10 Hacks To Start Collecting Coins & Banknotes

Author: Amin Tabibzada
Publish Date: August 05, 2021

First let’s talk about wealth and wealth creation and how people realised that some coins and banknotes are becoming extinct and should be collected. People accidentally started collecting rare coins and bills as a hobby and now their collections are worth a lot of money. Is it easy to start collecting them? There is no certain answer. From personal experience, if you follow some golden rules that I am going to share with you, then it is much easier than you think. However if you have no idea where to start, then it is a very long journey with little hope.

Introduction:

In coin collecting activities, information on authenticity, variety, edition, quality, and price is crucial, and there are several ways to obtain this information such as word of mouth, market research, website search, and literature review. There are plenty of books about currency collection that you can read to get yourself acquainted with the collectible currency. Among them, literature review is a relatively fair and reliable way to obtain information among the above-mentioned ways, because the information implemented in black and white is generally more meticulous and strict in terms of examination and proofreading. But not all literature can ensure the validity of the information, which is why the selection dilemma arises. The literature that coin collectors have direct access to is primarily coin books, you can read them all or use them as a reference. Either way, it is worth having a couple of good coin books. Collecting coins and banknotes is not only fun but also rewarding.

The history of human development started at the same time as the history of accumulation of wealth. The improvement of productivity, the change of social forms, the pursuit of spiritual life and the continuous sublimation of people’s thinking are all related to the accumulation of wealth. Human beings are constantly creating wealth, and wealth also propels human beings forward. However, back in the days, certain types of wealth were either buried deep underground, or deliberately hidden, or secretly collected. There are people who always look for hidden treasures on the ground and in the sea, and those who find them become rich, very rich. Accidental discovery of treasure is probably the dream of all people, and countless works of literature and art on the theme of treasure hunting are fascinating.

Tips and Tricks To Successful Coins & Banknotes Collection

  1. Go Through Your Existing Money

This is the first step to get started. Go through your money and find out which ones are the oldest, rarest and put them aside. Then find out if you have any foreign money, put them aside. Make sure you categorise them in the first place.

  1. Ask Family & Friends

Another easy but outstanding work starts where you ask your close friends and family for any rare, hard to find and foreign currency that they don’t need. Remind them to let you know if they come across any in the future and put them aside for you.

  1. Friends In Need

If you have a friend who works in a bank or a financial institution, it is a great bonus. Ask them to put aside new limited edition currencies, uncirculated is even better in a series. Not many people have friends in those institutions but if you happen to have one, make the most out of it.

  1. Go Shopping

In certain countries, banks transfer the new currencies to certain major stores where you can collect them. In some cases, these coins can be of limited mintage. Meaning only a small number has gone into circulation and once collectors get their hands on them, they are gone within a short period of time.

So if you buy something for $2, put in a $50 note and you will get new coins coming through the vending machine, you can repeat this a few times during the next few days and will end up with a lot of collectible coins.

  1. Make Use Of Travelling

If you ever go overseas, make sure you collect 1 – 2 of each coin and banknotes for your collection. The value of a 10 pence from England might be $2 in Australia for example.

  1. Ask Overseas Friends For Help

If you have a friend from overseas coming over to visit, ask them to bring a set of coins and banknotes. You can always pay the equivalent in your collection, but just imagine how this trick makes your collection robust? The possibilities are amazing.

  1. As A Business Help Yourself First

If you have a business and receive a lot of cash, go through it and separate the good value before depositing it into the bank. You will be surprised how many coins and banknotes you would come across.

  1. Buy Bulk Lots At Reasonable Prices

There are websites where you can buy them in bulk for less than half the price. All you need to do is wash and clean them, sort them and add them to your collection.

  1. Buy From Overseas

You can always find a great bargain overseas with low postage cost and buy them. Make sure, it has a good variety and look at the age of the currency like every other currency to make your worth while.

  1. Join A Collector’s Community

Joining a community is always a good idea as you will learn tips and tricks from experienced currency collectors. You can also exchange currency with them. Especially, when you have duplicates and want something different instead.

Conclusion:

Collecting coins and banknotes is not an overnight thing. It is like fishing, you need to be extremely patient. You need to have a strategy and follow the above rules or create your own set of rules that work for you. Always keep trying and never give up. And one day, you will probably have one of the best collections in your town. Let’s enjoy collecting coins and banknotes as a hobby or business. Good luck!

Sign up to our newsletter for amazing tips!