Making Money Coin Collecting

Coin collecting is the collecting of coins or other forms of minted legal tender. These include paper money, certificates of stock and bond ownership, debt contracts and so on. Minted legal tender just like most things gets worn out and are taken out of circulation and then get replaced. After a certain time has passed a few of them achieve rarity status and appreciate in value.

There are coins and paper money that became collectable because they were stamped or printed incorrectly. There are many online information from both professional and amateur sources detailing which coins and paper money have defects and are therefore collectable.

For those serious enough to consider coin collecting as a hobby or a source of income you can get further information from books that specialise in coin collecting. You can start with the book “Coin Collecting FOR DUMMIES” by Ron Guth. Although it concentrates on American coins it nevertheless gives you a good introduction to coin collecting in general.

From here you can find or specialise in other books that have specialties in certain fields of coin collecting. There are books and online resources that specifically state the price of collectible coins. One example would be the website of Heritage Auctions which specifically states the price of US coins together with a visual image of the coin.

There are other websites similar to this website that specifically state the coin value as well as the visual image of the collectable coin for other countries as well. One just needs to find them out. For example if you are interested in coins from Australia you can try out the website coinsandaustralia.com which gives similar information but for Australian coins.

You can buy collectible coins at specialty coin collecting shops where old and newly minted collectible coins are sold. Remember that anything collectible can fluctuate in value even in an instant just like in coin collecting. There are also coins intentionally minted to become collectibles. Take note also that not all of these type of coins appreciate in value. They can even lose value.

Since I do not have much funds to buy expensive collectable coins I just made it a point to check the change I am getting if ever I buy in cash. If some of the coins are uncommon I just keep them. I even get the luck sometimes of having coins from other countries mixed in with my change. I keep them as well.

It easy to collect coins this way because the value of the coins are very small as compared to their potential value if they become collectables.

Other coins are collected for their silver content. Old coins usually have a lot of silver content while the new coins barely contain any precious metal worth collecting. Who knows copper might become valuable one day that collecting coins for their copper content will become worthwhile someday.

After typing this I researched if this has become a reality already. Lo and behold the price of copper has actually increased that there are now copper penny coins worth more for their copper content than the face value of the coin itself.

Conclusion

There are coins and other forms of legal tender that become collectable due to their uniqueness like having a defect when they were created or by having a historical importance attached to them. Others are created intentionally to be collectable. Whatever their collectable value it is important to know that their prices fluctuate from time to time.

Take note that most of these collectable coins are not exactly unique and can never be compared to art collectables like paintings and sculptures. They are mass created and circulated items and are meant to be a medium of exchange. As more of these so-called coins enter the market courtesy of e-commerce platforms there is a tendency for their value to drop.

We have seen many once so called rare items drop in value when it turned out that there are many of them especially being sold now online. You must know when to sell at the right time. Also the strategy of collecting coins for their metal value is getting harder to do as governments are intentionally putting lower quality metals in their coins to prevent such hoardings.