Whether you’re just starting your beginner coin collection or have been collecting for years, following a few simple guidelines can protect your investment, preserve your coins, and enhance your enjoyment of the hobby. As the coin market evolves and technology changes the way collectors buy, sell, and authenticate coins, these timeless principles, along with a few modern updates, can make a big difference. Here’s our list of coin collecting do’s and don’ts to help you get the most out of your experience.
Do’s for Coin Collectors
Do Handle Your Coins Properly
Always hold coins by their edges, never the faces. Even clean hands can leave behind oils and residues that can permanently damage a coin’s surface. For high-value or proof coins, wear soft cotton gloves to minimize the risk of accidental harm.
Do Store Your Coins Safely
Use acid-free holders, coin flips, albums, or capsules that are specifically designed for numismatic storage. Keep your coins in a cool, dry place away from sunlight, moisture, and extreme temperature changes. A well-maintained storage environment protects against corrosion, spotting, and fading.
Do Continue Your Coin Education
Knowledge is a coin collector’s greatest asset, so stay current by reading numismatic publications like The Numismatist, Coin World, and Numismatic News. Follow reputable dealers online and attend coin shows to keep up with market trends. There are also excellent digital resources and virtual webinars for collectors of all experience levels. Join online forums and local coin clubs to share knowledge and learn from others.
It’s easiest to start by picking one type of coin for study. For example, you might start with Washington quarters or Lincoln cents. Look for errors and varieties – “cherry picking” is an ongoing treasure hunt!
Sell some coins occasionally to get a feel for true market value, and to understand how pricing works, and buy the key date rarities first when starting to collect a specific series. The highest condition coins with great eye appeal are the easiest to sell.
Do Keep Good Records
Track your purchases with detailed notes about the coin’s type, date, mintmark, grade, purchase price, and where you acquired it. Good documentation not only helps you manage your collection, but it will also be helpful if in the future you want or need to have your collection appraised, file an insurance claim, or sell your coins.
Do Buy from Reputable Sources
Use caution when a coin’s price is too good to be true, and avoid counterfeits and harshly cleaned coins. Especially in today’s world of online marketplaces, you should only buy coins from a trusted, reputable dealer who understands your collecting goals. Your coin dealer should be a partner in building your collection.
Look for dealers who are members of organizations like the American Numismatic Association (ANA) or Professional Numismatists Guild (PNG). Grand Rapids Coins is a member of the Better Business Bureau of West Michigan (A+ rating), ANA, MSNS, CSNS, and FUN and a certified dealer with PCGS, NGC, and CAC. We are always happy to talk to coin collectors about our experience, our ratings, and our clients’ testimonials.
Don’ts for Coin Collectors
Don’t Clean Your Coins
One of the biggest mistakes new collectors make is attempting to clean coins. Cleaning often causes irreversible damage by scratching or dulling the surface, immediately decreasing a coin’s value. Even mild “polishing” or “wiping” can leave micro-abrasions that graders will detect. When in doubt, leave it alone.
Don’t Store Coins in Unsafe Containers
Avoid using PVC-based plastic flips, food containers, or ordinary paper envelopes for long-term storage. Over time, these materials can release chemicals that corrode or stain your coins.
Don’t Rush Into Big Purchases
Patience is key. Take your time in researching rare coins before investing, especially for expensive or high-grade pieces. Ask questions, seek second opinions, and compare prices across dealers. Remember: a little hesitation now can save a lot of regret later.
Don’t Fall for Modern Fads
While commemorative coins, limited issues, or “special editions” are popular, not all will appreciate in value over time. Stick with coins that have a strong collector base, historical significance, or genuine rarity. If you’re chasing value growth, focus on fundamentals, not hype.
Don’t Assume Every Old Coin is Valuable
Age alone doesn’t equal rarity or value. A common-date coin from the 1800s in poor condition may be worth less than a modern proof coin. Condition, demand, and historical importance are major factors, so make sure you evaluate your coins properly.
Don’t Believe Estimated Grades on “Raw” Coins
Unless you have experience with the coin dealer, particularly avoid buying “raw” coins online or via national ads.
Don’t “Buy the Plastic”
Buy the coin! Some coins in third party holders are over-graded and not worth the asking price. Consult with experts if you are unsure of a coin’s value.
Don’t Expect to Sell a Coin to a Coin Dealer at Full Retail Price
Reputable coin dealers will normally pay about 80-85% of retail value for collectable coins. Higher percentages are often paid for exceptionally rare and desirable coins.
Don’t Expect to Get Rich Quick from Coin Collecting
Unless you come across a once-in-a-lifetime find, coin values fluctuate like any investment.
Building a Coin Collection You’ll Be Proud Of
Collecting coins in 2025 is as exciting as ever, thanks to increased access to information, interactive online communities, and global marketplaces. But no matter how much technology changes, the fundamentals remain the same: handle coins carefully, store them properly, buy them carefully, and continue your learning journey. There’s always something new to learn about coin collecting!
At Grand Rapids Coins, we help collectors at every level, from beginner coin collections to seasoned investors. Whether you’re looking for advice, rare finds, or trustworthy appraisals, we’re here to help you build a collection you’ll treasure for years to come. Contact us with any questions you may have or for a free evaluation of your coins and currency.
