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Coin Collecting – a facinating hobby

published Sunday, October 16th, 2011 at by

Most people engage in different activities that they consider hobbies. When people consider a particular activity as a hobby, it means that people find that activity pleasurable in that they enjoy collecting different kinds of coins.

In this context, it does not necessarily follow that the coin collector will focus more on the monetary value of the coins. When the focus of coin collecting delves more into the monetary value of the coins than the gratification the collector obtains, it is no longer deemed a hobby but an investment.

History tells us that the main reason other generations collected coins was the value that coins would someday attain. The ancient form of coin collecting was even labeled a hobby “fit for the kings” because ancient coins were so valuable that only the kings were capable of collecting them.

Today’s coin collection is no longer limited to the “kings” or the affluent. Anyone can now consider coin collecting as his or her hobby. The popularity of coin collecting continues to flourish as more and more people collect coins. That is why it is now known as the “King of Hobbies”.

Why Such Popularity

One of the many reasons coin collecting is considered by many as one of the most popular hobbies in the world is based on its ease of access.

When somebody wants to start coin collecting, he can start any time, anywhere. Some people start coin collecting with the coins that they have in their pockets. This phase of coin collecting is known as the “accumulator” stage, where collectors try to accumulate as many coins as they can often using their “pocket change”.

After the collector gets the “hang of” accumulating coins, the hobby becomes more expensive. This is because true hobbyists are willing to pay the price as long as a particular coin will enhance their collection and will beauty to their “masterpiece”.   And the rest, as they say, is history.

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Selling Coins To a Dealer

published Monday, October 10th, 2011 at by

Coin collecting can be a lot of fun. This hobby which dates back to 2500 BC is much larger now since people are now able to collect currencies from other countries.

If a person decides to dispose of some of the coins in the collection, it is necessary to know its value by looking at a coin catalog or price guide. There are many ways to do this and one is looking for a coin dealer to do business with.

There are a lot of coin dealers around. Some can be found by asking the local coin club or a numismatist who can give a good referral while others can be found at an auction or in a coin exhibit.

These people frequent such events looking for a good buy to add to an existing collection. A lot of these individuals can also be found on the web.

To be sure that the person is getting a good price from a coin dealer, it is an excellent idea to visit more than one place to find out who is willing to buy it at the highest price. If the person feels that the price is too low, then perhaps it is better to wait until another time since the value of coins depends on scarcity, condition and demand.

Some people think that doing business with a coin dealer isn’t a good idea since this person will offer to buy the coins at a lower price. This notion however is wrong since there are ways to ensure that this person will be honest.

To avoid by being conned by someone who claims to be a dealer, it is necessary to determine that this person is a member of the Professional Numismatist’s Guild. This organization is composed of the world’s renowned collectors of antique coins and paper money. Since there are strict rules that members abide by, one can be sure that the transaction is safe.

Coin dealers are not just there to buy something, these people may also offer for sale a coin that is valuable to the other person. By getting to know the dealer, an agreement can be reached that will benefit both parties, which does not always end mean buying, but also trading or bartering.

Everyone has the potential of making money even if this starts out with only a few coins. By knowing where to find these rare collectibles and doing business with a reputable dealer, one can be sure of making a profit – if not a small fortune.

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Starting Coin Collecting

published Tuesday, October 4th, 2011 at by

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.

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What price a Coin

published Saturday, September 24th, 2011 at by

 

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.

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Your Own Coin Collecting Kit

published Thursday, September 15th, 2011 at by

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!

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