Every Penny Counts: The Art of Coin Collecting and Money Made With It

presidential challenge coin

Throughout the course of the COVID-19 pandemic, there was a serious shortage of coins in the U.S. People struggled to get their hands on quarters, dimes, nickels, and, yes, even pennies.

In theory, you might not think that a coin shortage would affect Americans all that much since most people don’t carry around cash anymore. But it showed just how important coins are to the country and the people in it.

Some people take coins so seriously that they enjoy collecting them. The money made through the art of coin collecting makes creating a collection of rare coins well worth it to them.

Today, we’re going to examine what coin collecting is and reveal how you can make money by putting together a collection of unique coins. Continue reading to get the inside scoop on coin collecting.

What Is Coin Collecting?

Coin collecting is pretty much exactly what it sounds like. It’s the art of creating a collection of coins that have either a historical, cultural, or monetary value.

There are some coin collectors who have amassed huge collections of very old coins that can’t be found anywhere else. There are other coin collectors who have pieced together collections of more recent golden dollar coins.

There are even some coin collectors who seek presidential coins. A presidential challenge coin has a ton of meaning behind it and can hold a lot of value in certain cases.

Anyone in the country can start a coin collection if they would like. But in order to do it, you need to be passionate about coins and the role that they’ve played in different societies over time.

How Can You Start a Coin Collection?

Do you have an interest in potentially starting up a coin collection? If so, your goal should be to take things slow when doing it.

First and foremost, you should do your research on coin collecting and how it works. You should also do your homework on some of the most famous coin collectors in the country and, to a larger degree, the world.

Additionally, you should familiarize yourself with some of the rare coins that have been found and put into coin collections over the years. It’ll provide you with some much-needed insight into the world of coin collecting and all that it has to offer.

Which Types of Coins Should You Collect?

The beauty of coin collecting is that there aren’t any rules about which coins you should and shouldn’t collect. You’re free to take an interest in whichever coins you might come across in the course of your daily life.

It won’t be all that difficult to find, say, a golden dollar with an iconic American on it. You might want to kick things off by collecting those kinds of coins to pad your collection.

Once you have a little bit more experienced, you can then move on to trying to track down rare coins that the average collector can’t find. You might not be able to locate something like a 1937-D 3 Legged Buffalo Nickel, which can be worth thousands of dollars, right away. But it would be good to have it on your radar at the very least.

Bottom line: You should make it your mission to collect the kinds of coins that you want to collect. It’ll make coin collecting more fun for you and help you get your hands on coins that hold some sentimental value if nothing else.

How Can You Make Money by Collecting Coins?

The vast majority of coin collectors don’t ever turn a profit on their collections. Many of them actually spend their hard-earned money on coins and don’t ever get that money back.

But if you’re willing to put the work into it, you should be able to make a profit on the coins that you collect. You just need to follow these steps to do it:

  • Educate yourself on coin collecting by reading books on it
  • Find out which coins are worth the most money in the current coin collecting market
  • Invest in coin magnifiers, coin scales, and other coin collecting supplies that will come in handy
  • Attend as many coin collecting conventions as you can
  • Network with those who might be interested in buying coins from you at some point

Is Coin Collecting Worth It?

If your sole purpose when collecting coins is to try to make money, it’s not usually going to work out too well for you. The money made on collecting coins will be minimal at first.

But if you truly love collecting coins and can find a way to secure some one-of-a-kind coins, it could transform into a lucrative endeavor for you. You just need to keep your passion for coins alive to reach this end goal.

Give coin collecting a try today to see whether or not it’s something that holds your interest for a long time. Not everyone will fall in love with collecting coins from the get-go. But some people will inevitably find coin collecting fun and want to stick with it.

The Money Made Collecting Coins Could Be More Than You May Think

Coin collecting is not a get-rich-quick scheme by any stretch of the imagination. As we’ve alluded to here, most coin collectors aren’t going to see much of a return on investment after buying coins.

But if you play your cards right, you might be surprised to see how much money you could make through the art of coin collecting. The money made collecting coins could put a little extra cash in your pockets while ensuring that rare coins stay in the hands of collectors who will value them.