Free Coin Collecting Software
Commemorative coins have become very popular. Many people want to have different kinds of coins in their collections or for souvenirs. Many times they are used as traditional gifts for special occasions. These coins are not considered to be practical gifts, bur are commemorative items that can be kept for years as special souvenirs when received by a special friend or loved one.
There is a strong demand for these coins among people who are collectors as they may have significant meaning to them. Others will want them to remember an important day or occasion. The mint date and the event celebrated by the coin could be one factor people consider them collectible items.
Since the 1970s, the individual coins were available in the market every year, but are now available as sets in packages or in special displays. Many collectors say that one reason they are marketed this way was the depreciation of their value starting in 1971. The introduction of the euro may also be a factor.
There are countries that have produce commemorative coins and used these coins for propaganda. There were monarchs who issued coins to commemorate past or current events and/or celebrations that recognized their authority.
The half dollar was produced in 1892 to commemorate the Columbian Exposition in Chicago. This was a celebration to mark the 400th anniversary of the expedition of Christopher Columbus and his discoveries in the world.
During the following year, the first quarter dollar commemorative was introduced to signify the Exposition as well, but it also gave honor to queen Isabella of Spain. She was the one who “back-pedaled” the political agendas on Women Rights.
The first commemorative coins that were made of silver were introduced in the 1900s. The coins were minted in honor of Lafayette and George Washington. In the following years, the half dollar coin was denominated, and the legal tender commemorative coins were created to mark celebrations rather than historical events. These coins are recognized today as classical sets of special coins of historical events between the years1892 - 1954.
It was in 1932 that the Washington quarter dollar was released as the United States’ second commemorative coin in its denomination. It was issued for the 200th birth anniversary of George Washington. The coin also continues its circulation as a commemorative coin because of its popularity.
It was uncharacteristic to circulate a commemorative coin of the 1892 - 1954 era in the United States because the government had not intentionally put them into circulation, (they were not legally approved by the government for public use) so collectors will not pay the premium costs of these coins that are still in the market.
Numismatics is the study of money, medallions, banknotes, token coins, and stock certificates. It is believed to have been established in the time of Julius Caesar who wrote the first book on the subject. It is a very interesting topic because every medal or coin signifies a different era, culture, economy and/or politics.
Numismatists or the people who study the history and over all appearance of the above mentioned forms of currency are different from coin collectors. Unlike numismatists, coin collectors are only interested in collecting coins and the prestige that goes along with it; a numismatist may also be a coin collector and vise versa.
Over the years, coin collection has been very popular. The most common designs are famous people and animals to depict the era when the specific coin was released.
Numismatists are generally interested in use of money, its origin, appearance, variety and production. They aim to explore the role of the different kinds of currency in our history using mint information. Mint refers to the place or facility where the coins are manufactured. They also grade or authenticate coins to determine their market value. T facilitate this, coin grading system facilities were established.
At this time there are three major third party facilities that authenticate coins and/or paper money. These are: the PCGS or Professional Coin grading system located in Newport Beach, CA; the NGC or Numismatic Guaranty Corporation in Sarasota, Florida; and Paper Money Grading (PMG).
PCGS is a third party institution that was established in 1986, which grades and authenticates coins primarily for commercial purposes. They are an independent body providing expert opinion in rating a coin. NGC is also a third party institution offering services solely to numismatists. It was established in 1987. On the other hand, PMG is solely for authentication of paper money and a smaller department of PCGS.
When coin collecting was not as popular as it is now, there were only 3 categories into which a coin could fall: 1. Good – which means that the coin has all of the details intact; 2. Fine – which means that the coin has all the details intact and still has a bit of luster visible; and 3. Uncirculated – which means that the coin was never put on the market thus maintaining its original appearance.
However, today coin grading has evolved and is becoming more definite. They use a combination of letters and numbers that corresponds to the quality of a coin. The coin grading system of United States of America is the most comprehensive and recommended for beginners. An example of USA grading system: MS-60 to MS-70 which means that the coin is blemish-free and has good color and strike. In short it’s perfect!
Knowing how to grade a coin properly is not only a gift, it’s an art. It requires knowledge, exposure and obviously skills. For coin collectors, ability to grade a coin is a must because the value of a coin largely depends its grade.
Here are some components Numismatists use in coin grading
A special machine does the stamping of coins to make them genuine. People who counterfeit coins are well trained and have the capacity to manipulate their duplication - especially those rare coins which have high value among collectors. The most common procedure used in counterfeiting is that they pour a liquid metal into molds that will leave die marks with cracking on the counterfeit coin.
Those who are experts in determining counterfeit coins have observed that the changes seen in the coins have added, removed, or even altered the coin’s date markings. If a person thinks that he is in possession of a counterfeit collectible coin, he can compare it with another coin – one like the suspect coin – which is known be genuine and have the same markings.
If the coin’s value is more than 5 cents, look for corrugations in the outer edges of the coin. These are very thin railings (also know as “reeding”) on the edges of the coins. Genuine coins have very thin edges and the railings are even and distinct if one is very observant. Those coins that are counterfeit can be distinguished if the edges are not thin enough and the railing is uneven or missing in some areas.
Should there be an instance when a person perceives that he has received a counterfeit coin, he must not return the counterfeit coin to the person that handed him. He must try to delay the person – should he try to escape – or try to keep that person in sight and follow him to his destination if possible. It is important to remember the person’s clothes and physical appearance and if the person has any companion during the exchange: if they have a vehicle, get the car’s license plate number and immediately call the nearest police department or the United States Secret Service for help.
There are many things that can be considered to determine whether the coin is counterfeit or not. There are terms that are used to describe a counterfeit coin’s characteristics and they are as follows:
1. A restrike of a coin can be considered to be genuinely authenticated. These coins are actually dated earlier than those originally issued by the country that released them but have the same or exact features as the original coins.
2. Coins of a specific country in the ancient times are sometimes copied by another country. A person may think that it is forgery, but it is not because they had been legally approved in the country where they originated.
There are many reasons why one collects coins. There are collectors who collect on the basis of the coin’s future perceived value, some collect coins coming from just one particular period, some on metal type and some for a coins historical value.
There are also those who enjoy collecting everyday common coins, gaining pleasure from inspecting mint marks and dates on their everyday change. Others have a collection of coins coming from different countries. Some coin collectors spend thousands on rare gold and silver coins from the period of the 1800's until the early 1900's.
The hobby of coin collecting can give pleasure and fun to an individual of any age. Many coin collectors began their collection when they were young children, collecting dimes or pennies and many of them have made coin collection a lifetime hobby.
The hobby of collecting coins involves spending money from the very start so it is good to join a coin collectors group to get ideas and help from knowledgeable and experienced collectors.
You need somebody to buy your coins from, and it may be hard to find a coin dealer of good repute when your are new to the hobby, so having someone that has been in this hobby for years can be of great help to guide you on choosing an honest and knowledgeable coin dealer.
Begin by acquiring a big magnifying glass and examine coins in a bright area so you can spot mintmarks, errors and to clearly read dates on worn or damaged coins.
Decide on what coins to collect and buy a “bookshelf folder” for that series.
You must also have storage, such as clear tubes made of plastic or coin tubes having top screws to keep your coins in until you are ready to put them in a coin album; storage can also be good for keeping duplicate coins.
You must learn about different coin values. Follow what types of coins are sold, and how they are priced, based on dealer pricing. You also will need someone or some references that will show you how to evaluate the accurate value of a certain coin based on mint mark, age, color, surface and condition.
A "grade" is described as a shorthand designed by coin experts (numismatists) to reveal a coin’s appearance. Simply put, if a certain coin collector tells another collector that he owns an uncirculated Charlotte 50 half eagle, both should already have a concept of the coins appearance without even seeing it, because of the claim of its grade.
Some disclose that designating a grade to rank or categorize a coin is more of an art rather than science, since often it is extremely subjective or biased; this applies particularly when working on “Mint State” coins where little differences, in terms of grade, make so much difference in the price.
Grading can be learned, studied and applied with a predictable and known outcome that eventually depends on judgment, not feelings.
Like any language, science, sport, or research, it is best to learn and understand coin grading one component at a time, through serious study and experience.
Today, most numismatists use the “Sheldon grading scale”. While there are those that complain of "too many grades", most experienced coin graders recognize and appreciate the fact that there is a wide range in features between ranges.
Strike
This is the method of stamping or imprinting a drawing or a symbol onto a blank. Depending on the coin’s design, it can either have weak or strong strike. An example of this would be the “Type II gold dollar” on which both sides (front and back) have the highest strike that is perfectly aligned, meaning, these designs require weak strikes.
Generally the strike is not a key factor in establishing the coin’s grade except when it is included in a series where the value is connected to strike.
Preservation of the coin’s surface
The number of coin marks as well as where they are placed is a significant element in establishing the grade. While there is no fixed formula on the number of coin marks that sets its grade, there are several regulated standards regarding the significance of the location or positioning of a scratch.
For instance, a coin having a deep scratch that it is not easily visible on its reverse (back) side will not be strictly penalized. However, if the same scratch was positioned on a noticeable or obvious central point on the front, such as the cheek on the Statue of Liberty, it would be penalized much more.
Patina or luster
Coin collecting is one hobby that is both fun and challenging. To help those who are looking for those rare coins, here is a list of hard to find ones that are worth moving “heaven and earth” for.
Gold coins are something of a rare commodity. They were circulated only until 1933, which makes them expensive when they are auctioned. The nice thing about gold is that its value probably will never go down - making it a good investment.
Another rare coin sought by collectors is the Liberty Seated Dollar. These were last produced some time in the 19th century and are considered to be a rare find.
From 1875 to 1878, twenty cent coins were minted. This coin looks very much like a quarter and since its value is very low today, it is a coin worth looking for.
The Barber half dollars are rare coins that were minted from 1892 until 1915 and are collected by people depending on date or type. One of the challenges that occurs when searching for this coin is finding one in good condition.
The 1917 type One Standing Liberty Quarter is another coin worth owning. It was only minted for 2 years and shows the exposed breast of Ms. Liberty. This design created such an uproar that it had to be replaced and was only circulated for a year.
What are bullion coins? These coins may have high values because they are not only limited; but also they may have been found in shipwrecks, or they may come from the ancient times. Bullion coins are the type of collector’s items that many people look for.
The silver bullion could be the most well known type of bullion that is selling very well in the internet aside from those that are to be considered to be most expensive and valuable items in the world.
Some high priced coins that are displayed on the internet include the silver ingot. The silver ingot was said to have been found in the Spanish ship Atocha that sank in the ocean. This ship was found to contain treasures and artifacts including silver ingots. Others claim that the silver ingots were recovered from an old Colorado Mining area. Coins were found everywhere and were said to have been hidden by the miners.
The silver Maple Leaf Coins, which are officially sealed, are also popular among collectors. These coins came from the Royal Canadian Mint and include the Walking Liberty half-dollars and the dealer roll first-strike 1994 U.S. Eagles. These items were a collection of the Franklin Mint which had more than 100 masterpieces in his memorabilia.
