Steps to Collecting Coins From All over the Globe

Written By Steps To Faculty Published April 30th, 2010

Coin collecting is one of the most interesting and gratifying hobbies that you do and could even have earnings if planned properly. Here’s how.

Step 1 Start collecting

One of the interesting aspects about world coin collecting is that you can begin simply by collecting coins from your pockets. Go to a convenience store or any other store with lots of change and ask for rolls of nickels. Nickels, especially Jefferson, are unique and long-lasting and can be worth up to $15 if circulating from 1945.

Step 2 Get the necessary tools

To begin collecting you will need a Whitman Jefferson Nickel Folder for about $3.00 at amazon.com or any coin dealership.

Step 3 Sort the coins

Although it is not recommended that you clean coins, you can rinse them in a small bowl with soap. Then, with the aid of a magnifying glass and 100-watt bulb,, sort each nickel (or other coins) by decade. For example, coins dated 1956 should be in the decade 1950-1960.

Step 4 Find an experienced and trustworthy coin dealer

There are many coin dealers and traders in the world who can help you get started in your coin collection. These dealers can also help you appraise the value of your coins and even help you trade them on the market, however, not all dealers and traders are experienced, honest, or meet the requirements of Professional Numismatists Guild (PNG). Check the guild at their coin dealer directory to find reputable dealers and traders to assist you.

Step 5 Grade the coins

The most commonly used systems for determining the value of each coin is the 3-bucket systems and the Sheldon 70 point system. The 3 bucket system separates coins based on whether each is circulating or non-circulating. Circulating coins are placed in one bucket, while lackluster non-circulating coins are divided into the other. Semi-circulating coins are placed on the third bucket. Most dealers use the Sheldon 70 point system for poorly kept coins (P-1) to mint-state perfect coins (which is at level Ms-70). Have a dealer help you determine the grade of each coin to determine worth.

Remember start small and build up the collection.


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