A Beginner's Guide to Coin Collecting

Heartland Coin Gallery

July 21, 2011|Casey Siebels | Fetchtoto.com Editor

(WICHITA, Kan.) — Starting a coin collection is something that can become an enjoyable pastime. One of the nice things about coin collecting is that it’s relatively easy to do and doesn’t necessarily cost a lot of money to start. If you’re interested in starting a coin collection, there are a few tips and tricks involved in the process that you should know before you begin.

To get a professional’s opinion, we visited James Laubach from Wichita’s Heartland Coin Gallery. The Heartland Coin Gallery is a full service coin shop that is located on North Webb Road. The shop buys and sells coins, gold, silver, jewelry, and other collectible items. They also provide appraisals and expert grading and authentication of gold, silver, and copper coins.

Heartland Coin Gallery owner, James Laubach, has been in the coin collecting business for over 50 years. His experience, reputation, and knowledge in coin collecting made him the perfect candidate to sit down and discuss important information that a beginner coin collector should know.

How to Start Your Coin Collection

If you’re interested in starting your own coin collection, Laubach says there are a several steps to keep in mind. The first thing to do is figure out what type of coins you’re interested in collecting. Several people collect coins based on different things that interest them, such as: the year the coin was made, the artwork on the coin, coins that circulated for a short time, or historically significant coins.

Another tip is to do a lot of research before buying coins. Seek the advice from people who are already in the coin business or from people who work for reputable coin shops. Researching and understanding exactly the type of coin you’re looking for can possibly save you thousands of dollars. According to Laubach, “Many novice coin collectors, who know little about coins, can end up spending thousands of dollars on coins that hold little or no value at all”.

Determining the Value of Coins

When buying coins from customers, Laubach says he rates the coin’s value on both the condition and date of publication. The condition of the coin largely depends on factors such as: surface preservation and coloration. Also, the amount of coins that were minted in a given year has a large role on whether or not a coin will be valuable. Laubach says, “There are coins that are 150 years old and are only worth $3.00, and then there are coins that are 50 years old and are worth over $10,000. It just depends on how many coins were minted in a given year”.

1 | 2 | Next

|

|

|