Almost every coin collection in Estonia begins the same way. Grandfather's kroon coins turn up in a drawer, a couple of tsarist kopecks get bought on osta.ee, a handful of foreign coins comes back from a trip, and a bullion gold coin is picked up "just in case." Six months later the drawer holds a mixed pile of metal that has cost thousands of euros, but it is not a collection. That pile has no beginning, no end, and not a single gap waiting to be filled. And when there is no gap to fill, there is no reason to continue. The money runs out before the interest has a chance to take hold.
This does not happen because numismatics is a boring hobby. It happens because collecting is started without the single most important decision: what exactly am I collecting?
In this article we go step by step through how to start collecting coins so that the collection holds together, the budget stays under control, and your interest grows instead of fading.
1. Define your collecting theme — this is the most important decision of all
A collector's satisfaction does not come from growing a pile of coins, but from filling gaps. For that, a collection needs a clear frame: a list of known length, where every line is either filled or empty, and which is achievable both financially and in terms of time. An unlimited collection can never be completed. And a collection that can never be completed can never give the satisfaction of completion.
For an Estonian collector, the most logical starting point is Estonian coins. They are available on the home market, their history is our own history, and every Estonian coin from 1918 to the present day is listed with images, mintages and technical data in our catalog. That is where to pick your theme. In practice it makes sense to climb the following ladder, from the simplest upward.
First rung: Estonian euro circulation coins (2011 to the present). Yes, at first glance they seem dull, because all eight denominations carry the same outline of the map of Estonia designed by Lembit Lõhmus. But this is precisely the best theme to begin with: the coins are available straight from circulation and from the bank, a set costs essentially its face value, and a complete collection can be assembled in months rather than years. That first quick win matters more psychologically than it appears, because it teaches you to collect systematically, to tell year issues apart, and to keep an album. And the theme is not really dull either. Because of the rounding rule in force since 2025, additional production of 1- and 2-cent coins has ended in Estonia, which means the run of small-cent year issues is now finite and there is a clear end point to collecting them. You will find all year issues and mintages in the euro coin section of the catalog. If you decide to collect coins in bank condition, it is worth knowing that the Bank of Estonia’s online shop still offers the 2011 euro coin folder, which holds all eight first-year coins together in uncirculated quality. It is the easiest way to complete the first row of your collection in a single purchase.
Second rung: Estonian 2-euro commemorative coins. For the sake of accuracy it should be said right away that commemorative coins are circulation coins too. They have the same technical properties as an ordinary 2-euro coin, the same common side and the same validity as legal tender throughout the euro area; the only difference is the special design of the national side. That is exactly what makes them the most popular collecting theme today and the logical next rung once the standard-design year issues are complete. Since 2012 the Bank of Estonia has issued commemorative coins marking important events and people: Paul Keres, the Republic of Estonia 100, the anniversary song festival, the barn swallow, the cornflower and others. A large share of them are still moving in ordinary circulation, so part of your collection may come straight from your wallet. The theme is clearly bounded, each year adds only one or two new coins, and the collection grows alongside the country's history. The catalog lists all Estonian 2-euro coins, both ordinary year issues and commemoratives, together with mintages and quality grades in a single table.
But there is an important nuance here that many beginners do not know: not everything has to be hunted from your wallet or a coin roll. For most commemorative coins the Bank of Estonia also issues a collector coin card, that is a presentation folder in which the coin is sealed in packaging and in higher BU quality. In practice these coins have a mirror-like shine, and in our catalog they carry the quality grade PL (Proof-Like). When graded, they usually receive the designation DPL from NGC and DMPL from PCGS. In most cases a coin card holds only that one commemorative coin; less often the coin comes in a shared folder together with others.
Why does this matter to a collector? The difference in mintages is enormous. While an ordinary commemorative coin is issued into circulation in roughly one million pieces, the PL versions on coin cards are generally made in only 3,500 to 20,000. The price in the Bank of Estonia's online shop is usually 12 to 30 euros per coin card, which is very reasonable for such a small mintage. So decide right at the start whether your 2-euro collection will consist of circulation coins picked from change, of UNC coins taken from a coin roll, of BU/PL coins from coin cards, or of the last two as separate rows. The most practical approach is to buy new coin cards right at the time of issue, because prices on the secondary market are already higher later on.
Third rung: Estonian gold and silver commemorative coins. If circulation coins feel too ordinary to you from the outset, starting here is a worthy alternative. According to the catalog there are 19 silver commemorative coins and 9 gold coins from the Estonian kroon era (1992–2011). That is a clearly bounded, beautiful and achievable whole, which also carries the intrinsic value of precious metal. The same logic applies to the silver and gold commemorative coins of the euro era. These coins require a larger budget than circulation coins, but the mintages are small and every piece is a work of art in its own right.
