Starting a coin collection actually does not cost extra.  Most coin collectors started with what they had or rummaged through their grandparents’ attics to find loose change from long ago.  Some coin collectors have even started their collection simply from swapping coins with other collectors.  The only problem is that the coins in question here are usually the ones that were readily available.  The highly prized pieces of metal, especially the rare ones, will require quite a bit of money in order to obtain.

There is also the cost of networking, still the most tried-and-tested method to get in touch with people who can provide access to a coin that a person wants in his collection.  And of course, there are the incidentals, such as when travel is required just to view the coin.  So what is the real cost of coin collecting as a serious hobby?  Let’s take a look at what you should be looking forward to spend as a serious hobbyist.

Tools and equipment
First, let us consider the cost of equipment for collection.  A good magnifying glass will cost from $5 to $20 or more, depending on the quality while a reliable coin collecting microscope can cost from $50 to $200 depending on the features and the brand.  Secondhand microscopes will cost less.

There are also the tools necessary for the proper handling, inspection and storage of the coin collection.  Coin scales are essential equipment for any coin collection, particularly because they help determine the value of the coin.  Coin scales can range from $35 for an analog unit while digital coin scales will cost about $50 to $75.  Coin calipers are used for measuring the size and thickness of the coins and can cost from about $15 for an analog tool to about $150 for a digital unit.  A pair of coin tongs for handling of the coins will cost from about $5 to $15 depending on the material.  Plastic tongs cost less while metal-plated tongs will be a bit more expensive.

These tools and equipment are generally one-time purchases, especially if care is taken to ensure that they last long.  A sturdy, reliable coin collecting microscope, obviously the most expensive purchase, has a good lifespan and barring any physical damage to the instrument, should not require a repurchase unless a better quality or technology is preferred.

Storage and care of coins
Coins are made of metal and if older coins are included in the collection, they will need to be cleaned periodically to maintain their quality.  Cleaning solutions, dips and polishing cloths can cost from about $20 to $30, with chemical dips for silver and gold coins costing only about $15 to $17.  Cleaning cloths cost about $10 to $15.  Depending on the quality and quantity of your coin collection, you will probably be spending less than $50 a year for their care and maintenance.

Storage options for a coin collection can also vary.  Depending on the value (actual or perceived) of the coin collection, storage folders, holders, drawers or cabinets can set back a serious hobbyist by $10 - $50 to $150 - $800.

Software
As a coin collection grows, inventory becomes even more important, particularly if there are rare and precious coins already included in the personal list.  A coin collection of 50 or more pieces will benefit from an inventory software.  This program will list the coins individually along with their pertinent data (year, country of origin, physical description, other descriptions, price, value, etc.) and keep them organized.  Captured images may also be included to create the owner’s own database of his collection.

There is also software that has a built-in database that contains information about the most popular and rare coins along with their market value.  This helps keep the owner updated about current demand for coins in their collection.  Software cost start at about $50 to about $80.  They are usually one-time purchases but may require some updates from time to time.  This usually happens when there are new coins that enter the market or if value changes.  Updates can either be free or cost a few bucks depending on the software vendor.

The coins

The bulk of the cost of coin collecting as a serious hobby is actually the coins themselves.  Whether they are kept in a glass-encased cabinet or stashed somewhere in the attic, their value will increase or decrease depending on market demand, historical significance and rarity.  The metal content of some coins can also affect its cost.  US half dollars, dimes and quarters dating from 1964 and earlier are worth more than their face value, mainly because they contain real silver.  As such, the value will be computed depending on the amount of metal still present in the coin.  To start your collection, prepare to spend from a low of $5 to $25 to a high of $500 to $800 depending on the coin. Original article