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Coin collecting, or numismatics is a hobby as old as time. As a hobby, it has been around for more than 2,500 years. This is surprising since the use of coins has been around for pretty much that same amount of time too. Man has always had a fixation for small, round, shiny things. And throughout the ages, coin collectors have always been on the prowl for the oldest, rarest, most attractive coins around.
Numismatics comes from the Greek word nomisma, meaning currency, or coin. It is also related to the study of banknotes, tokens, and other early forms of money.
Coins and other forms of money are issued by governments and other monetary agencies. Billions of these flood the market yearly. But as time goes by, the number of these coins go down. Some get lost and some are damaged beyond recognition.
This goes to show that the older the coin, the rarer it must be. And for coin collectors, this is prime stuff.
Coin collectors and hobbyists number millions around the world. This hobby is taken so seriously that there are even professional dealers and investors who ply their trade in this fashion.
The lure of coins lies in its power to draw people into the era it belonged to. These coins show many aspects of everyday life during those times. By examining a coin, one comes to know the geography, philosophy, sociology, artistry and other aspects of the culture they existed in.
Ancient kings (and even todays leaders) had a telling habit of having their faces imprinted on their currency. Some historians have been able to put together clues regarding the ancient civilizations using these coins. Sometimes, coins would tell of a leader or prominent figure that would have been forgotten by time if it were not for these coins.
Hobbyists usually start collecting coins from their own locality. This makes sense because they are the easiest to collect. These hobbyists then expand their collection to coins from increasingly farther and earlier origins.
Coin collectors regard every single coin as a unique specimen. They take note of the date, the mint marks, and even the abnormalities in its design. Ironically, some of the most expensive coins are those with the strangest abnormalities. This is because this type of coin is hard to come by.
For example, there could be a coin in existence that differs from other coins in its batch. For some unknown reason, it lacks some of the required markings. Such coins are deemed more valuable than the normal coins of its type.
A good number of coin collectors collect coins according to themes. The coins they collect all have a common topic. Some collect coins related to kings and queens. Some collect those related to plants and animals.
The price for a coin is determined by the demand for this coin. Many factors affect this demand. If a coin is rare, chances are, it is in great demand. However, there are some coins that are rare, or exotic, yet the demand for them remains low. If this is the case, then its market value will remain in the low end.
Before purchasing coins, one must do much research about that coin. He must assess its current market value and make sure that the coin is genuine. He should also consider how much he could earn if he resells the coin.
The American Numismatic Association is the largest numismatic organization in the world. It was founded in 1891 and was chartered by the Congress of the United States 21 years later. This group has the largest library of coins available. Collectors would love to visit their headquarters, the World Money Museum, which is one of the largest coin museums in the world.
Another organization, the American Numismatic Society, is the most active and respected nonprofit numismatic publisher in the world. They maintain a museum that contains more than a million objects. They also have a library that has one of the most comprehensive in coin collecting knowledge.
Whether you are a hobbyist or a serious collector, coin collecting will always bring a sense of fulfillment and history to your life. It is never too late to start collecting today. You cant lose! Your collection can only grow in value as the time passes by!
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.” ~Alan Greenspan, 1966.
One of the things every investor quickly discovers is that there are no sure deals or “can’t lose” investments in this wild and wooly world. There is always risk in the marketplace. Always. The key to success is to weigh the pros and cons of every investment, and determine the prospects of success. I remember a time when we were told that old rare coins were a “guaranteed” moneymaker. During the 1970s and 1980s, Salomon Brothers published an investment index that showed that the price of rare coins had never declined.
During this time, Harry Browne appeared in an ad on the Howard Ruff Show holding a silver dollar, and declared, “They arent making any more of these…”
But limited supply isn’t the only determination of price. Demand is also important, and demand for collectibles fell sharply after 1989. The Professional Coin Grading Service produces a long-term rare coin index: the PCGS 3000 Index. For the past 10 years, rare coins have had their ups and downs. Right now, they are enjoying a major bull market, though they have a long way to go to match the dizzy heights of the late 1980s.
Now Is a Good Time to Buy “Old Money”
I’ve always had a fascination with historical coins and currency, and now is a good time to buy. Old money is hot! I recommend you buy coins you actually enjoy owning and learning about. For example, several months ago I bought two Roman coins for my wife. She teaches Sunday School, and was thrilled to receive as a birthday gift coins with the image of Caesar Augustus, the Roman emperor who ruled in the New Testament period.