Fourth rung: old Estonian coins, 1918–1940. Marks and kroons are the crown jewels of Estonian numismatics, but they are not the place to start. Prices here are higher and judging condition takes experience. In addition, counterfeits circulate among the most expensive coins of exactly this period: this affects the 1926 mark series most of all, where the small circulation mintages of the 3-, 5- and 10-mark pieces have driven prices high and made forgery worthwhile. It is worth reaching this period once your eye has been trained on simpler themes and you have worked through the catalog thoroughly.
The golden rule is simple: one theme at a time, take it to the end, and only then start the next. As you climb the ladder, your own skill grows along with the collection, and by the time you reach the old coins you will already know how to judge them.
2. Decide at the very start what condition you collect in
The choice of theme says which coins belong in your collection. The second decision says in what condition they must be. This decision should not be postponed, because it determines the budget, where you buy, and even whether a coin found in your wallet belongs in the collection at all.
Circulated coins or bank condition?
The same coin can appear in a collection in two very different forms.
Circulated coins are the ones that have genuinely been in circulation: worn edges, scratches, nicks, dulled luster. The great advantage of such a collection is that you can get most of it free from your own wallet, the cash drawer and the family coin jar. The collection comes together quickly and almost without money. The drawback is that in the long run the monetary value of circulated coins stays close to face value.
Bank-condition, or uncirculated, coins (internationally marked with the abbreviation UNC) have never been in circulation. They retain their original mint luster and show no traces of wear. Such a collection looks far better in an album and holds its value much better, but you will not find these coins in your wallet. They have to be obtained from the bank, from annual sets and coin cards, or by buying from collectors, and that costs money.
Choose one and stick to it. A mixed collection where half the coins are shiny and half are worn looks unfinished in the album and is tedious to even out later. For a beginner it is a perfectly sensible choice to start with circulated coins, because it is cheap and fast, but make that choice deliberately, not by accident. If you already know at the outset that you are aiming for bank condition, do not buy worn pieces as placeholders along the way. They are hard to sell later and the purchase price is essentially money lost.
Raw or graded coins?
The second decision on the same subject is whether the coins stay in your own album or go into a grading company's holder.
Collecting raw coins means that the coins live in an album or in capsules and you judge their condition yourself. This is cheaper, more flexible, and for circulation coins and affordable commemoratives it is the only right choice.
Collecting graded coins means that a coin is sent to an international grading company, where experts verify its authenticity and assign its condition a grade on the 70-point Sheldon scale, after which the coin is sealed permanently in a protective holder. There are several grading companies in the world, for example ANACS, ICG and CAC, but these are strong above all in the American coin market. For Estonian coins the internationally recognized choice is essentially two: NGC and PCGS. A coin in their holder is also the best known on our market and usually more valuable, but the service costs money and only pays off for rare coins, coins in high quality, or coins intended as an investment.
A rule of thumb for a beginner: collect circulation coins and ordinary commemoratives raw, in an album. Once you reach rare kroon coins, precious-metal coins or top pieces of old Estonia, consider grading. Keep in mind that grading is a science of its own, where the wrong preparation can cost a grade point and with it a significant part of the coin's market value. We have ourselves certified more than 1,500 coins through NGC and PCGS, and we help arrange the process when needed.
3. Learn before you buy, not after
A beginner's most expensive mistake is buying a coin before knowing what they are buying. Every euro spent before the knowledge is, in all likelihood, a euro overpaid.
The good news is that for Estonian coins all the necessary information is in one place. The catalog contains every Estonian coin from 1918 to the present day, with photographs, mintages, weights, dimensions, alloys and varieties, and every coin has its own catalog number. Each period also comes with a written introduction that gives the coins their historical background: why the 25-cent piece appeared before the other kroon coins, why the 20-cent piece changed color, or why some of the 1926 marks never reached circulation at all. On the home page you will find an overview of the history of numismatics and of the grading companies, and the FAQ has answers to common questions. A beginner has no need to go anywhere else.
How do you use the catalog in practice? Do three things before every purchase.
First, look at the mintage. It tells you the coin's real rarity, which may not match what the seller says.
Second, check the description and the photographs: is this really the variant you think you are buying? Depending on the variety or quality grade, a coin of the same year can cost many times more or less.
Third, if you are buying a single expensive coin, compare its weight and diameter with the catalog data. In general, counterfeiting of Estonian coins is not widespread, because the mintages of most coins are large and forgery simply does not pay. There are exceptions, though, and they are worth knowing by heart: the 1926 marks, that is the 3, 5 and 10 mark pieces, and the silver commemoratives 2 krooni 1932 (University of Tartu) and 1 kroon 1933 (Song Festival). If those are the ones being offered, measure and weigh the coin, and if in doubt ask a professional for an opinion before buying.
4. Supplies: a proper album is your collection's home
The most important thing a beginning collector buys is not a coin. It is an album.
And here comes a warning right away, one that will save you tears years from now: avoid cheap albums of unknown origin from Temu, AliExpress and similar platforms. Their pockets may be made of plasticized PVC, which releases acidic compounds over time. The result for coins is catastrophic. A greenish film or spots form on the surface, eating into the metal, and they can no longer be removed by any means. Saving twenty or thirty euros can ruin a collection worth hundreds or thousands.
