Posted by : Dougie Morris
Coin collecting, though demanding, is a very rewarding task. The pleasure to be derived, the money to be gained and the potential of keeping legacies can propel one into being a coin collector. For individuals who think it involves a great deal to get started, it is important to recall that little drops of water makes the mighty ocean. One can actually be a successful coin collector by following the these steps:
Decide what to collect – There are different coins of interest. One can decide to start with a particular kind if there is no means of doing several coin collections. For each kind of coin, a book shelf folder should be made available.
Where to find collectible coins – The location of where to find collectible coins is only determined by one’s interest in the country of ownership, the period when minted and the design of interest. A very good guide for collectors is the American Numismatic Association (ANA). They provide adequate information on dealers, conventions and interesting publications.
Coin collecting tips – To have a good collection of coins, one has to be up to date in information. Some coins of interest go into extinction without notice. One can get coins by buying in shops. Going through the Internet is another reasonable way.
IDEAS FOR STARTER COLLECTIONS.
It is important to have a particular goal when setting out to collect coins. This is because the availability of coins is vast and varied. There are various coins to be gathered all over the world and each country’s coin has its own specific features and uniqueness. Some basic ideas for coin collectors are buffalo nickels, Indian head pennies, Wheat pennies, Gold dollars and Kennedy half dollars.
Buffalo nickels – The worth of buffalo nickels depends on its rarity, the kind of die on it and its design.
Indian head pennies – Most Indian Head pennies found today are dated around 1860 and 1900. Also, there is still a lot of it in circulation. These factors combine to reduce the value of most of their coins.
Wheat pennies – These coins were designed to replace the Indian head pennies. Though very rare in circulation today, it can be found in museums, penny jars and attic boxes.
Kennedy half dollars – This coin came into existence to mark the life and times of the late John F. Kennedy. It came into being around 1963.
Mint marks are signs made on coins to distinguish them from the others. Usually, mint marks were made to specify their area of location. This was important to resolve problems on discrepancies found on similar coins. Mint marks are usually represented with small letters. Some identifiable mint marks in the USA are:
Dahlonega Mint (D) – Coins with the symbol, D, showed that they were made in Dahlonega mint. Coins with this mint mark are also made of gold alone. The Mint operated between 1838 and 1861.
Carson City Mint (CC) – Coins produced at the Carson City Mint always had the inscription “CC” on it. The mint operated between 1870 and 1893.
West Point Mint (W)- The west point mint is located in New York. It started operations in 1976.
San Francisco Mint (S) – This mint first started operations around 1854.
Knowing the worth of a coin is a guide to knowing its exchange rate. A very important value factor is coin grading. Coin grading is the ability to judge correctly, the status of a coin in the market. Coin grading is more beneficial to coin collectors who may decide to sell their coins for gains. To properly evaluate the grade of a coin, it is important to know in detail, the type of coin in question. Information about the coin can be sourced from books and the Internet. Its availability in the society is also a good guide to know the worth of the coin. Things to note in evaluating the grade value of a coin are as follows:
Availability – If a coin is in much circulation, the value is very low.
The coin’s condition – The better the state of the coin, the more will its price be.
The parent material – The metal used in making coins determines its value. Coins made of gold for instance have a higher value than coins made of silver.
The demand and age – The demand of the coin determines its value. If the demand is high, the coin value will also be high. Old coins generally have high demand.
THINGS TO REMEMBER.
One can start with very little money and even in small groups.
Coins can be purchased directly from companies on the Internet to save one’s time.
The rarer the coin is, the more valuable it is.
Coin collection is an investment for the great and the young. It can be cultivated as both an act and an art because of its very interesting activities. The joy in possessing valuable materials as seen in coin collection can also be a good reason to start this worthwhile venture. Most astonishing, it can be started on a very small scale.
A LIST OF LINKS.
The anatomy of coins: The image of the coin has several parts and features to understand.
Coin collection accessories: To keep and increase the value of coins, there is need to have some basic equipment.
World coins: Link contains images of coins in the world.
Coin collecting supplies: These are facilities that must be owned by any successful coin collector.