Numismatic Don’ts

Many numismatic authors have written practical articles about how to become a better and smarter collector. Sometimes the best path to success is to avoid as many mistakes as possible. Here is some essential numismatic advice on what not to do as you pursue the hobby. 

1) Don’t Be Ignorant

My first bit of numismatic advice is to remember that collecting is a lifelong learning process, rather than a nonstop search for new trophies. Acquiring knowledge goes far beyond knowing mintage figures for various date-and-mintmark combinations and relative-rarity numbers. Collectors should take some time to delve into the history and events surrounding coins to become a smarter and more satisfied collector.

2) Don’t Be Stingy

Having years of experience often means that veteran hobbyists tend to be “experts” in their favorite areas of U.S. coinage. Don’t be reluctant to share that knowledge with newcomers and others who are seeking to learn more. Your accumulated wisdom could prevent novices from making costly mistakes. Be quick to give out interesting, low-cost items to those who show any interest in old coins and paper currency. Your small gift might plant the seed that blooms into a brand-new collector.

3) Don’t Get Stuck in a Rut

Collectors often trap themselves in the “same old, same old” methods and habits. Have you made all your recent purchases online? When was the last time you had a personal encounter with another collector? Attend a show or visit your local coin shop and personally examine the merchandise. Numismatic knowledge extends far beyond websites and blogs. Maybe it’s time to read a book or two, as hundreds of well-written titles exist that cover various aspects of coin collecting. 

Attend a show or visit your local coin shop and personally examine the merchandise.

4) Don’t Be Mindless

Many numismatists build “collections” with items that do nothing but generate buyer’s remorse. Perhaps you felt the need to “do something” with the money burning a hole in your pocket. The solution is simple: If there is nothing that excites you when shopping, don’t spend. So, let your funds accumulate until the right item comes along.

5) Don’t Avoid Slabs

The biggest piece of numismatic advice I can give is that third-party grading is absolutely essential in one area of numismatics. Those who purchase well-known key dates or other higher-priced pieces “raw” (not professionally graded and certified as authentic) run a few serious risks. They could end up with a coin with an altered date, a counterfeit, or a coin or note that has been cleaned, worked over, or optimistically graded. Be especially wary of better dates offered at “too good to be true” prices.

Look around and find coins or notes that spark your intereset and curiosity.

6) Don’t Follow the Herd

Numismatics offers thousands of options, which means there is no reason to collect a certain series just because that is how you began the journey. Perhaps the people who showed you the ropes were into Lincoln cents or Morgan dollars, but that doesn’t mean you have to follow their path. Look around and find coins or notes that spark your interest and curiosity.

7) Don’t Give Up

This column focuses on enjoying the hobby on a modest budget. It’s very easy to get discouraged when it seems that all the items you want are too expensive. What can you do? Perhaps it’s time to make fewer, more costly, purchases. The best alternative is to examine the field and seek out the many interesting pieces that can be obtained for affordable prices.

A version of this article appeared in the March 2020 issue of The Numismatist (money.org).