Coins can be rewarding for the collector and it can be profitable, too especially for the collector who makes the effort to study the hobby and the market. Someone who does not make that effort is more likely to waste money on over- graded or problem coins.
Before spending a lot of money on coins, invest in your knowledge of the hobby. This web site is a start, but for your own protection you should have at least one reference book covering your area of coin collecting interest. Reading a few issues of appropriate coin magazines is another good idea.
By widening your knowledge in collecting coins, it will help you save a lot of money in a long run, and help you make coin profits. Keep learning and keep observing, and the more you know and understand, the more you will improve in collecting coins.
Local coin clubs are usually great for learning more about the hobby, getting material for your collection, and you just might make some good friends, too.
It does not matter which coins you decide to collect. You can be successful at this wonderful hobby by just learning everything about the particular coin or series of coins you are interested in collecting. When it comes to collecting coins there are no fixed rules. You decide what to collect. The possibilities are limitless.
We live in an era of immediate gratification. New collectors often have the urge to jump in very quickly and complete their sets as fast as they can. The best coin collections are built over the course of many years. Sometimes, it is possible to purchase a number of great coins in a very short period of time. But most times, the opportunities to purchase great coins are few and far between. The new collector should avoid the temptation to buy the "wrong coin" just because he needs it for his set and he does not want to wait. Impetuous decisions are invariably incorrect and usually prove costly over the course of time.
Anyone who approaches coin collecting with a dispassionate attitude is virtually certain to lose money. Conversely, most pure collectors make money; often times in spite of themselves. This is because they buy coins for the right reason: they love them. They what interests them and they carefully research their purchases. They know for example, that a coin similar to one they just purchased sold for 10% more at a major auction. They know that they are not buying overhyped coins at the height of a promotional period. Remember this rule because it may be the most important one of the ten listed here: learn to think and act like a true collector and you will have more fun now and have a better chance to expect a reasonable profit on your purchases over the course of time.
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