Collecting coins can be as interesting as it is profitable, but it does take some time to master the skill. It is not just about finding a list of valuable coins and going on a scavenger hunt, even though that sounds pretty fantastic! If you want to make the most of your Russian coin collection as possible, here are a few things to keep in mind.
Learn
Every coin denomination has a story, where did life begin, what have been the significant changes in its life and are there times when it was significantly altered? These questions and many more shape the basis of coin collecting. Whether you are talking about the Russian Ruble or the American quarter, there are things in history that can affect the coins and thereby their value.
It is also a good idea to learn a bit of history about the area from whence your chosen currency comes from. In this instance, we are talking about Russia. Understanding history as it relates to coinage not only helps when you are searching for rare pieces, it can help you avoid scams.
For example, if you know that coinage in Russia prior to 1700 was silver “wire” currency, you will know a copper kopek could not be from the 1600s and if it is a silver kopek, they were discontinued in 1718. When you are talking about Russian currency, these are important pieces of information as many coins are not dated.
Narrow Your Collection
In the beginning or even overall, you may find narrowing your collection efforts to particular coinage is beneficial. Rather than attempting to collect all Russian coins ever created, you could focus on the era of Peter the first, for example. As you can imagine, this will drastically reduce the number of different coins you are searching for, thereby giving you more time to adequately research and locate said items.
Discernment
This goes hand in hand with learning about your chosen collection. Along with knowing which coins are from which era, you should be able to quickly assess the condition of a coin. When you are talking about extremely rare pieces, this may be slightly less important, but overall, the better condition the coin, the more it is worth.
In order to be able to assess a coin’s value, it wouldn’t hurt to learn to grade. This is taking the physical assessment of coins to the next level by examining and scoring the quality of the die and striking as well as the condition of the planchet. You will naturally acquire this skill over time by handling and examining as many coins as possible, but you could also benefit from a class. These are often offered by the Numismatic Society. You can check online or with local groups for more information.
Final Thoughts
Coin collecting can be an interesting and lucrative proposition if you take the time to learn the ins and outs of the process. This is particularly true when it comes to Russian Coin collecting. Take, for instance, the fact that all private coin collections were seized at the beginning of the socialist era to be distributed to museums. Today, collecting in Russia is in its infancy, impacted by laws that state only the government may circulate precious metals. If you plan to start your own coin collection, especially for older coins, make sure you are fully briefed on current laws.
