You may have heard of coin collectors making thousands or even millions of dollars by selling rare coins. While those stories sound exciting, the truth is that most collectors won’t see such huge paydays. The rarest coins are extremely hard to find, and they often cost a fortune to buy.
However, this doesn’t mean you can’t make some money from coin collecting. Even if you’re a beginner, you can still profit if you treat coin collecting like a hobby rather than a way to get rich fast.
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Start Small and Be Patient
Instead of aiming to buy expensive rare coins, focus on affordable ones. Over time, these coins can increase in value. Think of it like investing in stocks: you don’t need to hit a jackpot to make a profit. Start with smaller purchases, build a collection, and give it time to grow in value.
Here are a few examples of affordable coins from the 19th century, according to American Rarities:
- Two Cent Coins (1864-1871): $7.75 to $9.35
- Three Cent Nickels (1865-1881): $6.85 to $8.50
- Seated Half Dime (1837-1873): $11.00 to $12.75
- Seated Quarter (1838-1891): $15.25 to $18.00
- Barber Silver Half Dollar (1892-1915): $9.60 to $10.75
You can also find rare coins from the 20th century for even less — sometimes for as low as $2. By spending just a couple of hundred dollars, you could build a collection that might bring in a decent profit in a few years.
If you have $1,000 to invest, you could buy a good number of valuable coins, making your chances of earning more even higher. Just imagine, earning a few hundred dollars from your collection could easily cover a few months’ worth of bills.
Consider Melt Value
Another way to make money from coin collecting is by investing in coins for their melt value, especially with silver coins. Before selling, though, make sure the coins don’t have a higher value as collectibles. Websites like Oxford Gold Group recommend checking their numismatic value before deciding to melt them down.
If you do decide to sell them for their melt value, here are your options:
- Refineries will buy silver coins to melt them down.
- Local coin shops, pawn shops, and silver exchanges are other places to sell for melt value.
When it comes to copper coins, like pennies or nickels, things are a bit trickier. These coins contain metals like copper and zinc, which can be valuable, but it’s illegal to melt them down just to sell the metal. However, if you turn these coins into jewelry, like rings or necklaces, it’s legal because it’s seen as a creative process.
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Tips for Beginners
If you’re new to coin collecting, here are some simple tips to get started:
- Start Small: Buy affordable coin sets that are easy to complete. Learn their history, how to grade them, and what they’re worth.
- Proper Storage: Learn how to handle and store coins to avoid damaging them.
- Do Your Research: Read books like “The Guide Book of United States Coins” (often called the Red Book) or explore online resources to deepen your knowledge.
- Join a Coin Club: This is a great way to meet fellow collectors and learn more about the hobby.
- Be Patient: Don’t rush to sell your coins. Give them time to increase in value.
Final Thoughts
Coin collecting isn’t about getting rich overnight. It’s a hobby that takes time, patience, and knowledge. Start with affordable coins, do your research, and let your collection grow in value. Over time, you might find that your hobby not only brings you joy but also some extra cash.
Ethan is a passionate rare coin collector with years of experience uncovering the stories and history behind unique coins. His insightful articles are a go-to for anyone curious about coin values or their fascinating backstories.