Start Coin Collecting At Any Age

Old coins that is.  Try looking under that old dresser, or up the attic where grandma or grandpa’s things may be stashed away patiently waiting for you to discover them.  Who knows, you might find a coin there, an old coin that – at today’s rate – may be worth a few dollars; probably three or four or five, even ten times what the coin was worth back then. 

A penny a day, is worth okay

Fortunately or unfortunately, there was a shortage of copper during the year 1943 and all pennies made at that time were minted using steel. There were however, some Lincoln pennies that were incorrectly minted on bronze that turned out to be blanks.  A few years – or decades later -these bronze pennies became a rarity and are valuable.  The steel ones though, because of their commonality, are worth only between one to three dollars each. 

Be aware and be wary as there are schemes where gullible coin collectors are sold coins that are copper plated in an attempt to make these pennies appear to be bronze.  Also, keep your guard up anytime someone offers you a circa 1943 penny made out of a metallic white alloy.

Old coins are good coins

Coins, specifically the silver dollars made and circulated between the years 1878 and 1935, are worth between twelve dollars and twenty five dollars for the circulated coins.  The coins that were not in circulation are worth considerably more.

Meantime, those quarters, dimes, or half  dollar coins made and circulated prior to 1965, are usually made out of ninety percent silver and therefore worth as much as today’s silver (with an additional premium, albeit small, put on the coin’s face value).

Wrong pennies are right

There is a Lincoln penny issued in 1972 on which the date and the letters on it appear to have been doubled.  This rare coin is currently worth about sixty dollars, assuming the pennies are in standard condition. The Philadelphia Mint during that time period accidentally misaligned the die used in minting the coins causing the portrait of Lincoln to look like it was doubled.  Fortunately or unfortunately, eighty thousand of these were circulated before the error was discovered.

In summary, coin collecting is similar to collecting bits of history and trivia from the past.  In addition to the face value its worth as a treasure – pennies, dimes and coins – often are worth more in the long run.

How to Begin Your Coin Collection

There is a wealth of detail in the markings on a coin, but few people take the time to understand their meaning, or to find out the real value of a coin- the price collectors are willing to pay for a rare specimen, rather than what you can buy in a shop with today’s common currency. Some of the information you can get from a coin is the year it was made, the language that was spoken by its makers, and what metals and symbols were prized by culture that used it.

The history of gold coins is long and intriguing. They were first used in Lydia around the year 640 BC. Gold has been used as currency for almost three thousand years. Each coin was designed to reflect the values of the culture that produced it. The Kangaroo appears on Australian gold coins, and the Panda is celebrated on a different Chinese coin design every year. The American equivalent, known as the Gold Eagle, displays a nest complete with young bald eagles, as a testament to the importance of the family and of unity. Perhaps the great majority of coins show the image of the ruler who held power when they were minted. The practice of putting famous and influential faces onto the currency continues to this day.

There are many coin collectors around today, but their hobby has existed almost as long as coins themselves. The first collectors who took an interest in the different coins of the world were doing so well over two thousand years ago. Petrarch, one of the great Renaissance men, is credited with originating the collection of coins as an aesthetic pursuit. Before his time it was more for the value of the precious metals from which they were made that people sought out coins.

Anyone can begin collecting coins. It is a very easy and inexpensive hobby to take up, and numismatics, as it is technically termed, is enjoyed by people from all walks of life. Many developed their enthusiasm as children, collecting coins of small value for their designs. This can be an interesting hobby for an older person, such as a parent, to begin with their child.

A good place to start your collection is with the coins specially designed to commemorate various occasions. An interest in coins can be stimulated by an interest in the event they commemorate. Coins that bear an important date, such as the recipient’s birth date can also make an interesting gift on a special occasion. Collecting local coins or ones relating to a particular period of history that you find interesting can be highly rewarding too. Coins that originate in your area will be much easier to find, so they make a great beginning to your collection. Most coin experts are intrigued by where and when their coins were made, and spend hours finding out about their history. Choosing a particular type or age of coin means you will soon develop a good knowledge of what coins you are looking for, and their values.

