5 Ways Coin Collectors Can Get More Bang For Their Buck
Many coin collectors spend much of their time and energy looking for the best deals out there. For some, saving even five or ten percent off the prices of basic coin supplies is worth the effort in searching for the best deal. And, I don't really know any silver bullion stacker who isn't on the prowl to eek out a cut-rate bargain, saving 1 or 2 cents on the dollar (spot price) for silver.
Thankfully for hobbyists who want to squeeze every last possible drop out of their numismatic discretionary funds, there are several ways to save virtually tons of money on various aspects of coin collecting. Here are a few money saving tips that I frequently use:
Hit The Coin Dealer's Discount Box
Almost every coin dealer has a discount box filled with cheap treasures that. A lot of times, the deals include coins such as Lincoln wheat cents, Buffalo nickels, modern proof singles, and common foreign coins. Many folks enjoy collecting these coins and therefore will find great bargains among them in the discount boxes. Several of the coin dealers I've patronized offer discounts of 25 or 50 percent on these types of coins – those are pretty nice savings if you ask me!
Buy Used Coin Supplies
How nice would it be to buy a tri-panel coin folder for 25 cents? A deluxe coin album for $5? A vintage Capital Plastics Lucite sandwich-style coin display for $5 or $10? I've done it, buying these and other coin supplies for cents on the dollar in the used coin supply bin. In my experience it isn't actually all that hard to find nice, clean supplies for the bottom dollar. Sure, I've seen my share of nasty, stained coin folders with ink all over them – and have asked myself why these pieces, especially the common ones, were even saved to begin with. But one person's junk is another person's treasure, and when it comes to buying used coin supplies, there are plenty of discounted holders, folders, and more to be found!
Scour Junk/Melt Silver Coin Bins
Do you know how much I've been wanting to add some average circulated common date silver coins to my collection? The problem is that many of these coins, which are worth little more over melt, sell for twice or more than that as single coins on eBay and on other online venues. Why pay so much for silver coins that are worth barely more, if anything, over their intrinsic melt values? With a bit of searching, you can fill holes in the folders and albums for your Mercury dimes, silver Roosevelt dimes, silver Washington quarters, Franklin half dollars, and other silver coin series by simply cherry picking the dates you need from your coin dealer's "junk" silver melt coins. You won't find scarce dates this way, but you shouldn't have much trouble finding circulated examples of common coins such as the 1943-D Mercury dime, 1956 Roosevelt dime, 1961 Washington quarter, and 1960 Franklin half dollar. I've even found older coins such as common-date Barber coins, Standing Liberty quarters, and Walking Liberty half dollar for prices just barely above melt value.
Check Bank Rolls For The Coins You Need
Did you know it's possible to find coins such as Lincoln wheat cents, old Jefferson nickels, and even silver coins for face value? It's not easy, but indeed it's doable by searching through old rolls of coins from the bank. You can buy rolls for face value. Here's a glance at how many coins come to a roll:
- One-cent coins – 50 coins (50 cents per roll)
- Nickels – 40 coins ($2 per roll)
- Dimes – 50 coins ($5 per roll)
- Quarters – 40 coins ($10 per roll)
- Half dollars – 20 coins ($10 per roll)
- Large-size dollar coins – 20 coins ($20 per roll)
- Small-size dollar coins – 25 coins ($25 per roll)
It won't necessarily be easy finding old, valuable coins in rolls, but I've found plenty of neat coins while roll searching over the course of time. It's definitely worth your effort to search bank rolls if you want to save a huge amount of money on the coins you're looking for.
Trade With Dealers & Other Coin Collectors
Sometimes when I'm tight on money, I've been able to trade with both coin dealers and other collectors for the coins I need without having to pay the equivalent out-of-pocket for those coins that I really want. Coin trading is a nice way of acquiring the coins you desire for your collection because it's usually less expensive than buying those coins outright, and you get to enjoy the added benefit of helping a dealer or fellow collector obtain the coins they need.
Getting the most bang for your coin collecting buck isn't really very difficult. Yes, it might take some extra time to spot these deals, but for the most part you don't have to go all that far to save money. In most cases, all it takes is a trip to your nearest coin shop and inquiring about the deals and specials you're looking for. Good luck!