Starting a Coin Collection

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.   

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. 

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.

Joining a Coin Club

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. 

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!

Coin Collecting Book: Handbook from the Valuable Cosmos

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

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.

On Mints and Mint Marks

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.

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.

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.

The Pros and Cons of Coin Auction Sales

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

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.