One day, she passed around the coins to her class, and everyone was fascinated to hold coins that existed in Jesus’ time. She told the story of when Jesus was asked if it was okay for Jews to pay taxes to the Romans. Jesus asked to see a coin. “Whose image is on the coin?” he asked. “Caesar,” they said. Then Jesus declared famously, “Render unto Caesar the things that are Caesars and unto God the things that are Gods.”
Roman coins sell for several thousand dollars apiece, depending on condition and rarity. (At a sale of Roman gold coins in May in Zurich, some top-quality coins sold for double their estimates.)
Valuable Coins, Valuable Lessons…
Last year, I taught a class on Money and Banking to 120 students at Columbia University. I spent some time educating them on the origin and mysteries of money, and why paper money has value today - even though it’s not redeemable in gold, silver or other assets.
The great Austrian economist Ludwig von Mises answered this puzzler with his “regression theorem.” Un-backed paper money has value today because it used to be backed by gold and silver - until we went off the gold standard in 1933 and the silver standard in 1964. I drove home the point by giving each student an 1881 uncirculated silver dollar. Why 1881? Because it is the date that Ludwig von Mises was born. I buy “Morgan” silver dollars in rolls of 20 - in uncirculated condition - and give them to friends and relatives as gifts, and sometimes as tips for a job well done.
The Rare Coins I’m Buying Now: Unusually Good Deals for Extraordinary Currency
Lately, Ive been buying the 2005 American Eagle Silver Dollars, which are slightly larger than the Morgans, and have exactly one troy ounce of silver in them. The American Eagles cost less than $10 each - a real bargain. Common dated Morgan silver dollars in BU condition sell for less than $30. (Lately, rare coin dealers have been hoarding the Morgans and repackaging and selling them on television, thus driving up the price. Buy them now before it’s too late.) Your best bet is to buy high quality coins. I also love to collect gold coins, especially the Saint-Gaudens Double Eagles and the foreign gold bullion coins, such as the Mexican 50 Peso, the Canadian Maple Leaf, and the Vienna Philharmonic (with musical instruments on one side and the opera house on the other).
As you can see, you do have some choices when it comes to investing in rare coins. But do be sure to buy high-quality coins, whichever ones you choose.
Dr. Mark Skousen is Chairman of Investment U, a free, twice-weekly investing newsletter that helps people become better investors for a lifetime. Dr. Skousen is a professional economist, financial advisor, university professor, author of over 20 books, and frequent columnist for publications such as the rare coins article listed above.
One of the most popular hobbies today is coin collecting. Coin collecting is a fun pastime that can be enjoyed by anyone.
The premise of coin collecting lies in the idea that certain coins are more valuable than others. Amateur collectors often save a coin if they notice it has a date that reaches back several decades.
Many adults and children enjoy coin collecting. For the majority of these people their collections are limited to old coins or coins from other countries. They take pleasure in finding something unusual and keeping it to show others.
There are amateur coin collectors who save a coin from each locale they travel to. They find the currency of other countries interesting and over time and through extended travel, they can compile an impressive collection.
Others only save coins that hold significance for them. This could mean a coin from the year they were born or the year their parents or siblings were born. Coin collecting in this way is a lovely testament to the persons life and it makes a nice keepsake to pass along to the next generation.
Serious coin collecting is an art form onto itself. There are collectors who invest an incredible amount of time and money in pursuing the perfect collection.
In most cases of serious coin collecting the collector has a specialty that they concentrate on. For some its a certain time frame and they are always looking to obtain more coins from those years. For others it is a certain denomination of coin. They only collect quarters or pennies and they focus on finding rare denomination of these coins.
There are many places that a coin collector can go to find a new treasure. There are several auction sites online that cater to coin collecting. Images of coins are posted along with a description of their condition and price.
Many of these sites have hundreds of coins posted and for the avid collector it gives them an opportunity to contribute to their collection.
Its often thought that in order to go into the hobby of coin collecting a person needs to be wealthy. Although its true that some coins are very costly the amateur collector can begin a collection on a relatively low budget.
