Coin Collecting On A Budget - 5 Ways Not To Spend A Fortune On Coins

#1 Collect Coins From Circulation

As simple as this may sound, you would be surprised how many people don't look at the coins coming in and out of a pocket or purse.

In fact, there are many exciting discoveries to be made from the coins found in circulation:

• Lincoln wheat pennies
• old Jefferson nickels
• 50 state quarters
• presidential dollars
• error coins
• foreign coins
• silver coins

These are among the possible treasures you may lay claim to if you keep a keen eye on your change.

#2 Collect Foreign Coins

While this article is dedicated to U.S. coins, I would be remiss if I did not make a quick mention about foreign coins.

Foreign coins offer many kinds of exciting designs and expose the collector to diverse lands and cultures.

Most important to the collector on a budget, foreign coins offer a type of coin collecting venue that usually costs a fraction of the price when compared to a 'typical' collection of United States coins.

Though you will need to shop for foreign coins at a coin dealer to get your hands on many (unless you are a world traveler), foreign coins can afford you the chance to assemble an eye-catching collection while on a tight budget.
 

#3 Look For Good Deals

A lot of coin dealers are trying to get rid of coins they just can't move out their door. These types of coins include:

• culls (coins either very, very worn or otherwise damaged in some way)
• foreign coins (refer to idea #2 above)
• broken-up mint sets (government-packaged uncirculated coins)
• single proof coins, spotty, or discolored high-grade coins
• 'no-problem' but very common modern coins 

Some coin dealers also offer a break in the price if you buy coins in lots. Check out coin dealer ads for these types of offers -- there are many, and often quite fruitful opportunities for the  coin collector on a tight budget.
 

#4 Buy Used Coin Supplies

What do you do if you can't afford the newest Lexus, Mercedes Benz, or Kia car? You buy used, right? Well, why not consider some "pre-owned" coin supplies if you are short on money?

Many coin dealers sell lightly used coin supplies at a drastic discount over the cost of new products. Coin folders, coin albums, coin tubes, and vinyl pocket pages are all among the types of used coin supplies that some coin dealers sell.
 

#5 Go Coin Collecting On eBay -- Carefully

Auction websites may be a good way to go coin collecting on the cheap, but you must use persistence and basic buyer awareness when doing this. eBay has afforded me a couple of really good deals over the time I have used the popular auction site.

One problem is that some coins will seem to be going for a low bid price until you place a bid, only to find out that someone else placed a higher bid automatically. People can pre-set automatic bids, in an attempt to be the highest bidder -- up to a certain amount.

I like to look for coin auctions that are ending in only a few minutes and currently have no bid. These often result in more successful, lower-priced winning bids for the coin collector.

Before you purchase an item on eBay, check the seller's feedback and return policies. Do not buy from anybody whose feedback history or selling terms make you uncomfortable.

 
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Top 5 Coins To Collect For Budget-Minded Collectors

Coin Collecting On A Shoestring Budget

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