How to Get Started Collecting Coins

Coin collecting is one of the oldest hobbies in the world and is no longer “the hobby of kings” as it was referred to throughout history. The hobby exploded in the United States in the 1930’s when the U.S. Mint began issuing commemorative coins and has grown into a thriving community over the years. Collectors are interested in coins they believe will appreciate in value as well as coins that are rare, have mint errors, or were circulated for only a limited amount of time.

Collecting coins differs from numismatics, which is the collection of and broader study of money and other payment media used to resolve debts and the exchange of goods. The Renaissance brought about the first group of coin collectors who were of the privileged and aristocratic class. The Italian poet Petrarch is considered the first and is one of the most celebrated coin collectors in history. The Age of Enlightenment brought upon numismatics and coin collecting became a hobby pursued by people of all ages, races, and incomes.

Type collectors base their collections on a geographical region or time period and aim to get representative examples based on this criteria. Error collectors seek coins that were misprinted by the mint and can include coins double-stamped or not stamped at all, amongst others. Novelty collectors seek coins that were altered to honor a particular person or event, although numismatists do not consider these coins official and they are usually not worth as much.

Bullion collectors purchase investment-level coins struck almost purely from silver, gold, or platinum, and bullion coins are often found in investment portfolios. Bullion collectors tend to collect both the uncirculated and proof versions of bullion coins, with the difference being proof coins being sold with a collector in mind.

Getting started as a coin collector depends on what type of coins you would like to collect and how much you are willing to spend on the hobby. If you are looking to collect coins as a hobbyist, find an era or period of time, for example the Civil War period of the United States, and start your collection from there. An investment-minded collector will find better luck with bullion coins or error coins as they tend to be worth more in monetary value. Stop in to the Coin Galleries of Oyster Bay to see what the world of coin collecting can offer you!