Collecting on a Budget

• If you have little or no money to spend, then why not form a collection from coins currently in circulation? An excellent example is the State Quarters program which concluded in 2008. If you are lucky, you will come across examples of these in your loose change or you can change bills for rolls of quarters at your bank.
  
  

Spending Serious Money

• If you are willing to invest significant funds in your hobby, then focus on buying a small number of the most expensive coins you can afford. Go for prestigious coins, such as the Morgan dollar and the Saint-Gaudens double eagle, and reject examples with even the slightest flaws.
  
  

Collecting for Interest

• If your interest is on the scholarly side of numismatics and you are not looking for a return on your money, you can afford to waive considerations of condition. While other collectors might reject a certain coin -- for example, a rare Morgan dollar -- because it is in a poor state, you can happily snap it up to fill a gap in your collection.
  
  

Collecting for Investment

• If selling your coins for a profit at some future date is an important consideration, concentrate your funds on buying small quantities of bullion coins -- i.e., coins made from gold or silver. You can't do better than to purchase American Eagles issued by the U.S. Mint, as they will have full documentation and be in perfect condition.