There are affordable treasures to be found in the coin collecting market. One of the first things every coin collector should do is check their spare change on a daily basis. Although its not often that a valuable coin is in circulation it does happen.
Another area of coin collecting that many people are interested in is coins that contain errors. Although it doesnt happen very often there have been coins placed into circulation that contained errors. The error might be an off-center coin or a coin that has a double mint mark. These coins can be very valuable mainly because they are one of a kind.
Finding these types of coins can be more difficult than general coin collecting but for the people who participate they get their enjoyment when they do find a coin with a mistake on it.
Coin collecting can be a fun and profitable hobby. You can start out small and once you begin to build a collection the sky is the limit.
A lot of people find collecting gold coins as not only an incredibly interesting hobby but a fairly lucrative one as well! Over time, your collection will increase in value and parts of it can be sold if you desire. This way, you will have additional income for yourself later in life in addition to a fantastic collection of valuable coins.
1. Face To Face: Coin Collectors Know Best
The internet is home to a lot of gold coin dealers wherein you can meet all sorts of people from all over the world who are into both buying and selling gold coins. Of course, it is a rather convenient venue for you to be able to do your transactions. You must be extremely conscious, however, when it comes to dealing with other gold coin collectors that you will meet through the internet. While there are some real gold coin enthusiasts on the internet, there are also those people who are posing as gold coin collectors and are just looking to rip you off.
2. Why Gold Coins?
The history of gold coins dates as far back as 2,700 years ago. The first gold coins in the world were issued in Lydia around 640 B.C. certain internet websites will provide you with a lot of information about the history of gold coins.
As money, gold coins have been a convenient way for people to do their transactions. Gold was only used for coins that were considered of a higher value. As gold is not the most common ore, it became impractical for gold to be used in the common coin systems of all major countries. This means a collection of gold coins is extremely rare due to the fact that gold coins are no longer being produced.
3. Gold Coins For Investment
- Gold is sensible investment: all major countries use reserves of gold (such as Fort Knox) to maintain their national worth - A highly convenient investment - Physical gold is extremely stable in value
4. Commemorative Coins
When it comes to the commemorative gold coins, since gold is deemed as a highly valuable kind of metal, it is an obvious choice when it comes to making or producing special commemorative coins. In the past, there are sets of gold coins that were just issued to mark coronations as well as other important state events. A lot of financial reserves that are being held by banks are in the form of gold coins. Gold coins are a desired form of a reserved asset since gold coins are not really used for circulation anymore.
5. About Collectors
There are a lot of various gold coin sellers, buyers as well as collectors who are waiting to bid on the best kind of gold coins in the market most especially on the internet. For most gold coins that can be bought as well as sold at prices that are closely related to their intrinsic gold content. The most popular bullion gold coins are the krugerrands as well as the sovereigns.
For most gold coin collectors, there are the highly coveted rare gold coins and a lot of gold coin collectors are interested in these rare gold coins that they will offer high bids just to be able to get their hands on these.
A lot of people who are looking for things to collect are in real treat if ever they try out collecting gold coins most especially because gold coins can be bought in highly excellent and may be in even mint condition for only a relatively low premium over the gold coins gold content. Also, since the coin is made from gold, it is highly unlikely that it will tarnish or even discolor.
If you are looking into collecting gold coins, first research the various gold coins that are available in the market today. Find out how much they are really worth due to their gold content, and then factor in any additional value to the coin for being rare. Always be on the lookout for fake coins, and have coins appraised by a gold coin expert to avoid large differences in price.
With the numerous investment opportunities available in the world today, some of the most basic investments are often overlooked. Take for example the often-ignored art of investing in collectable metals such as rare coins, silver bars, and other precious metals. Literally practiced for centuries around the world, many investors are now beginning to see the advantages of investing their money in physical objects to complement the investments that they might make in the stock market or other investment fronts.
If you’ve ever considered investing in coins and precious metals or if you’d just like to learn more about this alternative to stock investment, then the information below should get you well on your way to making your first coin and precious metal investments.
Why Invest in Coins?
Coins are one of the oldest forms of currency, and some of the most lasting reminders of eras gone by. Some coins from ancient days are made of gold, silver, copper, or even clay, and can be easily identified by the pictures used by those who minted the coin as to when and where the coin was made.
