Starting a coin collection for your children or grandchildren is a great idea because you can look after it for them until they come of age, or you can share the hobby with them if they’re old enough to take an interest.
Tips for getting started
You need to work out how much you can spend each year on the coins. Is it something you’ll do for them at Christmas and on birthdays? Or will you give them a set amount of money and let them make some decisions? Is the collection a fun project that may pay off in the future, or are you building a college fund? You might also be thinking of creating a collection that’ll be passed on down the generations. You can always get good advice from Golden Eagle Coins if you’re not sure where to start.
Starting out small
Let’s say that you have $50 to $100 a year to spend on your child’s coin collection.
You can try proof and mint sets
The US Mint sends out an uncirculated coin set once a year and these sets generally cost $25 for an uncirculated set and a non-silver proof set will be around $50.
There’s also silver proof sets
If you want to stay under $100 you can look at the US Silver Eagles, 1oz silver bullion coins that usually go for a dollar or two over silver’s spot price. If you’re waiting for silver to go up, these coins are a good investment, or you could buy a proof Silver Eagle or special mint-marked Eagles that the US Mint sells through its own website. Generic Eagles are best for investment collections and proof coins are more appropriate for heirloom collections.
World coins
Most mints produce a special commemorative run once a year or so and if there’s a special subject or country that your child is interested in, then a coin to celebrate it is a brilliant idea. There’s astronomy, great works of literature or political events, to give just a few examples.
Keep the coin collection safe
No matter what your reasons for the collection are, you need to keep it safe and preferably away from your home. You should use a safety
deposit box at your bank for the more valuable coins and if your child loses interest in a particular series, then it may be time to sell it and use the funds to invest in different coins.
Burglars will often go for coin collections first as they’re relatively portable and can be worth a lot of money on the black market. A good idea is to teach sensible practices from day one – teach your child to store away their coins in a safe when they’ve finished looking at them. They shouldn’t talk about their valuable collection to people they don’t know, either.
You might want to join a kids’ coin club
There are lots of clubs for young numismatists around the US and if there’s one near you then joining it can be a big source of fun, advice, companionship and new purchases.
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