The few people I know who don’t collect coins often imagine coin collectors as strange bookish recluses ensconced at a desk in a dark room with a magnifying glass staring for hours at some dark minute and unknown variation. And, OK, that’s often true. Honestly, it can be really hard to compete with the adrenaline rush of other hobbies like motorcycle riding or extreme badminton.

What Numismatics offers that no other hobby offers, however, is the ability to generate wealth through the normal course of activities. Another benefit is that coin shows are held all over the world. You can travel to cities everywhere there is a show and, especially after you’ve been in the hobby for a while, have close friends who are locals and people to go sightseeing or eat with. Over the course of my career I’ve managed to go fishing on Lake Michigan, climbed the steps of Rocky’s in Philly, went to a St. Louis Cardinals game. I’ve eaten at eight of the top ten steakhouses in the country and had something fresh at a local restaurant in Baltimore. All because of the coins.

There are two ways to experience these things. Either building a collection or buying something and flipping it over. To build a world-class collection that increases in value over time, you only need to follow a few simple steps.

First, choose a particular design that you like, one that appeals to you aesthetically. This ensures that you will maintain enough interest to study your chosen series. I recommend focusing on coins that have intrinsic metal value (silver or gold), but countless collectors have done well with Lincoln Cents or Buffalo Nickels, so if those are the designs that appeal to you, focus your efforts there.

Next, find a dealer you can trust. Like any other business, finding a distributor you can work with can be a bit tricky. If you spend a little energy shopping, you will find a person with whom you feel comfortable. Some basic guidelines. Check whether or not they are members of the Better Business Bureau and if they are members of any other applicable organizations. One of the best organizations is the Guild of Professional Numismatists, which employs a very strict code of ethics and membership requirements.

Finally, stick to the beginning. Patience will ensure that you get the best deals and that you are happy with what you have purchased. Coins do not need to be too expensive to build value over time. A young collector who built a set of Roosevelt dimes 5 years ago could have “overpaid” for the set and yet complete it for less than $50. Today, that set has doubled in value and easily sells for $100.

Flipping coins for profit requires a bit more knowledge, but is done regularly by non-professionals. Several years ago, we were attending a show and an eleven-year-old boy offered us a coin (his mother was there to “protect” him from him). He actually just bought the coin from another dealer at the fair for $235, we offered him $1100 for his coin. This young man had studied coins for several years and at that time he was just beginning to reap the rewards.