Most bullion collectors prefer the gold billion. Some famous bullion gold coins include the gold Krugerrands, which are from South Africa. The European Gold Crowns were released from the late 1800s to the early 1900s. Other items include the Canadian Maple Leaf Coins and the United States American Eagle Coins. British Sovereigns are also seen on the internet as are the Swiss Helveteas and the French Roosters.
The awesome 10-ounce Swiss gold bar, China gold panda set, and the American eagle proof set coins can also be found and are considered to be the most seen coins on the internet. There are gold bullions found in the American Eagle set, Mixed Lots, Rounds, Bars, and any other similar categories that are found on some sites n the internet.
A type of bullion that is not well known is the Platinum bullion. It is less researched on the internet because the demand for it is not as great as the silver and gold bullions. Platinum bullions can be purchased anywhere: some of them are the French Statue of Liberty coins, Eagle sets, and the Koala Proofs. The World Trade Center has also offered some Platinum bullions like the Englehard platinum bar, crucible dish made of platinum bullion, and the Johnson Matthew Year of the Dragon coins which were recovered from the safety vaults of the building when it collapsed.
These coins can be considered as thoughtful gifts aside from their being valuable since they can be kept as a souvenir from the person who gave it. A bullion bar that features a happy birthday greeting can be a thoughtful gift for a friend’s birthday especially if the bar has the date of the birthday on it. Some people also use them for their anniversaries as their gifts to one another - they search for those bullions that have the date of their engagement or the wedding year. Some brides also ask their groom to find her 24-karat gold flakes or silver flakes as her chosen token for their wedding.
Coin collecting of this type can be very expensive, especially when buying bullions, but here are some tips that can guide a person in his search for affordable bullions.
Many people enjoy shopping online where there are great buys of coins that can be found. A person may prefer do his shopping while he is at home because it is convenient and time-saving instead of going out looking for stores that sell collectible coins and other souvenirs.
A person can differentiate between a live auction and an Internet because an online auction can take several days to complete. They entertain bids for the highest price up until the time the auction is about to close.. Many people that are bidding online enjoy the experience and they may be familiar with the strategies to use to win an online auction.
There are also online sites where a person can buy any item that may capture his interest. This is where most coin collectors purchase their desired coins. By searching and finding the item that they want, they can actually negotiate and make the payments through the Internet. This can be very risky as you are dealer/seller that is unknown to the buyer, yet many people are still making transactions and payments through this kind of online auction.
Fraud is common even though many Internet sites that do business online contend that the risk of fraud is not something to worry about. They contend that only 0.0025 percent of true cases of fraud occur with online transactions - that means only one out of 40,000 listed Internet transactions would be fraudulent. On the other hand, the FBI has their own investigations, which prove that those figures are not true- they contend that the risk of fraud is much higher according to their statistics.
A person should believe the FBI for his own protection. Even if one can say that the majority of online coin selling transactions are honest and credible, the process used to make the transaction most probably is questionable and uncertain. There are business transactions, which are intentionally committing fraud with their clients and buyers. Aside from flea-market dealers, mail-order sellers, in-person auctions and some coin stores, the Internet has introduced the crime of fraud to many people in the easiest way possible.
One protection that a coin buyer should know is how to get “feedback”; that way, a person can see the ratings other bidders give the seller and he may compare his transaction with the transaction of the others. Since there is a great risk of fraud where there is negative feedback, the person may withdraw his participation from the auction if he deems that to be necessary.
A person may also acquire ideas by looking for those members who have left “positive feedback” and compare it to the reaction of the sellers. A person can make an assessment of what could be possible useful information from those reactions. Be careful and precise about any transaction that is offered by the seller.
There are instances where a person is deceived about the item he purchased. The photo shown on the Internet displayed the coin that a person wants to have but they delivered a totally different item. These cases are fraud. A person must make sure that the item he saw on the photo is the exact item that will be delivered to him. Here are some tips that will help a person prevent fraud during a coin search in the Internet.
There are collectors that specifically find classic editions of coins that existed during the period from 1892 to 1954. These coins have marked events or may signify the work of royalty during that period. There are those collectors that prefer the modern series that are very distinct as well. One modern collection is that of the quarter dollars that represent the 50 states of the US. Minting and circulation started in 1999 and will continue until 2008. These are specially made editions available for collectors.
Many collectible coins are made of copper and a collector may encounter problems in maintaining their features and appearance. A person collecting this type of coin should learn how to maintain and take proper care of these expensive collections. Copper coins should be cleaned correctly and must be preserved the same way professional collectors treat their coins.
Professional collectors clean their coins by the process of placing the coins in a container that is airtight. This is a safe way to preserve the features of the coins. Because of the coins’ years of circulation, there is the possibility of a coin accumulating encrustations, coatings, dirt, and other problems on a coin’s face. These accumulations may cause pitting and corrosion to the surface of the copper coin. The corroded portions should be removed properly without making any scratches.
There are products available that are made especially for coin cleaning. Coin suppliers have these products that are specifically made for coin maintenance and cleaning in stock. One product made for this purpose is MS70 which removes corrosion and other surface dirt. It is advisable to use rubber gloves for the protection of your hands, as MS70 can dry the skin but this should be of little concern because it is not that harsh on the skin. A soft toothbrush may help with cleaning and removing any dirt that is in the surface of the coin. Improvement in the appearance of the coin will be seen after it has been soaked and cleaned. If satisfaction is not met on the cleanliness and appearance of the coin, he may add baking soda to neutralize the MS70 and soak it in warm water.
After he is through with the soaking, he may dry the coin using a Blue Ribbon coin cleaner and preservative; he may apply a coat and dry it for a couple of days then wipe the damp parts with soft cotton balls and place it on a small cardboard with a space on the center.
If he finds discoloring on the coin, he may use Dellars Darkener after he has soaked it in MS70. He may use this product before he applies the Blue Ribbon cleaner and preservative until he is satisfied with the cleanliness of his coin. Once satisfied with the new appearance of the coin, he may again return it to its set or collection
.
The next step would be maintenance and preservation the collection. Here are some tips on how to take care of coin collections:
1. The coin should be protected from exposure to any kind of elements. It is also important not to scratch the coins; they should be handled with care to avoid scratches on the surface of the coins.
In a coin collection, the most difficult part is how to find the coins for the collection. A collector’s main method of acquiring coins is by buying them. The most common alternative in acquiring a coin is through purchase in auction sales.
Rare coins and those that are of high quality are very difficult to buy. Auction sales whether online or at auction houses provide coin buyers the option to acquire these types of coins at lower prices. Online auction sales usually take 3 to 4 months to process depending on how fast bidders can decide on their bids or when the bidding process closes.
No matter how popular auction sales have become to many collectors, it is still important to know the advantages and disadvantages they can provide to coin collectors. Here are some points must to be considered before buying in auction sales.
Advantages
1. Auction sales provide simpler negotiations, and is the simplest way of buying coins for a collection. This is because of the set price that is reserved for the coin. It is easier to weigh options and estimate the price of the coin.
2. Auction sales include a bidding process. Buyers will only need to bid to the price they are willing to pay for a specific coin. This means that a coin will be acquired within the allotted budget of the buyer. If a buyer really likes a coin, then he can bid a higher price so that there is a higher possibility of winning the bid.
3. There is also a chance of getting the item if the buyer who won the bid was not accepted for some reason. This may also happen when the price that was reserved for the coin was not met. When this happens, the item for bidding is usually passed. This means that the item will not be sold and the bidding will be re-opened any time soon.
4. Contracts are involved in the bidding process. Once a buyer wins a bid for a specific coin, contracts will be exchanged immediately between the successful bidder and the seller. This will ensure that the negotiation was completed and the bid price of the item is confirmed.
5. The person who has the highest bid may be allowed to make a deposit payment. This will ensure that the item will be reserved for the person who won the bid. Deposits may be a fraction of the whole amount of the coin.
Disadvantages
Coin collecting has been a very popular hobby to many people of all ages. The marketing of coins has expanded widely and because of this wide the market prices of coins has varied immensely.
Before, the coin market was limited to a small number of collectors and dealers. At that time coins were priced in simpler terms. Since the market has expanded, dealers have been very inconsistent with the prices they set for the coins so that became the time when the need for a standard scale arose. That is where the coin grading service entered the scene.
Coin grading services are able to provide services that determine the standard practices so important in marketing. Any collector who sees the wide market of coins will see the importance of a grading service. There are unscrupulous dealers that over grade the coins that they sell and collectors need to be aware of this.
Coin grading services have standard scales for every coin available on the market. One benefit grading provides, is that coins will be assessed fairly and accurately. Antique coins and rare ones will be scaled depending on their origin, quality and the purpose for which they were released.
A coin collector may need to use a coin grading service when buying a coin so that he is able to check the authenticity of the coin and if the coin is priced fairly. Sellers, on the other hand, use the grading service to check if they can generate income based on the price they have set on the specific coin. This practice will also ensure that the prices dealers set are not too high and are close to the actual value of the coin.
Many collectors are victims of fraud - especially when buying rare coins. A grading service will ensure that the coin is not a counterfeit one and this will prevent fraud in every negotiation.
Coins values often change through time. The grading service will ensure that the coin will have the updated price set for it; or determine if a coin’s value has depreciated, depending on factors like deterioration of the appearance of the coin.
When one is just starting in coin collecting, often the first question is: “What is the value of the coin?: and the answer is that the coin will cost as much as you are willing to pay for it and the amount can vary considerably. For instance, a coin dealer’s offer can be much less than a coin collector that certainly wants your coin badly to add in his collection.
The following are factors that can influence the true value of a coin.
1. Grade or condition of the coin. Your coin will be worth or valued more when it is in good condition. When in a perfect or unblemished mint condition, an “uncirculated” coin will be worth many times more than a similar coin that has been in circulation.
2. The rarity of a coin is the principal basis for a coins value. Generally, the rarer that a coin is found to be, the higher it is priced. Do keep in mind that rarity has very little influence on the coins age. Chinese coins are a thousand years old normally sell for about ten dollars since there are so many of them; while a “1913 Liberty Head Nickel” can sell for up to or over a million dollars because only five specimens are known to be in existence.
3. Bullion value. A coin's precious metal content can determine its value. A platinum, silver or gold coin will not, in general sell for less than the coins value when melted.
4. Demand. There are coins that are greatly in demand; sought after by many collectors, and if that a particular coin is in great demand the price will be even higher. Even comparatively plentiful coins can mandate higher value when they are popular with coin collectors.
For instance, “1916 D dimes” are much more abundant than the “1798 dimes” yet in spite of this, “1916 D dimes” sell for so much more because there are many more individuals collecting 20th century dimes than 1700 dimes.
Here’s how you can determine the approximate value of your coin:
Mint Marks are tiny letters referring to the locality where the minting of coins took place. The position of mint mark can be found typically on the back side of coins that were minted before the year 1965 and on the front after the year 1967.
