How Much Does Coin Collecting Cost?

how much will you spend on a coin collecting hobby

Collecting money is a very interesting hobby that can help you understand the culture and history of different countries. You can collect coins from a specific region, country, or time, or you can search them according to the character or material they are made off.

Besides being a hobby, numismatics is a science that deals with a historical perspective research of monetary changes over time. As science, numismatics is closely related to coins invention and their role in society.

Numismatics exists ever since ancient times, being one of the favorite activities of leaders, nobles and other wealthy individuals, especially because the money value was much higher in ancient times, due to the materials the coins were made off.

The average price for some basic tools is $20- $40.

Numismatics is your hobby, here’s another great article to read: How Much Does it Cost To Make a Penny

Another great way to get into coin collecting is by using a metal detector. Yes, you aren’t the only one that from time to time loses coins. This means that a simple metal detector could help you to dig up a lot of pieces, that might cost a lot of money if bought from collectors. Metal detectors cost anywhere from $40 to $1,000 and more.

Typical costs:

You can start your own coin collection by simply searching at your grandmother’s house or through your old clothes pockets and store the ones that are more interesting in a small box. On some websites you can find some tips to start your coin collection.

The best basic tool for your coin collection that we recommend you to get is the US Mint, and expect to pay around $20 – $40 for it. The package includes a good general reference coin book, a high-quality magnifying glass, soft cotton gloves, and holders and basic envelopes or albums for storing your coins. Having the US Mint you can dispose of an online glossary with some basic coin collecting terms.

Expect to pay for a single coin anywhere from $10 to $10000, $100000 or even more, making this one of the most expensive hobbies. It is very hard to set a specific value on a particular coin and that is why the collectors buy the coin in person and not online or through email, in this way they see what they get. There are some coin shows sponsored by commercial promoters or nonprofit clubs, where for a nominal attendance fee of $1-$5, you can find dealers who sell their wares. You can get some tips for attending a coin show from the Pacific Northwest Numismatic Association.

According to some statistics a normal coin collector spends on this hobby around $100- $300 per month, while a coin investor spends hundreds of thousands of dollars on coins.

How to start a coin collection ?coin collection, numismatics

Certainly many people have an old or foreign coin received from a friend or their grandparents.

You don’t need more to start such a collection. It is important for you to want to be documented in order to organize your collection as well as possible.

To clarify things, collections can be organized as follows:

  • depending on the type of the metal used to manufacture coins;
  • depending on the its value;
  • depending on the region (country of origin);
  • depending on the era these coins belong to;
  • depending on the theme.

These are the most common ways to organize a coin collection and it is very important to take them into account.

Another important step is to enter in a club or even in a Numismatics Association in order to obtain the coins you want. Again, documentation plays a really important role.

To enrich your collection, you can also visit antique stores and you will be surprised to see how many old coins you’ll find.

Should the average working Joe start a coin collection ?

If coins are your passion and you feel like you would enjoy collecting them, then there’s no problem in making a hobby in numismatics. In all fairness you should have a budget in your head and never overspend on coins, even when it seems like you will miss the deal of your life. Also remember that if on a tight budget, always do your due diligence, for each and every coin. You don`t want to end up with a a collection of useless fakes.

 

 

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