COLLECTING coins can be a rewarding hobby as there is potential for financial gain as long as you're trained to notice some specific details.
Getting started can be easy with a few tips from a coin expert.
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Rare coins can sell for thousands or even millions of dollars, but getting started can feel daunting due to the specialized jargon and the need to stay on top of numerous errors and trends.
To help you get started in the world of currency, The U.S. Sun spoke exclusively with Katie, the coin expert behind the Wheats to Shields (@wheatstoshields) TikTok page.
She shares videos on rare coins with over 54,000 followers and has even written a book on rare coins.
Katie has been collecting coins for the past five years, although her interest was sparked at a young age.
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She detailed how when she was nine years old, she received a penny as change at a gas station and "just knew it was different."
"You don't need to be a coin collector sometimes to see these things," she said.
She noticed there was a doubling on the 1955 penny, which is a highly sought-after variety.
Although the coin expert isn't sure what happened to the coin she found years ago, Katie estimated that a penny of the same variety today in a Mint State 65 would sell for around $18,000.
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She was exposed to the world of coins at a young age, and initially, her interest in collecting coins was inspired by the excitement she felt when she hit a jackpot at the casino.
"I love to go to the casino, and I was like I need to find a different kind of hobby that I could still search for like a jackpot, but I wanted it to be something that was affordable," said Katie.
Coin expert shows exact detail on 1993 penny that makes it worth over $50,000 ahead of auction
"That's what got me into coin collecting to begin with - still enjoying the chase of a jackpot without having to spend the money of a casino jackpot."
Flash forward to today, and Katie's passion for coins has now evolved into a career where she educates others through social media.
She admitted that it can be really overwhelming for new collectors when they first start out, which inspired her to teach others.
The expert offered up five tips for newbie coin hunters to help ease them into the world of collecting.
1. CLEANING COINS
Katie first addressed the biggest mistake she saw new collectors make, which was cleaning their coins.
She noted that a quick Google search would suggest cleaning coins with soap or acetone, but that she never recommends using those products.
Katie also advised against using water to clean coins, noting that it can destroy a coin's original luster, corrode the coin, and leave water stains.
If you absolutely need to use water—such as if you discovered the coin while metal detecting and it was covered in dirt—she advised using distilled water.
This is because cleaning your coin could significantly reduce its value.
2. MINT STATE
The coin expert suggested that new collectors familiarize themselves with the Mint States of coins.
How coins are graded
Coins are graded on a scale of one to 70, with one being the poorest grade, and 70 being the most pristine example.
Numbers 60 to 70 are generally the most sought-after by collectors and are known as Mint State coins.
Pieces that fetch thousands at auction are commonly found in MS67, MS68, and MS69 conditions.
An MS-70 is near-impossibleto find among older coins.
"Learn the Mint State of a coin, because that's usually where the big money comes in," she said.
Katie also noted that new collectors should understand how coins are made, which can be confusing.
Many think that coins directly from the US Mint are automatically in a high Mint State, but that's not always true.
Coins undergo a lot of handling and damage during production, which can affect their final Mint State even if uncirculated.
3. MICROSCOPES
Katie shared that many varieties of coins are hard to catch with the bare eye, so a microscope could be a good investment.
"In coin collecting, whether you're nine or 90, this is something anybody can do at any age," she said.
"It's hard sometimes to catch just with eyeballing a coin for certain varieties. There are some that are just so slight that you sometimes need a little bit of magnification to verify."
Katie also noted that investing in an expensive microscope wasn't necessary and that one with a magnification of 5x to 30x would work fine.
"The biggest money usually comes from in things that don't even require you to see and you can be able to eyeball it," she said.
4. GLOVES
The next piece of advice Katie offered for new collectors was to wear gloves.
She noted that most collectors start off with pennies and that if you're going through a box of coins, it's important to wear gloves.
Coins naturally contain many germs due to the many hands they pass through, but wearing gloves is also important for preserving the coins' condition.
"I suggest wearing it not only for your protection, but the protection of the coin itself because you have natural oils on your hand. You could ruin the coin with your own oils on your hands," she said.
5. ASSESSING COIN VALUE
Katie next suggested that new coin collectors avoid looking at the listing prices of coins to determine their value.
I love to go to the casino, and I was like I need to find a different kind of hobby that I could still search for like a jackpot, but I wanted it to be something that was affordable. That's what got me into coin collecting to begin with - still enjoying the chase of a jackpot without having to spend the money of a casino jackpot."
KatieCoin Expert
She noted that sites like eBay and Mercari are filled with false information and scams, with people often listing items without being properly educated on their value or authenticity.
"80% of listings are usually people who either don't know what they're talking about or are just hopeful thinking - it's not what collectors are willing to pay," she said.
Instead, the coin expert advised looking at the sold prices of coins to get a more accurate representation of what they will sell for.
Read More on The US Sun
Katie revealed the exact details to spot on a penny that makes it worth $20,000.
She also pointed out another rare detail that could make your one-cent coin worth $26,000.