Coins of every US mint branch are recognized by mint marks. These coin marks date back to ancient times in Rome and Greece.
The “Director of the Mint”, through the “Act of March 3, 1835”, set rules to classify and distinguish the coins released from every US Mint branch. This core management set accurate standards and pattern of production as well as responsible coinage.
Coins that minted at the “Philadelphia mint” earlier than the year 1979 have no mint marks. So it was in that year that the dollar was marked with the letter P and other denominations had that same mark thereafter.
All dies for US coins are produced at the “Philadelphia Mint” and prior to shipping the coins to their mint branch, coins are marked first with the correct and designated mint markings. The precise size and positioning of the coins’ mint mark can slightly vary; this is influenced by how deep the punch was impressed and where.
The importance of mint marks:
Collectors can determine the value of a coin though mint mark, date and condition examination, making the coins condition the most significant factor and standard when determining its value.
Defining the Mint which hit the coin is tremendously important in determining the value of the coin; the coin can be hit in huge quantities at a single Mint or in smaller quantities in another hit.
The process of minting:
1. The making of metal strips in the correct thickness: Zinc strips are used for pennies, alloy strips composed of nickel (25%) and nickel (75%) for nickel and dollars, half-dollars, dimes, half-dimes are fabricated from a fusion of three coatings of metals; the external layer are alloys and the center is copper.
Coin collecting is a fun hobby to start and the thrill of hunting for old coins is enough for many people to continue doing it. Other people consider coin collecting an investment, something they can receive a profit from. If you are one of those people, then you can find several types of coins in this article that will help you determine what others are looking for.
Most coin collectors will look for only a specific kind of coin that will make their collection more valuable and interesting to buyers. Others are collecting for sentimentality and are looking more at the coin’s uniqueness.
Series collectors are those looking for a series of coins that mark every year and every design change made in that coin.
Type collectors are those people who are looking to get one of each coin where there were/are changes made.
Ancient coin collectors are those people looking for coins spanning the years 650 BC – 450 AD. This is the time when coins were invented and there were silver, gold and bronze versions made. It also marks the time when Roman emperors were the rulers and most of them feature famous Roman emperors, Roman towns, or gods.
Token collectors are those who are looking for different kinds of tokens that were used in exchange for real money when there was a lack of coins. These tokens were used as local currency even if the government had not given permission for them to be used.
Coins are also graded. A coin’s grading depends on its condition and the price of the coin will rely heavily on that grade. It is important for a coin collector to know how to grade a coin to make sure that he is not swindled by individuals looking for a quick profit.
When is the perfect time to sell coins? This may be a dumb question if asked of a coin collector however timing really does make a difference. There are times when a collector wakes up in the morning and suddenly makes a decision to sell his precious collection of coins. There are also times that a collector needs to give up his coin collections due for personal reasons and the idea of selling his precious coins may be the most difficult part. No matter what the reasons are, it is a fact that this does occur in the life of a coin collector.
There are many reasons why coin collectors sell their coins - there are coin collectors who are dealers at as well. Selling coins is their option and they may use it to generate income so that they can acquire other coins that they like.
Some collectors travel in search of a coin they want and during that travel, they may encounter coins that may not be qualified for their own collection but they buy them anyway. Upon returning home, they sell the coins they have purchased and make use of the money to buy the coins they are looking for.
There are also coin collectors who gather coins not just as their hobbies; these coin collectors use the coins as their source of income. They make a living from selling the coins that they collect. Sometimes they sell the coins to other collectors and price them higher than the usual price of the coins and this is appropriate if the collector owns limited edition or rare coins.
On the other hand, some collectors sell their coins because of other factors. They may sell coins because of personal reasons. Collectors sometimes decide to “give away” their collection because they no longer have any option but sell their coins. This is the most difficult situation for coin collectors as they often value their coins and as much as possible would not want to give them away - the coins may be memorabilia or may have sentimental value to the collector.
Once a collector has decided to sell his coins, he must consider if it is really the right time to sell the coins. Is the collector ready to give away his coins? Is the coin at higher price now? Will it do well and will he benefit from selling his coins? These factors should always be considered.
There are other options available to determine where a coin collector could sell his coins. He may want to sell the coins at auctions. Many people now prefer the option of putting their belongings up for auction and this is not limited to coin collections.
There is also a higher chance of having the coin sold at a higher price since auctions include bidding processes. Buyers may bid for a higher price especially if the coin being sold is of rare quality and has a higher value.
Coin collecting was started only as a hobby for most people, however you can hear what other people say (or you probably have heard yourself) about news of people cashing in on their old coin; and that encouraged more people to go on a coin-collecting streak. If you are one of those people who want to invest in coins, here are several places to start your collection.
Coin Shops:
Many shop owners are dealers that know a lot of information about coins and are selling coins too. These coin shops are a valuable place to find and gain more information about coins and coin collecting. These coin shops can be costly, though, as they are anticipating selling their coins for a profit. With enough knowledge and/or having someone who know a great deal about coin collecting at your side, you can get great prices for your coins.
Coin Shows:
There are times when your local mall will have an exhibit from several coin dealers and that will let you see all of the collections and allow you to buy some coins for a lower price due to the competition. You will probably also see several new coins that are available and suitable for your collection.
These coins shows are great not only for sellers and buyers but also for coin enthusiasts who want to see rare and hard to find coins.
Mail Orders/Web Sites:
There are thousands of dealers worldwide and most of them have websites that allow buy coins and pay for them through mail order or through any online payment system such as Paypal. You should do your research on these companies and read their terms carefully to make sure that you can get your money back when you have a problem with the coin you purchased and/or received.
For every legitimate web site, there are may be hundreds of fake web sites that are just attempting to get your money. You should always ask for feedback from previous customers before paying anybody online and remember not to give out any password or pin numbers.
When collecting coins, one thing to consider is how to arrange and take care of the coins. Coins that are collected may be antique, ancient, or limited editions coins. These coins come from many countries and are usually high in value. A collector must know how to keep and take care of them so that they will retain the same appearance and value.
One way to take care of coins is to purchase s selection of coin accessories. Not only are coin accessories used to make a coin collection presentable and organized; but the primary purpose of coin accessories is to take care and preserve the coins.
When buying coin accessories it is important to choose those accessories that will best satisfy the needs of the collector. Some factors that may be considered are durability, price and usefulness.
Many coin accessories can be found in collectible stores and even online. Here are some coin accessories that may be considered:
Coin Boxes
Coin boxes are the most common sought for coin accessories as they are very convenient to coin collectors and specialists. The compartments of the box provide for easy location of the coins. The compartments are also wide, which provides flexibility in placing the coins. The wide compartments also allow the collector to handle the coins the proper way.
Collecting coins is so much fun! It is both a hobby and a source of income for many. One type of coin that you may want to consider collecting is ancient coins. Many collectors hesitate to buy ancient coins to collect because they can be terribly expensive. What is most important is the uniqueness of these coins and the benefits they provide their collectors.
Here are some tips that should be considered when buying ancient coins:
1. Conduct a research of ancient coins. It is important that a collector is aware of what coins are considered ancient. It does not require a collector to go to a library since many websites on the Internet can provide all the information needed to become well-informed about ancient coins.
2. There is a wide variety of ancient coins available for collectors. A collector can choose from different eras and civilizations. He can choose from a Chinese civilization, ancient Rome, Greek, Persian, etc. It is preferable for a collector to focus on a specific group or era when collecting coins.
3. Once a selection has been made, a collector may then focus on the buying of these coins. To start select coins that are least expensive –set a price range such as $20. Once the collection grows, he may then want to start buying the more expensive coins.
Coin collecting is a fun activity and it has been very popular because it does not only serve as a hobby but as an option to generate income.
Probably the most popular types of coins that are sought by collectors are the antique coins. Antique coins may be bought from auction sales, coin shows, malls and even in tourist areas that have historical themes. Antique coins are found to vary greatly in price depending on the age of the coin, its history and country or origin.
Here are some tips that may be considered when buying antique coins:
1. The buyer should make sure that the antique coin they are buying is a genuine one. There are many counterfeit coins sold in the market today and a buyer should thoroughly inspect any coin before buying it.
In Canada where money the popularity of coins has shown significant increase because the value of the “paper money” tends to deflate as much as 25% to 30% in a short period of time.
For this reason, coin manufacturers in Canada started making different kinds of coins to replace the value that was lost in the depreciation of paper money. Gold continues to thrive in various types of coins and their value continues to increase.
Coins function as solid emblems of a nation’s history. Canada has gained importance by producing Canadian coins serve as a means of monetary exchange and a source of historical enrichment.
Many coin collectors are enticed to try Canadian coin collecting. They know that collecting such Canadian treasures not only offer them remarkable diversion but can also provide them with additional value in the future.
So for those who wanted to start collecting Canadian coins, here is a list of some ways to get you started:
1. Do your homework
Like in any venture you must do your homework before you start collecting coins. Try to research how Canada manufactures their coins.
Learn the history of coins and how they may offer great opportunities to earn a profit and at the same time be an enjoyable hobby.
For every numismatist or coin collector, finding a good place to store their coins is the most important thing in this world because storing their precious coins in a good and secure place will ensure that the quality and value of their coins is maintained...
There are many types of storage spaces that can help you by displaying and storing your coins. You can either use folders, holders, plastic tubes, or the album, but among these reliable storage spaces, the coin collecting albums are the best way to display the coins.
If you want to know why, here are some benefits of albums and you can evaluate the concept from there:
1. Two-way image viewing
With coin collecting albums, you can get more satisfaction viewing your collections because albums let you see both sides of your coins. You do not have to remove your coins every time you want to see the opposite side.
Therefore, albums give you the best of both worlds.
2. Better defense against instant wear
Another benefit of albums over folders and other coin storage is that it gives the coins better defense against harmful elements that will expedite the deterioration of the coins.
Albums are generally characterized by the use of plastic materials that serve as shield against scratches and environmental factors.
Most people engage in different activities that they consider hobbies. When people consider a particular activity as a hobby, it means that people find that activity pleasurable in that they enjoy collecting different kinds of coins.
In this context, it does not necessarily follow that the coin collector will focus more on the monetary value of the coins. When the focus of coin collecting delves more into the monetary value of the coins than the gratification the collector obtains, it is no longer deemed a hobby but an investment.
History tells us that the main reason other generations collected coins was the value that coins would someday attain. The ancient form of coin collecting was even labeled a hobby “fit for the kings” because ancient coins were so valuable that only the kings were capable of collecting them.
Today’s coin collection is no longer limited to the “kings” or the affluent. Anyone can now consider coin collecting as his or her hobby. The popularity of coin collecting continues to flourish as more and more people collect coins. That is why it is now known as the “King of Hobbies”.
Why Such Popularity
If you are a coin collector who wants to sell or buy coins, one good way to do it is through coin auctions or bidding.
Coin auctions provide the best ways to obtain coins that have remarkable values. Coin auctions are the primary source of rare coins because most rare coin collectors want to sell their treasures to the highest bidder.
