Wednesday, April 20, 2016

What You Need to Know to Start a Coin Collection


Coin collecting is one of the oldest hobbies, and was even called “the hobby of kings” throughout history as it was a favorite of royalty and aristocrats alike. The hobby fully exploded in the early to mid 1900’s in the United States when the U.S. Mint began issuing commemorative coins and still continues to this day.

If you have old coins laying around your house worth value, or have interest in starting a coin collection, it is best to know what other collectors target so you can set your sights on what interests you the most. Collectors and hobbyists alike are interested in low-number or rare coins, such as older currency (e.g: Confederate currency) or a limited edition coin only released during a certain time period (e.g.: the United States bicentennial coin). Collectors also look for what are known as error coins, which happen when the mint makes a mistake, such as mechanical doubling, die casting, or is off-center or a broad stroke coin.

Type collectors find a geographical region or time period to their liking (e.g.: the American Revolution) and seek out all coinage or paper money from this particular era, while novelty collectors seek out coins honoring a particular person or event, such as the yearly state quarters released from 1999-2008. Error coins and limited edition coins usually seek yield the money, but for those looking to for fun and not investment, type and novelty coin collecting can be very rewarding.

Starting a coin collections depends on what type of coins you would like to collect and how much you are willing to spend on the hobby.  An investment-minded collector will find better luck with bullion coins or error coins as they tend to be worth more in monetary value. The Coin Galleries of Oyster Bay is your one-stop shop to get started on your coin collection, whether you are in it for the fun or in it as an investment.

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