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How to Collect Coins as a Beginner

You are a novice numismatist. Perhaps you want to introduce one of your children to the world of coins. Maybe you have seen some of the ads on TV from the U.S. Mint. Coin collecting can be educational, challenging and a lot of fun. There is plenty of history to be learned here. The challenge of assembling a complete set of a certain denomination will keep the young collector focused for many hours. And there are clubs and/or coin shows in most cities which provide a good opportunity to meet others who also enjoy this wonderful hobby!

Things You'll Need

A magnifying glass
A good light source
A reference book or coin guide
A computer (for Internet research)

Instructions

- 1
  Making a Selection
  
  At the outset, you must decide WHICH coins or sets you want to collect. It is not realistic or financially feasible for most people to purchase large quantities of different coin denominations. Take the time to research the hobby. In my article on appraisals, I recommend some reference guides (see link below). The newcomer will need only one publication: Yeoman's "Redbook." The Internet is a good souce of information as well.
- 2
  Decide which types, denominations, mints (there are four active mints producing American coinage) or sets of coins you choose to collect. The following steps contain some suggestions for the numismatic newcomer.
- 3
  Modern Proof Sets
  
  These are available from the United States Mint (usmint.gov) for the current (and usually previous) year. Each clad set (minted in Philadelphia) contains a Sacagawea dollar, Kennedy half dollar, Roosevelt dime, Jefferson nickel and Lincoln penny. Five statehood quarters per year have been part of the Proof sets since 1999, and will be discontinued after 2008. The price is very fair and within most budgets. You can also collect silver Proof sets as well, in which the half dollar, dimes and quarters are minted in silver (San Francisco). Some of these will be a bit expensive; most are within reason. Previously minted "clad" sets (1968 to 2006) are available from many dealers or online for very fair prices.
- 4
  Modern Specialty Sets
  
  In 2007, the US Mint began the production of the Presidential dollar coins. Four different presidents, starting with George Washington, are depicted on bronze/copper "gold-colored" coins. This is a nice set to collect, and will continue until 2016. The Proof presidential coins are only $15/set and are packaged in a beautiful plastic holder. There are also "First Spouse" coins. The price of gold makes these coins out of reach for most collectors.
- 5
  Denomination Sets
  
  You may decide to collect the entire set of Lincoln pennies (1909 to 1958). This will be a tough project, indeed! Perhaps the Lincoln Memorial pennies (1959 to present) are a better choice. (Wheat cents are very difficult to find.) Maybe a Jefferson nickel set (1938 to present) will be an easier task. Kennedy halves (1964 to present) are within reach. Of course, the state quarters set (1999 to present) can still be found in change. Silver coins usually have to be purchased, as they have not been included in regular circulating mintage since 1964.
- 6
  Type Set
  
  Another alternative is the the "type" set. Here you try to acquire one coin of each denomination. For example, the pennies would be represented by the Lincoln cent, the Indian Head cent and the Large cent. Nickels would feature the Jefferson, Buffalo and Liberty Head (V) coins. Dimes would include the Roosevelt, Mercury Head and Barber issues. One of each type. Quarters, halves and dollars would then follow. This would be challenging, yet still within reason.

Coin Collecting