Unlike the typical way of selling and buying coins, coin auctions entail some rules and regulations for both the bidder and the seller that they must adhere to.
Basically, there are three types of coin collecting auctions. These are:
1. Auctions through mail bidding
In this type of coin auction, the seller will advertise and publish coin auctions through the mail. This is highly beneficial for people who want to participate in the activity but cannot attend the event personally.
Usually, the seller has a mailing list available and it is used to send catalogs that contain the descriptions and pictures of the item(s) to be sold. At times it may contain the starting bid amount and other pertinent information.
The seller’s mailing list, the catalogs, or brochures are sent out to the potential bidders. These lists may also be sent to those who have purchased from them in the past.
The handbook from the universe is one that carries all the necessary information that every coin collector needs, literally speaking.
The truth is that coin collecting books are “must-haves” for every coin collector because they provide all of the necessary information in that a collector needs to succeed in this type of leisure activity.
Most of the expert coin collectors advise that every “newbie” in coin collecting should buy a book before he buys a coin. Engaging in this activity is not merely a “finder’s keepers” type of game. The argument of this concept is based on the premise that coin collecting is not an ordinary activity where people can just grab any kind of coin that they see. It is important to know the basics of coin collecting to appropriately categorize the kinds of coins that are fit for compilation.
Not all coins are worth collecting, and there are coins that some people may not consider worthy are actually rare and valuable. None of these things would be disclosed to a coin collector if not for the information gained from coin collecting books.
For those who wish to buy books but do not know what to look for, here is a list of the things that needs to be considered when buying:
1. It must give the historical account of the coins
People engage in social activities for many reasons; most common is sharing in the same interest and passion as other people. It is in places like these that information about a certain subject is shared and new ideas and trends are revealed that keep its members up to date with current events that happen in that club.
A coin collection club is the same. Since the number of people who have been doing coin collecting has increased over the years, the vast network involves numerous clubs in several states. In these clubs amateurs and professionals can share, trade and bid for new items to add to their existing collections.
There is never a wrong time to join a club. The challenging part is looking for one. You can start by asking the local coin dealer for help.
Some coin clubs can even be found on the internet and they will require that a membership fee be paid. Coin clubs often can also be found in the newspaper especially when events are advertised that invite the public to come and visit the exhibit.
If a person is still having a hard time finding a coin club then inquire at the local library or the Chamber of Commerce as they may be able help provide information.
Coin collecting can be a lot of fun. This hobby which dates back to 2500 BC is much larger now since people are now able to collect currencies from other countries.
If a person decides to dispose of some of the coins in the collection, it is necessary to know its value by looking at a coin catalog or price guide. There are many ways to do this and one is looking for a coin dealer to do business with.
There are a lot of coin dealers around. Some can be found by asking the local coin club or a numismatist who can give a good referral while others can be found at an auction or in a coin exhibit. These people frequent such events looking for a good buy to add to an existing collection. A lot of these individuals can also be found on the web.
To be sure that the person is getting a good price from a coin dealer, it is an excellent idea to visit more than one place to find out who is willing to buy it at the highest price. If the person feels that the price is too low, then perhaps it is better to wait until another time since the value of coins depends on scarcity, condition and demand.
Some people think that doing business with a coin dealer isn’t a good idea since this person will offer to buy the coins at a lower price. This notion however is wrong since there are ways to ensure that this person will be honest.
The price of an antique item goes up if it is kept in good condition. By having it stored in a safe place, one can be sure that it will not be damaged by the elements or by negligence that will reduce its value in the market.
Coins are easy to take care off. For those who have been doing this for years, such collections are usually framed or under glass and are often seen in places such as a large museum. But to individuals who are just starting out, putting it in an old shoe box or jar will do.
Later, when the collection is larger, it is time to invest in a coin folder that would better protect and hold the coins. These folders can be bought in different sizes depending on the type of coins the individual is collecting. The coins can be stored in individual plastic pockets or in sheets that make up the album. They are available at the local coin store or can be ordered from the web. The advantage of using these is that they are handy to carry around make it easy for the person to show. These can be brought to exhibits and other venues where the coins can be traded, sold or exchanged with coins that other people may have.
Keeping the coins in mint condition does not only mean storing them in a folder. Whenever the person adds a new coin to the collection, it is ideal to first have it cleaned before putting it in with the others.
This can be done by taking it to a coin shop and paying for the services, or if you prefer to do it yourself, is by soaking it in a liquid such as vinegar, rubbing alcohol, lemon juice or ammonia which is sure to remove any dirt or encrustation that are present when it was acquired.
They should then be air-dried or patted dry with a soft cloth. It is not a good idea to rub or polish the coins since scratches can occur that may decrease its value in the market.
Serious coin collectors value the importance of storing these valuables in a safe and secure area. By investing in a coin folder, the person can be sure that the value of the coins will go up either when the demand calls for it or when there is a need to part with them.
It is never too early or too late to have a hobby. Some people are hobbyists for fun while others see a bigger picture; and that is to make money. Some objects that may seem inexpensive now may become valuable or priceless later.
A few good examples are baseball cards, toys and stamps. Many people have made a fortune by collecting and selling on auction sites like EBay. Another collection that can become profitable is coin collecting.
Getting started is as easy as deciding what kind of collection you want. Coins are made every year and some are introduced years later so focusing on a particular time period and location is important.
Conducting research using reference books or the web can aid in coin collecting. You can learn almost anything about the coins to be collected and will help the collector discover those who want to sell coins.
Another good source of information is subscribing to a coin publication such as Coin World or Coinage Magazine. The local coin shop can also expand the search for those antique coins outside the collector’s city or state.
The best time to mould a child (kid) is when he/she is still young. By getting the curious minds involved in something educational, there is a very good chance that they will become responsible adults.
Some parents can start by teaching how to cook or baking at a young age. If the child enjoys and does well with it, then perhaps in the future, this person could become a chef. Giving a child a hobby can also teach that child how to stay focused or to pay particular attention to a certain subject. A good example of this is starting a coin collection.
For most adults coins are just petty cash. They are used to buy a newspaper or used to pay for a ride on the subway etc. For children, coins are more than that. Some children save the coins placed in their piggy bank to make a special purchase or save them to use for their college tuition.
To start a coin collection the parent and child can start by opening the piggy bank and examining the coins together. Coins were manufactured during different years and each has its own history. By explaining the significance of each, the child’s interest will grow and this in turn will encourage growth of the coin collection.
Both the parent and child could get lucky if they should find that a coin has missing letters or numbers or a misprint is seen on the coin. Since such things don’t happen often, the value of the coin is much higher than the original face value.
Coins can that are to be part of a collection should be kept inside a small box separated from the coins used for savings. When this collection has grown larger, then it is time to buy a plastic folder in which to store the coins. There are two kinds or folders currently on the market: the first can hold the coins individually and the other is a sheet which can hold a number of coins per page.
Coin collection is not just about having as many coins as possible. More important than the number of coins is the quality of those coins. This quality is measured by the coins’ grade and the grade is measured using a scale from zero to seventy (seventy being the highest point grade). Doctor William Shelby introduced this point scale in his work “Penny Whimsy”.
Here are the classifications of coins according to grade.
1. “Mint State” Coins
This is equivalent to a value of 60 to 70 in the Shelby’s grade scale. This means that the coin has no blemishes whatsoever. Most of the coins in this category are uncirculated, shiny, new coins, with absolutely no signs of wear.
2. “Almost Uncirculated” Coins
The “Almost Uncirculated” coins have a point grade of 50, 55, or 58.
It is very important to note that in these coins, coin collectors must know the locations of the high points in a particular coin. By checking the difference of the light reflected in the high points to the other parts of the coin, an “Almost Uncirculated” coin is separated from the Mint State coins.
3. “Fine Coins”
These can further be classified as” Extremely Fine” (40, 45), “Very Fine” (20, 25, 30, and 35) or “Fine” (12) depending on the sharpness of the remaining details on the coins. The coins are observed to have wear but the designs are still intact.
For “Extremely Fine” coins, the mint luster is still present.
“Very Fine” coins can be compared to coins which have been used for 1-3 years. Minor features of the coins are already gone.
Coin collecting is not as simple as keeping coins: it may be observed from numismatists or even coin enthusiasts that it is a systematic and somewhat complicated hobby. Certain tools must be employed to ensure both fun, discipline and to some extent, good profit.
Here are some of the essential things that must be included in the coin collecting kit.
1. Coin Guides
Coin guides should be used, not just by beginners, but by professional coin collectors as well.
Coin guides give tips on how to start, as well as special instructions on how to proceed with the hobby of coin collecting.
They also provide information on coins, since different coins have different ways of grading, pricing, etc.
It is recommended you read guides before doing starting the hobby to avoid making wrong decisions caused by lack of information.
2. Coin Inventory Record
All items in your collection must be accounted for properly. Information like year, face value, grade, cost, trend, and remarks must always be available for reference.
Inventory Records also help in organizing coin collections. It eliminates the redundancy of coins in the collection by showing the collectors at a glance the items in his collection.
Coin collectors do have options in the method to be used in recording coin information. They may choose the traditional paper-and-pen method, or may use coin collecting software.
3. Coin Containers
There is more to coin collecting than just keeping coins. There is something at stake for those who make an effort to know what they are collecting: the Coin Collector’s Merit Badge.
A person who wants to acquire a merit badge must prove himself to be someone who knows a lot about coins.
Here are some of the things that a coin collector must know in order to earn the Merit Badge.
1. The Grading Scale
Merit badge aspirers must be very knowledgeable about the different grades of coins. They must master how to assess coins and categorize each coin as:
- Poor
- Fair
- Good
- Very good
- Fine
- Very fine
- Extremely fine
- Uncirculated.
They must also present five examples for each of the categories given above.
2. Coin Terminologies
Coin collectors must familiarize themselves to coin terms such as “encapsulated” coins, “proof” coins or legal tender to get the merit badge. They must be able to determine if coins are “buzzed” or “whizzed”.
They must also show competency in explaining the following:
- Clad
There are many resources that can help coin collectors, old or new, in determining the value and worth of the coins they have.
There are books out, “The Red Book” (A Guide Book of US Coins), “The Blue Book” (A Handbook of US Coins), as well as coin newsletters and catalogues available at any public or private library, coin dealers/shops anywhere in the US. There are also online guides for the prices of US coins available on the web, specifically the NumisMedia site.
For a synopsis of the price of each coin, the following are the basic values of each cent, penny, or dime in the market.
The United States wheat-cent, the circulated ones
The price of these coins made prior to 1958, or those that are dated 1940, are currently being purchased by coin dealers for two cents each, or less. Those made before 1940 command a much higher price - from a few more cents to a few dollars.
The silver-dollars
Silver-dollars from the US, especially those made before 1935, have almost an ounce of silver in them. These coins are the favorites of coin collectors and could be sold for more than their actual value in silver if they are undamaged or not worn severely.