Buy an album whose manufacturer guarantees PVC-free material. In Estonia the albums of the German manufacturer Leuchtturm are readily available; their coin pages are made of safe materials and the pocket sizes fit Estonian coins exactly, whether euro circulation coins, 2-euro commemoratives or encapsulated commemorative coins. The price range is roughly this: a proper euro coin album with a slipcase costs around 40 euros, the pre-printed pages section for a 2-euro album 60 to 65 euros, and the supplementary pages for each new year about 15 euros. This is not the place to economize, because an album is bought once and serves for decades.
Alongside the album, an equally important tool is a loupe. Without a loupe you simply cannot see what you are paying for: the degree of wear, edge damage, traces of cleaning. For ordinary collecting a 5x magnification is enough. If you plan to send coins for grading, get a 10x, because it is at that magnification that you can see the fine hairlines and the other nicks and scratches which decide whether a coin gets an MS63 or an MS65 grade. A simple quality loupe costs 10 to 15 euros in Estonia, and a proper 10x loupe with LED lighting about 40 euros.
And finally a rule so important that it deserves a paragraph of its own: never clean your coins. Not with toothpaste, not with baking soda, not with silver polish, not "gently with a cloth." Every cleaning leaves microscopic scratches on the metal surface, which an experienced eye and a grading company will detect without fail. A cleaned coin receives the damaging designation "Cleaned" or "Altered Color" when graded and loses a significant part of its value. The natural darkened tone on a silver coin, that is the patina, is part of the coin's history and often raises its value instead. Always hold a coin by its edges, and with UNC coins use cotton gloves.
5. Where to buy coins in Estonia
Once the theme is chosen and the album is on the shelf, it is time for the first purchases. An Estonian collector has several good places for this, and each of them has its own role.
Circulation and the bank. If you decided to collect circulated coins, the cheapest source is your own wallet. Look through every bit of change, because the habit is free and every find brings the genuine joy of a collector. If you are aiming for bank condition, most coins have to be obtained from Bank of Estonia coin rolls, from annual sets and coin cards issued by the Bank of Estonia, or from other collectors.
Osta.ee is Estonia's largest secondary market for coins and the best school for a beginner. An important lesson right at the start: follow the actual closing prices of completed auctions, not the asking prices. Anyone can ask anything; the market price is what someone actually paid. Compare every coin that interests you against the catalog data before you bid.
Coins.ee is another domestic auction platform where Estonian material appears regularly.
The Bank of Estonia museum shop and online shop is the place where new commemorative coins can be bought at issue price. This is also where the coin cards and presentation folders mentioned above come from, in which the coins are in uncirculated quality and sealed packaging. For the more collectible issues it pays to be quick on the day of issue, because small mintages sell out fast and on the secondary market the same card is already considerably more expensive.
Collectors' meetings. The Tallinn Philatelic Society holds regular meetings from September to May, where coins, stamps, medals, banknotes, badges and postcards are traded and sold. For a beginner this is a place worth its weight in gold: you can hold coins in your hands, compare prices and, most importantly, ask questions of experienced collectors. No website replaces a conversation with someone who has collected the same subject for thirty years. In summer it is also worth keeping an eye on antique fairs around Estonia.
Once you reach rare and certified coins, you will also find a selection among our own coins currently for sale .
6. Store your collection properly
A coin is metal, and metal's greatest enemies are moisture, temperature swings and sulfur compounds. From this follow some simple rules.
Keep albums in a living space with stable temperature and low humidity, not in a cellar, garage or attic where moisture and temperature fluctuate. Avoid direct sunlight. Silver coins darken on contact with sulfur compounds, which are found among other things in rubber and in ordinary wrapping paper, so no rubber bands around coins and no wrapping in newspaper. Keep precious-metal commemorative coins always in the Bank of Estonia's original capsules, and circulation coins in the pockets of a PVC-free album. And once more: do not clean them. If a coin looks "too dark," that is almost always better than the same coin after cleaning.
Your first month as a collector
To sum up, here is a concrete action plan you can start on today:
- Choose one clearly bounded theme from the catalog (recommended: Estonian euro circulation coins or Estonian 2 € commemoratives).
- Decide whether you collect circulated coins or coins in bank condition, and stick to it.
- Decide whether you collect raw coins or are aiming for grading in the longer run.
- Read through the introduction to your theme in the catalog and write out all the year issues and mintages. That list is the frame of your collection.
- Buy a PVC-free album and a loupe with at least 5x magnification.
- If you collect circulated coins, go through your wallet, the cash drawer and the family coin jars. The first finds are probably already at home.
- Register on osta.ee and follow the closing prices in your theme for two weeks before making your first bid.
- Go to one collectors' meeting.
If you take these eight steps, you are already a better collector than most beginners will ever become, because your collection has a beginning, an end and a plan. And when the first version of the collection is complete between the covers, you will know exactly what the next rung is.
Happy collecting!