Did you know that the most expensive coin in the world is worth $10 million? You might have one worth a lot too, especially if you collect challenge coins.
When you start challenge coin collecting, you must prepare for this hobby. After all, it would require a lot of patience and grit. But without knowing where to start, your preparations will be for naught.
Don’t worry, we’ve got a guide to help you, listing down several tips and basics for challenge coin collection. That way, you’ll get a better grasp of what this hobby can offer. Read on below to learn more:
1. Think About Your Reason for Starting a Challenge Coin Collection
Regardless of the type of coin you want to collect, you’ll have a reason behind this decision. In most cases, people collect coins because it’s an easier method of starting any collection. Others might do it because they’re continuing a friend or family member’s legacy.
If you want to make money collecting challenge coins, you must look for specific ones. It’s because these will offer lots of value that improve your collection’s worth. Always think about your driving force behind your collection urges and use it to guide your studies and future additions.
Regardless, your reason is ultimately personal. But if you understand it better, the easier the task will become. You can read more now if you want to collect military-based challenge coins.
2. You Need Not Invest Lots of Money
When you first build your collection, do your best not to focus on challenge coins that seem most valuable monetarily. It’s always better to take your time. Build your collection by picking the coins you like instead of listening to the industry for the most valuable ones around.
Always start your collection small. Buy the coins that appeal to your personal tastes and learn everything about challenge coins and their history. As you develop your know-how and become a challenge coin expert, you can expand your buying options using informed decisions.
Take note, you stand to lose a lot if you spend too much money on a single coin. It’s especially when you do it because you’re too impatient in building your collection. Collecting puts as much importance on the journey as to the coins themselves.
That’s why you must prioritize saving your money and build it over time. This will ensure that by the time you expand your collection, you’re more ready with your increased expertise.
3. Know About Coin Care
Coins are great because they’re low-maintenance as collectibles. Despite this, you must know that these challenge coins require regular TLC by investing in a coin cleaning kit. It means your means of coin storage and care will vary depending on the specific coins you plan to collect.
A general guideline is to keep your coins in a suitable environment, meaning it must be cool and dry. This prevents damage while keeping them looking at their best for succeeding years. With this, you have the option to buy dedicated coin cases or display books to house your collection.
If you handle the coins, ensure that your hands are clean. Hold them around the edges instead of on the face. With less skin contact with your coin, the less likely it is to become tarnished and fade.
4. Talk to Other Collectors
Lots of challenge coin collectors are out there, and many of them focus on various themes. Do your best to find other collectors within your area and establish a network with them.
Once you become acquainted with the various people sharing the same interest, you get a wonderful social group you can talk to. They also give you more resources and tips to expand your collection further. You can also share your knowledge, ensuring that everyone will make the right decisions when buying more coins.
Collectors will always help each other. In most cases, people within your network will notify you if they find a challenge coin you’re likely interested in. You can do the same by telling the details when you find a coin someone within your network might love.
5. Adhere to Your Budget
After you get deeper into coin collecting, you’ll discover that you’ll find options regardless of your price point. The best thing you can do to keep yourself from financial ruin is to set a budget you’ll adhere to early on. You can do this by thinking about the amount of money you’re willing to spend on your collection.
You need not spend too much, as stated above. Your collection can get going with only a few dollars if you pick the right challenge coins to collect. Regardless, stick to the budget once you have the right number in mind.
Always remember that you have no guarantees for enjoyment in the long run. But when you stick to the budget, re-evaluate it regularly and see whether you need to increase it.
6. Be Willing to Sell Eventually
It seems impossible to sell your collection if you’re starting out. After all, you went through all the troubles to get the coins you want. So, what’s the point of parting with it?
As your collection becomes bigger, you’ll find that it’s easier to sell some coins. With this, you can invest more money in either more valuable or more desirable challenge coins.
7. Make Dealers Earn Your Trust
The most important thing to consider is the genuineness of the coins you’ll buy. That’s why you must protect yourself and work with well-established and respectable companies. Check your desired company’s reputation with collectors and other professional organizations.
Do your homework and get references from your network.
Start Challenge Coin Collecting Today!
These are some of the things you must do to make the most out of challenge coin collecting. Use these if you’re planning to start collecting challenge coins soon.
Did this guide help you feel more motivated? If so, please consider reading our other posts and learn more valuable tips and tricks today.