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
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.
Wednesday, December 22, 2010
Tuesday, December 21, 2010
Coin Buying 101
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
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.
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
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.
Collecting those quarters
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
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 History 101
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.
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
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 History 101
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.
Monday, December 20, 2010
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.
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.
Saturday, December 4, 2010
The coin-price is right
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
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.
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
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.
Friday, December 3, 2010
How to Earn Your Coin Collecting Merit Badge
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
- 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.
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
- 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.
Coin Collecting Basics: Your Own Coin Collecting Kit
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
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!
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
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!
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