How To Start Collecting Rare Coins With Just $50
It doesn’t necessarily take a lot of money to start collecting rare coins, but it does take the right strategy. Starting your collection with $50 requires a combination of knowledge, patience, thriftiness and selectivity.
Check Out: Barber Coins Are Worth Thousands: Here’s How To Spot Them in Your Spare Change
Learn: 6 Unusual Ways To Make Extra Money (That Actually Work)
Your first step should be to research the market, learn what constitutes rare and valuable coins, how they are graded, where to find them, and what you can expect to pay.
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
Getting Started
As a beginner with only $50 to spend, you should put your focus on buying affordable coins, which means starting with lower-grade varieties. Because these coins have more wear or imperfections than high-grade coins, they cost less. This makes it easier to build your collection while still adding rare coins valued by collectors.
Another smart move is to start with smaller denominations or rare coins that are largely bypassed by dealers. Doing this will help you gain experience and learn about grading standards while building your collection.
Related: 5 Copper Coins Worth Money
You should also be picky about what you buy. Take the time to scout out the best deals on the largest quantities of coins rather than spending your whole $50 on a only one or two coins. You can find some rare coins for a few dollars each, which means your $50 could land you a decent collection of 15 to 20 coins to start out.
Here are some ways to find the best deals:
-
Attend coin shows.
-
Join a local coin club to network, make connections and learn more about the hobby.
-
Check out pawn shops, flea markets and garage sales.
-
Buy coin rolls from banks. You might come across some old or rare varieties just buying a $2 roll of nickels or 50-cent roll of pennies.
-
Use free apps and resources to learn more about the hobby and where to search for affordable coins.
-
Check out coin and numismatic websites such as Coin Value Checker, PCGS CoinFacts, NGC Coin Explorer, Robpaulsenlive and USA Coin Book.
For even more great coin collecting advice from experts, check out these tips from Blanchard and CoinWeek. Happy hunting!
More From GOBankingRates
This article originally appeared on GOBankingRates.com: How To Start Collecting Rare Coins With Just $50