By Greg Cohen, Numismatist at R.M. Smythe

I have been collecting coins since an early age, and have read many books on the subject, and there are many more to go. If you read these books, many authors say collect the highest grade you can afford, or offer a minimum grade a person should collect, which to some reading those books are prohibitively expensive and turn collectors off to the hobby. While their advice is good for some, I can offer my opinion on how to collect coins: collect whatever makes you happy. Collecting anything is a hobby to enjoy, regardless of financial gain. This guide will serve young collectors the best, as they are the ones that, if bitten with the collecting bug at a young age, will continue to collect and enjoy the hobby for many years to come, hopefully then embracing the ideas of other authors who offer advice on what to collect.

With this in mind, you should read up on collecting before purchasing coins, and find a series that INTERESTS YOU. Numismatics offers so many avenues and approaches for the novice with only a few hundred dollars to spend, or the multimillionaire, experienced collector who can put a fortune into his collection. The key to enjoying your hobby is to educate yourself, not only on the numismatic basics (grading, counterfeit detection, etc) but read up on the historical background of the coins you choose to collect. For instance, while one author advises people to collect coins in GEM BU or Proof grades, I chose to collect a series that I thought was more interesting, a series that was the back bone of the early American economy. Collect what tickles your interest.

Coins have been struck for thousands of years and in hundreds of nations, which offer many paths. Even if a person was to focus on modern coins from around the world (struck from 1950-present) there are many ways to go about assembling a set of coins. Some will collect every date and mintmark from a certain nation; others will collect coins from a certain continent, while someone else may collect coins with odd shapes, animals, plants, or some other theme. Often these coins can be found in dealer “junk boxes” where s/he may place unsearched world coins and sell them either by the pound or some other type of bulk deal. Treasures can await the patient collector who enjoys rummaging through these boxes.

And think about all the series of US coins listed in the “Red Book” (“A Guide Book of United States Coins”). These series offer countless items to collect (Types, Subtypes, Dates, Mints, and Varieties). You can even collect coins straight from circulation without spending a premium by picking out Wheat Pennies, silver coins, half dollars, dollar coins, 50 States Quarters, and Westward Journey nickels. While not excessively rare or expensive, these offer an education in US History, and are suitable for young collectors and their parents to collect together.

Have a plan. Before doing anything that involves time and money you should always have a plan. As soon as you know what you are going to collect, stick with your plan and try not to deviate from it. Become friendly with a dealer who is a member of the American Numismatic Association and/or the Professional Numismatists' Guild, as these organizations have strict ethical standards for their members to adhere to. Join a coin club, whether a local one or a national organization that has a specific speciality, either way you will meet people who are enjoying the hobby as well, and who may know something that you do not. Go to local, regional, and national conventions when you can.

The size, focus, and amount of money and time put into your collection is up to you, but whether you are the novice mentioned above with a few dollars to spend, or the millionaire, the sign of being a successful collector is the same: the collection you assembled brings you pride and joy of ownership.