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How to Collect Rare Coins for Fun and Profit

Coin collecting is an easy hobby to start, as all you really need is loose change. But it takes time and research to turn this hobby into a profitable venture. Smart coin collectors keep up on new coins being released while maintaining knowledge on valuable coins of the past. Precious metal prices can also affect the value of coins. The successful coin collector spends as much time reading as searching. If you're savvy, you can find rare coins in circulation and know which coins are likely to grow in value. Along the way you'll have fun learning the history of each coin.

Things You'll Need

Coin values guide
Coin grading guidelines
Magnifying glass
Protective coin holders

Instructions

- 1
  Know what to look for. Subscribe to Coin World Magazine, known as the industry bible. (It's available weekly in print or online.) Along with dozens of articles on the hobby, you'll find current coin prices. A new collector should also visit the websites of the two prominent coin-grading services, the Numismatic Guaranty Corp. and the Professional Coin Grading Service. Both websites are loaded with articles and guides designed to answer any question regarding coin collecting while outlining the method by which coins are graded.
- 2
  Decide what you'd like to collect and how you want to do it. Some collectors simply sort through loose change and look for valuable or interesting coins; many try to fill sets by finding all available dates of a specific coin. For instance, you might want to collect Lincoln pennies, which date back to 1909. Some collectors take their hunting skills to coin shows or coin shops, searching for bargains and coins they want to add to their collections. Many collectors do both.
- 3
  Learn about "slabbed" coins. These coins have been professionally graded. (PCGS and NGS are recognized as the most prestigious grading services.) A coin that has been slabbed is generally worth more than one that has not, even if the coins are equal in condition. Grading services charge a fee to slab a coin.
- 4
  Take good care of your coins. If you don't have them professionally slabbed, put them in protective holders. You'll be able to enjoy them without worrying about reducing their value.
- 5
  Take your coins to shows or dealers and field purchase offers. Consult a current price guide before making any transaction, and get more than one offer.

Coin Collecting