Many collectors target coins with particular errors on them, since these are usually particularly rare and difficult to locate. These include mistakes in the stamp causing faulty designs to appear on the coin, and coins that were erroneously made with the wrong combination of metals.

Coins can be bought at shows or from dealers, but you may also find interesting coins mixed up in the circulating currency. If you are particularly interested in older coins, then it could be worth your while to get a metal detector, which will be able to locate silver or magnetic metals. Even without such equipment, many exciting finds have been made just by picking up what somebody else has dropped. The luckiest chance can bring a coin to the attention of a collector, since the vast majority of people do not recognize what they have, and rare coins can be passed through the normal routes alongside common currency for years.

Valuable coins should be stored and treated correctly to keep them in the best condition. Choosing a coin collection means that preserving the value of your items is much easier than with many other hobbies. Many people choose to show off their finds by having them framed and hung on the wall, or presented in glass cases. Many museums house large coin collections that are displayed in this way. The beginner can however be safe in the knowledge that an old cardboard box or empty glass jar will keep their collection just as well protected.

Once the collection has grown, in size and in value, it can be worth getting hold of a coin folder, specially designed to keep coins safe. There are many different types and sizes of folder. The best choice will depend on the size of the collection to be housed and whether the collector expects to add many new coins in the future. Some folders have sheets of plastic pockets to hold various coins together, while others provide separate pockets for each coin. As well as keeping your collection safe and organized, putting your coins into a folder will mean that you have them ready to take with you should you want to bring them to a show or to have them valued. If you are interested in trading coins with other collectors then having them to hand will be a big advantage. A range of folders is available in most coin stores, or online.

To ensure that coins stay in top condition, it is important to make sure they are clean before they are put away with the rest of the collection. A simple soak in vinegar or lemon juice will usually do the trick. Ammonia and alcohol are also effective for this purpose. There is no need to polish the coins. In fact, this can damage them by wearing away their markings or making scratches. Simply pat them gently with a cloth, or leave them to slowly dry off in the air. Many coin shops offer a professional cleaning service, but this will not be necessary unless you are a serious collector, perhaps with too many coins to take care of yourself.

Finding out how much your new-found coin is worth can be just as interesting as discovering its history. Most old coins that you come across are unlikely to be worth very much, and the price you can expect to get if you do decide to sell will depend a great deal on the condition of the coin. There is usually plenty of information on rare coins to be found at local libraries, and the internet also holds a vast range of information. If you believe you have found something that is very valuable, it is a good idea to consult an expert. They will be aware of recent fluctuations in price and will be able to identify anything you are having difficulty with.

Particular coins, such as ones that were only created in limited numbers, can be valuable. Some coins are rarely found in good condition, making perfect examples worth a lot of money. Coins that are bought as investments should always be carefully stored and looked after, in a coin folder or similar packaging designed for the purpose. It is the gold coins such as the Kangaroo and the Eagle that many collectors see as the best investment. These coins tend to be of greater value as collector’s items than as currency. They can be bought from specialist collector’s stores or dealers in precious metals, over the internet or at shows.

Coin collecting can be a very profitable hobby, if it is done right. The value of particular coins can increase over time, and there are often collectors willing to pay large amounts of money for the rarer coins that will fit into their collections. If you are interested in the coins for their own sake, and prefer to spend your time learning about their history rather than seeking out buyers, you will probably find this to be a more rewarding experience. You will also gain much more knowledge about coins that will probably help you to build up a more valuable collection in the end.

Supplies For Coin Collecting

Collected coins must be kept safe from damage as their overall value depends on it and even the smallest amount of damage can significantly lower the its value. Certain supplies will help collectors preserve their coins without damaging them.

Gloves

The dirt and oils on your hands can scratch your coins. Gloves will provide a barrier between that dirt and the coins to prevent scratches or other forms of damage. Use cotton, plastic, or surgical gloves.

Coin tweezers

If gloves pose a problem for you, then try using a pair of coin tweezers. The tips of these specialized tweezers are coated in plastic to prevent scratching.