The dollars of Susan B. Anthony
Coin collectors, old and new, have always wondered whether the coin or coins they have in their possession are worth more than the face value today - or in the foreseeable future.
Even though that a coin which has little or no value monetarily is not necessarily one would not keep or make part of one’s coin collection.
The following are basic factors which could influence a coin’s value.
How rare or un-rare is it?
Generally, the concept that everyone knows and follows is this: the rarer a coin the higher the coin’s worth. This rule is true in some cases and – fortunately or unfortunately – false on the others.
There was a situation where a Chinese coin, a thousand years old, sold for only a few of dollars because there were many of the thousand-year-old Chinese available. Compare this to a coin made only in 1913, a nickel specifically called a Liberty Head, which could sell for (hold your breath) one million dollars! It is known that only five of these coins exist, consequently the enormous monetary value.
Collecting coins is a hobby that anyone and everyone could do. But collecting quarters is a hobby that - currently – it is estimated that one hundred six million Americans do. Men, women, and children of all ages are involved in collecting quarters.
What is it with these quarters that millions of people seem to go “gaga” about? Primarily, doing it is easy as quarters can be found almost anywhere and the collectible coins do not cost much more than face value.
So how should one collect (or start collecting) start collecting the very much in-demand quarters?
For the budget-conscious coin collector
If the collector is concerned with his or her budget, many quarters may be obtained as change from purchases. This is a very convenient and less lifestyle-invasive method of procuring quarters. If the collector is serious, bags of these coins can be purchased from coin dealers. Do not forget to choose those quarters that were not circulated!
How to store those quarters
There are various sources where those “special coins” can be purchased. The following are the basic methods and starting places to obtain the coin(s) you have long wanted.
Go local
Coin shops are plentiful in most states. Generally your local area or city will have coin shops which you can visit to see if they have the coins available that you want to add to your collection. Most of these coin shops are located in the larger town or cities. Better yet, use your local phone book and start walking those fingers through the pages to find out where the nearest coin shop(s) is located...
These shops provide coin collectors the opportunity to actually examine or scrutinize the coins that interest you. Fortunately, these coin shops are also replete with experts and coin lovers who share your passion and can offer their valid judgment on a particular coin’s grade or value. They can also offer helpful tips as well as advice.
Local coin shops may sometimes have a limited stock or collection of coins and the price they offer them for may be a little bit higher than usual. This scenario usually applies to collectors.
Auctions for coins
The condition of the coin means everything in coin collecting. In the world of coin collecting, the coins themselves are considered as gold, this is why there is a need to protect them from damage. Having the right supplies will allow a collector to preserve the integrity of his coin collection. The slightest hint of damage can diminish the value of a coin significantly.
Here are some of the supplies which are used in properly handling coin collections:
Gloves
In handling coins, you must be careful not to scratch the coins. The use of gloves (preferably white) will prevent scratches and other kinds of damage to the coin’s surface. Gloves should be made of cotton or plastic.
Coin tweezers
If you not comfortable using gloves, you can use coin tweezers. These are not your ordinary tweezers because their tips are protected with plastic that prevents the tweezers from scratching the coins.
Magnifying glass
In examining coins, you must be able to take a closer look at them. This is where the magnifying glass is most useful. You must be careful in using a magnifying glass when examining the coins. There are magnifying glasses available today that have stands attached to them and the stands allow the collector to use both hands in coin examination to avoid accidents.
Cleaning materials
Coin collecting is said to be the “Hobby of the Kings.” Coin collecting is different from money hoarding. Collecting coins as an art form can be traced back to the 14th century. Today, people all over the world are collecting coins. Some collect it for their value, some just like the sheer fun that they get from getting their hands on different coins.
If one is interested in making coin collecting a hobby, he can very well do so. It is a hobby which does not require a certain skill and it can be done by almost everyone.
There are many different kinds of coin collectors. There are those who do it for fun, and others do in a more serious manner.
Informal coin collecting
Most coin collectors, especially the children, start out as informal coin collectors. They are laid-back collectors which do not have a specific goal in collecting coins. They might collect coins from different countries or from different time periods without any intention of being serious about it.
Inquisitive coin collecting
Once the informal coin collector starts noticing the details of the coins, he becomes an inquisitive coin collector. This kind of coin collector won’t bother much into spending money to get coins. He merely wants to appreciate the coins. Soon, he will start to put them in containers or albums.
Advanced coin collecting
Old coins that is. Try looking under that old dresser, or up the attic where grandma or grandpa’s things may be stashed away patiently waiting for you to discover them. Who knows, you might find a coin there, an old coin that – at today’s rate - may be worth a few dollars; probably three or four or five, even ten times what the coin was worth back then.
A penny a day, is worth okay
Fortunately or unfortunately, there was a shortage of copper during the year 1943 and all pennies made at that time were minted using steel. There were however, some Lincoln pennies that were incorrectly minted on bronze that turned out to be blanks. A few years – or decades later -these bronze pennies became a rarity and are valuable. The steel ones though, because of their commonality, are worth only between one to three dollars each.
Be aware and be wary as there are schemes where gullible coin collectors are sold coins that are copper plated in an attempt to make these pennies appear to be bronze. Also, keep your guard up anytime someone offers you a circa 1943 penny made out of a metallic white alloy.
Old coins are good coins
Coin collecting is a fun hobby that anyone who has the time can do. A coin’s history and its development can be learned by collecting them.
At one point in time, between 1838 and1933, the United States issued gold coins for circulation. The Liberty Head bust was used as the design until 1907. The design was then changed to the Indian Head and Saint Gaudens motifs until 1933 when the “Great Depression” started. This prompted the recall of the coins which makes it very rare to find any of them today.
The most valuable coin in the world is the 1933 Double Eagle. This was a $20 gold coin that was made in the 1800’s after the California gold rush. This coin was not allowed to be used in the 1930’s and when this coin was auctioned in 2002, it sold for nearly eight million dollars.
Since gold coins are hard to find, most collectors select other coins.
One type of collection you might consider is the one made up of coins that are flawed when the coin was minted. If you can find a coin with a misspelled word, a wrong date, off-center characteristics, or double-punched marks, these coins are valuable. Such mistakes can increase a coin’s value from $50 to a $1000.
Coin collecting is one hobby that has been going on for ages. Some of the most popular collectors in the world were Louis XIV and the Sun King. To keep track of the coins in the collection or to monitor the value of rare coins in the market, it pays to have coin collecting software.
There are many reasons why coins are collectible. Some are valued because of the artwork and others because of certain events in history such as the Great Depression or war .Whatever the reason, coin collecting software can update a person about these varieties before taking any action.
Some inventory programs contain a comprehensive database of more than 10,000 coins worldwide. The software allows the user to scan pictures in one’s collection and programmed in the database.
Others only have a database of every coin that the United States ever minted. The program allows the user to select the coin and generate various reports about it.
In 1975, that the Bicentennial quarter was introduced. It became the second circulating commemorative coin in the country, while the silver dollars and half dollars (1776 – 1976) were reissued as a special collector’s edition.
Many collectors have different agendas when collecting these coins. Some prefer commemorative coins from 1892 - 1954 while most collectors choose the modern editions. They know that these coins have different values depending on the series and/or editions.
Although there have been different series released, a proposal was submitted to congress that would mark the Lincoln cent for his birth anniversary. No one knows whether or not the 1-cent denomination commemorative coin will be minted.
The confusing part of these commemoratives that are circulating is the pattern of the denomination. The 1776-1976 commemoratives half-dollar and silver dollar may not be included in collections because of their scarcity. Most of the coins that are circulating are the quarter dollar coins. It should be an interesting development for the proposed circulation of the one cent commemorative coin.
1. Luster - it is a determining factor whether or not a specific coin has been circulated. To have a higher grade, a coin must be technically intact and free from any form of imperfection or blemish.
2. Surface preservation. Abrasion on the surface of the coin and its location is a huge factor in grading a coin but it does not necessarily mean that abrasion can lower the grade of a coin. For example, if a good-looking coin has a severe abrasion on the back that is unnoticeable it will not count against the coin, but the issue may not be the same if the abrasion is located on the front or focal point.
3. Strike. It refers to the coin designing process wherein the coin is being stamped onto a planchet. In overall grading, strike does not weigh a great deal.
4. Coloration. For some coin collectors, preservation of original color of the coin has a huge impact on its value especially if it is a copper or silver coin.
5. Eye appeal. Some coins may not be perfect but collectors may find them attractive, however, it still requires expert opinion to conclude that a certain coin is excellent in all aspects mentioned.
If you have no background in grading coins, you have no business in coin collecting and numismatics without employing help from the experts. Coins have been playing vital roles, not only in the lives of people who love collecting and studying them, but in society as they represent different eras in history. Whether you are selling, buying or collecting coins, you must acquire the necessary basic knowledge or information; so that you can be assured that it is accomplished properly.
3. Forgery can be associated with the making of an illegal profit. It would be the main objective of the counterfeiting syndicate. The government sometimes uses forgery for political propaganda, as in the Second World War when Germans produced millions of American and British banknotes with the intention of profiting from them and destabilizing their enemy’s economic situation.
4. Another known type of counterfeit coins is replica coins. Replica simply means that the original coins are copied with the same features and markings. The usual counterfeit coins have differences that are noticeable when examined by coin experts. Some coins have the word “copy” intentionally put on the sides of the coins and these replicas are used for educational purposes and museum displays.
5. A Lebanese connection is said to have a huge production of counterfeit coins. These coins were found to be used in an attempt to fool many museums, collectors, business leaders and other countries that are searching for their ancient lost coins before the discovery of this syndicate.
6. The collector intended forgery and the circulated intended forgery are types of forgeries where the coins are intended to be tokens yet the face values are accepted, despite of their illegality and irrelevant intrusive values.
It is important to consult an expert to determine if the coin is counterfeit or fake. An ordinary person can easily detect if the wrong metal was used for the counterfeiting. If the person is a collector of such items, he should be more aware of these coins. A collector needs to be more concerned with the collectible rare coins because this is where counterfeiters benefit frequently - their aim is to profit from the exclusive market for valuable coins.
"A Guide Book of United States Coins" or universally known as “the red book”, which is published yearly, provides a good outline of the U.S. coins history, information on basic coin grading, coin descriptions from past to present including a list of errors to watch for, average U.S. coins retail cost, and an explanation of errors which occurred in the “minting process”.
Monthly publications from “Coinage” (coin collecting magazine) contain many useful facts and information as well articles about your new found hobby plus a lot of great photos.
The newspaper, particularly in the numismatic world section, will be of great interest to you especially when you become more and more involved and interested in your hobby and want to remain up to date with the present happenings in the world of numismatics.
As you grow more experienced in coin collecting, your "eye for coins" will improve and develop maturely so that you now will be scrutinizing more carefully the features and details such as coin lettering, making certain that the letters are not blemished or blurred, but are still distinguishable.