Putting money into collectable coins can be a practical way to invest, since many of the coins that serious collectors purchase are quite rare and often are made of high-value materials which only increase their value. As no additional coins from the era of those you purchase are being minted and they become increasingly harder to find as years go by, the value of many coins continues to rise among private collectors. Complete sets of coins tend to bring more as a group than the individual coins that the set is made of, though some coins of exceptional rarity may surpass even that price.
The Practical Approach to Metal Investment
In addition to coins, many investors prefer to purchase precious metals such as gold or silver to add some security to their investment plan. Even when stocks and bonds fall in value, there will always be a market for certain metals… especially those that can be used in jewelry and have been used as a basis for various economies.
Of course, just because something has value doesn’t mean that you should use all of your investment money to buy it. When buying precious metals, you should always temper your investment with other forms of investment. This helps to protect you against theft, since there are no easily traceable methods of finding stolen gold or silver bars and coins.
One of the better ways to supplement these purchases is by investing in the index market, especially in the precious metals that are represented there. That way you can keep track of the value of the metals that you physically own, and reap an additional benefit from owning shares of the metal index as well.
Using Coins and Metals to Supplement Investments
Coins and precious metals can be used as a wonderful supplement to traditional investments, giving you something physical that can be relied upon in addition to the stocks and bonds that you might own. You might choose to invest in indexes as suggested above, or you might choose to use index investment as only a portion of a well-diversified investment portfolio.
Regardless of which you choose, dividing your money and applying some of it toward physical investments such as coins and metals can help to protect your investment money from losses while reaping you the greatest benefit.
You may freely reprint this article provided the following authors biography (including the live URL link) remains intact:
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
So, you feel it is time to sell your long-time coin collection, or you have inherited a collection and you know nothing about coins and you want to sell them. As with the sale of anything, you want to make sure you get a fair price. Sounds simple enough, right? In the area of numismatics, when the time comes to sell, offers for your collection can vary greatly. The following tips will help guide you to getting a fair and reasonable offer. I will talk more on the term “reasonable” a little bit later. Coin Dealers, like any other profession, number in the thousands. From part-time single person businesses to huge companies that buy and sell millions of dollars worth of coins annually. And like other professions and industries, we have a few crooks. By following the general tips in this article, you should be in a better position to realize your collections value. So here we go!
First and foremost, you need to know what you have. Why? If you do not know what you have, how do you know you are getting fair value? If you have thousands and thousands of wheat cents, I am not saying you need to inventory them all. In fact, it may not be worth your time. The chances of finding a key coin are slim at best. But you should know how many pennies you have. How? Simply weigh them. Wheat pennies come to about 148 pennies per pound. The same rule can apply to other common coins such as pre 1965 Roosevelt Dimes and Washington quarters. For the rest of your collection, you may want to count the number of each piece. Make sure you have a complete list of your collection.
OK, time to contact a dealer? No, not yet. How do you know you are getting an honest one? Before contacting a dealer, you need to do some homework. Does the dealer belong to any organizations and clubs such as ANA or BBB? How long has s/he been in business? What is their reputation? Check out a couple of dealers before you make that call. Also, just because they advertise in a major coin collecting publication, does not make them honest. I know of one dealer who advertises in a major publication and sells cleaned coins as BU/Unc originals. Most novice collectors would not know the difference.
Now that you have done some research, it is time to contact the dealer. This can be done in many ways. You can give them a call or if you are the shy type, just send them an email. In your email, identify yourself and that you have a collection for sale. Include in the email the inventory you completed. This may come as a shock to many, but some dealers will NOT want your collection. Many dealers specialize in certain types or series, or just may have too many coins in their inventory. If your collection is an average collection of common coins, you may be disappointed to learn that many, if not all of the big dealers simply do not want to bother with you. It is too time consuming to sort the common collections and the margins are too small. Do not fret, all is not lost. Many smaller dealers will welcome the chance to obtain your collection. Many of these dealers work in mail-order only and may have only email or a PO Box as contact information. While they may appear shady, these folks generally are quite reputable. As before, contact the dealer and ask if they are interested. If they are not, just move on to the next dealer. If they are, ask them for their “buy price” list. Many dealers will publish a list of what they are willing to pay for certain coins.
