How do I start a coin collection for my children or grandchildren?
Many people might consider starting a coin collection for their children or grandchildren as a type of investment for them. These collections are typically held by the parent or grandparent on the child’s behalf, with the intention of giving them to the child at a certain age, or as an inheritance, although sometimes the coins are given directly to the children.
Before you start collecting coins on behalf of your children or grandchildren, you should take a moment to consider a couple of key points. First of all, like all investments, collecting coins costs money, so you need to determine a monthly or annual budget for this. Secondly, you must decide what the ultimate goal of this coin collection is. Are these coins meant to help put the child through college, or are they just meant to be a nice gift that hopefully has some greater future value? Is this coin collection meant as a monetary investment to be cashed in someday, or do you mean for the coins to become family heirlooms which will be passed down through the years? Or perhaps your hope is that the child or grandchild will take up coin collecting as a hobby someday. Depending on what your collecting goals are, and what your budget is, you’ll want to buy different types of coins.
Be Sure Your New Coin Collection is Safe
Whether you decide to collect for investment reasons, family heirloom reasons, or just for the fun of it, remember to use common sense safety practices while accumulating your treasures. You may not want to keep investment and heirloom coins at home. In that case you can get a safety deposit box for them. Coins that the kids are actively collecting can be kept at home, but keep them stored away in drawers or a safe, out of sight of visitors to your home, especially if strangers come in (such as repairmen, etc.) Once the kids lose interest in a certain folder or coin type, take them to the bank and store them in the safety deposit box until the kids ask for them again. Coins are always one of the first things burglars will grab, because they can be easily sold. It never hurts to establish good collecting practices right from the start by always teaching your child or grandchild to put their coins and folders away out of sight when done with them for the day.
You Don’t Have to Collect Coins on Your Own
If you are in the Baton Rouge area and you’d like to talk to someone who about what’s available and where to start, you can speak with a representative at Gold and Silver of Louisiana. If the kids have taken an interest in a new coin collection, try finding a local coin club they can join, and go to the meetings with them, not only as a chaperon, but to learn more yourself about what coins make good investments and which ones are just “fun to collect.” Many coin clubs have special programs for “young numismatists.” Remember, collecting coins on behalf of, or along with children and grandchildren can be a fun and rewarding project for everyone involved.
Gold & Silver of Louisiana
2561 CitiPlace Ct. Suite 375
Baton Rouge, LA 70808