Beginners Guide

To

Coin Collecting

The Hobby of Kings

The Petercoins F.A.Q page

   This FAQ page addresses a few of the most commonly asked questions about coin collecting. It is intended only as an introduction to the hobby.

What coins should I collect?
How do I find out what a coin is worth?
Where should I buy my coins from?
How will I store my collection?
Some of my coins look dirty how should I clean them?

  What coins should I collect?

  A good question, and one which only you can answer. Coin collectors start collecting for many different reasons, the look of a coin, the metal it is made from, the weight and feel of it. 

 Learn of far flung places that you may never visit, embark on a journey through history as you inspect and admire different designs. The reasons for collecting are infinite!  At the end of the day we all collect a particular series of coins because we are attracted to their design and we get enjoyment from collecting them. The only advice I can give is collect what you enjoy and can afford. A starting point is to take a look at the coins you see every day in the coinage of your country. Which coins in circulation do you find the most attractive?  Start to take notice of when new coins are minted, begin by saving newly minted coins from circulation;  be careful of fingerprints, hold coins you are interested in between two fingers, by the edges. Before you know it you will have started a collection, easy isn’t it!  If you later decide that coin collecting is not for you can always spend your collection and you have lost nothing.

Should you want to expand your collecting, you can continue your newfound hobby by doing some research on your area of interest, read up on coins you are interested in, study library books on your chosen field. Visit museums that have National coin collections. Ask for a coin yearbook for Christmas or subscribe to numismatic publications. These will keep you informed and updated on market values for collectable coins. Keep a look out on new issues from the Royal mint.

How do I find out what a coin is worth?

  Coins taken from circulation today will take many years before they are worth any more then their face value. If you have come by an old coin maybe from a relative or found one somewhere, you can look up its current value in a coin price catalogue obtainable from numerous booksellers or numismatic suppliers or even from your local reference library.  Before you can find out a coins value you will need to accurately grade it. This is quite a precise operation. Experience of  handling many coins and looking closely at their designs and legends will make  grading easier with time. To see how you would get on determining a coins particular grade take some coins from your change and see if you can grade them using the Grading Guide.

Remember that the value of a coin in a price guide is the retail price you might expect to pay if you were purchasing that coin from a coin dealer, it is not the  same price the dealer would offer you if you were asking them to buy that coin from you. Joining a local coin club is a good way of increasing your knowledge of numismatics and maybe making some new friends at the same time! Local coin clubs usually hold members auctions throughout the year, a good source of expanding your collection or selling your doubles!

Where should I buy my coins?

Today there are many sources for a budding collector to start or add to their collection. Why not take a look at what’s on offer here at Petercoins? Alternately, various coin fairs are held in Great Britain at various times throughout the year. Coin fairs present enormous choice for the collector. With many different dealers brought together for the day under one roof, it is possible to find several different examples of what you are searching for, giving you the opportunity of obtaining the best possible condition. There are probably hundreds of professional coin dealers in the UK many of them will exhibit at large coin fairs. The internet has also many sources for adding to your coin collection. When buying coins from a fair, auction or dealer make sure you have done you home work first. Look up the value of the coin in a coin catalogue in each of the grades before viewing the coin, decide beforehand how much you want to spend. Many dealers ask top catalogue prices for their coins and expect you to make them an offer.  Be prepared to haggle! Many of the coins on offer here at Petercoins are priced at up to 50% lower then British coin catalogue prices for 2008!  

Happy Collecting