How Much Will It Cost to Start Collecting Coins?
Starting a coin collection can be as simple or as complex as one desires, depending on the individual's preferences and interests. The cost of beginning a coin collection varies widely, from zero if you're willing to start with adding change to your collection, to several hundred pounds for rare and valuable coins.
Starting with Nothing: Using Your Change
One can start a coin collection with no initial outlay at all. All you need to do is start saving change from your daily transactions. When you find a coin worth more than its face value, you can add it to your collection. For example, a 1909 S V D B Penny can be held in a holder and added to your collection at no cost, except for the price of the holder, approximately ￡5.
Investing in a Red Book
For the initial investment, a "Red Book" is a valuable resource. Invest the first ￡15 in obtaining a copy of the Red Book, which is the official guide to U.S. coins. Flip through it to get an idea of the history and rarity of coins, and to find those that interest you. Learn about pricing and get a sense of what the coins you would like to collect might cost.
Low-Cost Coin Collection Methods
With some careful collection, you can gather coins that you can add to your set. A Jefferson nickel from 1938 to the present can be collected using pocket change. The cost of a Whitman folder, which is used to store and display the coins, is around ￡5. Most of these nickels can be obtained through roll hunting, though you'll need to pay a few dollars each for the 35 silver "war nickels" produced from 1942 to 1945.
Moderate Spending: Completing Coin Sets
If you wish to spend a bit more and set a specific goal for completion, you can aim to gather a full set of Eisenhower dollars (1971 to 1978) in proofs for an approximate cost of ￡100, depending on the coin's grade. The Liberty Head or V nickel (1883 to 1912) can be another affordable collection. Most of these coins can be obtained for around ￡1 each, although three of them from 1885, 1886, and 1912-S are rare and more expensive.
Expensive but Educational: Learning Through Dealers
Coin collecting does not necessarily mean completing a set. Some people collect one coin of each denomination from their birth year or something similar. While collecting coins of any budget can be fascinating, you can also start with examining the coins in your change. For example, a missing edge lettering on a George Washington golden dollar can be worth ￡1, while a 1982 Roosevelt dime without a mark can be worth over ￡100. A 1964 or earlier Roosevelt dime found in your change is worth about ￡1.80, making it a great return on investment. A 2004 George Washington Wisconsin state quarter with a high or low extra leaf can be worth over ￡100.
Alternative Collection Ideas
If a coin set isn't your preference, you can also collect one coin of each denomination from your birth year. Alternatively, explore the options of buying a bank box for a particular denomination to see if it contains any rare coins. For instance, a box of 2004 one ounce American Eagle bullion coins can be a reasonably affordable complete set.
Attending a coin show and talking to dealers is a great way to educate yourself about the coin world. This not only helps in identifying valuable coins but also in building a personal network of coin collecting enthusiasts.
By choosing the right path for you, starting a coin collection can be a budget-friendly hobby that brings joy and sometimes, significant value. Whether you start with just change or spend hundreds on rare coins, the excitement of collecting and the potential for financial rewards make coin collecting an enticing hobby for all ages and budgets.