There are three basic groups involved in collectible currency and those are paper money collectors, coin collectors and those who collect both. What they collect may be very different, but their passion is mostly similar.
Paper money is collected for a variety of reasons including the possibility of finding collectible currency from every country around the world. Many collectors will spend vast amounts of time researching the history of that country and how that particular type of currency came to be used during that period.
Paper money collectors have also learned that allowing their collectible currency to sit in direct sunlight causes it to fade and that Mylar is the best material in which to store their paper. Other plastics made with polyvinylchloride (PVC) may deteriorate over time and take the paper with them. Window envelopes are also bad storage containers for paper money as light enters through the window and can ruin that part of the bill showing.
Numerous Coin Collectors
Coin collecting has been around a very long time and, as with paper collectible currency, it is saved for a variety of reasons. A collector may want to collect every coin minted by a particular country or have a coin from each year it was minted and from each different mint. The condition of the coin makes a huge difference in its potential value and most collectors look for mint condition coins.
Coins from the turn of the century, like their paper counterparts, are considered extremely rare and, as such, extremely valuable. Many have been priced out of the part-time collector’s price range. This could partly explain why collectible currency from other countries has become more popular.
Most coin collectible currency are kept in individual holds to prevent them from coming in contact with other coins, causing scratches, which would diminish their value. Then there are coin collectors who collect only for their own benefit and aren’t that cautious with their collections.
For serious collectors there are computer software programs for cataloging collectible currency and have the ability to enter a brief history of every item included in the collection. A collector can enter the history of the item and how they obtained it as well as information on what makes it collectible.
There are numerous books on collectible currency and most are very good at describing each piece and what properties to look for that make it worth collecting. The books also help establish price, but remember, as with most collectibles, what sets the price is what someone else is willing to pay.