How to Collect Coins

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Have you stopped viewing the news because you no longer can tell fact from factoid? Social media is to blame. People no longer want information; they seek affirmation. Same with coin collecting, and click-baiters on YouTube, TikTok, eBay and Etsy provide it.

This post is about how to be a coin collector. Memorize this mantra: The value of the hobby is the hobby.

Stop Searching Minor Errors

A prime example is the 1969-D floating roof cent or get-rich-quick ones that have long been discovered, such as:

Only fools will buy the ridiculous 1969-D floating roof cent below. That is not a mint error. The floating roof mirage only means the U.S. Mint continued to strike coins with a worn die. But hucksters on eBay will sell you one for hundreds of dollars.

Here’s an example of a face value cent:

Here is a hyped value example on eBay. No one will buy this coin for that astronomical price; but newbies will look for one (they aren’t difficult to find) and then believe they have struck it rich.

Buy the Red Book

The Red Book’s official name in A Guide Book of United States Coins. It not only contains all the denominations, errors, varieties, histories, and so much more–it also explains the hobby in much greater detail than this post. See my video about the Red Book:

Choose a Precious Metal

These are coins made of gold, silver, palladium and platinum, all available as bullion from the U.S. Mint:

Yes, these coins can be expensive, especially gold and platinum; but silver is reasonable with spot prices typically rising over time. These are investments that you might collect and leave as legacy for your heirs.

Choose a Denomination

Here are the most popular coins to collect:

  • Morgan Dollar (1878-1904/1921): 90% silver and 10% copper. Large coin reminiscent of American culture and history, weighing 26.73 grams.
  • Franklin Half Dollar (1948-63): 90% silver and 10% copper. An easy series to collect with affordable key dates, challenging hobbyists to replace coins with ever higher uncirculated ones.
  • Washington Quarter (1932-64): 90% silver and 10% copper. Like the Franklin Half Dollar, a relatively easy series to collect with only one affordable key date (1955), all still available across the Sheldon grading spectrum. Moreover, this denomination has an additional designation, full bell lines, knowledge of which can bring substantial values.
  • American Silver Eagle: (1986-): 99.9% silver. Among the most beautiful of designs by Adolph A. Weinman, portraying the the Liberty Goddess on the obverse originally used on Walking Liberty Half Dollars (1916-1947).

Browse the Red Book for a series that speaks to you, looking at first for easy ones to assemble, such as the Kennedy Half dollar (1964-) and then more challenging ones, such as the Mercury Dime (1916-45).

This Mercury Dime series has expensive key dates and desirable varieties and errors. For instance, the 1916-D has a mintage of a mere 264,000. Even lower mint state examples command values above $1000. And then there are these valuable errors, 1942 over 41 and 1942 over 41-D, and regular/micro mint mark varieties in the 1945-S example, also depicted below:

Collect Year, Mint Mark and Varieties Sets

After you choose a denomination, or several, start collecting by year (year date set). For instance, it is relatively easy to collect every year of the Mercury dime, substituting the easily found 1916 dime for the rare 1916-D dime. If you are more ambitious, try for the entire set (all years, mint marks). Then go for the entire set with major varieties (1942/1 error, 1945-S/micro S).

The beauty here is that once you have a set, or nearly one, you can begin replacing lower grade examples with higher ones, selling the lower ones to finance the higher ones. That is the joy of collecting.

Key Date Sets

These key dates are among the most difficult to collect because prices, such as the aforementioned 1916-D Mercury Dime, are so expensive. But over time you can amass a collection of the most desirable key dates and varieties, such as these:

  • Indian Head Cent: 1877, 1888/7
  • Lincoln Cent: 1909-S VDB, 1914-D, 1922-D Missing D Strong Reverse, 1955 Doubled Die Obverse
  • Two-Cent: 1864 Small Motto, 1867 Doubled Die Obverse
  • Three-Cent Silver: 1855
  • Three-Cent Copper Nickel: 1883, 1884, 1885
  • Shield Nickel: 1880, 1883/2
  • Liberty Head Nickel: 1885, 1886, 1912-S
  • Buffalo Nickel: 1914/3, 1916 Doubled Die Obverse, 1918/7-D, 1926-S, 1935 Doubled Die Reverse, 1937-D 3 Legs.
  • Mercury Dime: 1916-D, 1919-D, 1919-S, 1942/1, 1942/41-D
  • Roosevelt Dime 1968-S No S, 1975-S No S
  • Barber Quarter Dollar: 1896-S, 1901-S1913-S
  • Standing Liberty Quarter: 1916, 1918/7-S, 1927-S
  • Washington Quarter Dollar: 1932-D, 1932-S, 1937 Doubled Die Obverse, 1950-D/S
  • Morgan Dollar: 1889-CC, 1893-S, 1895-S, 1903-O (not to mention VAMs, varieties and major errors).
  • Peace Dollar: 1928, 1934-S (not to mention VAMs and varieties.

You can strive for key dates across one denomination or one of the dates from each of the above series. In any case, these will always be in demand and you can collect ever higher grades, creating a substantial investment.

Know Numismatic Terms

If you are planning a trip abroad to a country with a different language, you buy a tour guide book, use AI for translations, or just memorize the operative phrases before you travel. You need to do the same with coin collecting.

How many of these numismatic terms do you know?

If you do not know terms, please consult this illustrated glossary so that you not only know the definitions but also can identify them because of photos.

Other Features

There is so much more to the hobby than what I have suggested here. You have to learn how to grade, understanding the Sheldon scale (beyond the scope of this article). Also, many coins are condition rarities, common in lower grades and rare in higher ones, such as the 1884-S Morgan Dollar. Some coins have destinations that increase value, such as full bell lines, full bands, full steps, etc.

See this post for more examples.

You also might want to visit these popular Proxiblog articles:

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

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