strictly a hobby, there is no harm in at least knowing what you are working with.
4. Learn the tough stuff. Coin collecting is often a lifelong endeavor. There is no rush to become an expert and through first-hand experience, you can learn to become an expert in your field, which can lead to more lucrative sales and purchases, and even a part or full-time profession. Try your hand at grading and authenticating coins. Talk to experts about how they learned and politely ask them for any tips and tricks that they might have. You have to start somewhere and there is no harm in increasing your investing power.
5. Look to the past to predict the future. Of course being 100% right about trends and market conditions is impossible, but there are ways to compare and contrast the relation of socioeconomic happenings with what to expect from coins. For example, gold prices are soaring right now, due largely in part to a lack of faith in the paper dollar. For this reason and others, gold coins are a popular trend in 2013.
These are 5 simple ways to get more out of numismatics and coin investing. Trial and error and real life experience will inevitably lead to expertise.