AMASSING YOUR COLLECTION

As we’ve said before, the easiest way to start collecting coins is to focus on those coins that are still in circulation. This is probably the easiest way of obtaining coins since we use them every day. We’ve outlined some ways you can use in-circulation coins to start your collection.

You may, however, want to branch out into out of circulation coins. If that’s the case, finding them requires a little more work. But don’t worry – the sources are out there!

Dealers with their own coin shops can be good resources for information as well as coins.

Attend some coin shows. Here you can shop from several dealers at once. The selection will obviously be better than at most shops, and you may be able to get better prices due to the presence of competition.

Coins can be purchased from many dealers through the mail. Check any of the periodicals listed below for advertisements. Unfortunately, it is all too common to receive over-graded and/or problem coins from some mail order sources. Make sure the source has a reasonable return policy before ordering, examine the coins carefully on receipt to ensure they're satisfactory (get an opinion from a more experienced collector/dealer if you are unsure), and return them if they are not.

Hundreds of dealers offer coins on the Internet and online services, including many of the conventional mail order advertisers. Again, make sure the source has a reasonable return policy before ordering, examine the coins carefully on receipt to ensure they're satisfactory (get an opinion from a more experienced collector/dealer if you are unsure), and return them if they are not. Also, watch out for the occasional scam artist who may pocket your money and not send anything in return.

You will also want to try auctions. This will include live auctions as well as those conducted online such as on e-bay.

The rarest and most expensive coins are often available only at auctions promoted by major specialty auction firms. These are generally in larger cities.

Numerous auctions are conducted online. In some of them anybody can offer coins to the highest bidder. Before bidding, check feedback on the seller, if the auction service makes it available.

Make sure the seller has a reasonable return policy, examine coins carefully on receipt to ensure they're satisfactory (get an opinion from a more experienced collector/dealer if you are unsure), and return them if they are not.

It is not uncommon for bids in these auctions to go considerably higher or lower than prices for comparable coins from other sources. Check prices in shops, mail order ads and/or web sites and limit your bids to those prices to avoid paying too much.

Relatively common collector coins are sometimes included in auctions of antiques, other collectibles, etc. as well as estate auction.  The collector is forewarned that material in these auctions is more likely than usual to be over-graded, have problems not mentioned (if even known) by the auctioneer, and/or to garner inflated prices. Better material at lower prices can often be readily obtained from other sources.

You can try and either trade or buy from another collector. However, it's not often easy to locate another collector selling what you want. When it happens, you may get a better price. Post what you're looking for in “rec. collecting. coins” or attend some local coin club meetings.  There are also other coin collector message boards you can use to make contacts. Just look around or Google and you’ll find them.

Coins are sometimes available at flea markets, antique shows, craft fairs and other events where they are not the primary focal point. Because there is little if any competition for the seller and many potential buyers are not well informed about the hobby, these venues can be used to move problem coins and prices may be inflated. While the collector always needs to be able to evaluate the quality of potential purchases and fairness of their prices, extra caution is warranted in these situations.

So you’ve got some coins now, let’s look at the proper way to handle them.

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