You will be spending so much interest and concentration on the coin’s general state that eventually you can walk away from certain coins that show evidence of abrasion, and will then be experiencing the fun side of coin collecting.
Spend ample time reading, looking at photos, learning from experienced collectors and asking as many questions as needed from not only other collectors, but dealers as well. The hobby of coin collecting is a continuing process that will last for as long as you are continuing the hobby.
Your knowledge and training will save you a lot of money as well as make you money when the time comes, but more importantly, have fun while learning. Take pleasure in what they call the "Hobby of kings" that has turned to be the "King”of hobbies.
Keep on studying and learning, because the better you understand, the more that you will enjoy your new found hobby.
A coin can have a variation of textures on the surface, influenced by design, the metal that was used and the “mint of origin”. Textures can include frosty, satiny, proof-like and semi-proof-like.
When examining the coin’s surface in terms of grade, two things should be looked at; the quantity, or what is left of the original skin (has to be intact), and the location and amount of marks.
Luster is important especially when determining whether a coin is either circulated or uncirculated. A coin in Mint State technically; is free of abrasion and wear and must not have significant breaks in its luster.
Color
This is a very subjective element in determining coin grade. For instance, a “gold coin” showing dark green-gold pigmentation may be unattractive to one collector and attractive to another.
As gold is moderately an inert metal, it is not prone to much color variance as copper or silver. Although wide ranging colors may exist in gold coins.
Almost all of US gold coins had been dipped or cleaned, therefore not anymore displaying their original color. As coin collectors become knowledgeable, most of them are attracted and fascinated to coins having their natural color. In most coin series, it is nearly impossible to discover original coin pieces.
Eye attraction or appeal
Color, luster, strike and surface marks come together, comprises “eye appeal”. Note that a coin having superior “eye appeal” can be strong in one aspect, such as possessing exceptional luster but not quite as strong in another aspect, such as not so good color.
A coin that is undesirable in one aspect yet good enough in all the other aspects can still be distinguished as “below average” in “eye appeal”.
Knowing how to grade a coin is very important so that one can have an idea of the value or price of the coin that he is buying or selling. When new to coin collecting, be sure to ask the help of an experienced collector or dealer when buying or exchanging your coins.
Mercury dimes were produced periodically during the 20th century. The market value of them is $50 a piece.
The Walking Liberty Half Dollar is a beautiful coin for collectors. They were only circulated for 4 years and are considered to be one of the all time rare coins to ever exist.
The Texas Commemorative Half Dollar is another rare coin. Only 150,000 of these were minted over a 4 year period and just 60% to 80% of these are still available today making it one of the hardest coins to find today...
The most expensive coin is the $20 Saint Gaudens. This was sold in an auction for nearly $8 million. The design is truly superb and the value of it has never dropped even during the 1980-82 bear market.
Rare coins are truly a challenge for anyone who seeks to make this a mission in life. Not only are they hard to find but it they are expensive to acquire. Should a person have the funds available to purchase them then this adventure is truly something worth finishing.
1. A person must be sure of the type of bullion he would like to purchase before ordering or buying.
2. He must ask himself, or the person he is buying the bullion for, what bullion he/she prefers and ask if they would like to come with him when purchasing the bullion.
3. A person must figure the delivery costs and add them to the agreed price.
4. A person should be sure that the seller would contact give him a delivery for the item if they have ordered it on the internet.
5. He should never make the payments using instant money transfer firms.
6. It is important to know the seller’s background and reputation in the business.
A person can purchase any bullion that he prefers. The idea of giving bullions to a special loved one or friend can be very thoughtful and it will serve as memorabilia that will be kept throughout the years.
1. A person should save the online photo of the coin he wants to purchase. Many sellers remove the image and the title of the item once a purchase has been made.
2. A person should get the description and the auction information. It should either be e-mailed to the buyer or sent in writing by mail.
3. If there are suspicions regarding an auction, a person should ask for clarification from to the seller. This will avoid misunderstandings and confusion on the part of the buyer.
4. A person has the right to refuse any transaction where he thinks the price given on the coin is too high. One should be aware of the standard price of the specific coin and compare it to the price that was given during the online transaction.
5. A person can ensure that there will be no fraud by asking the seller, before the auction closes, if there is any available escrow assistance for the bidder.
These are only a few tips that will ensure a person of his safety when making any transactions online. Fraud can happen to anyone, especially those who are interested in purchasing collectible coins online. It is always important to be informed and knowledgeable about the possibilities of encountering fraud.
2. It is safe to store the coins in plastic cases or pockets that are made specifically for coin collections and sets. These cases and pockets can protect the coins from dirt and scratches.
3. Coins should be cleaned properly using vinegar, lemon juice, ammonia or rubbing alcohol.
4. If there is unwanted dirt that is hard to remove on the surface, chemical products for cleaning like Tarnex may be used. This option may be used if vinegar and lemon juice were not able to remove the dirt.
5. It is very important to remember that the value of the coin may depreciate if the coin has been cleaned. It is recommended to seek the advice of an expert on other ways of preserving a coin
Many coin collectors believe that a person should never ever clean their collection because they believe that any product that is applied to the coin will affect the surface. A person should know how to preserve their collection and avoid dirt from touching the coins.
1. When buying in online auction sales, there is a higher chance of fraud. This is because the negotiation is done online. The buyer does not see the person who is selling the item or know if the other bidders are real people who are actually bidding for the item.
2. There also times when the item that was displayed on the website before the bid is not the same item as the one that was delivered to the person who won the bid. It is recommended that the buyer should ensure that the very same item that he bid for is the one that will be delivered to him.
3. The reserved price of the item may also cause some disadvantages. There are times when the reserved price that was set on the item is higher than what the buyer expected. This will force the buyer to bid higher and exceed the budget they have allotted for the item.
4. Online auctions cannot ensure the buyers that what they are bidding for a genuine item. The buyers will only be able to inspect the coin once they have won the bid and the item is delivered to him. This may lead to fraud and the buyer ends up regretting that he bid for the item.
Auction sales may be popular but it is still strongly but be advised that buyers need to be aware of the pros and cons of this option. Buyers also must be familiar with their rights as consumers and buyers. Other options may also be considered before choosing the auction sale option in acquiring coins for collection.
Collectors may consider buying from friends or agents that they know but if they still would like to buy in auction sales, they need to make sure that the website or the auction house has no record of illegal activities. Buyers should also spend some time reading reviews about the sellers to make certain that they are dealing with credible people.
Some of the credible grading services are the PCGS, PCI, Anacs and the NGC. These services have very good records and are known to provide valuable and helpful services to consumers with consistent and accurate results in grading.
They seldom (or never) have been reported to be over grading. They are also known for their expertise in checking the authenticity of a coin with accuracy. Other important factors are also considered by these services such as detecting any marks and problems with the coins and adjustments in the dates and mintmarks. Coin grading services are also able to detect if there was toning, cleaning and repair that were made on the coins that were graded.
Coin grading services can also help if there is fraud and/or illegal activities being practiced by dealers. They have hotline numbers available so that consumers can call and report any illegal act. This helps to ensure that consumers are safe.
Grading services can also guarantee the authenticity of the coin. Services like the ones offered by PCGS, grading is done by at least three experts in accordance with the standards set in their policies. If a consumer thinks that his coin over-graded, he can return the coin and have it re-graded to ensure that all information given was fair and accurate.
Coin grading services provide guarantees of their grades, and unlike dealers, they do not provide this benefit. Dealers are only able to provide opinions on grades, they are unable to guarantee them.
As coin collectors, people need to ensure that they receive a fair for coins – whether buying or selling. Grading services are there to help and assist these collectors and the collectors need to be aware of the benefits of grading services so that they do not rely on opinions given by dealers.
When choosing a grading service, you must always check the credibility of that service. This may be done by checking the Internet to verify information regarding a certain coin grading service. Awareness is a very important factor needed to ensure safety among coin collectors.
1. Properly, accurately, and correctly recognize and classify your coin, and know the to place value on that coin. You can do this successfully by examining your coin in a catalogue or online with the “coin price guide”; this will give you an idea of the going rate and price of your particular coin and you can determine the approximate value of your coin.
Everyday coin values are changing; so you need to use a “coin price guide” that is updated on a daily basis to obtain the current coin value. Look at online sites that offer step by step guidance on how to recognize your coin the proper way.
2. Grade your coin based on your thorough observation and examination of its current condition.
3. Consult coin catalogues for a list of retail prices in or estimates of your coins retail value. “A Guide Book of United States Coins”, popularly known as "The Red Book" to coin dealers and collectors, provides information on retail coin prices for US coins and is available in libraries, coin shops and bookstores. “The Standard Catalog of World Coins” (in volumes) is a guide commonly used by coin dealers and collectors as well, to provide information on world coins and is available in many public libraries.
You can also check current coin prices by basing it on the actual dealer coin price found in magazines and newspapers or online auctions such as Yahoo, Coin World, eBay or Teletrade.
Always keep in mind that you are not collecting coins primarily for money; you collect for enjoyment and self gratification, and profit is to be last consideration. The plain fact that a certain coin does not have a large monetary value, does not necessarily suggest that it is no longer interesting or fascinating or that it must not be included in your collection.
Each coin will have a certain interest in itself, regardless of the condition that it is in and regardless of its monetary value. There will always be a certain characteristic that will draw you to that particular coin; so when it does, then you should have it in your collection. Have fun!
2. These strips of metals are then put into “blanking presses” that are responsible for cutting “round blanks”, approximately the dimension of the “done” coin.
3. The blanks then are softened by running them through an annealing furnace, through tumbling barrels, and then through revolving cylinders containing chemical mixtures to burnish and clean the metal.
4. The blanks then are washed and placed into a drying device, then into the "upsetting" machines, that produce the raised rim.
5. The Final stage: “coining press”. Each blank is clasp into position by a collar or ring as it is being struck or hit under great pressure. Pennies need approximately40 tons of pressure and the larger coins need more. The “upper and lower dies” are stamped simultaneously on the two sides of each coin.
The design:
The “Director of the Mint” chooses the design and pattern for United States coins, then that is approved by the “Secretary of the Treasury”; congress can recommend and suggest a design. The design then can not be changed for twenty five years unless directed by the congress.
All emblems of United States coins minted currently represent previous presidents of the United States. President Lincoln is on the one-cent coin, adopted in the year1909; Washington on the 25 cent coin that was minted first in 1932; Jefferson on the five cent coin in 1938; Franklin Roosevelt on the dime, introduced in the year1946; Kennedy on the half dollar that was first minted in 1964.
The “Act of 1997” known as the “50 States Quarters Program” supports and allows the redesigning of the quarters - the reverse side is to show each of the fifty states emblems. Every year starting in 1999 and until 2008, coins honoring five states, having designs that are created by each state, will be issued in the sequence or manner in which each state signed the Constitution.
The phrase "In God We Trust" was used first in 1864, on a United States two-cent coin. It then was seen on the quarter, nickel, half-dollar, silver dollar and on the $10, $5 and $20 in 1866; in 1909 on the penny, in 1916 on the dime. Today, all United States coins carry the motto.
