Before becoming the "silver-bug" I am today, I, like most precious metal junkies, began our stacking journey with an interest in coins. So for today's blog, I'm going to dive in to and try and help any budding enthusiasts by answering some fundamental questions on coin collecting. One of the questions I get asked most, by my friends and work colleagues interested in the coin business, is: "what is the best (and most affordable) way to build an enviable collection of historic coins?"
There are so many fascinating coins throughout British history, that it’s a question that I find is hard to answer with only one answer.... So, where do I start!?
To kick start your journey, or to possibly guide you back on the right track, I’ve decided to put together this little guide to building a collection of historic coins, to make the most die-hard numismatic jealous. By answering some of the questions I hear most often from other collectors, it should stand you in great stead to build a collection to be proud of…
How far back can I go?
One of the questions collectors face when they first start collecting historic coins is: how far back can I go? Is a Victorian coin affordable, and did every monarch release coins?
The 1875 Queen Victoria One Penny
As a general rule, coins tend to get more expensive the further back in time you go. Which is why owning a coin from our current monarch is the best place to start. You can then work your way back through other famous monarchs. Most collectors can aim to collect coins from each monarch back to the 17th century. After the tumultuous leadership of Oliver Cromwell, Charles II reclaimed the throne and began a period of standardised coin issue. For most collectors it’s possible to collect coins back to this fascinating period in history without breaking the bank!
Which are the important monarchs?
A great coin collection should contain coins issued by famous monarchs, monarchs that changed the history of our nation and ones that revolutionised our coinage. An obvious monarch is Queen Victoria, the monarch who built the largest Empire the world has ever seen and who oversaw some of the greatest changes our nation has ever experienced. Every collection should also contain an important issue by our current monarch, Queen Elizabeth II, the longest reigning monarch in our nation’s history! Plus you can’t leave out George III, not only did he oversea a complete overhaul of our currency but he’s also our longest reigning King.
The 1889 Queen Victoria Double Florin
Those are just a few of the key monarchs, but once you start collecting you’ll find that each monarch has a fascinating story and a number of really interesting coin issues.
Base metal, Silver or Gold?
Gold has historically been seen as the pinnacle for collectors. But this famous metal comes with its difficulties. Gold coins were issued in much smaller numbers, and not every monarch released a standardised gold coin. Which means that to own a Gold coin from some monarchs is extremely difficult – for example George VI only issued a Sovereign for one year of his reign. Base metal and Silver coins tend to be much more achievable for most collectors. Base metal coins - pennies, farthings and the like, tend to be less expensive, however because of their lower value the quality of coins can vary widely. Silver coins were issued by most monarchs, and because of their slightly higher value tend to be found in better grades.
How should I store my coins?
The wear and tear of an old coin is part of the appeal of collecting historic coins, but it’s important to protect your coins from any outside interference that could potentially discolour, wear or generally affect the condition of your coin. I would recommend always storing your coins in capsules, and if possible in a tamperproof capsule that will guarantee the condition of your coin for generations to come. As you build your collection, there’s nothing better than having a box with trays to keep your collection together for you to store and present.
How much will it cost me?
For most collectors building a historic coin collection, one of the most confusing elements can be price.... The prices for historic coins can vary widely – you might find an old Victorian penny at a car boot for less than a quid (£1), and then see what looks like the same coin selling for hundreds on an online auction site. I’d always recommend purchasing carefully, preferably by making sure you either have an expert opinion or by ordering from a reputable retailer.
By making sure you’re getting your coins from the right place, building a collection of Silver coins back to the 17th century is actually more affordable than many collectors realise, in fact most coins should cost between £100 and £500, but build up a network of coin enthusiasts, friends, reliable contacts and it could cost you much less.
Lastly… have fun!
The most important part of collecting coins is having those coins in your hand and feeling the history your coin has carried with it over generations. So have some fun and get collecting!
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