Collecting has become a favorite hobby of many no matter what the item in question may be. The act of owning a unique item in bulk is both thrilling and fulfilling, especially when one has been searching for sometimes years for that last piece to complete a collection or series. The act of collecting paper currency is no different, but often many are left wondering where to begin. To help launch a successful collection legacy, here are a few simple tips to get you started with collecting rare notes.
IDENTIFY WHAT YOU’D LIKE TO BEGIN COLLECTING
Whether it’s a particular region of the world or era that you’d like to build a collection of, it is always best to start with a plan, and the first step is to know what you want. For example, if you want to begin with collecting notes from the pre-Civil War era, narrow your search down with a timeframe (i.e. 1708-1728). Also, make sure you are not trying to start too many collections at one time, often novice collectors embark on too many at one time and become overwhelmed, leading to them walking away from the idea of expanding their collections.
SET A BUDGET
Know what you’d like to spend each month, quarter, or year on your collecting efforts. It's easy to get caught up in the excitement of a new find that you have been chasing for years and spend a little more than is fiscally capable for yourself at the moment. By setting a budget, you are setting yourself up for success for the long term.
WORK YOUR WAY UP
As with many things in life, aim high but start low. Keeping budget and end goals in mind will allow you to follow a successful path in your new hobby without breaking the bank or feeling lost at sea. Treat the act of collecting paper currency like you would any new job, learn as much as possible beginning with the fundamentals. Soak in as much as you can from experts along the way so that one day you too can achieve their level of expertise. Considering attending a coin or currency club in your area to begin networking with experts around you.
Organization is imperative in many aspects of collecting. Organizing your collecting will free up storage space, allow you to know what you have and which items you’re still in need of. Too often one will spend time chasing down their unicorn only to get home and find they now have two. Build up your catalog by staying as organized as possible. Additionally, the proper organization allows you to efficiently store and preserve your items. If you find yourself wanting to sell an item or an entire series at a later time, buyers will be more inclined to offer you top dollar for them if they have been well kept.
EDUCATION IS KEY!
Read up on everything you can before beginning your new hobby and while you are active with it. New developments occur on a regular basis, so continued education is vital to keeping yourself informed and knowledgeable in a world that can change at a moments notice. This information will also help you with buying and selling notes to ensure you are receiving the best possible price during every transaction. There are endless resources at your local library, bookstore, as well as on the internet. Just be sure your web searches are returning links from reputable sources, like the U.S. Mint.
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Since 1979, Bellevue Rare Coins has been a trusted, family-owned business serving the Greater Seattle Area with locations in Bellevue, Lynnwood, Issaquah, and West Seattle. Specializing in gold, silver, diamond, and jewelry purchasing, in addition to dealing in rare coins. We now offer a vast selection of fine, vintage and custom designed jewelry. Visit anyone of our four friendly locations for the best deals selling or buying.