Collecting Coins - An Educational Hobby

Wanna Start On Collecting Coins? A Worthwhile and Educational Hobby

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 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 is worth more than a coin

A coin is worth more than a coin

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.

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.

Coin Collecting Auctions: Bane or Boon?

Coin Collecting Auctions: Bane or Boon?

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.

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.

Coin Collecting as a Hobby

Coin Collecting as a Hobby

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

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..

Have coins? Will collect!

Have coins? Will collect!

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

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).

Wrong pennies are right

There is a Lincoln penny issued in 1972 on which the date and the letters on it appear to have been doubled. This rare coin is currently worth about sixty dollars, assuming the pennies are in standard condition. The Philadelphia Mint during that time period accidentally misaligned the die used in minting the coins causing the portrait of Lincoln to look like it was doubled. Fortunately or unfortunately, eighty thousand of these were circulated before the error was discovered.

In summary, coin collecting is similar to collecting bits of history and trivia from the past. In addition to the face value its worth as a treasure - pennies, dimes and coins – often are worth more in the long run.

Antique Coins as Cool Collections

Antique Coins as Cool Collections

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.
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.

Ancient Coins as Collections

Ancient Coins as Collections

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.

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.

Do's and Don’ts of Coin Collecting

Do's and Don’ts of Coin Collecting

Coin collecting is something that takes time to learn. The most important thing to remember is that you are doing it for the right reason - if it is a passion, then it is something worth pursuing.

Collecting just for profit may work but it usually is not enough in the long run. A person really has to think about this since many people who have tried it for that reason have lost focus and failed.

Successful coin collectors take a lot of time to learn everything there is to know about numismatics. Good sources of information are magazines, newsletters and brokers who can pass on information and news, when it happens. By using the resources a person can act fast before other collectors who want the same thing get the information first.

If a person tries to collect without knowing the basics, he will never succeed in this hobby.

Knowing how to grade coins can also help the collector know the true value of the collection. This knowledge will be valuable if the owner decides to trade for something of greater value or it can prevent scamming and wasting money for something of little value. Be vigilant!

One of the virtues that coin collecting can teach a person is patience since the collection may take years to complete. Some of the well-renowned collectors in the world have spent many years before reaping the benefits.

Learning to think like a collector is very important. Being too eager is not good because the collector could be tempted to purchase or trade the wrong coin which could prove to be costly. Think twice about using the information given even if that came from a reliable source.

Coin collecting can be difficult especially if the person is just starting. A person, more than likely, can’t afford to buy items worth more than $10,000, so it is best to start small and study the market for three to six months so that he can be comfortable before going after bigger prizes.

Coin collecting is similar to sports - it takes time to excel at it and goals, both short and long term, have to be established. By following the rules and using common sense, the person can become one of many other successful coin collectors.