Why do you want to collect? People collect for a multitude of reasons. Some enjoy the thrill of the hunt of the most coveted coins. Others, see coins as not only an investment or a safe alternative to stocks and bonds, but as an appreciating asset. Finally, coins are commonly gifted to children and grandchildren for generations as family heirlooms. Are you collecting for you or for someone else? Are you expecting to make money? Are you collecting a piece of history with a story? Prior to starting a collection ask yourself these questions. Your answers will guide your objectives and send you down the proper path.  Whatever your reasoning, coin collecting will undoubtedly be something to experience.

After determining what type of collector you are, your next concern should be focused around the amount of investment you’re willing to make. Unless you have an uncanny knack for stumbling across sought-after coins, at one point or another, you will have to spend money.  Uncommonly found coins can often cost a “pretty penny”. Factors such as demand, condition, and survival rate will influence the price you’ll pay for the unconventional coins. Do you have funds set aside for your hobby or is it going to be limited? Money won’t limit you from starting an incredible collection, you’ll simply have to take a smarter approach.

I’d be willing to bet you already have a collection of coins somewhere. Those coins in the middle console of your car, on your dresser, or in your pocket are an excellent start to a coin collection. Typically, that is the way every collector starts. For free! I know this may resonate with the cost conscious beginning collectors.  A few approaches to take in building on what you already have include, saving the change from transactions, exchanging bills at your local bank for coins, or going on a coin hunt. All of these methods turn your coin collecting into a surprise, as you never know what you are going to find. Simply hold onto all of the coins you find in your day to day transactions, travels, or findings.

If you’re going to build a diverse collection at some point in time you will have to purchase coins or trade coins. This leads to the second approach to coin collecting, typically taken by more seasoned collectors, is to buy and trade from dealers. Coin dealers carry huge quantities of all sorts of coins with different coin values in their inventory. Dealers can be used to start off or supplement collections. Coins from dealers range in pricing as well! Many offer value for the cost conscious and unconscious collectors alike.  Even if you don’t know what you want in particular, dealers offer bulk sets mixed with different coin values.  Over time, even infrequent visits to the dealer can help grow a collection.

Whether you’re gifting the coins for someone else, coin collecting for fun, or looking to make money, collecting coins is as hard as you make it. Dedication, time, and a little luck are what it takes to strengthen any collector’s collection. So when I’m asked what’s the easiest way to start a coin collection, I simply reply, Start Now! Coin Collecting may not always be easy, but this will give you the right start.