After some hard work, you have a couple offers on the table. The offers are not anywhere near what you expected. Remember what I said above about a “reasonable” offer? Here is the painful truth. Coin Dealers are in business to make money. Sure, many of us chose this profession because we love it, but like everybody else, we still have mortgages, car payments, and college for kids, etc. Many people will look in the latest Coin Prices magazine to come up with an idea of what their collection is worth. Magazines such as Coin Prices are really a list of prices of what you can expect to pay a dealer for a specific coin, not what you can expect to get paid. Markups can range from 20-50% or more for smaller denomination coins such as wheat cents. As I mentioned earlier, some dealers just may not want what you have. Also, many, if not all dealers, reserve the right to revise the offer on inspection of the collection. If you think all your Morgan Dollars are BU, but they are really AU, this would make a huge difference in price. Grading is highly subjective. Also, for larger, more diverse collections, a dealer may spend a considerable amount of time reviewing the collection to ensure a fair price.
So, what to do? Take the best offer and run? Maybe, maybe not. If this is an inheritance, and you have no emotional attachment, you can just sell and never look back. If this is your collection of 50 years, well this may be painful. You can continue to contact different dealers and wait for a better offer. If you feel your collection is really worth more, you can always consign it for auction. With some of the fees the major auction firms charge, it may not be worth it. You can also try your hand at eBay but unless you have a strong feedback profile, many buyers will not bid on your items. You can also locate eBay members who will auction off your collection for you for a percentage of the take. Sometimes this works out well and sometimes not.
For now, lets assume you have a reasonable offer and you decide to sell. By the way, this should be a written offer sent via the mail or sent via email. Many times, the buyer may be located in another city/state. No buyer will send you a check until they have seen the collection. If the collection is large enough (many, many thousands of dollars), some buyers will come to you. If not, your very viable option is to send the collection to the buyer via mail. Yes, that is right, via the mail. Wait you say, that sounds risky. It can be, but if you take precautions, you will have no problems. First, package the collection up very well. Make sure there are NO LOOSE coins jingling around. The sound of jingling coins is music to a thiefs ear. So be sure to wrap them up well and tight. When sending via the mail, the USPS is fairly safe. Usually, you will want to use USPS Priority Mail. Contact your local post office as you can usually get free boxes. Generally, you will want to use the Flat Rate options as you can ship up to 70 pounds for under $10.00 (not including insurance), but ask your local postal clerk for options. For your protection, you MUST insure your package and pay for delivery conformation. Include in your package an itemized list. Most dealers will appreciate this as they will audit the shipment to the list. If all is well, you can expect a check in the mail in no time.
In summary, here are the tips
1. Know what you have, prepare a comprehensive inventory 2. Research some dealers before you contact one. 3. Talk to dealers before sending coins to gauge interest 4. Send your coins. Package them well and insure them 5. Review the offer 6. Collect the cash!
As always, happy collecting!
Keith Scott has been a collector for over 30 years and owns a small mail-order internet-based coin store.
Buy quality! Buy quality! Buy quality! Thats all you hear these days when you are considering rare coins as an investment. First, are you really buying coins as an investment, or merely for the pleasure of owning a piece of history? That is sometimes the real dilemma for many collectors, or is it investors? Everybody wants to make sure that their investment is protected, but there are no guarantees, especially in rare coins. In fact, some rare coins take years to appreciate to the point of being able to sell it profitably.
Hey, I would love to be able to plunk down $100,000 for a 1919-s Standing Liberty Quarter in MS67 condition certified by PCGS. There is only one coin with this date certified by PCGS as of February 7th so it is the finest available. But not many of us have that luxury. I dont, and I suspect you do not either. Its hard to comprehend paying more for a single coin than my first house cost. And while the rarest and finest of all rare coins have reached stratospheric prices, what does this leave the rest of us? Not much, unless you are willing to do a little work.
So if my interest is in rare coins as an investment, what do I do? Well, there are many other coins and options you can choose. First, lets review what drives the price of a coin.
1. Demand.
Demand, perhaps is the biggest driver of price. A clear example of this is the 1909 S VDB with a mintage of 484,000 and an estimated retail value of $720.00 in G4 and $7,500 in MS65 vs. an 1879 Shield Nickel. The Shield Nickel had a mintage of only 29,100 yet the estimated retail value of a G4 is only $415 while the MS65 example is $1,950. To further illustrate this point, PCGS has certified 703 MS65 Red 1909 S VDB cents and only 27 MS65 Shield Nickels. How many Shield Nickel collectors do you know vs. Lincoln Cent collectors?
