Common Coin Collecting Mistakes and How to Avoid Them


coin collection strategy

Have you ever wanted to start a new hobby or collection of something you enjoy but don’t know where to start? With any hobby, there are beginner tips to get you started, and of course beginners’ mistakes. 

If you’ve been admiring coin collections from afar, too afraid to get started, take this as a sign. Anyone can start a coin collection, but both long time collectors and beginners will want to make sure to avoid these coin collecting mistakes.

Main Coin Collecting Mistakes

What types of coins are you looking to collect? Do you want a diverse collection? Looking specifically to collect military coins or any kind that catches your eye? Depending on the coins you collect, certain advice may be more pertinent. 

If you’re a beginner to coin collecting you may not know what to look out for, but these tips should help get you started. Even those experienced collectors will want to follow this advice on coin collection strategy.

Watch Your Budget

When investing in a coin collection, you’ll want to make sure you do your research. Be careful who you buy from so you don’t get swindled. Don’t get caught up in a debate about real coins vs. fake coins. 

Just because a coin is in a slab does not automatically mean it’s authentic. You don’t want to waste money on something that is fake, so take your time and don’t buy impulsively. Be cautious with your coin collection budget so you don’t lose money in investments.

To Clean or Not to Clean

It’s actually not a question. Don’t clean your coins. Contrary to what you might want to do immediately after a new purchase, cleaning your coin could damage the integrity and lower its value. Different types of coins need to be treated differently, and often a coin’s tarnish can actually increase its value.

Proper Storage

To keep your coins in good condition you’ll want to avoid moisture and processed materials like paper which can damage the coins in the long run. Don’t use tape to secure them and keep them in a safe location like a safety deposit box or a safe in your home. 

You can keep your coins in a special album or box made to hold valuable coins. This can prevent them from becoming scratched and devalued over time.

Hands Off

When handling your coins you want to be careful. It is best to hold them around the edges, instead of pinching the center. However, even that can be tricky. Ideally, you’ll be wearing cotton gloves, and keep the handling to a minimum.

Slow and Steady

Similar to the earlier advice about being careful and cautious when you buy, you want to be the same way when selling. Don’t be in a rush to immediately sell a valuable coin you just acquired. Rushing into a sale could cause you to miss out on the true value of a coin.

Start Collecting

Some coin collecting mistakes can feel like common sense, but even pros can slip up. The maintenance for coins is important and shouldn’t be overlooked or neglected as your collection grows.

Now that you know some of the basics, you can collect with ease and keep your collection safe. And if you found this article helpful, stick around to find more useful information.

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