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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!
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.
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.
Very few things tell more about a country in fewer words than the coins it produces. Coins hold a wealth of information on their small faces, from the year of their birth to the language spoken at the time, from the metals a country holds valuable to the cultural influences and historical figures that its people hold valuable. Coins can also be strikingly beautiful in their own right, with the top designers of a nation striving to have their motif chosen for immortality on the face of a coin. With so much information and beauty contained in so small a package, it is no surprise that coin collecting has been a hobby nearly as long as the concept of coins themselves. An understanding of the long history of coin collecting, once known as “the hobby of kings,” will make this pastime even more enjoyable.
The Origin of Coins and Coin Collecting
The hobby of coin collecting began nearly as soon as the first coins were minted in Asia Minor, around 650 B.C. Before that time, gold and silver ingots were the most common form of legal tender. Because there was no standard, however, each trade necessitated a careful weighing and examination of the precious metals being offered, and it was easy for unscrupulous merchants to pass off a lesser quality of gold in trade. Coins, which were printed on standardized weights of precious metals and stamped with a government guarantee of value, was the answer to this unwieldy, easily sabotaged trading process. Within one hundred years, the concept of coins had been adopted by all of the major trading cities in the civilized world.
At the beginning, coin collecting had a very practical reason – there were no banks in which to store money. People hoarded coins as a way of safeguarding their wealth. Those coins that were especially beautiful were hoarded the longest, often being passed down within families.
Coin Collecting in Renaissance Times
Modern coin collecting, where the coins are viewed as a work of art as well as a collection of valuable legal tender, is widely thought to have begun with Francesco Petrarca, or Petrarch, who is often called the father of the Renaissance. Although there is reason to believe that Roman emperors and citizens paid prices higher than face value for coins that were no longer in circulation, Petrarch was known to be an avid collector, and often spoke of his collection in his writing. During the Renaissance, popes and nobility began collecting coins for their artistic and historical value, and the name “the hobby of kings” was born. So popular was the pursuit and trade of ancient Greek and Roman coins in this time period, that a brisk business in high-quality counterfeits sprang into being. Today, these counterfeits even have a high value, due to their age, quality, and historical significance.
Coin Collecting in Modern Times
Coin collecting has been a favorite pastime of many people with a reverence for history, including U.S. Presidents Thomas Jefferson and John Adams. The development of two large coin organizations in the mid-to -late 1800s, the American Numismatic Society (ANS) and the American Numismatic Association (ANA), helped spark American interest in building and maintaining a coin collection. Today, there has been an explosion in American interest in coin collecting, in large part due to the ease and availability of obtaining interesting coins. The U.S. Mint has successfully increased interest in starting a coin collection through the minting of specialty coins, such as the bicentennial half dollars released in 1976 and the current release of quarters commemorating each of the fifty states.
Coins and Coin Collecting, www.coinsandcoincollecting.com Your guide to getting the very best from your coin collection. Coin collecting can be started as simply as getting a special state quarter for your birthday. Or you may use a coin collection to help you visualize the history of your state or country.
Robert W. Benjamin
Probably everyone at one time or another has collected coins. Some people save old wheat pennies they find in change and throw them in a jar. Other people collect state quarters, and some others collect certain coins like nickles or dimes, and try to build a complete collection over time. A lot of folks think coin collecting is the hobby of kings and truthfully, its often called that. A king may be able to build a giant collection of coins, but I promise you, that the small collection a young boy has that may only be worth a couple of dollars, is worth just as much to that boy as a Kings coins are worth to him.
I can tell you right now, anyone can collect coins and you dont have to be rich. In fact I have quite a large coin collection, and I have had a very low paying job all my life. There are a lot of ways someone can build a great coin collection over time, while still paying the bills.
Coins are so neat looking, I remember when I was a young boy, my grandad would go upstairs and open a safe we had, inside was a metal drawer containing some old Morgan and Peace Silver Dollars. My grandad would let me sit and play with the coins often. I would hold one by the edge on the table top and flip it on the side with my finger and the coin would spin wildly around on the table like a toy top. The coins were frosty silver or whitish colored and were beautiful to look at, they were large and heavy, not like the little coins we have today. I often wondered how many folks actually carried these things around in their pockets everyday, it only took a few of them to weigh quite a lot.
After my grandad passed away back in 1969, my dad sold the old silver dollars, I dont think he really wanted to, but my grandad had left the family farm pretty deep indebt, so dad had an auction and sold about everything except our house and the barn, to pay off the huge bills. It wasnt too long after that when dad got bitten by the coin collecting bug. At first it wasnt coins but paper money that got dad started. I remember dad saw an ad in the back of some magazine, where a guy was offering to pay $2 for every dollar bill you sent him that had a certain treasurers name on it, that name was: ” Joesph W. Barr “. My dad looked in his wallet at some dollar bills he had, and sure enough he had one that had the signature ” Joesph W. Barr ” on it. Dad took the dollar from his wallet and kept it in an envelope in his old roll top desk, and after checking his money for several days afterwards, dad found some more of them. Sometime later dad mailed the dollar bills to the address in the magazine ad, and sure enoug h he soon got a check for the dollars plus an extra dollar each. Dad continued searching and sending in them ” Joesph W. Barr ” dollar bills for awhile, then after a period of time, the guy no longer was accepting them.