2. Scarcity.
Generally speaking, putting demand aside, the more scare/rare a coin, the higher its value. This is usually very true, especially when comparing dates within the same series. Scarcity should not be confused with overall mintage. During the silver booms, many, many silver coins were melted for their bullion content. Additionally, some coins with higher mintages can be quite rare in certain grades such as higher MS condition coins due to weak strikes, etc.
3. Condition.
This is the most obvious one. When comparing the same coin, the better the grade, the higher its value.
4. Age.
Although age can have some factor, I would rate it lower than the three above.
Ok then, considering all these factors, how do I find nice coins that I can afford that will not only appreciate in value, but appreciate at a higher rate than other coins? I think the key word here is “nice”. Coins other than Mint State coins can appreciate in value if you know what to look for. Look at the 4 driving factors of price again. They are demand and scarcity. Take a good look at the following chart. The chart shows a good comparison of some different coins. Some you might consider a good investment and some you may not. The main comparison I am trying to make is from 2005 to 2006. I had an old issue of Coins Magazine from November 1973 so I thought I would throw those values in as well.
First, lets look at the 1877 Indian Head Cent, the key of the series. In a one year period of time, the value of the coin rose 18-19% depending on condition. The 1909 S, the coin with the lowest mintage of the whole series rose only 2-3%. Take a look at the mintages. The 1877 had over 2.5 times the coins produced than the 1909 S yet is valued much higher. Part of this is demand and there are probably less 1877 dated cents to go around.
Next, take a close look at the 3 Lincoln Cents in G4. While the 1909 S and 1931 S are considered keys just as the 1909 S VDB is, it is the 1909 S VDB that has risen in price while the 1909 S did not budge and the 1931 S moved ever so slightly. It is interesting to note though that in XF condition the 1909 S VDB stayed the same.
Compare the mintages of the 5 above coins to the 1879 Shield Nickel. A mere 29,100 nickels were produced that year yet the price for a G4 is a paltry $415
So, what does this all prove? To me, it proves that picking coins solely for investment is as tricky as playing the stock market. You just never know what may be the hot item. Certainly, key issues will continue to rise and will probably rise at a higher rate than non-key issues. If you are truly set on buying rare coins as an investment and you cannot afford the high-end items then keys in some of the lower grades may be the way to go.
What will be the next “hot” coin? Only time will tell and your guess is as good as mine. I suspect that with more and more interest in Lincolns, especially with the upcoming changes to the Lincoln Cent, there will be more demand for Lincoln Keys, but that is only a guess. Others to keep an eye on are the 1932 D and S quarters. The State Quarter program has created more interest in quarters. This is just pure speculation. As for me, I will just continue to buy the coins I like.
As always, happy collecting!
Keith Scott
www.mountainviewcoins.com
coins@mountainviewcoins.com
Keith Scott has been a coin collector for over 30 years and owns a small mail order/online store (www.mountainviewcoins.com)
An associate of mine remembers receiving as a child a big paper bag of old US silver dollars, some going back as far as the late 1890s. Sometime between then and today he has misplaced that old paper bag. To this day he wonders if any of those coins might have been worth something.
There is no arguing that coin collecting is one of the biggest and most expensive hobbies in the world. The price tags of some old coins would turn your hair grey. In this article were going to review the 10 most rare coins in existence. Wait until you see what some of these are going for.
Starting at number 10, there are the “proof gold” coins. Today the mint strikes millions of these coins every year and sells them to collectors from all over the world. However in the 19th century the mint struck only a few thousand of these each year and only a handful of proof gold coins. These are very rare and very expensive and sell very well in good and bad market times.
At number 9 we have early US gold coins struck between 1795 and 1834. These were minted in denominations of $2.50 $5 and $10. Today these coins are very rare in any condition and super rare in mint condition.
Coming in at number 8 we have the Liberty Seated Dollars. These coins are said to be the most beautiful ever made and one of the rarest of the 19th century coins. Both circulation strikes and proofs are very rare.
Hitting the chart at number 7 we have a very odd coin that was minted between 1875 and 1878. These were twenty cent pieces. Unfortunately the coin looked too much like a quarter to catch on with the public and there was no real commercial need for the denomination. Today they are highly prized collectors items. These coins today are very rare in top condition.
