Starting a coin collection

[Guest Carolyn73]

Hi

I used to collect foreign coins as a kid. This collection is long gone. But recently my interest has risen again. So I would like to start a collection. But there are so many coins to choose from! Where do I start??!

I was leaning towards british coins. I've been browsing the Royal Mint website.

I was thinking about collection British denominations (all of them) or only pound coins.

What do you guys think and/or recommend?

Thanks

Carolyn

[Chris Perkins 223]

Avoid the new novelty rubbish on the Royal Mint website for a start! New issues are fine but they are most likely to fall in value over the next 20+ years. In fact they are pretty expensive. Also, in their hard plastic packs with special finishes they can't really be handled.

Get my book and start with relatively modern pre-decimal coins (1950/60s). Or decide on a particular monarch and expand from there.

[Red Riley 2]

Wise words from Chris, but your personality will dictate the type of collection you want.

Do you want say, every bronze penny from 1860 to 1970, or would you like a representative sample of many different denominations and eras? The natural collector would tend to prefer the former, but for me, the latter tends to 'float my boat' a bit more. It is probably worth mentioning that nigh on two thousand years of history from Roman (or even Celtic) can be amassed with a surprisingly small outlay and would provide a collection far more interesting to friends and family than one which consisted of a run of dates. On the other hand, many date runs can be put together quite simply and cheaply as long as you aren't too picky about having the best of everything. If you do want only high quality coins, then with care your collection will have a much higher investment potential.

Only you can decide where you want to go with this, but whatever you choose, do it because that is what you want to do, not because you feel you should be collecting in a certain way. Start off by reading up on the subject (see above) and take it from there.

[Dg43 0]

Hi Carolyn, and welcome to the forum.

The advice to avoid the Royal Mint and their overpriced special offers and also the 'unofficial' mints, is good, it may be a prejudice, but I think it is the view of most of us.

Date runs invariably fall at the hurdle of the ultra-rarity. Most long running denominations have them, and when they surface, fetch silly prices for worn examples at auction.

If you like pound coins then by all means start there. They are easily and fairly cheaply obtained in top grade, plus there are proofs, silver proofs and 'piedfort' (thicker than the norm) silver proofs for all years. These are more expensive. A nice thing about pound coins is, that the reverse designs are all different, which adds to the collecting interest.

You may know, there are a lot of forged pound coins in circulation. These are not intended to fool collectors, but are probably in your change at this moment!

It is also probably fair to say, that pound coins are not a particularly good investment for the future, as supply likely exceeds demand. This of course has the advantage that, when you have the funds you can easily find the next coin on your wanted list. If you buy wisely though your coins should appreciate in value.

Ebay is a good place to start looking if you are aware of the pitfalls. Avoid sellers with a poor feedback score and/or are rude to buyers. Others make exaggerated claims about their coins, especially regarding the grade of the coin.

Many sellers overgrade their coins, some deliberately - others due to ignorance. Also beware of sellers who charge an extortionate amount for postage. If you bear all this in mind, Ebay can be worthwhile.

You will probably find that when you start collecting and expand your knowledge, your coin collecting interests will change completely!

There are no rules, collect what takes your fancy.

Any questions, ask here on the forum!

Regards

David

[Stechlin 0]

Hi

I used to collect foreign coins as a kid. This collection is long gone. But recently my interest has risen again. So I would like to start a collection. But there are so many coins to choose from! Where do I start??!

I was leaning towards british coins. I've been browsing the Royal Mint website.

I was thinking about collection British denominations (all of them) or only pound coins.

What do you guys think and/or recommend?

Thanks

Carolyn

Hi, Carolyn

The question you’ve asked is the ultimate question starting collecting British coins. All the hints you’ve already received – and you received those from really experts, I’m not (yet) one, are totally right, I just want to give you another sight and want to contradict in one point to the former answers.

You have to think about a lot of things at the same time. 1. What is really interesting for me? Red Riley has said everything important to that and that is the most important anyway in my opinion. 2. How much money I’m willing to spent over the times (years for years?). Spending money it really makes a difference if you start collecting farthings or pounds (what you mentioned). And connecting to that: Do I collect coins to make money in the future or just being interested in coins (or both, if you are rich). If you are interested in making money, wait for end of the crash in the stock markets and invest your money there.

In my opinion Red Rileys answer to your question is the most important one. First make up your mind about that. I agree with David and Chris about the Royal Mint offers. And my special hint as a beginner: Collecting those coins is boring! In general: If you start collecting “new†coins, there is nothing to talk about and there will come the time, you run out of money (although I have to admit, that is a general question, but for example, that problem meets you later if you are collecting Farthings from 1799 up to decimal coinage).

To give you an idea: I started to collect Bronze Pennies being impressed of those as a German youngster during vacations in England. Meanwhile I’ve switched to Victorian Copper Pennies. So don’t be afraid starting with the “wrong†coins.

So, the best that you can do in my opinion: Read Red Rileys answer two or three times. Then make up your mind. Before you decide at the end, buy Chris catalogue (CCGB - really not to expensive and not only as a beginner sometimes more helpful as for example the Spink catalogue – and the only one with realistic prices), and have a look at it. And then, just start!

The only thing I want to contradict to the previous answers (a bit). I have started as a pure date runner (in my case Bronze Victorian Pennies) and I never had regretted that. Perhaps you will spend too much money for worn coins at the start (as I did), but it is up to date the most interesting way to get into the “issue†(perhaps the wrong word).

Holger

[Dg43 0]

Holger

I don't disagree with you one bit about your collecting interests, it is entirely a matter of personal taste.

Without more information about Carolyn's motives for collecting - investment, history, or just collecting pleasure -

it is difficult to help. Though, It appears that we may be talking to ourselves....

[Stechlin 0]

Holger

I don't disagree with you one bit about your collecting interests, it is entirely a matter of personal taste.

Without more information about Carolyn's motives for collecting - investment, history, or just collecting pleasure -

it is difficult to help. Though, It appears that we may be talking to ourselves....

Nicely said. I'm afraid, you are right.