Military, companies, and organizations are using challenge coins. There are couples who use them as wedding favors. Some of the coins are minted to commemorate a certain event or special occasion. Some coins could be considered rare that collectors find them worth collecting.
There are only a few collectors who took interest in collecting the said coins, but their numbers could go up. Looking at the different coins today, it is impossible not to see that most of them are memorabilia of an important event.
Some collectors collect coins that they have gathered during their visit to a certain country. The coin might have come from a charity event, given as a token of appreciation for patronizing the product of an establishment, and other occasions. There are also collectors who buy the coins to expand their collection. Most collectors buy only the rare items which usually come with a high price.
You must have realized by now that collecting challenge coins can be expensive. Why do collectors of such coins collect them? Perhaps, they sensed that, in the future, the coins will be more valuable than expected. If it perked your interest and you start planning where to look for your first coin, then you might need to read a little further before embarking on a new hobby.
Testing the Waters
Anyone who has seen a beautiful, rare coin would be enticed to start his own collection. It is advisable to test the waters first, before making a decision that collecting coins is the right path for you.
You can start with the coins that business establishments give away as tokens of gratitude. There are also organizations that give away custom coins to spread their cause. You can label the collection as the items you acquired in your first day, week, or month of collecting coins. It is advisable to have a theme for your collection to make them look orderly and organized.
If you enjoyed the time you spent in gathering your first few coins, then you can decide whether to continue collecting or just stop. You might have enjoyed the experience, but you might still lack the enthusiasm to continue the hobby. If you think you really want to continue collecting the challenge coins, then you need to plan your next move.
Get Ready for the Rare Items
As a collector, there is no greater joy than knowing that you have a rare item in your collection. There are only a few occasions where the coins are minted (or made) in limited number.
It is important to identify what kind of coins you want to collect. Do you intend to collect the coins of different establishments, clubs or organizations, police or fire department, or the military? You can also try collecting coins from all of them; just make sure that you will be getting something rare.
When you buy a particular coin, you need to conduct a bit of research about it first, and see if it is considered rare (as the seller claims). Search if someone is selling a similar item elsewhere, and how many sellers are selling the item. If there are a lot of sellers who sell similar item, then the coin is not rare.
What number is considered rare anyway? Different individuals may have different number in mind. It is safe to say that a number between two and ten is considered rare, it is much better if the item is the only one.
Online vs. Personal
Most sellers and buyers do their business online, but if you want to make sure that you would be getting your money’s worth, then it is best to meet the seller in person. You will be able to inspect the item, and see if there are scratches and other blemishes. It is also advisable to know more about the coin through research.
You will find out if the coin is heavy or light. You will also see the kind of metal it’s made from as well as the actual size. You can ask a bit about how the seller acquired the coin.
You can also try visiting an auction house if there are challenge coins being offered. Just remember that the rare items are always worth keeping.