Number 6 on the coin hit parade are the Barber half dollars. These were minted between 1892 and 1915. They are one of the coin markets most important issues. They are collected by both “date” and “type” collectors and are the rarest of the 20th century silver type issues. These are very rare coins and to find one in gem condition is a once in a lifetime occurrence.
Midway up the chart at number 5 is the 1917 Type One Standing Liberty Quarter. This coin was made for only 2 years. The exposed breast of Miss Liberty caused such a commotion that they had to radically change the design midway through 1917. Since the 1916 is a 5 figure rarity (in the 10s of thousands of dollars) this coin is essentially a one year issue.
At number 4 are the Mercury Dimes. Even though this dime was minted between 1916 and 1945 proofs were made only between 1936 and 1942. Mercury dimes minted between 1940 and 1945 are actually reasonably priced and sell for about $50 a piece. The proofs are a little more expensive.
Just 2 spots from the top at number 3 is the Walking Liberty half dollar. This is also one of the worlds most beautiful coins and extremely popular with coin buyers. These coins are very hard to find in mint condition. All five of the issues between 1941 and 1945 have made the all time rare coins price list.
Falling just short of number 1 at number 2 is the Texas Commemorative Half Dollar. This is actually the number 1 commemorative coin on the all time rare coins price list. Between 1934 and 1938 about 150,000 of these coins were minted. Only about 60 to 80% of those have survived to this day and only 50% of those grade MS65 or better. So this is indeed not only an extremely rare coin but actually considered scarce.
Finally coming in at number 1 is the Saint Gaudens. This $20 piece is probably the worlds most well known coin. It is one of the most beautiful coin designs in history. This is one of the few coins that didnt drop in price during the 1980-1982 bear market.
In a future article we’ll cover how coin collectors go about getting rare coins and where they can be found both on and off line.
Coin Hunting or ‘Coin Shooting’ as it’s often called, is not only very fun to do, but it can easily be very profitable. Finding just one gold piece or any rare coin can easily pay for the cost of the metal detector. When it comes to Coin Hunting or ‘Coin Shooting’, there are some places that I call ‘hot spots’, or the best places.
Riverbanks - Ponds - Lakes - Swimming Holes: These locations are true treasure hunting top spots. The Riverbank is a huge area that can provide a lifetime of detecting. River banks were used as ferry crossings, and some had covered bridges with toll stations. The local old timers may be able to tell you where the local fishing and old swimming spots were. Remember many of the old fishing spots were also drinking and partying spots, and at the swimming holes a lot of people took off their outer clothes, losing change as they did. And going back even earlier in the years, folks would take their clothes to the riverbanks to wash them in the water. The same goes for old farm ponds, many were used as a favorite summer time swimming spot or picnic area. The banks and shores of rivers, ponds, streams, lakes etc, are great locations for coins, jewelry, trinkets and more.
Schools - Churches: These are also ‘HOT’ areas for metal detecting, most towns or even rural areas have a school, some have multiple ones. Schools that are currently open during school season are a great place to find modern coins and even a few clad coins, also numerous trinkets, diecast cars, and cheaper jewelry items can easily be found on modern school grounds.
If you are as lucky as I am, then you live in a rural or country area that keeps a lot of their old buildings. I know where there are two old buildings that served as one room school houses, these places were open in the late 1800’s to the early 1940’s. Just imagine the wonderful finds these old grounds may be hiding. The old one room school houses also served as churches, social halls, farm grange buildings, and as meeting places for scouts, ladies aid societys and more.
Many old Churches and one room schol houses had there own treasure chests, that’s right. When these buildings were constructed, the local kids and adults would bury a chest on the grounds or under a corner stone of the building. The chest was a sort of time capsule containing coins, newspapers and other unique items from the time when the building was erected. Many of these old buildings rotted away over time, and folks forgot about the buried time capsule located near the corner stone.
Searching the land a church is on is like searching for a pirates loot, you never know what you may find. And a lot of churches are very old, even many of the modern ones are like schools, they are built on the grounds where old ones stood. Churches were often the first buildings built in many towns. Right here where I live are numerous churches, and one was built in the early 1700’s. Church buildings not only housed people on sundays but, most were wedding sites, reception halls, dance halls, dinner sites, ice cream social locations, group meeting spots and much more.
