7 Biggest Mistakes Coin Collectors Make
- Not acquiring the proper coin education. There’s a maxim about buying the coin book before the coin, yet most beginning collectors buy without the full information necessary to make an informed purchase. As a result, they later find themselves unhappy with the grade or price of their coin – and sometimes even the coin itself.
- Not adequately protecting their coins and currency. Collectors tend to scrimp on coin collection supplies to save more money for coins. Either they donít buy coin protecting supplies in the first place or try to save a few cents by going with non-archival holders. As a result, coins get damaged and end up costing far more than proper protection.
- Not understanding the components in their supplies. Collectors need to understand which supply items are archival and which ones are not. They need to know when archival quality holders are essential and when it is okay to substitute a lesser quality holder. Perhaps most importantly, collectors need to know how to recognize PVC products and avoid them.
- Lacking focus and direction Plan your approach to collecting and pursue your strategy. It is okay to tweak your plan as you learn and grow numismatically. However, ad hoc acquisitions often lead to dissatisfaction with pieces that don’t fit with the rest of the collection. They also reduce funds available for the pursuit of more important goals.
- Focusing only on the acquisition/chase. Take time to enjoy your new purchases. This helps maximize pleasure, even when working with a limited budget. Create displays for collectibles so you can show them to friends and relatives and discuss them. Delve into the history surrounding your coins and the current events at the time. Learn how the designs were selected and how they were perceived by contemporary collectors. Use portions of your collection and acquired knowledge to produce a display/exhibit at a club meeting or local show.
- Not sharing the hobby with a loved one. Get a youngster involved with a folder, book, coin album or a few “extras” from your collection. This provides good family quality time and sometimes teaching someone else about coins is the best way to expand your own knowledge.
- Not planning for the growth of their collection. Supplies and storage systems need to be expandable as collections grow. Otherwise, investment is wasted when a new system is acquired. Collectors like everything the same (matching albums, coin folders, or boxes). Keeping future plans in mind helps assure today’s storage items match those bought in the future.