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Coin collecting is often dubbed “the hobby of kings,” and it is not hard to see why. You can spend a fortune enjoying this pastime!
But coin collecting need not be restricted to the wealthy.
In fact, it’s not difficult at all to enjoy coin collecting on a tight budget when you consider some of the ideas presented in this article.
Following are the 5 best ways to collect coins on a budget…
#1 – Collect Coins From Circulation
As simple as this may sound, you would be surprised how many people don’t look at the coins received as change.
In fact, there are many exciting discoveries to be made from the coins found in circulation:
- Lincoln Wheat pennies
- Old Jefferson nickels
- 50 state quarters
- Presidential dollars
- Error coins
- Foreign coins
- Silver coins
These are among the possible treasures you may lay claim to if you keep a keen eye on your change!
#2 – Collect Foreign Coins
While this article (and website) is dedicated to U.S. coins, I would be remiss if I did not make a quick mention about foreign coins.
Foreign coins offer many kinds of exciting designs and expose the collector to diverse lands and cultures.
Most important to the collector on a budget… Foreign coins offer a type of coin collecting venue that usually costs a fraction of the price when compared to a “typical” collection of United States coins.
Though you will need to shop for foreign coins at a coin dealer if you want to get your hands on many (unless you’re a world traveler), foreign coins can afford you the chance to assemble an eye-catching collection while on a tight budget.
#3 – Look For Good Deals
A lot of coin dealers are trying to get rid of coins they just can’t move out their door.
These types of coins include:
- Culls (coins that are very, very worn or otherwise damaged)
- Foreign coins (refer to idea #2 above)
- Junk coins
- Broken-up mint sets (government-packaged uncirculated coins)
- Lowball coins
- Single proof coins
- Spotty or discolored high-grade coins
- “No-problem” but very common modern coins
Some coin dealers also offer a break in the price if you buy coins in lots. Check out coin dealer ads for these types of offers — there are many (often quite fruitful!) opportunities for the coin collector on a tight budget.
#4 – Buy Used Coin Supplies
What do you do if you can’t afford the newest Lexus, Mercedes Benz, or Kia car?
You buy used, right?
Well, why not consider some “pre-owned” coin supplies if you’re short on money?
Many coin dealers sell lightly used coin supplies at a drastic discount over the cost of new products — including coin folders, coin albums, coin tubes, and vinyl pocket pages are all among the types of used coin supplies that some dealers sell at reduced prices.
#5 – Go Coin Collecting On eBay… Carefully
Auction websites (like Heritage Auctions, GreatCollections, and Stack’s Bowers) may be a good way to go coin collecting on the cheap — but you must use persistence and basic buyer awareness when doing this.
eBay has afforded me a couple of really good deals since I’ve started using the popular auction site.
One big problem I’ve noticed is that some coins will seem to be going for a low bid price until you place a bid. At which point you immediately see that someone else has placed a higher bid. People can pre-set automatic bids (directly in the eBay app and through third-party apps) in an attempt to be the highest bidder… up to a certain price.
Personally, I like to look for coin auctions that are ending in only a few minutes and currently have no bid. These often result in more successful lower-priced winning bids in my experience.
Before you purchase a coin on eBay, check the seller’s feedback and return policies. Do not buy from anybody whose feedback history or selling terms make you uncomfortable.
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