Hobbies And Interests
Getting Started
The numismatist begins by searching and learning. You can go through pocket change and look closely at each coin. It's a good idea to subscribe to "Coin World Magazine," which is known as the bible of the hobby. It's necessary to learn the history of coins, the different varieties, how coins are graded and their value. You won't learn this overnight, but the more you read, the faster you'll be familiar with the hobby and know the difference between an average coin and a valuable one.
Grades and "Slabs"
The two most respected coin-grading companies are PCGS and NGC. Coins are graded on a scale from 1 to 70, with 1 representing the lowest quality coin and 70 representing a perfect coin. Coins that have been professionally graded are placed in protective plastic holders called "slabs." Collectors often pay a higher price for a slabbed coin than a non-slabbed coin because its grade was assigned by a professional.
Shows
Coin shows are great opportunities to meet dealers in a marketplace setting and see a wide variety of coins. You can buy, sell or trade at coin shows. The big advantage for the collector is the opportunity to comparison shop because more than one dealer may have the coins you want. The same holds true when selling coins; you can offer them to more than one dealer and take the best offer.
Online and Mail Order Dealers
Beware when buying online or through the mail. While many reputable dealers sell coins in this manner, the market has been flooded with Chinese counterfeits, many of which are sold in online auctions. Before making any purchase in this manner, ensure that the seller has a solid reputation. Learning how to spot a counterfeit is important.
Care
Handling and storing your coins in a proper manner will preserve their value. Serious collectors use cotton gloves to handle coins. Coins should never be cleaned because that may scratch their surface and lower their value. Placing coins on a soft surface, such as velvet, when you look at them helps to protect them. The coins should be stored in protective plastic holders and kept in a safe place.