Woods - The woods can be awesome for metal detecting if one knows what to look for. Look for old paths, those are great places to detect along. Old paths in the woods served as shortcuts to open fields for farmers to get their equipment through, or for cattle to follow and more. In a wooded area not far from where I grew up as a child I know where there is an old path, now grown up with trees and bushes, most folks would overlook it or not know it’s history. My grandfather and dad built the road by blasting stumps with dynamite and by hand cutting trees. They used the path to quickly get tractors, and other farm machinery to another open field below the woods. Just imagine the number of times my own dad and grandfather probably sat along that old road, eating their lunch or sipping some cool lemonaid underneath the shade of a large tree. Any time someone sat along a road eating lunch, they would often pull an old cloth hanky from their pocket to blow their nose or even wipe their mouth, often losing some pocket change at the same time.
Another rare but great metal detecting site that can often be found in the woods is old stone foundations and old stone chimneys, each has the potential for a rare gold coin or a jar of old silver dollars. Remember at one time this old stone foundation or fireplace was part of a familys home, with kids playing, parties and numerous outdoor activites.
Some other great Metal Detecting sites are - Parks, Beaches, Old Ball Fields, Playgrounds, Fairgrounds, Camping Sites, Camps, Ghost Towns, Battlefields, Old Picnic Spots. Make sure that you have permission to search and dig in any location you are going to do your detecting at.
There is Computer Software that is made just for the hobby of Metal Detecting. The software is called: ‘Metal Detector - Treasure Hunter Professional’, and may be seen at this website address:
http://www.rb59.com/md/meal.html
By Robert W. Benjamin
Copyright © 2006
You may publish this article in your ezine, newsletter on your web site as long as it is reprinted in its entirety and without modification except for formatting needs or grammar corrections.
Robert W. Benjamin has been in the software business on the internet for over 5 years, and has been producing low-cost software for the past 25+ years. He first released products on the AMIGA and C64 computer systems in the late 1970’s-80’s.
RB59.COM Software
http://www.rb59.com/software
You may have heard the terms proof coin and un-circulated coin, but what’s the difference between these two? To understand the difference between a proof and un-circulated coin, let’s first answer the question, “What is an un-circulated coin?”
Un-circulated means a coin has not had any wear, such as the wear a coin might experience when it is used in commerce. Handling a coin, as well as improperly storing a coin, can result in wear on the surface of the coin. This wear, even if very minor, will cause a coin to no longer grade un-circulated.
When coins are minted they often bump into each other and receive small nicks and abrasion marks during the production process. These marks also occur as coins are transported in large canvas bags. These marks, sometimes called “bag marks”, are more noticeable on larger coins, such as half dollars and dollars. Typical “bag marks” do not keep a coin from grading un-circulated. However, they can be an indicator of how high of a grade the un-circulated coin might receive.
Current accepted grading standards provide for a range of un-circulated grades, from the grade of MS-60 to MS-70. MS60 would be a lower grade (yet still) un-circulated coin with normal bag marks for that type of coin. Anything below MS-60 would not be considered un-circulated. MS70 would be the perfect “ideal” coin. Some coins are rare in grades MS65 to MS70, and even unheard of in MS70 grade. (The attribute “MS” stands for “mint state”.)
A newly minted proof coin is also un-circulated, however it is the way it is made that causes a difference in appearance and qualifies it as a “proof”. To understand this, let’s look at how coins are made. Coins are produced when two dies strike a blank piece of metal with tremendous force. One die is engraved with the front (obverse) design for the coin. The other die has the back (reverse) coin design on it.
A proof coin is made with a specially polished and treated die! By treating the die in a special way, the coins it produces have a different appearance. Modern technology allows the high points on the coin design to be acid treated (on the die). The background (field) design of the coin die is polished, resulting in a mirror-like look on the coin it strikes. This gives the finished coin a frosted look (frosting) on the raise parts of the design, with a mirror like finish on the background. This contrasting finish is often called “cameo”. On some older coins a cameo appearance is quite rare. The attribute “CAM”, when added to a coin’s description, means cameo appearance. “DCAM” means deep cameo, and indicates the cameo appearance is strong and easy to observe.
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