Coin Buying 101

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.

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.

Gold coins are a favorite of coin collectors with an eye toward investment.

How would you feel if you knew that you had handed over a penny worth $2,000 or more as change for a dollar?

Avoid touching the coin unnecessarily, as dirt and grease from your fingers will tarnish the finish over time. Exposure to air oxidizes metal, changing its colour. Many collect coins to commemorate great events in their lives, a child’s graduation, a new baby*or to mark historical events such as the Queen’s Golden Jubilee.

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 1800’s and early 1900’s. Some collect coins from different countries.

Commemorative coins are a popular form of collection, as are rare minted coins like those which had an error in their stamping. If a certain set of coins doesn’t interest you, it won*t be any fun at all to become a collector.

Coin dealers will also be more likely to recognize a counterfeit coin, have a higher chance of hearing about the sale of the specific rare coins that interest you, and will recognize an asking price that is over- or undervalued. As an investor, these are all critically important points for your success.

Coin buying 101

There are various sources where those special coins can be purchased. The following are the basic methods and starting places to obtain the coin(s) you have long wanted.

Go local

Coin shops are plentiful in most states. Generally your local area or city will have coin shops which you can visit to see if they have the coins available that you want to add to your collection. Most of these coin shops are located in the larger town or cities. Better yet, use your local phone book and start walking those fingers through the pages to find out where the nearest coin shop(s) is located… These shops provide coin collectors the opportunity to actually examine or scrutinize the coins that interest you. Fortunately, these coin shops are also replete with experts and coin lovers who share your passion and can offer their valid judgment on a particular coin’s grade or value. They can also offer helpful tips as well as advice.

Local coin shops may sometimes have a limited stock or collection of coins and the price they offer them for may be a little bit higher than usual. This scenario usually applies to collectors.

Auctions for coins

Coin collecting for investment purposes can be a tricky endeavor. 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. You’ll need to learn about the value of different coins.

The Philadelphia mint used no mint mark until 1980, when it started stamping coins with tiny P’s. Yet somehow, a small number of dimes minted in 1982 were a throwback to the time before the mint mark, and bear no letter P.

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.

Coin Collection 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.

The Augustus Saint-Gauden Double Eagle is widely considered to be one of the most beautiful coins America has ever produced.

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.

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.

There are so many different kinds of rare coins to collect, ranging from gold bullion coins to ancient Roman coins, that it is impossible to be a true expert in all of them. You’ll want to find a merchant that specializes in the particular area that is of interest to you.

There are also auctions specifically for coins. This method is a very effective  if not excellent  way to purchase coins. It is extremely important that prior to attending an auction you know the procedures and rules that apply. There are various types of auctions; bidding auctions via mail, internet, as well as auctions conducted by phone. Always be aware and wary! It is important to make sure that you set a fixed price on the coin you are about to bid on. Auctions can turn very emotional and aggressive. Practice discipline and try not to bid more than the ceiling price you have set for yourself.

Buying coins by mail

This method is a very convenient and inexpensive way to purchase coins. Most dealers that transact via mail usually have overhead costs that are low so they are able to offer similarly low prices on coins they sell.

Do not forget to thoroughly inspect a particular dealer’s policies before returning an item. Make sure that once you receive your coin, immediately inspect it for authenticity or damage. The coin you must have must be just as you ordered and what you expected.

In summary, coin buying is not difficult. All you need is to research and look for the best product available. Always be on the lookout for rare gold coins, and have coins appraised by a gold coin expert to avoid large differences in price. Today, building a fascinating collection of coins does not have to be expensive, and everyone can participate in this exciting pastime.

An avid coin collector will be able to tell you virtually every piece of history that surrounds any coin in their collection both because they tend to specialize and because knowledge is one of the most important factors when it comes to starting and maintaining a collection of any value or worth.

Possibly. In 1991, only 459,000 25-cent coins were struck (the annual number is usually closer to 100 million). ‘Mint State’ versions of these coins are worth about $8.

Some collect coins related to kings and queens. Some collect those related to plants and animals. 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.

Some precious coins with double stamping include doubled-die Lincoln cents from 1972, 1983, and 1984, and a doubled quarter minted in New York in 2001.

While there are some real gold coin enthusiasts in the internet, there are also those people who are posing as gold coin collectors and are just looking to rip you off. You can get a silver locating device or a magnetic pole for finding loose coins in ditches, under cars, or in other hard-to-reach places. Or simply rely on your eyes to identify those gleaming metal circlets of potential wealth.

During the Renaissance, popes and nobility began collecting coins for their artistic and historical value, and the name “the hobby of kings” was born.

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