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Happy collecting!

Admin — Mon, 10 Oct 2011 18:50:16 +0000

People collect all sorts of things for all sorts of reasons. Some of us aren’t the least bit interested in amassing a salt and pepper shaker collection that takes up a whole room. However, some of us can’t understand why people just don’t see the beauty in Batman paraphernalia.

The point of collecting something is to spark interest and learn more about something you’re passionate about. My husband doesn’t understand why I just won the autographed “Brady Bunch” cast photo off of e-bay, but I was so eager to add it to the rest of my Brady Bunch collection.

Along those same lines, I just can’t understand why he insists on amassing a ridiculous amount of golf tees and golf paraphernalia (even though I love to golf). How many scorecards does it take before he’ll stop?

Collecting is subjective, but it all has something to offer! Coin collecting is no different!

People collect coins for various reasons. Some collect because they find the historical nature of the hobby to be interesting. Each coin is an actual piece of the everyday life of people who lived decades, even centuries ago. These coins were worn by the hands of thousands of people, some of whom may even be people you’ve heard of.
Others collect for profit or investment. Coins are a commodity, and business in coins is a huge industry. Coin collections grow in value with time, due to the ever-increasing popularity of the hobby and the increased scarcity afforded by age. One of the great attractions even for hobbyists with no interest in investing is that a box of coins straight from your bank could in a generation or two be a treasure trove of immense value.
This aspect of collecting as a hunt for buried treasure is actually what brings many people into the hobby for the first time, as loose change can hide some surprises. There are still coins in circulation that are old enough to be worth more than their face value, and in rare cases, can be worth quite a lot.

Some people think coin collecting is boring. If so, then it’s not the hobby for them! However, others find themselves fascinated by the simple receipt of change at the grocery store.

A big part of becoming a successful coin collector is to study the subject and always find out new information as it becomes available. Join a local coin club if there is one available in your area. You will make friends and gain new knowledge about numismatics you never knew you could find!

Look for coin collecting groups on the internet. This can be a tremendous networking opportunity for you and the chance to find someone who has a coin you want. The more people you know who are into coin collecting, the more opportunities you will have to add to your collection and perhaps make a little money as well.

Don’t discount researching on e-bay either. E-bay can be a great wealth of information about what’s hot in the area of selling your coins on e-bay. It can help you identify some potentially valuable coins that are already in your collection.

So the next time you’re walking down the street and look down to find a shiny penny, pick it up! Look at it closely. Do you find anything special about it? Someone else might!

Kind of gives new meaning to the phrase “Find a penny pick it up, all day long, you’ll have good luck!” If you’ve found an early issue wheat penny then that would truly be good luck, indeed!

AMASSING YOUR COIN COLLECTION Part II

Admin — Sun, 27 Feb 2011 04:28:05 +0000

Make sure the seller has a reasonable return policy, examine coins carefully on receipt to ensure they’re satisfactory (get an opinion from a more experienced collector/dealer if you are unsure), and return them if they are not.
It is not uncommon for bids in these auctions to go considerably higher or lower than prices for comparable coins from other sources. Check prices in shops, mail order ads and/or web sites and limit your bids to those prices to avoid paying too much.
Relatively common collector coins are sometimes included in auctions of antiques, other collectibles, etc. as well as estate auction. The collector is forewarned that material in these auctions is more likely than usual to be over-graded, have problems not mentioned (if even known) by the auctioneer, and/or to garner inflated prices. Better material at lower prices can often be readily obtained from other sources.
You can try and either trade or buy from another collector. However, it’s not often easy to locate another collector selling what you want. When it happens, you may get a better price. Post what you’re looking for in “rec.collecting.coins” or attend some local coin club meetings. There are also other coin collector message boards you can use to make contacts. Just look around or Google and you’ll find them.
Coins are sometimes available at flea markets, antique shows, craft fairs and other events where they are not the primary focal point. Because there is little if any competition for the seller and many potential buyers are not well informed about the hobby, these venues can be used to move problem coins and prices may be inflated. While the collector always needs to be able to evaluate the quality of potential purchases and fairness of their prices, extra caution is warranted in these situations.

