Coin collecting is a wonderful hobby that can teach kids about money. It can also help them learn about a specific country, historic period or even President. Many people start their coin collection with pocket change, inherit a set or buy coins because they think they will become valuable. It takes dedication and knowledge to build a collection that will increase in value over time.
Investing in rare or collectable coins is not easy and takes years, if not a lifetime to master. Unlike buying stocks, buying and selling coins requires knowledge of supply, demand, rarity and other factors that can quickly change price and valuations. There are many basic and specialized coin books that can help collectors with these skills. A popular choice is A Guide Book of United States Coins, or the Red Book. Another option is the Official Numismatic Adviser, published by the American Numismatic Association.
The ANA also has a library that allows members to borrow books through the mail. Despite the popularity of these books, it is important that collectors do their research before investing in new pieces. There is a saying that “buy the book before the coin,” and that is good advice for anyone new to collecting.
Other important mistakes that collectors make are scrimping on coin protecting supplies to save a few cents or not planning for growth of their collection. As a result, their coin collection can become disorganized or damaged. Keeping these mistakes in mind can help collectors avoid them and have more fun with their hobby.
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