When starting your journey into the world of numismatics, it’s best to begin with a manageable and focused approach when building your first collection. Start by collecting coins and banknotes that are readily available, such as those currently in circulation or recently issued. This allows you to familiarize yourself with the fundamentals of collecting without a large financial commitment. Look for items that are interesting and affordable—these can serve as valuable learning tools as you explore aspects like condition, rarity, and historical significance. As you build knowledge and experience, you’ll be better equipped to branch out into rarer or more specialized pieces, gradually expanding and refining your collection. Here are some essential steps on building your collection:
Identify Trustworthy Sources for Buying
Local Dealers and Coin Shops
Find local shops or dealers in your area. Buying in person is highly recommended, as it allows you to inspect the item and may help you build a relationship with the dealer.
Numismatic Shows
To enhance your collection, consider attending numismatic shows where you can find rare items and connect with other collectors. These events typically attract reputable dealers and offer a wide variety of selections.
Here is a list of some numismatic groups that regularly host numismatic shows in the Philippines. Connect with them on Facebook to stay updated about upcoming events:
Filipinas Collectibles and Antiques Society (FCAS)
Minted Manila
Moreton Auctions
Online Stores
Many people buy and sell coins online. It’s important to carefully review the descriptions and photos of the items being sold. Compare them with images of legitimate items to avoid purchasing fakes.
Additionally, check the seller's feedback and ratings. If possible, start by buying small items to test the seller's reliability. You might also consider connecting with fellow collectors or dealers online to get their opinions on a seller you’re interested in working with.
BSP Store: You can always check the BSP store for available items for sale.
Know the Market Price
Research ahead of time to establish a reference price. Be prepared to walk away if the deal seems unfair. Avoid being swayed by sales talk; stick to your budget, as there will be future opportunities to buy the item you're interested in, don't rush!
Protect and Conserve
Before purchasing your first item, it’s crucial to learn the basics of handling and protecting it to ensure it stays preserved for years to come. Proper care from the start will help you build a collection that retains its value and beauty over time.
Check out: How to Care for Your Collection
Catalog Your Collection
For each coin, banknote, or medal in your collection, it’s important to record the following basic details for your reference. As you become more experienced, you may develop your own preferred method.
Basic Information to Record
Item Type: (Coin, Banknote, Medal)
Country of Issue:
Date of Issue:
Denomination/Value: (For coins and banknotes)
Material/Composition: (Gold, Silver, Bronze, Copper, Paper, Polymer, etc.)
Weight and Dimensions: (Use a Coin Weight & Dimension Checker for accuracy)
Purchase Date: When was the item acquired?
Purchase Price: How much did you pay for the item?
Authentication and Certification
For high-value items, especially rare coins and banknotes, authentication is crucial:
Certified by a Reputable Grading Service: (PCGS, NGC, PMG)Accompanied by a Certificate of Authenticity (COA):Documented through Professional Appraisal:
Minting Errors and Varieties
Note any significant errors or varieties that could increase the item's value:
Planchet Errors: (e.g., wrong planchet, clipped planchet)
Striking Errors: (e.g., off-center strike, double strike)
Die Errors: (e.g., die cracks, cuds)
Varieties: (e.g., double die, overdate, repunched mint mark)
Banknote Errors: (e.g., misprints, inverted serial numbers, cutting errors)
Check out Mint Errors and Varieties for more information.
Online or Mobile Catalog Apps
If you want easy access to your collection catalog anytime and anywhere, there are free and paid mobile apps available. You can find these apps in the app store for your mobile device.
By opening an account with PCGS or Numista, you can use their services to catalog your collection. PCGS can be accessed via both browser and mobile app, while Numista does not currently offer a mobile app.
Image by [Numista from my own account, to open your own account click here]
Join Numismatic Communities
Engage in forums and groups where collectors share knowledge, tips, and advice.
Facebook is a popular place for collectors in the Philippines. Join relevant groups and connect with collectors and dealers.
Other forums to check out includes:
Learn to Grade
As a collector, you need to learn how to inspect an item and set a grade. In time, this will become second nature as you are exposed to different kinds of collectible items and their conditions.
For coin grading reference, check out these links:
For reference, check out these links:
Buying and Selling Coins, Banknotes, and Medals
Know the Market: Research market prices by using price guides, auction results, and online platforms to understand the current value of your collection.
For price guides you can always use Numista and the TPG price guides.
Buy What You Enjoy: While some collectors focus on investment potential, it's crucial to collect items that you personally appreciate. Passion for your collection can lead to greater enjoyment and better decision-making.
Selling Your Collection: When it comes time to sell, seek professional appraisals, especially for high-value or rare items, to ensure you receive a fair price.
Final Thoughts:
Avoid these common pitfalls:
Overpaying: Conduct thorough research on prices to prevent overpaying, especially if you’re new to collecting.
Neglecting Storage: Improper storage can lead to corrosion, fading, and damage, which all decrease an item’s value. Invest in appropriate storage materials and display cases.
Collecting coins, banknotes, and medals provides a fascinating glimpse into history and culture. Whether you're interested in historical significance, artistry, or the thrill of acquiring rare pieces, numismatics offers something for everyone. Starting with the basics and gradually expanding your collection can be a rewarding journey filled with learning and discovery.
Editors Note: This post was originally published July 18, 2022 and has been updated for accuracy and comprehensiveness.
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