AMASSING YOUR COIN COLLECTION Part I

Admin — Sun, 07 Nov 2010 03:10:40 +0000

As we’ve said before, the easiest way to start collecting coins is to focus on those coins that are still in circulation. This is probably the easiest way of obtaining coins since we use them every day. We’ve outlined some ways you can use in-circulation coins to start your collection.

You may, however, want to branch out into out of circulation coins. If that’s the case, finding them requires a little more work. But don’t worry – the sources are out there!

Dealers with their own coin shops can be good resources for information as well as coins.
Attend some coin shows. Here you can shop from several dealers at once. The selection will obviously be better than at most shops, and you may be able to get better prices due to the presence of competition.
Coins can be purchased from many dealers through the mail. Check any of the periodicals listed below for advertisements. Unfortunately, it is all too common to receive over-graded and/or problem coins from some mail order sources. Make sure the source has a reasonable return policy before ordering, examine the coins carefully on receipt to ensure they’re satisfactory (get an opinion from a more experienced collector/dealer if you are unsure), and return them if they are not.
Hundreds of dealers offer coins on the Internet and online services, including many of the conventional mail order advertisers. Again, make sure the source has a reasonable return policy before ordering, examine the coins carefully on receipt to ensure they’re satisfactory (get an opinion from a more experienced collector/dealer if you are unsure), and return them if they are not. Also, watch out for the occasional scam artist who may pocket your money and not send anything in return.
You will also want to try auctions. This will include live auctions as well as those conducted online such as on e-bay.
The rarest and most expensive coins are often available only at auctions promoted by major specialty auction firms. These are generally in larger cities.
Numerous auctions are conducted online. In some of them anybody can offer coins to the highest bidder. Before bidding, check feedback on the seller, if the auction service makes it available.

SOME FUN FACTS ABOUT COINS PART II

Admin — Thu, 19 Nov 2009 19:47:48 +0000

When the U. S. Mint was established the law required that all coins be made of gold, silver or copper. For a considerable period of time afterwards, gold was used in the $10, $5 and $2.50 pieces, silver was used to make the dollar, half-dollar, quarter, dime and half-dime while the penny and half-cent coins were made of copper.
In 1933, during the Great Depression, the U.S. Mint stopped making gold coins altogether. In 1965, as a result of a severe silver shortage, Congress dictated that silver no longer be used in making quarters and dimes. In addition, the silver content of the half-dollar (previously 90%) was reduced to 40% in 1965 and then eliminated entirely in 1971.
As previously mentioned, all of these coin denominations are now composed of copper-nickel clad with an outer layer of a 75% copper, 25% nickel alloy and a pure copper core. Nickels are made of the same copper-nickel alloy but without the copper core.
The penny’s composition was altered in 1982 from 95% copper 5% zinc, to the current 97.5% zinc, 2.5% copper mix. This was done as a cost cutting measure and to make the penny lighter in weight.
The 25-cent (quarter), 10-cent (dime), five-cent (nickel) and one-cent (penny) pieces are the coin denominations commonly in use today in the U.S. Half-dollar and dollar coins continue to be issued but rarely circulate in everyday commerce. Foreign coins exist in all sorts of denominations, so it’s impossible to list them all here.
U.S. coin denominations issued in the past but no longer in use include the half-cent, two-cent, three-cent, and 20-cent copper pieces and a small silver coin called a half-dime. Gold coins in denominations of $1, $2.50 (“Quarter Eagle”), $3, $5 (“Half Eagle”), $10 (“Eagle”), and $20 (“Double Eagle”) were issued from time to time from 1793 until 1933.
Silver half-dollars have been minted in large quantities since 1793 and peaked in popularity with the introduction of the Kennedy half-dollar in 1964. Silver-less half-dollars were first introduced in 1971.
Silver dollars have been issued at various times since 1793, were discontinued in 1933, and then re-introduced in 1971 in the form of the silver less Eisenhower dollar. The Eisenhower dollar was replaced in 1979 with the silver less Susan B. Anthony coin, in honor of the famed women’s suffrage pioneer.
A new dollar coin replaced the Susan B. Anthony coins. That coin portrays Sacagawea, the Native American woman who contributed to the success of the Lewis and Clark expedition. The coin is golden in color and made from a manganese brass metal alloy.
In addition to the above, various so-called “commemorative” coins have been issued from time to time in various denominations to honor a particular noteworthy person, place or event. The first such coin was issued in 1892 to commemorate the World Columbian Exposition in Chicago. These coins are usually made in limited quantities, sell at a premium and rarely circulate as normal coinage.
With the exception of commemorative coins and the Susan B. Anthony dollar, U.S. coins currently minted portray past famous U.S. Presidents. These coins are the Lincoln penny, introduced in 1909, the Washington quarter, first issued in 1932, the Jefferson nickel, adopted in 1938, the Franklin D. Roosevelt dime, introduced in 1946, and the Kennedy half-dollar, which was first minted in 1964.
In 1792, Congress required that all American coins show on one side “an impression emblematic of Liberty, with an inscription of the word Liberty, and the year of coinage”. This requirement has been followed since.
The phrase “In God We Trust” was first used on U.S. coins in 1864. This motto now appears on all U.S. coins.
In 1999, the design of the U.S. quarter changed. Reverses of circulating quarters will be replaced with designs representative of each of the fifty states. Each year from 1999 through 2008, five different quarters, commemorating five states will be issued in the order in which the states ratified the Constitution or were admitted to the Union. These “State Quarters” are intended for general circulation but special silver proof coins will also be sold to collectors.
The coins of other countries can reflect many different images including animals, scenes, famous buildings, and more. They often reflect the history of the country and are interesting for the novice collector because of their uniqueness.