“Uncirculated” coins are those coins that are not showing any wear and tear or to referred to as “in mint condition”. A mint state (MS) grading depends on a coin’s luster, contact marks, hair lines and overall appeal. A coin can have a grade ranging from MS-60 (dull luster) to a flawless MS-70. Although MS-70 is considered unobtainable, a grade of MS-65 and higher will make a coin’s price shoot up.
Circulated coins are more forgiving, they do not take into consideration the amount of scratches and dirt a coin has gathered along the years. Grades for circulated coins will vary. AU (about “uncirculated”), EF (extremely fine), VF (very fine), F (fine), VG (very good), G (good), AG (about good), F-2 (fair) and P (poor) are used as indication of how much a coin is worth.
These grades are dependent on a circulated coin’s luster, visible wear, design elements and visibility of letters and numerals. Unlike “uncirculated” coin’s grades, these grades do not dramatically lower a coin’s value. This is wonderful for people who are looking just to complete a collection and do not care about a coin’s mint condition.
Pricing of a coin will usually be determined by a coin’s supply and demand. Very low supply and very high demand will make a coin’s price higher; however, high supplies of the coins will depreciate a coin’s value.
Demand is usually established by coin dealers where they take into consideration the number of people wanting to buy or sell the coins. Once a coin becomes difficult to find, coin dealers will usually make its price higher so that people are inclined to sell extra copies of their coins.
Grading and pricing a coin usually takes a lot of experience to master. Although there are several tips and guidelines to look for in grading a coin, only professional dealers have the final say on how much a coin is worth. It does not hurt to know this grading is done and why your coin was graded differently from what you thought.
Coin collecting is not really about investment, it should be a fun and thrilling hobby. While the overall goal of a coin collector is to complete a set of coins, learning what to look for in a coin is important to make sure that no one can take advantage of your need to complete a particular set.
A collector may also want to put up a website to advertise the coins that he would like to sell. The Internet is the easiest way for collectors to search for coins. In addition, putting the coin on the Internet will make the selling an easier task. The collector may put up his own website and place the pictures of his coins and some brief descriptions on it. He should also note how much he is willing sell them for.
There are other options too: the seller may want to do a dealer-to-dealer negotiation. He can go directly to coin dealers and sell his coins. The dealers then can sell the coins that they purchased to other dealers.
It is important to compare prices between one dealer and another as there is always a chance that one dealer may buy the coins at a higher price than other dealer. It is wise to shop for dealers and then decide which you one you want to deal with.
It is also recommended that collectors who decide to sell their coins use a coin grading service. It is very important so that the seller not end up a loser when he sells his coins. By using a grading service, the seller will be able to set a price that is based on the assessment made by the grading service who will determine the actual value of the coins.
Most importantly, coin collector should not clean their coins once they have decided to sell them. If they do, the value of the coins will depreciate.
Flea Markets:
It would be surprising place to find rare coins at a flea market, but stranger things have happened. These places have different ideas about pricing which is due to their lack of understanding of how a coin should be priced. You will find overpriced coins but if you are lucky you might find a rare coin somewhere in those stacks of coins that will make it worth your while.
Flea markets sellers are usually looking for a quick sell and would probably give you discounts when you buy their items in bulk. Try to buy other items and get your coins added as a bonus.
Auctions:
If you are looking to invest in really, really rare coins, the best place to go would be an auction. Auctions are the only place where you can find people selling their rarest and most expensive coins. Several of these auctions are happening online at the same time and most of the sellers are looking for the highest bidders. You must be aware and warned that some of these sellers are frauds and will not make the price you pay worthwhile. You should try to learn more about these coins and their worth before trying to buy one from an online auction.
Other Coin Collectors:
Coin collectors usually have duplicate coins that they are willing to sell for a price lower than its market value. The only problem is it is hard to find another coin collector that collects the same coins as you. The best places to look are online groups, forums and (if you have one) local groups.
Other coin collectors are the best people to turn into when you want to start your own collection. They can offer you tips, discounts and some might even be tempted to give you some of their coins to kick-start your collection.
Coin collecting is like any other investment the value will fluctuate: they may depreciate in value and/or gain value at any time. The best way to profit in coin collecting is keep updated with the news and the prices of the coins. This will not only help you in not being fooled by merchants but by learning how to price a coin even without a price list.
Coin Albums
Coin albums are similar to any typical album with the difference being that the coin album is especially designed to hold coins. A coin album has a transparent layer that aids in the protection of the coins. The collector does not need to handle the coins one by one. All he has to do is turn the pages and the coins are all there protected from improper handling.
Coin Holders
Coin holders are best for those collectors who collect coins during their travels. They allow portability of the coin collection. In addition, the collector does not need to carry his entire collection. He can simply place a single coin in the coin holder. Coin holders provide safety for the coins and prevent a coin from the many elements that may depreciate its value.
Other coin accessories can be found in the market. Determine the primary purpose of the accessory and if it can satisfy your needs. Prices will differ depending on the durability of the accessory. Research the many coin accessories that are sold and compare prices before choosing one.
4. A collector may also try searching for ancient coins at auction houses or online auctions where ancient coins are available. Always be aware of possible fraud no matter which venue you are using and take extra care in buying coins at online auctions.
5. It is also suggested that the collector make a list of the ancient coins that he would like to buy. He can list them according to his order of preference which will make his search for ancient coins an easier task. Included on his list should be the amount he is willing to spend on a certain type of coin. The list will be helpful whether online or at an auction house, enabling him to manage his budget easily.
6. It is important to have a separate holder for his ancient coin collection or his other collections. Separate holders will help the collector organize and preserve his coins. Ancient coins are generally more expensive than other collectible coins so it is necessary for a collector to know the proper care for them.
Ancient coins should not intimidate coin collectors. They are an exciting way to enjoy the hobby of collecting coins. Not only do they provide fun but they serve as a source of knowledge for many coin collectors.
2. Coin collectors should collect the less expensive antique coins when beginning. The more expensive ones can be purchased once their collection becomes larger.
3. Collectors need to consider a purchase carefully before buying antique coins. Always be aware of the scams and fraud that may occur when buying coins. Take extra care in choosing – always determine the authenticity of the coin they are considering
4. A professional coin appraiser should assess the value of the coin before you buy so that the real value of the coin will be correctly assessed. This will prevent buying a coin at an inflated price.
5. When choosing antique coins narrow down the collection of antique coins to those from a specific country or a specific era. This will make the search for collectable coins an easier task.
6. Care is always needed to preserve the value of coins. Antique coins should be given extra care in order to preserve their appearance as well as their value. A collector should be aware that antique coins do not require much cleaning as excessive cleaning will only depreciate their value. The older the antique coin looks the more expensive it becomes.
Antique coins can provide so much entertainment for collectors that anyone might consider making it a hobby. Remember to be patient in searching for these coins since they may be available in limited numbers. You must have the passion for collecting to make antique coin collection a satisfying experience.
2. Finders keepers
To start the ball rolling, try to get as many coins or tokens as you can obtain without having to spend a great amount of money. Your parents or your grandparents may have some coins that they kept because they did not hold any monetary value at that time.
3. Use some guides
Coin collecting is not a complicated activity but it is not that easy either. You would likely need some references that will guide you in choosing the kinds of Canadian coins to collect.
You can refer to “Haxby’s Coins of Canada” or other brochures that will provide you with adequate information regarding Canadian coin collecting.
4. Enjoy and have fun
The idea of coin collecting is not to get the most expensive and the rarest coins that you can find. What matters most is that you enjoy what you do and that you are amazed by the kinds of coins that you are able to obtain.
Coin collecting may differ from one place to another but Canadian coin collecting is sure to give a hobbyist great pleasure and not just mere treasures.
3. Good coin holder
Albums provide pockets for coin storage. The best thing about using a pocket is that even “dilapidated” coins or extremely worn coins are better protected.
Worn out coins, when placed in folders, have the infuriating tendency of falling out over and over again. With coin collecting albums they are kept intact.
4. Variation in prices
Albums that are used in coin collecting are usually priced from $20 to $40. Even though they can be expensive, they provide better storage for your most-prized treasures. Paying the price for an album is a great alternative to the other typical types of storage.
5. Information center
Coin collecting albums are great “information centers” as far as the hobby is concerned because most of the albums that are used in collecting coins have an inside front cover| that allows you to place important information regarding your collection. It also has a back cover that provides space for your “mintage figures.”
Coin collecting is easier and more pleasant with the help of these albums. It makes your treasures last longer, thus, establishing greater value in them.
Therefore, coin collecting albums are definitely the best “keepers” for your coins.
One of the many reasons coin collecting is considered by many as one of the most popular hobbies in the world is based on its ease of access.
When somebody wants to start coin collecting, he can start any time, anywhere. Some people start coin collecting with the coins that they have in their pockets. This phase of coin collecting is known as the “accumulator” stage, where collectors try to accumulate as many coins as they can often using their “pocket change”.
After the collector gets the “hang of” accumulating coins, the hobby becomes more expensive. This is because true hobbyists are willing to pay the price as long as a particular coin will enhance their collection and will beauty to their “masterpiece”. And the rest, as they say, is history.
Coin collecting as hobby is a pleasurable activity that any person can use to create a feeling of gratification..
2. Phone auctions
These auctions are conducted by phone. Just like the mail bidding, phone auctions must observe the rules and regulations that are to be followed.
Once the highest bid is identified, the item goes to the winner. However, there are some instances when people may ask the seller for an approximate selling price but the rules still remain the same, no disclosure of previous bids.
3. Online coin auctions
This type of auction is popular because when bidding on a particular coin the bidder is able to see what the coin looks like. Greater interaction between the seller and the buyer may also be achieved as the seller can instantly contact the bidder for important information.
The only drawback to this kind of coin auction is that through the Internet, others can deceive a coin collector into believing that what they see on the screen is exactly the same item that they are bidding on.
All of these things can provide you with the best ways of obtaining the best coins available on the market. Just try to stick to your bidding budget.
When buying coin collecting books, look for those that will give you a historical perspective of the kind of coin that you wish to collect. For instance, if you are going to collect U.S. coins, buy a book that will tell the history of the U.S. coins.
2. It must give you practical guidelines in “grading” coins
It is necessary for every coin collector to have a book that provides information about the proper skills needed when “grading” coins. Grading is such an important skill that every coin collector must learn the skill if they wish to continue collecting coins and be successful doing so.
3. It must give you information about coins in a broad perspective
Coin collecting books that talk about the different kinds of coins in the world is a “must-have”. These are especially helpful to those who do not have any specific country in mind.
Books have always been man’s greatest companion as history unfolds. Coin collecting books are worth more than just being the collector’s friend - these books are also considered treasures in their own form.
One benefit of being a member is that it is easier to find someone who will buy coins at a good price. Or perhaps other members may want to part with some of their coins in exchange (called bartering) for other coins. Most local coin stores only have a limited selection that is available for trading.