Magnifying glass

You need to see all of the fine details of your gold coins that may not be visible to the naked eye. A magnifying glass will aid you in this process, but be careful when using them to avoid doing damage to your coins.

Guide Books

To help you find quality coins at good prices use a guide book. Take your time and allow this resource to lead you to higher quality finds after all just one quality coin is worth far more than a collection full of okay ones.

Quality Dealer

You should buy from a dealer with a good reputation and that is known well amongst collectors. If a dealer has been around for years and very few people know of them it is most likely because they aren’t as good as other dealers, so take the time to find out why. No dealer can know every type of coin, so find one that specializes in your type of coin. If the dealer seems to know too much about too many coins listen to your instincts and run.

Cleaning materials

Use a very strong and soft fiber cloth and a mild soap to clean your coins.

Mats

Always use a mat on the table you work on with your coin. If you drop the coin you don’t want to damage it and reduce it value. The mat or soft cloth if you don’t have a mat can keep the coin from being damaged if it is dropped.

Boards

Many people opt to use coin boards to display their coins, but be careful not scratch the coins putting them in the boards. Also the boards may not have a film to cover the coin allowing it to be damaged by the air around it. If you use boards find one that fully protects the coins from being touched and from the dangerous oxidation caused by the air.

Envelopes

Use coin envelopes when you take your coins to different places to protect them from damage. You can also put some specific details about the coin in the envelope. Be careful not to drop the coins or allow them to bang up against anything as the envelope will offer no protection form impact.

Other Supplies

There are other supplies you can use like coin holders, coin folders, and coin boxes. Most of these things will be for the protection of the coins. Be careful how you use them and don’t buy anything that will damage your coins. As time goes on you may develop your unique way to protect your coins. Remember your coins are only valuable as long as they are not damaged.

Building A Basic Coin Collecting Kit

Coin collecting is a hobby that has a large misconception to it. Most people think that coin collecting is basically keeping some of the change you receive from purchases and putting them into coin folders according to date and mint. The truth is that coin collecting is not just a simple hobby for kids, but a complex, and rewarding hobby along the likes of archaeological expeditions.

Like any hobby there are tool of the trade that you should use in order to get the most out of coin collecting. These tools, while somewhat simple in nature, are instrumental in making sure you get the most out of your time, investment, and fun. Here is a short list of some of the most common items you would need for a basic coin collecting kit.

Up To Date Coin Guide

A newly published, up to date coin guide is the most important tool a coin collector can have. It contains all the information you need like grading, pricing, special issue rare items, and other such information.

Before you even get started with your coin collecting taking some time to read through several coin guides, and even periodicals devoted to coin collection, is highly recommended by all experts in the field.

Coin Container Or Folder

Any collection worth any merit, and passion, deserves special collection container so you can show off your hard work and attention to detail. Containers and special coin folders are all available so you can present those very rare coins and keep track of the special limited edition coins such as the new state quarters.

Inventory Record

Being able to keep track of the coins in your collection is a must. Coin collectors go to great pains to keep track of their inventories and record everything about their special coins. Everything from the date, color, mint, deformities, date acquired, and any other special information is recorded for both the collector and even a potential trading partner or buyer.

A Good Magnifying Glass

Coin collectors have great need for magnifying glasses for looking and appraising coins in their collections. General recommendations for this would be something in the 4x to 10x range. While a handheld version would be good if you are going to auctions and storefronts, a table top magnifying glass will help you to take your time evaluating the coin and be able to use both hands.

A Light Source

Ever wonder why police, and special investigators use lights during the daytime? It’s so that the light will help them to pinpoint things, create shadows, and see into crevices and places that are hidden from light. Having a small lamp, flashlight, or other type of light source in your kit is a great addition.

Equipment For Handling

While we handle coins everyday, a coin collector should take great care in handling coins in his collection as the oils in our fingerprints can diminish the grade of the coin. Having gloves, tweezers, or other gripping type tools will help greatly.