Dad then started buying a few Indian head cents and some buffalo nickels. Then as he got older and money seemed to get a lot more tighter, dad quit buying coins and turned to a new hobby, doing sweepstakes. But by this time, I was hooked, I just loved the look of the old coins, the silver ones and the old copper large cents, they just seemed so neat compared to the boring coins of everyday use. Now as I am writing this article, I stumbled across an interesting article about the ” Joesph W. Barr ” dollar bills from the American Numismatic Association it said, the following: “At one time, it was speculated that the notes signed by Treasurer Joseph W. Barr would eventually hold a high numismatic value since he was in office for only 23 days in 1968-69. However, during that period, a total of 484 million notes were produced with his signature. The high quantity produced dictates that the notes will never be considered rare in our lifetime. Interestingly, in 1995, numismatic author Alan Herbert stated, “A $1 Ba rr note deposited in an interest-bearing account in 1969 would have been worth over $4.00, figuring 6% interest compounded annually. A circulated Barr note kept in a safe-deposit box for 26 years is worth $1 today.”
So that explains why that guy probably quit buying the ” Joesph W. Barr ” dollar bills, it seemed they might of been collectible for a little while, but they just never caught on. Today you can still buy them on eBay and other places, sometimes for slightly more than $1.00. Oh well, it is something that has stuck in my mind every since I was a little boy, I will always remember dad checking his wallet for ” Joesph W. Barr ” dollar bills. Now as I wipe the tears from my eyes, yes I am sad to say dad has been gone a few years now, and I still miss him very much, especially when I sit here alone and think about the times we spent together in the years gone by, oh well, at least its always great memories when it comes to you, dad.
Now as I regain my mental composure, if I ever had one, I want to say that I never lost the desire to collect coins. And as I got old enough to work full time, and live on my own I started and built a fairly large coin collection. I didnt have much money as I never went to college or trade school, and I have always had a job working as a laborer, so I had to fine ways that I could build up my coin collection cheaply.
One day, I was looking in the back of a Coin collecting magazine that I had purchased at a local news stand, and I found an ad where you could join a coin collecting approval service. They would send you certain coins once a month, and you could select the ones you wanted to buy and keep, and if you didnt want them all, just mail the others back to them, and the next month they would send some other coins for you to examine. What made this program better than the other approval services I had often seen was, you could tell them what type of coins you were interested in, and what price you were willing to spend monthly. I selected miscellaneous U.S. coins, everything from old large cents from the 1800s to silver mercury dimes and buffalo nickels etc. And I chose to only spend $20 a month, for me this was perfect and for about a year or more I stayed in the program and over time I got a nice bunch of coins from them, then something happened and the company folded or went out of business, as I never received any more coins from them and I no longer saw their ad in the magazines.
Overtime I discovered other cheap methods to aquire some nice coins, one of the methods I still use, is something that anyone can do to start building a nice coin collection. Just start searching and examining your pocket change, I still find wheat pennies and silver war nickels, and many pre 1960 nickels, and sometimes a silver coin in pocket change. One time about two years back, I was at a local store and got some change back, I noticed two of the quarters I received looked kinda white in color, examining them closely after I got back home, I discovered they were both pre 1964 silver Washington quarters. I figured somebody must of needed money to buy some cigarettes or milk or something, and must of used some of their old coins, I was just lucky enough to had been there at the right time and place to get them in my change.
One place to find a lot of nice coins is to go to different banks and buy rolls, search through them carefully, and you will be surprised of the neat finds you may come across, plus just add a few out of your pocket change to replace the ones you want to keep from the rolls, and you can turn them back into a different bank for some different rolls of coins to search through.
Another place that is fairly good for finding some rare coins is at local flea markets, be careful though as many of the folks at these places are very aware of a coins value, and they often ask for much more then what the coins are worth. Read up on the coins you are interested in buying, or better yet, take along a pocket coin price guide with you when you go to buy coins, its better to be thrifty then foolish.
Anyway, now after collecting coins for fun over the years, I have almost every Lincoln cent that was made from 1909 up to present, and I have every Jefferson nickel from the first one that was made in 1938 to present, and I have a nice sized wooden chest full of miscellaneous U.S. coins, including silver dollars, mercury dimes, buffalo nickels, Large Cents and many more unique and rare coins. I figure the coins will make a nice gift someday, something to leave to my daughter and her children, and maybe I can spark that fire in them, that my dad started in me, the joy of coin collecting. So start checking your pocket change today, you just never know what rare finds you may come across. There are several different types of computer software that are made for coin collecting. One program that stands out is Coin Collector Professional , it is made for any coin collector, from novices to professionals, and it cost under $20. Coin Collector Professional may be downloaded and tried for free at this website address:
http://www.rb59.com/ccp
By Robert W. Benjamin
Copyright © 2006
You may publish this article in your ezine, newsletter or 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 software on the AMIGA and C64 computer systems in the late 1970s-80s.
