Category: coin collecting

Have coins? Will collect!

Old coins that is. Try looking under that old dresser, or up the attic where grandma or grandpas 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 todays 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 todays silver (with an additional premium, albeit small, put on the coins 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.

Essential Supplies in Coin Collecting

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 coins 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.

Software for Coin Collecting: The Smarter Way to Collect Coins

It is a common coin collecting problem: too many coins, not enough information on what kinds of coins to collect, or a disorganized group of collectibles.

The solution?

There are programs that are especially created for computer use, commonly known as software. Coin collecting software packages are created by professionals to help those who are having a hard time organizing and tracking their coin collections.

These systems keep classifying, organizing, and cataloging coins at your fingertips while trying to find other coins that a collector might want to add to his personal collection.

Other advantages of these software packages for coin collecting are:

1. Organizer buddy

It is a coin collectors best friend. Coin collecting software packages are exclusively created to help the hobbyist organize, manage, and track their coins fast and without difficulty. With almost 300 billion coins that were manufactured by the U.S. Mint alone, who could sort through all of these coins to find the ones they would like to own?

2. Statistical reports provider

With these coin collecting software programs the collector to easily record statistical reports about coin collecting for quick references in the future.

3. Provides numerous ways to interpret, view, and access coin collecting data

With software packages, every coin collector can easily view his data in many ways. He can either choose to view the data in tabular form or in virtual form or can modify these tables and generate reports with just one click.

4. Provides easy-to-use templates

Coin collecting software packages are perfect even for the newbies in information technology. This is because there are templates that are available at any time for the recording and organization of data. The collector can then just enter the data he needs to log without having to use complicated formulas.

5. Saves more time

With these software packages, the coin collector will be able to save time organizing his coin records, leaving ample time for other activities. This means spending less time organizing and managing coins and more time for enjoying the hobby.

The tedious job of keeping a systematic record is sometimes the main reason some coin collectors give up the hobby, and why employing such tools will make coin collecting more enjoyable.

Using computer technology is the better way to make coin collecting easier.

How to Detect Counterfeit Coins

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 coins 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 coins 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 persons clothes and physical appearance and if the person has any companion during the exchange: if they have a vehicle, get the cars 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 coins 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.

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 enemys 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.

Do’s and Donts 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, cant 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.

Finding Rare and Collectible Coins

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.

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.

The Perfect Time to Sell Coins

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.

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.

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!

Design Types of US Coins and Coin Collecting

Coin collecting is a fun hobby that anyone who has the time can do. A coins 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 1800s after the California gold rush. This coin was not allowed to be used in the 1930s 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 coins value from $50 to a $1000.

Coins that were only issued or circulated for short period of time also make good collectibles.

A coin collection is at its best if it is focused on a certain coin. A collector can choose from pennies, nickels, dimes, quarters and dollars.

Another way of collecting is disregarding the types of coins but concentrating on a certain time period. Coins have different mint marks and collecting those that were struck in the same location can also be interesting. The important thing for hobbyists is to stick to the collection until it has been completed.

For a good start subscribe to a coin publication such as Coin World or Coinage Magazine for information on the types of coins that you might want to collect. The internet or a local coin shop can also help expand the search for those coins that cant be found in your locale or out of state.

Building a coin collection will take a long time – months or even years. The United States has produced so many coins that it is hard to keep track of them. By deciding on the coin(s) you want to collect, the challenge to complete that collection begins.

How to Take Care of Collectible Coins

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 coins 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
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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.

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.