Another benefit of becoming a member is obtain articles which feature a certain coin collection or discover better ways of caring for a collection. The club also informs its members about upcoming events so the individual can plan ahead to be able to attend the events.
Coin clubs are formed so that everyone who loves coins can have fun. This means that it is not only for those who have a collection at home; it is open to novices, experienced collectors who have done it for years, as well as coin experts They build a network that enable collectors to assist others. To become a member of a club just find a suitable one and join the fun!
To avoid by being conned by someone who claims to be a dealer, it is necessary to determine that this person is a member of the Professional Numismatist’s Guild. This organization is composed of the world’s renowned collectors of antique coins and paper money. Since there are strict rules that members abide by, one can be sure that the transaction is safe.
Coin dealers are not just there to buy something, these people may also offer for sale a coin that is valuable to the other person. By getting to know the dealer, an agreement can be reached that will benefit both parties, which does not always end mean buying, but also trading or bartering.
Everyone has the potential of making money even if this starts out with only a few coins. By knowing where to find these rare collectibles and doing business with a reputable dealer, one can be sure of making a profit – if not a small fortune.
Being a member of a coin club can build the collector’s network. Some members may want to part with a particular coin in exchange for another, etc.
Coins that are no longer used generally have more value than those that are still active, because coins in the past were made of 100% silver or gold. Since the demand for silver coins increased and they were difficult to produce they are now made of 40% and 60% copper.
After completing the collection, the coins should be stored in a nice folder or album. This will keep them clean and easy for the individual to carry around and display.
Coins can be cleaned by soaking them in any of the following liquids: vinegar, rubbing alcohol, lemon juice or ammonia which will remove any dirt or encrustation that’s on the coin when it was acquired. Afterwards, they should be air-dried or patted dry with a soft cloth. Rubbing or polishing the coins is not advisable since it scratches and will decrease the market value of the coin.
Coin collecting can be a lot of fun. By deciding on a specific period to begin with then searching for it, the collector will have something valuable as an investment.
By using folders the child and take the collection to school for “show and tell” and would improve the child’s self-confidence in achieving something on his own - without the help of the parents.
Coins can teach the child about saving for a special purchase or project and encourage the child to work hard to achieve that goal without always asking for money from mom or dad.
Coin collecting started in the early years will pay off later in life by teaching responsibility.
4. “Good Coins”
These coins can be specifically defined as “Very Good” (12), “Good” and “Almost Good” coins.
The coins in this category are worn out. Only weak designs can be observed since the details of the coins in the high points are nearly smooth.
Full rims must be observed for the “Very Good” coins category.
In the case of “Good” coins, the mint mark and the date must be visible.
On the other hand, “Almost Good” coins are the most worn of coins in this category.
5. “Fair Coins”
The coins are “worn out”, but can still be distinguished as belonging to one of the types of coins - as long as one can identify a coin, it is a “Fair C”.
6. “Basal Coin”
These metals that can be determined to be coins - but the kind of coin are undeterminable.
With the classifications described, it will be very easy to grade coins. Just remember that knowledge of the coins’ grades gives coin collectors advantages!
To avoid damaging the coins, it is recommended to invest in holders and containers that will give adequate protection.
Just remember that coins react to certain chemicals such as sulfur present in paper and PVC from plastic it is not advisable to use such materials for long-term storage.
4. Silica Gel
The use of silica gel packets is important to maintain the moderate temperature, low humidity atmosphere conducive to coin preservation.
5. Magnifying Glass
Magnifying glasses are a great help when it comes to coin grading. Most numismatists recommend using a 7x magnification, but generally, magnification between 4x to10x will do the job.
The magnifying glass is a great aid in examining the quality and authenticity of the coins. Details like hairlines or scratches, which are not visible to the naked eye, are “big deals” when it comes to coin collecting as they affect the value of coins.
6. Lamp
A light source must be placed half a meter away from the workspace. Recommended light for this purpose may be a halogen lamp, or simply a 75-watt incandescent lamp.
7. Handling equipment
Finger marks reduce the grade of the coins. That is why serious collectors invest in surgical gloves and velvet pads to use when handling coins.
Now our basic coin collecting kit is complete. Enjoy!
- Date set
- Observe
- Reading
- Reverse
- Type set
3. Coin Storage
For a coin collector to achieve a merit badge, it is important that he knows how to take care, store and preserve coins.
Coin collectors must be able to demonstrate thorough knowledge in coin collecting by showing the councilors different methods of coin storage. It is expected that the advantages and disadvantages of the methods will be provided as well.
4. Coin Anatomy
Knowledge of the parts of the coins will give important information. That is why coin collectors who want a merit badge must know where the mint marks are located in various coins and they must also know where to look for the initials of the coin designer.
5. Miscellaneous things about coins
The councilors will be very pleased to hear stories about what you have learned about coins. These recollections may come from reading coin journals, attending workshops or seminars, joining a coin collectors’ club, or visiting mint facilities.
It is also expected that coin collectors know a lot about coins from other countries as well.
6. Counterfeit coins
A coin collector must have a perception of whether a coin is authentic or counterfeit.
Reading coin guides or interviewing personnel from mint facilities will be a help in this situation.
After knowing these things, you are now equipped with the knowledge needed to be worthy of the coin collectors’ merit badge.
If by luck you happen to get one of these as a change, the value is more than a dollar and proof Susan B. Anthony dollars command even more. They are not easy to fine as they are not usually being circulated.
Quarters, dollars and halves – the bicentennial kind
There were billions of these coins made out, and because there are so many of them, their worth is usually just face value. There are coin dealers however who pay ten percent of the face value as premium for circulated bicentennial coins, and a few dollars more for those that are uncirculated.
A freak coin
Believe it or not, there are two-headed coins out there. Basically, these are coins with two different designs on each face. These coins were made in error and mistake was not discoverer until the year 2000. This type of coins is usually called “mules”. In 1999, it was found that a cent with Lincoln’s face on one side and Roosevelt’s dime image on the other existed.
It you find a coin of this it must be taken to a legitimate coin dealer and assessed to determine if is genuine. If so, this coin could be put up for auction and command a few dollars more.
It is therefore true that a coin is basically worth more than meets the eye.
Is the coin in good condition?
The better the condition of the coin, the better the price that it would bring on the market, because the grade of the coin would match its condition. A coin that is in mint condition - add to this that it is basically an uncirculated coin – is actually worth one hundred times more than a similar coin that is just in average circulated condition.
Demand and supply
Sometimes, when the demand for a specific coin is high, that coin’s worth – despite the number of them available – is just as high.
Take the example of the coin dated 1916-D, and compare it to the value of a coin dated 1798. Many people prefer to collect coins of the 20th century rather than those that are from the 1700’s. The 1916-D dimes sell higher than the much older 1798 coins. The fact that there are more (approximately four hundred thousand) 1916-D coins than there are dimes from the year 1798 (only about thirty thousand), does little to affect the price of each.
It is best to have a professional coin dealer grade the coin(s) and determine the value of any coin(s) you may own. Who knows, it could be worth more (or less) than what you think.
For those just starting a coin collecting hobby, coins they collect are usually placed inside a large glass jar or bowl. This is perfectly fine. Serious collectors prefer coin storage devices especially made for coins that are available in coin shops and from coin dealers.
How to make quarter-collecting fun and interesting
Children are the perfect people to start a hobby such as coin collecting, quarters most specifically. Nothing beats the excitement of a new quarter in one’s pocket. Quarters are a unique, as well as a very inexpensive, way to get children interested in history. When they find a new coin, they can research it to find out the details of the state from which the coin came, etc. It is an effective way to have fun while learning.
Coin history101
The sequence of how the coins are minted, believe it or not, is based on the order of the states. Basic US history tells us that Delaware was the first state; therefore, this was the first quarter minted. For the sequence of the other states, check the schedule from 1999 to the 2008 of the US Mint.
Collecting quarters is a valuable hobby that has many benefits. It trains one to be patient, resourceful and appreciative of history and the value of the big and little things in life.
There are also auctions specifically for coins. This method is a very effective – if not excellent – way to purchase coins. It is extremely important that prior to attending an auction you know the procedures and rules that apply.
There are various types of auctions; bidding auctions via mail, internet, as well as auctions conducted by phone. Always be aware and wary! It is important to make sure that you set a fixed price on the coin you are about to bid on. Auctions can turn very emotional and aggressive. Practice discipline and try not to bid more than the ceiling price you have set for yourself.
Buying coins by mail
This method is a very convenient and inexpensive way to purchase coins. Most dealers that transact via mail usually have overhead costs that are low so they are able to offer similarly low prices on coins they sell.
Do not forget to thoroughly inspect a particular dealer’s policies before returning an item. Make sure that once you receive your coin, immediately inspect it for authenticity or damage. The coin you must have must be just as you ordered and what you expected.
In summary, coin buying is not difficult. All you need is to research and look for the best product available.
A mild soap and a soft high-integrity fiber cloth can be used in cleaning coins.
Mats
When examining or cleaning coins, you must remember to put a soft cloth or a mat on the table where you are working. An accidental dropping of the coin can damage it significantly and reduce its value to literally nothing. A mat or a cloth will absorb the impact of the drop and will prevent the coin from being damaged.
Boards
You must be extra careful in displaying your coin collection. Coin boards are used by many to display their coin collections. In the U.S., the map of the United States of America is very popular among coin collectors to display the different quarters of the different states.
Envelopes
When transporting coins, the use of coin envelopes is very practical. The use of these paper envelopes allows a collector to safely transport his coin and put some information about it in or on the envelope itself.
There are other coin collecting supplies such as boxes, holders, folders, but everything points to the preservation of the coins’ condition. The right kind of supplies will determine whether a coin is priceless or price-less.
An advanced coin collector will collect coins with a specific target in mind. He may want to collect coins from a certain nation, or a certain time period.
There are many tracks which coin collectors pursue when engaging in their hobby. Here are some of the ways one can use in collecting coins:
Coin collection according to nation
Many coin collectors would want to collect coins from a certain nation during a certain period of time. This kind of coin collection lets the collector travel the globe through the coins. People may want to collect coins from countries they had visited.
Historical coin collection
Another way of collecting coins is by taking in mind history. Many coin collectors engage in collecting coins during a certain period in history like wars or declarations of independence.
Error coins
There are people who find collecting coins with errors exciting because these kinds of coins are rare nowadays.
There are many ways to collect coins and each way is as fun as the other. One must feel the hobby first before he decides whether to stick with it or not. Coin collecting can require certain amounts of money and the collector must be wise in engaging in such a hobby.
Coins, specifically the silver dollars made and circulated between the years 1878 and 1935, are worth between twelve dollars and twenty five dollars for the circulated coins. The coins that were not in circulation are worth considerably more.
Meantime, those quarters, dimes, or half dollar coins made and circulated prior to 1965, are usually made out of ninety percent silver and therefore worth as much as today’s silver (with an additional premium, albeit small, put on the coin’s face value).