Coin collecting is a popular hobby and some collectors become quite serious about it. A good coin collection requires a lot of time and research. A good place to start is by reading coin collecting articles and acquiring some reference books. A seasoned collector will even subscribe to magazines such as Coin World and Numismatic News.
Numismatics is the systematic study of coins and currency. Coin collecting is considered a subset of numismatics, though it can also be viewed as an independent pursuit. Coin collecting can be a rewarding and relaxing hobby, but some people enter the field in hopes of turning a quick profit. This is not a wise investment strategy; most coins have to be held for years before they are likely to return a substantial gain.
As a new collector, it is best to focus on a niche area of the market, such as rare American gold coins or ancient Roman silver coins. This will allow the collector to become reasonably knowledgeable in that specific area within a year or two. It will also be easier for the collector to build industry connections and meet experts in his field of focus.
Many collectors use a resource called the Red Book, which is an extremely thorough guide to United States coins. It is updated annually, and it provides information on mintage numbers, key dates, and other important numismatic facts. It is also a great tool for researching rarity.
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