There are various reasons to collect coins. Some people collect coins from a specific period of time, some collect coins based on perceived future value, some collect coins based on type of metal, some for historical value. Some people happily collect more common everyday coins, going through their pockets at the end of the day for them is fun, checking dates and mintmarks on their change. Some collectors can spend thousands of dollars on rare silver and gold coins from the 1800s and early 1900s. Some collect coins from different countries.

With any new hobby comes the learning. As coin collecting is a hobby involving an outlay of money for coins from the start, its best to join a group to get help from experienced collectors. You will need someone to buy the coins from, and it can be difficult to find a reputable coin dealer. Someone who has been coin collecting for years can help you choose a knowledgeable and honest coin dealer. Youll need to learn about the value of different coins. This can be done by following what coins are being sold for, and what dealers are paying for coins. You will need to be shown how to assess the true value of a coin which can be based on many factors such as age, mintmark, and condition.

The mintmark of the coin can usually be found near the date and on newer coins the mintmarks are as follows: “P” Philadelphia, “D” Denver, “S” San Francisco,”W” West Point New York. Older coins may show the following mintmarks: “C” Charlotte North Carolina, “CC” Carson City Nevada, “D” Dahlonega Georgia, “O” New Orleans. Its interesting to note that from 1793 to 1838 the only mint in operation in the US was in Philadelphia and coins from these years have no mintmark.

As you become a more experienced coin collector your “eye” will mature and youll be looking more closely at details like the lettering on a coin, making sure the letters are still clear and not worn down. Youll pay attention to the general condition of a coin, and you may stray away from coins that have a lot of obvious wear and tear. These are a part of grading a coin. Youll learn to look for minting errors which can make a coin quite collectible. For example a three legged buffalo instead of a four legged one, or perhaps an off-centered image.

As with any hobby, the more you learn about coin collecting the more you’ll be able to enjoy it.

Why do I Need a Coin Dealer?

It is very difficult to build a collection of rare coins without a connection to a good coin dealer. If you are an investor hoping to make a profit with your collection of rare coins, building relationships with good coin dealers is vital to your success. If you are interested in making the highest profits possible with your coin collection, you will need to find a merchant partner who is experienced in the specific rare coins that interest you, and who will sell them to you at a good price. Most coin dealers will charge a lower premium on the sale of coins to their best customers. After all, it makes good business sense to get the most profit possible from a person who will do business with you only once. If you have a long-term relationship, however, the margin does not need to be as high for the coin dealer to make a good profit.

Because coin dealers are experts in their chosen fields, they will also have better connections than individuals who buy coins on their own will. Finding the right vendor or wholesaler can be a long and difficult task for someone new to the coin collecting trade. Coin dealers will also be more likely to recognize a counterfeit coin, have a higher chance of hearing about the sale of the specific rare coins that interest you, and will recognize an asking price that is over- or undervalued. As an investor, these are all critically important points for your success.

Building a long-term relationship with a knowledgeable coin dealer is the best way to protect the money that you invest into rare coins. All too often, new coin collectors who try to go it on their own without professional help end up being scammed out of hundreds or thousands of dollars.

What Do I Look For in a Coin Dealer?

All coin dealers are not created equal, and it is nearly impossible to specialize in every area when it comes to collecting rare coins. Therefore, it’s important to know what to look for before you select a professional for your coin collecting needs.

The first vital piece of information that you’ll need when considering coin dealers is his or her professional qualifications. Some important questions to ask include, does the coin dealer belong to any professional groups? How long has he or she been in business? Can the coin merchant provide references from other satisfied customers? One of the best indications that a vendor has a high level of professionalism is a membership in the Professional Numismatists Guild (PNG). This group includes the most reputable coin dealers in the business thanks to an emphasis on ethics.

The second most important question to put to a prospective coin dealer is the area in which he or she specializes. There are so many different kinds of rare coins to collect, ranging from gold bullion coins to ancient Roman coins, that it is impossible to be a true expert in all of them. You’ll want to find a merchant that specializes in the particular area that is of interest to you. A trader might be able to recognize every rare American coin at a glance, but that won’t do you a lot of good if you really want to collect legal tender from medieval times.

Finally, you should consider the motivation of the coin dealers you are considering. A highly motivated coin merchant will go to shows and retailer auctions, keep abreast of current prices and trends, and will generally keep up-to-date with the current coin market. Any investor will recognize the impact of current information on profit levels. A coin trader who is highly motivated will also be more likely to provide you with excellent service and the best rare coins.

Once you have selected a coin dealer, it is important to reward him or her with your loyalty. You are likely to get the best prices and service from coin dealers who know that you are working exclusively with them.

