Starting a coin collection for your children

Starting a Coin Collection for Your Children

Starting a coin collection especially for your

children can be fun and exciting. More than that, it

can be profitable too. A lot of parents start a

gallery of their coin collection for the sake of their

children and the generation after. It is quite a

thrill to fancy old coins and show your kids how the

mode of currency looks like, way back.

Collecting coins can also be a sort of investment

because sometimes, coins that were inherited or passed

on from generation to generation are more valuable

than a hundred dollar bill. Now, collecting coins can

be cool but there are a couple of pointers that you

have to take note of like:

• Determine the amount of money that you are willing

to spend for the sake of buying old coins. Remember, a

coin collection is not just a collection of old

pennies but an array of very, very, very old currency

used even during ancient times which means, they are

quite expensive and relatively centuries old.

• What is your goal in collecting coins? For gifts?

Investment? Hobby? You have to decide whether or not

this collection will go on for years or it will stop

at some point in your child’s life.

Collection Budget

For the sake of discussion, we’ll tackle about

starting on a very tiny budget, much like 50-100

dollars a year. With this kind of budget, you could

buy several kinds of coins namely the Mint sets which

would not be more than $100. Fancy Silver Proof costs

about $40 same as with Uncirculated set which would

just amount at $25. You can go through the Internet

and search for probable coin prices which are not that

expensive and would definitely reach your budget.

Child Motivation

Encouraging your child to see coin collecting as a

hobby is thin, but very much possible. All you have to

do is motivate them to like coin collecting by making

them realize the importance and benefit they can get

from it. There are several coin types that your child

can appreciate namely Buffalo and Jefferson Nickels,

Mercury Dimes, Wheat Cents, Roosevelt Dimes and Indian

Head Pennies. Start with these and then show it your

child. Sit down with him and tell short stories about

the coins. This will somehow build a certain kind of

interest in him.

Safe Coin Collection

However you decide your coin collection may be –

heirloom or investment reasons, or just for fun, make

sure that it is safe, both for you and your child. If

you’re planning to stash your heirloom and investment

coins at home, bad idea. You just gave yourself a

pretty good reason to be robbed. Best thing to do is

get a safety deposit box and keep them safe in a place

where you only know or if you really treasure your

coins, put it in the bank. If your kids are actively

collecting coins, make sure that it is kept in a safe

place where visitors or strangers will see. If your

child shows no more interest in his collection, just

deposit his coin album in your bank. Never leave it

hanging on a drawer because burglars will definitely

take it for they are very easy to sell. Always teach

your child the importance of his coin collections and

tell him to keep the folders out of sight especially

when people are around.