Gold Market Insights

☆How to start collecting old coins?

Coin collecting is one of the best indoor hobbies that can be fun as well as informational.

The process of coin collection is so simple that you can even start right now. If you are about to buy old coins, don’t expect them to be of poor condition as the vendors polish the coins to make them look pleasing. Coin holders are equipments to hold your coins preventing them from damage. Coin holders are available in different qualities and varying prices. It is very important to safeguard the coins as the damage on the coins reduces the value. The coins need to be kept in containers that do not destroy the value of the coins. Don’t start to collect all the coins. Set a theme and collect accordingly.

There are various types of collections available and start collecting based on the collections. You can collect foreign coins when returning from a holiday trip, collect multiple coins with same denomination, collect coins with minting errors, collect coins of historical importance and the list goes on. You can ask your friends and family members for any coins of at most importance and if they have any such coin, you can either have the coins from them or buy them, depending on the relationship. Banks and other financial institutions will sell coins in bags with certain theme.

Coin exhibitions sell coins of all themes and types. You should also be aware of the grades of the coins and maintain the aesthetic appearance so that they go off for higher values. Be aware of all the formalities involved in buying and selling coins. Many books and online sites helps coin collectors in providing necessary information related to coin collection.

When do people start Coin Collecting in US?

In the United States, coin collecting started as early as 1652. During this period, business people and individuals alike, were known to engrave and distribute their personal coins.

Some people are so interested in coin collecting that they are more willing to combine various forms and categories. The reason for this fascination for these coins is the very nature of U.S. coins.

The U.S. Mint carefully crafts U.S. coins and over the past 30 years it has minted nearly 300 billion coins.

When the Articles of Confederation gave consent for the different states to create or manufacture their own coins, the U.S. coin collections grew at an unparalleled rate. That is why in the middle of 1780’s, states like Connecticut, Vermont, New Jersey, New York, and Massachusetts started creating various coins unique to their states. This prompted the start of “rare coin collection.”

To know more about U.S. coin collecting, here are some of the basic facts that you must know:

1. It was on 1787 that the primary “federally” approved coin of the U.S. was first made. It was in New Haven, Connecticut where the “Fugio Cent,” the name of the coin, was secretly manufactured.

2. The U.S. Mint is responsible for manufacturing the U.S. coins. The agency uses bands of metal that are rolled into loops, with the right breadth and measurements. Each kind of coin uses a particular kind of metal. For instance, metal strips that are made of zinc are used to manufacture pennies, while nickels are made of a 25% “nickel metal alloy” and 75% copper.

For this reason, U.S. coin collecting is further subdivided into categories such as the U.S. cent, U.S. nickel, U.S. dime, etc.

People who would like to start collecting U.S. coins, should learn the intricacies or the hobby and find ways to acquire their first coins. The hobby of U.S. coin collecting is not just a wonderful hobby but also a great way to preserve the nation’s culture and history.

Reference Aids on Coin Collecting.

If you are a first-time coin collector than you probably need some help, which comes in the form of reference aids on coin collecting. These aids are there to teach you how to collect coins and also how to read coins.

With these aids you get to know the history of the coin and where it was manufactured and by whom. Before you decide to collect coins maybe it’s best that you get all the information you need first. You can always buy reference aids on coin collecting books from any bookstore near you or order from the internet. The information you get from these books will have you become an expert in coin collection, in no time at all.

Most people find it boring to read books and doing research is another of those tiresome activities, however when it comes reference aids on coin collecting you will find that they are really interesting books that will give information on where certain coins are from and why they were made the way they are. You must consider reading these books because then you will really get to learn more on coin collecting and how to go about it. Your knowledge on coin collecting will expand and you will actually want to read more reference books so as to get acquainted with all the rare and really old coins that are ou

What Type of Coin Should You Collect?

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.

  • “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 number 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 take 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.

Sometimes looking in pockets can yield surprising results.

Four of the most surprising finds in the United States combine a 1965 silver dime, the 1943 copper penny, and a dime from 1982 with no mint letter and a double marked quarter from 2001.

The trick to coin collecting this way is absolutely in the attention to detail. You would be surprised how advantageous a bit of inspection can be, chiefly as some of these finds can run into thousands of dollars’ worth in terms of numismatic importance. The rarer the coin, the better the price you can get for it. Some numismatists collect coins exclusively for trading or sale, and not just for their own safekeeping.

One way to tell if the 1965 dime is composed from silver or the newer copper and nickel combination is to look at the edge. The edge on the rare coin will be silver, while the common one’s edge will have a brown stripe all through out around it.

A number of the most considerably evaluated coins for numismatists are indeed coins created by some mistake in the minting, which means they are terrifically rare variations-if not purely unique ones. If you are lucky enough to find such coins, you should save them immediately. You can get coins valuated by skilled numismatists and might discover a fortune in that old penny you just discovered from the very back of the closet. The 2001 quarters of New York, for instance, have misprints that are evaluated as extremely as $3000 each, determined by on appearance and features.

The most valuable of the three, the 1943 copper penny will go for anywhere between $10,000 and $100,000, but only about 40 are estimated to exist. Produced by accident at the start of the new line of steel pennies amidst the war, these can be identified by using a magnet to evaluate the penny. If it sticks, the penny is composed of steel, if it does not, an expert’s overview is imperative to establish the find.

When you are finding into coin compilation, you should know a few basic terminologies. For example, you need to know what a mintmark is. The mintmark is the symbol or emblem a mint uses to differentiate which coins are made in it and which ones are not. An example for a mintmark would be the Philadelphia Mint’s letter P.

What is the best way to store coins?

Coins that are collected have a deep history. To preserve that history, coins are needed to be stored properly. Coins are made of metals. Most metals react negatively with the variety of different environmental factors. For instance, copper and silver are the most chemically reactive metals. The numismatist must know to protect the coins from the environmental reactions.

The cause of damage to coins may be many factors including humidity, heat and cold, acids, air pollution, etc. Coins made of silver and copper react chemically when they come in contact with water. Acids may come from a variety of sources. The most common one is the common paper and cardboard that is used as coin albums or folders. The acids in those storage locations will leach out due time and cause damage to silver and copper coins. Chlorine causes a reaction chemically with the coin that impacts the appearance of the coins. The main source of the chlorine is the flip made from plastics.

The air pollution is not only harmful to the person’s health, but also detrimental to the health of the coins that are gathered from various sources. The most common type of damage to coins is improper handling. Touching of a coin directly with the fingers can leave deposits of oils that will damage the surface. The irreparable damage will cause if the coin is dropped on to the hard surface. This may reduce the value of the coins.

The coins must store in a proper coin holder or folder that prevents acid or chlorine deposits. The storage location of the collected coins is as important as to collect the coins. Extreme cold and humid or hot and harsh must be avoided to keep the coin collection in the finest condition. The foremost safest place for storing the coin collection is in a safe deposit box at a bank.

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