Charles Roman

Coins and Coin Collecting http://www.coinsandcoincollecting.com/ :your guide to getting the very best from your coin collection.

Well I would say that EDUCATION would be the most important factor for anyone to be a successful coin collector. Learn as much as you can about this wonderful hobby. Buy as many books and reading material on all aspects of coin collecting that you can get your hands on. This may even include subscribing to a few coin collecting magazines like Coin World. There are many online organizations, some listed on this site, and you can read about just about anything that there is to know about the hobby of collecting coins.

Learn to be a coin collector. A true collector collects coins for the right reasons. It is what he loves, it’s a true passion for him. It is what interests them the most and they study the market and learn what it is they are purchasing. Most collectors build collections for not only the feel of the hobby, but to make money as well. A true collector is building an investment and knows what he wants out of his collection.

Make sure you know where to get the information you need to succeed in hobby. Coin magazines, brokers, and newsletters in the hobby are a great way to keep up with what is going on in the coin industry. In my opinion the greatest place to find information on the coins that you are looking to collect are from dealers and other collectors. Working with your local coin dealer, who is established and well informed would be one of your greatest relationships that you will have in your hobby.

Another asset in coin collecting is learning to grade your coins. Knowing how to grade coins will not only help you purchase your coins more accurately, but it will help you to identify with your coins to know their true grade and getting a better understanding of what your coins are worth. Lots of money is spent on purchasing coins without the knowledge of knowing what the true grade of the coin is. The coin collector assumes the person or dealer that he is buying the coin from is knowledgeable himself and trust him. This is not a very trusting practice, and in the end it could result in your spending lots of money on your coin collection.

In the hobby of coin collecting, you will learn patience. Coin collections are built over many years, and beginner collectors will most often rush into collecting coins, with out learning the hobby first. This is a long term hobby, and some of the best and successful coin collectors are collectors having 10+ years under them. If you are planning on collecting coins for profit. It is advisable to buy your coins with the intention that you are going to keep them for at least 10 years. This will insure that you will get a reasonable return on your coins.

Having long and short term goals is the key to being successful in anything that you do. Well this holds true with coin collecting. Make sure you know what, where, how, and when, when it comes to coin collecting. Knowing your goals will help you become a successful coin collector and make your hobby more enjoyable.

Jon Gammon is the author and webmaster at The Coin Alley Visit the site for more information on the wonderful Hobby of Kings.
Article Source: Hobbies

So you can’t wait to start collecting coins. Welcome to a fantastic hobby that will last your lifetime. Something you can pass on to your children and grandchildren.

Don’t Panic. It is a very simple hobby to begin. And will be a lifelong adventure as you grow your coin collection over the years. The thrill of a great find is absolutely terrific.

First off; go and visit the library. Pick up some of the standard reference books on coins. Some examples are:

A Guide Book of United States Coins 2006: The Official Red Book by R. S. Yeoman, Kenneth Bressett

The New York Times Guide to Coin Collecting : Do’s, Don’ts, Facts, Myths, and a Wealth of History by Scott Travers (Foreword), Ed Reiter

The Official Blackbook Price Guide to U.S. Coins 2005, 43rd Edition (Official Blackbook Price Guide to United States Coins) by Thomas E. Jr Hudgeons

Read them thoroughly along with as many other coin collecting books you can find. You will find a wealth of knowledge and ideas. There is no need to guess with so much information available.

Next search for and join some clubs and organizations. Stop by a local coin dealer to get the best recommendations. Become a member and buy some magazines to repay them for the help. Just talking to the people at a coin shop can really assist the beginner.

Now that you have done some homework, it is time to choose what you want to collect. You can have general collection but you will get much better results if you specialize in one area at a time.

Follow what interests you. Learn everything you can about your specialty. You can collect coins from a country or time period, or themes, like animals, airplanes or states. Silver dollars are popular as well as $100 gold coins, tokens, bi-metallic coins. You can collect coins with flowers on them or coins with a specific person. The possibilities are endless. Collect gold rush coins or commeratives like the olympics.

You can also collect coins for specific years like the birth of a child or a graduation year.

Study at your own pace and you will have more and more fun as your knowledge of coins grows. Once you learn what to look for, how to spot quality coins at bargain prices, how to speak coin, and bargaining for coins it is a great hobby for all. Getting a big “find” is one of the thrills that keep coin collecting interesting.

Get out there do a little research and have fun as you build a coin collection that others will admire.

For more info on this hobby be sure and check out our directory of great websites to assist the beginner. http://www.coinsandcollecting.com has quite a few resources for the new coin collector plus a directory of hand picked websites to find expert level tips.

Michael Johnson operates a variety of collectible websites and newsletters. Visit the website for many coin collecting tips. http://www.coinsandcollecting.com.

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