The first international convention for coin collectors was held in August of 1962 in Detroit, Michigan. It was sponsored by the American Numismatic Association and the Canadian numismatic Association. It was estimated that over 40,000 people attended this first convention

As you can easily see, this hobby is a very popular one and the numbers are sure to be growing every day as interest is piqued. Now that we’ve got some facts about coins in general, let’s look specifically at the art of numismatics beginning with the terms you’ll need to know.

COIN COLLECTION-FACTS ABOUT COINS

Admin — Sun, 15 Mar 2009 01:09:58 +0000

There are approximately $8 billion worth of coins circulating in the U.S. today. In the past 30 years, the U.S. Mint, who is responsible for designing and producing the nation’s coins, has minted over 300 billion coins, worth about $15 billion!
Since its creation in 1792, the U.S. Mint has grown into a large enterprise with more than $1 billion in annual revenues and 2,200 employees. It is by far the world’s largest manufacturer of coins and medals, producing coins not only for the U.S. but on behalf of several other countries as well.
It can be interesting to know how coins are minted. In order to make coins, the U.S. Mint purchases strips of metal (rolled into coils) in the proper dimensions and thicknesses.
Zinc metal strips coated with copper plating are used to make pennies. Strips used for nickels are comprised of a 75% copper, 25% nickel metal alloy. Dimes, quarters, half-dollars and dollar coins are produced of strips consisting of three metallic layers fused together. The outer layers of these strips are comprised of the same alloy as that used for nickels with the third (core) layer being comprised of copper.
The first step in the coin making process involves the feeding of the metal strips through what is known as a “blanking” press. This press punches out cut round discs (blanks) about the same size as the finished coin. These blanks are then heated in a furnace to soften them. Subsequently, the softened blanks are placed in rotating barrels of chemical solutions to clean and polish the metal. The cleaned and shiny blanks are then washed and dried.
Next, the blanks are sorted to remove any defective ones and the rest are put through an “upsetting” mill which raises a rim around their edges. The rimmed blanks then go to the coining or stamping press where upper and lower dies stamp the designs and inscriptions on both sides of the coin simultaneously. At this point, the blanks become genuine U.S. coins.
Finally, the finished coins are mechanically counted and placed into large canvas bags for shipment to the Federal Reserve Banks. From there they are shipped to local banks on an as-needed basis.