As a new coin collector, you might like some professional advice about market value, obtaining rare pieces, proper care, and more. Coin collecting can be a fascinating lifelong hobby, but with so many varieties, the learning curve for beginners may seem steep. The guide below answers common questions about collecting coins to help you get started.

What You Need to Know About Coin Collecting

How do I start a coin collection?

Every coin collector has their own preferences, so consider what you want in your collection. You might like to focus on a specific type of rare coin, such as wheat pennies or coins from a specific era, or expand your search to a wide variety. 

Once you know what you want to collect, make a plan. Learn everything you can about your desired coins, including their variations and market value, and get the supplies you need to store them correctly. Look for trustworthy rare coin dealers in your area and consider going to coin shows to meet experts and fellow collectors.

What makes rare coins valuable?

Simply being old is not what makes a coin valuable. There are many factors at play, including mintage, condition, and supply and demand. Mintage refers to the number of identical coins produced, which determines how rare it is. Supply, or the number of surviving coins from a mintage, is also an indicator of rarity. However, the rarity of a coin won’t necessary increase its value if it is not in demand. Certain coins are simply more desired than others. Finally, the better condition, the higher the grade, and the more valuable the coin.

How can I find out the value of my coins?

You can get an approximate value of the pieces in your collection by comparing them to coins of the same type or mintage. CoinWeek offers a list of price guides that will give you an idea of what your coin is worth in the current market. To get a precise value, however, you will need to get a coin appraisal. When done by a reputable coin dealer, appraisals give an accurate market value of each coin in your collection.

Does cleaning coins improve their value?

The better the condition, the more valuable many antiques and collectibles will be. However, that does not mean you should ever clean your coins. Cleaning causes corrosion and wear, even if you use products marketed specifically for use on rare coins. This will diminish their value significantly. Coin collections should be left as-is.
 

If you are a new coin collector in the Greater Cincinnati area, come to Coins Plus. For over 50 years, these knowledgeable partners have made a name for themselves as the number one choice for coin appraisals, coin selling, and coin buying. These coin dealers are the recipients of several industry awards, contributors to The Red and Blue Books, and authors of many numismatic books and publications. See more about their rare coin services online, or call (513) 621-1996 to speak with an expert.