RB59 Software
http://www.rb59.com/software
http://www.GoArticles.com/
Michael Johnson
So you can’t wait to start collecting coins. Welcome to a fantastic hobby that will last your lifetime. Something you can pass on to your children and grandchildren.
Don’t Panic. It is a very simple hobby to begin. And will be a lifelong adventure as you grow your coin collection over the years. The thrill of a great find is absolutely terrific.
First off; go and visit the library. Pick up some of the standard reference books on coins. Some examples are:
A Guide Book of United States Coins 2006: The Official Red Book by R. S. Yeoman, Kenneth Bressett
The New York Times Guide to Coin Collecting : Do’s, Don’ts, Facts, Myths, and a Wealth of History by Scott Travers (Foreword), Ed Reiter
The Official Blackbook Price Guide to U.S. Coins 2005, 43rd Edition (Official Blackbook Price Guide to United States Coins) by Thomas E. Jr Hudgeons
Read them thoroughly along with as many other coin collecting books you can find. You will find a wealth of knowledge and ideas. There is no need to guess with so much information available.
Next search for and join some clubs and organizations. Stop by a local coin dealer to get the best recommendations. Become a member and buy some magazines to repay them for the help. Just talking to the people at a coin shop can really assist the beginner.
Now that you have done some homework, it is time to choose what you want to collect. You can have general collection but you will get much better results if you specialize in one area at a time.
Follow what interests you. Learn everything you can about your specialty. You can collect coins from a country or time period, or themes, like animals, airplanes or states. Silver dollars are popular as well as $100 gold coins, tokens, bi-metallic coins. You can collect coins with flowers on them or coins with a specific person. The possibilities are endless. Collect gold rush coins or commeratives like the olympics.
You can also collect coins for specific years like the birth of a child or a graduation year.
Study at your own pace and you will have more and more fun as your knowledge of coins grows. Once you learn what to look for, how to spot quality coins at bargain prices, how to speak coin, and bargaining for coins it is a great hobby for all. Getting a big “find” is one of the thrills that keep coin collecting interesting.
Get out there do a little research and have fun as you build a coin collection that others will admire.
For more info on this hobby be sure and check out our directory of great websites to assist the beginner. http://www.coinsandcollecting.com has quite a few resources for the new coin collector plus a directory of hand picked websites to find expert level tips.
Michael Johnson operates a variety of collectible websites and newsletters. Visit the website for many coin collecting tips. http://www.coinsandcollecting.com.
http://www.ArticleCity.com
Everything you need to know about coin collecting in one place. Tips, gifts, and books.
Collecting coins is a hobby that can be enjoyed by anyone of any age. A lot of coin collectors started as children, with the help of their parents or grandparents collecting pennies or dimes. For some coin collecting can become a lifetime hobby.
There are various reasons to collect coins. Some people collect coins from a specific period of time, some collect coins based on perceived future value, some collect coins based on type of metal, some for historical value. Some people happily collect more common everyday coins, going through their pockets at the end of the day for them is fun, checking dates and mintmarks on their change. Some collectors can spend thousands of dollars on rare silver and gold coins from the 1800s and early 1900s. Some collect coins from different countries.
With any new hobby comes the learning. As coin collecting is a hobby involving an outlay of money for coins from the start, its best to join a group to get help from experienced collectors. You will need someone to buy the coins from, and it can be difficult to find a reputable coin dealer. Someone who has been coin collecting for years can help you choose a knowledgeable and honest coin dealer. Youll need to learn about the value of different coins. This can be done by following what coins are being sold for, and what dealers are paying for coins. You will need to be shown how to assess the true value of a coin which can be based on many factors such as age, mintmark, and condition.
The mintmark of the coin can usually be found near the date and on newer coins the mintmarks are as follows: “P” Philadelphia, “D” Denver, “S” San Francisco,”W” West Point New York. Older coins may show the following mintmarks: “C” Charlotte North Carolina, “CC” Carson City Nevada, “D” Dahlonega Georgia, “O” New Orleans. Its interesting to note that from 1793 to 1838 the only mint in operation in the US was in Philadelphia and coins from these years have no mintmark.
As you become a more experienced coin collector your “eye” will mature and youll be looking more closely at details like the lettering on a coin, making sure the letters are still clear and not worn down. Youll pay attention to the general condition of a coin, and you may stray away from coins that have a lot of obvious wear and tear. These are a part of grading a coin. Youll learn to look for minting errors which can make a coin quite collectible. For example a three legged buffalo instead of a four legged one, or perhaps an off-centered image.
As with any hobby, the more you learn about coin collecting the more you’ll be able to enjoy it.
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