It’s easy to start a coin collection. You can begin with coins that you already have on hand.
Becoming a coin collector involves a common vocabulary. Get familiar with the parts of a coin and basic coin terms.
Ways to Collect
There are many approaches to collecting coins. Common collection themes include:
- Country
- Time period
- Coin finish
- Denomination
- Mint mark
- Design theme
- Artist
The Mint makes yearly sets, such as uncirculated, proof, and quarter sets, that make it easier to collect based on some of these themes.
Error Coins
Sometimes the Mint makes mistakes. Although most error coins are recycled before they ever leave a Mint facility, the few that make it into circulation are often considered collectibles. Coins made before the invention of modern machinery show a variety of die, planchet, or striking errors. Examples include:
You can learn more about errors through numismatic publications and organizations.
Build Your Collection
A combination of finding and buying coins can be a good way to build your collection.
Before adding a coin to your collection, consider:
- Is the coin appealing to you?
- How lustrous is it? There is no way to restore a coin’s shininess.
- Is it damaged? Scratches, bag marks, staple marks, and corrosion will decrease a coin’s value.
- How worn is it? Wear tends to be the biggest factor in determining a coin’s grade.
Buying and Trading Coins
If you are unable to find what you’re looking for in our catalog or Coin Seller Database, you may also find coins through:
- Banks
Search through coin rolls from a bank. - Collectors
Trade or buy coins privately or through coin clubs. - Coin Dealers
Coin dealers buy or trade coins. You may want to ask an experienced collector to suggest reputable dealers. - Coin Shows
Buy coins at national or local coin shows. - Auctions
The rarest and most expensive coins are often available only through auctions. Tip: compare prices to avoid overpaying and verify a reasonable return policy before ordering. - Flea Markets and Antique Shows
Coins can be found at various events, but less competition can encourage inflated prices or selling “problem coins”.
Coin Grading Scales
The Sheldon coin grading scale is used to determine a coin’s value, based on factors such as how well the coin was made, how much wear it’s developed, and the luster. A coin is assigned a number between 1 and 70, as well as an adjective such as poor, good, very fine, or mint state. The grade is listed as “MS-70” or “F-15”.
There are professional coin grading services, but grading is subjective. As a collector, it’s important to understand coin grading to know the value of a coin and to verify grades given by others. Use resources such as the Official ANA Grading Standards for United States Coins to learn more.
Coin Clubs
Coin clubs allow you to share your collection with others and learn more about coins. There are many national and local clubs and numismatic organizations. The American Numismatic Association provides a database of clubs around the world.
FAQs
US Mint coins are a worthy investment choice because of the design (Eagle Design), especially for the Gold bullion coins. Additionally, the US Mint produces a range of commemorative coinage that transcends their intrinsic metal value.
Is it a good idea to buy coins from the U.S. Mint? ›
Collectors and investors often consider US Mint coins a valuable addition to their portfolios. These pieces hold historical significance, potentially increase in value over time, and offer diversification.
Does the U.S. Mint sell coins directly to the public? ›
They are intended to provide investors with a convenient and cost-effective way to invest in precious metals. Since their launch, American Eagles have become the world's number one bullion coin investment products. The United States Mint does not sell its bullion coins directly to the public.
What is the most valuable coin from the US Mint? ›
The U.S. minted the Saint-Gaudens Double Eagle from 1907 to 1933. While all are quite valuable, the 1933 coin is the most sought after. Only one coin of this type exists legally in a private collection. This 1933 Double Eagle sold for $18.9 million in a 2021 auction and now boasts a higher estimated worth.
What are the best coins to collect for a beginner? ›
Buffalo nickels and pre-1965 Roosevelt silver dimes are also popular first coin collections. Jefferson nickels have the added bonus of collecting the 1942-1945 silver "war nickels."
How to start coin collecting as a hobby? ›
If you want to build up a collection, all you need to do is decide what it is about coins that interest you and start from there. Perhaps you are interested in a certain period of history and would like to find coins minted during that time.
How do you cash in $1 coins? ›
Your local bank branch is a good place to exchange coins. The branch will typically give you coin wrappers for free. Credit unions or community banks are more likely to have free coin-counting machines for members.
Are U.S. Mint coins taxable? ›
Since the United States Mint is a federal government operation, purchases are exempt from sales tax.
Does the U.S. Mint destroy old coins? ›
Coins can last around 30 years in circulation before they're too worn to use. When coins reach the end of their life, the Federal Reserve removes them from circulation. Old coins are melted down and used for other things.
Is it legal to mint your own coins? ›
A brief look at the history of private mints in America.
Since 1864, the private coining of money has been illegal, and since colonial days, we have had legal-tender laws designed to force the acceptance of coins and bills minted by the government.
What is the current value of a one ounce Gold American Eagle coin? The current ask purchase price for a one ounce American Gold Eagle is: $2,616.80 and the current Monex bid selling price for one ounce Gold Eagle coin is: $2,526.80.
Do U.S. Mint coins gain value? ›
As mentioned earlier, you can spend commemorative coins like any other currency, but you are better off saving them. These coins gain value over time because they are only minted once, according to the American Rarities site.
Are U.S. Mint proof coins a good investment? ›
Because proof coins are always valuable to collectors and can increase in value over time due to their rarity, they're a great way to build another way to profit into your bullion portfolio.
Are mint State coins worth anything? ›
State quarters, issued as part of the 50 State Quarters Program by the United States Mint from 1999 to 2008, have become highly collectible. While most of these coins are worth their face value, some rare variations and errors have significantly increased in value over the years.
Why do people collect mint coins? ›
Motivations. The motivations for collecting vary. Possibly the most common type of collectors are the hobbyists, who amass a collection primarily for the pleasure of it without the intention of making a profit. Another frequent reason for purchasing coins is as an investment.
Does a mint mark add value to a coin? ›
Mint marks can significantly influence a coin's value. Coins with rare mint marks or those produced in limited quantities often have higher value. For example, a 1937-D Buffalo Nickel is much more valuable than its non-mint marked counterparts due to its limited production and rarity.
