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Coin Collecting Cost


How Much Does Coin Collecting Cost?

 
 average costBasic Tools: $20-$40 
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Whether a coin was minted by your own country, a far-away nation or ancient Rome, it's a tangible piece of history and a connection to a larger world. Collectors say coins blend beauty and craftsmanship with a sense of significance, and that each coin has its own story.

Typical costs:

  • It's possible to start collecting coins simply by searching through your pockets or coin purse and keeping the most interesting ones in a small box; Coin-Newbies.com explains how to start collecting coins for little or no money[1] .
  • Expect to pay about $20-$40 for the US Mint's recommended basic tools for coin collecting[2] -- this includes a high-quality magnifying glass, a good general reference coin book[3] ,soft cotton gloves and basic envelopes, holders or albums for storing your coins[4] , and more. The US Mint also provides a free online glossary of basic coin collecting terms[5] and a diagram of the various parts of a coin[6] .
  • It's possible to spend $10-$10,000 to $100,000 or more on a single coin. Since condition is crucial in setting the value of a particular coin, many collectors like to buy coins in person (rather than online or by mail) so they can see what they're getting. Often dealers sell their wares at coin shows sponsored by nonprofit clubs or commercial promoters; there's usually a nominal attendance fee ($1-$5). The Pacific Northwest Numismatic Association provides tips for attending coin shows[7] .
  • While coin investors might spend hundreds of thousands of dollars on coins, a typical hobbyist coin collector might spend $100-$300 a month on this hobby.
Related articles: Stamp Collecting, Metalsmith Jewelry, Woodworking

What should be included:
  • Coins can be collected around any number of themes -- by country, year, mintmark, subject of the coin's image, composition (i.e. gold or bimetalic), a certain time period or whatever factor interests you. And any type of "coin" can be collected, from what's typically thought of as money to subway tokens, sports medals and more. Most coin enthusiasts and experts recommend collecting for the fun of it. The BBC[8] gives a good overview of the hobby, and Coin-Newbies.com answers standard coin-collecting questions and lists available resources[9] .
  • Storage is important. The US Mint displays basic ways to store and display your coins[10] .
Additional costs:
  • Although some people say they collect coins as an investment, not all coins retain their value over time, and a coin collection does not provide income unless it's sold. Those who pay too much for coins they are told are "collectible" may lose money in the long term.
Shopping for coin collecting:
  • The American Numismatics Association lets you search for local clubs and local coin dealers; it also has an online marketplace (known as a "bourse"). The Professional Numismatists Guild also posts a coin dealer directory.
  • Details about upcoming coin shows are posted at CoinWorld.com[11] and CoinShows.com
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What People Are Paying - Recent Comments
completing a collection
Amount: $100.00
Posted by: Sidingguy49 in Minneapolis, MN.Posted: May 27th, 2011 11:05PM
I've been collecting coins since I was 8 years old...I have sold off entire collections and started all over again...The thing I do is I pick a coin album of mine and try to complete it...All that is left in them is anywhere from 12 to 4 coins to complete them...I like to work on my Morgan Silver Dollar Collection...the ones I still need are some of the rarest ones ever minted...I just paid 100.00 for a 1899 Morgan Sil. Dol. the total mintage of this coin is: 330,846 coins..a very small number in terms of rarety...I was lucky to get it for such a low price...I now need 11 more to complete that album.
I'll probably never really complete it...there are at least 2 that are priced beyond what I could possibly pay..The 1893-S and the 1895 are so rare that their prices reflect it and I would never be able to buy them...but I can still dream.
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External Resources:
  1.  www.coin-newbies.com/short.html
  2.  www.usmint.gov/collectorsClub/index.cfm?action=GettingStarted
  3.  www.amazon.com/s/ref=nb_ss_gw/104-5308425-8642353?url=search-alias%3Daps&field-keywords...
  4.  www.usmint.gov/collectorsClub/index.cfm?action=StoringAndDisplayingCoins
  5.  www.usmint.gov/collectorsClub/index.cfm?action=glossary
  6.  www.usmint.gov/collectorsClub/index.cfm?action=AnatomyOfACoin
  7.  www.pnna.org/reference/coinshow.html
  8.  www.h2g2.com/approved_entry/A672013
  9.  www.coin-newbies.com/faq.html
  10.  www.usmint.gov/collectorsClub/index.cfm?action=StoringAndDisplayingCoins
  11.  www.coinworld.com/News/ShowCalendar.asp
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