HOW TO START A COIN COLLECTION

 

This year, the Federal Reserve will begin officially "phasing out" the penny. The plucky little copper-colored coin used to be able to fetch you a piece of candy from the corner store. Then it was found mostly tucked into loafers and floating at the bottom of wishing wells and fountains. As much as we hate to see them go, you have to admit you haven't had an actual use for a penny in years…unless you found one on the street (face up, of course) and picked it up hoping for a good luck boost.

But the idea that a coin could do its duty and then be retired might spark something else in you–maybe a desire to find more out-of-date and discontinued coins. Maybe this leads you to dig into the history of coin production, and the hidden secrets and details that distinguish one from another. Before you know it, you might want to become a full-fledged coin collector. A numismatist, if you want to use the proper term.

But then what?

To give you some tips on how to get started, we reached out to former journalist and spokesman for the Professional Numismatists Guild, Donn Pearlman. Pearlman's own journey started when he was 8 years old and "received a mint state, shiny red Lincoln cent." He came back to the hobby later in life, and this "a reborn numismatist" has found coin collecting to be a fascinating and fulfilling hobby.

"Even though I have never owned a multi-million-dollar trophy coin," says Pearlman. "I've been lucky and thrilled in my professional life to see and hold many of the world's most famous rare coins."

Here is Pearlman's advice on how budding numismatists can get started…

Start simple
According to Pearlman, most people begin their collecting journey with everyday coins found in circulation. But knowing what to look for is what separates a coin collection from just a collection of coins. And for that you need to read up.

"There's an old saying in numismatics: ‘Buy the book before the coin.' If you're interested in United States coins, buy the latest edition of A Guide Book of United States Coins, commonly known in the hobby simply as ‘The Red Book' because of its red cover. There are similar reference books and online resources for information about U.S. coins and those of other countries."

Pearlman advises starting out with something that has some personal resonance. "Do you like the historical event or person depicted on the coin or bank note?" he says. "Perhaps you want to put together what's known as a ‘type set,' one representative example of each denomination and design struck during a certain time period, such as the 20th or 19th century? Bottom line: Collect what you enjoy, whether it is a Wheat Stalk design Lincoln cents from 1909-1958, or ancient Roman coins depicting the 12 Caesars."

And the best part is, you don't have to spend a lot to get started. "You can enjoyably begin a collection for less than a dollar by starting with the many designs, dates, and mintmarks of coins easily found in circulation." Pearlman suggests attending coin shows and asking questions to learn the lingo and understand the tiny details that differentiate one coin from another.

To read the complete article, see:
How to start a coin collection (https://www.popsci.com/diy/how-to-start-coin-collection/)

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