Why Collect Coins?
by
D. L. Crane
Collecting coins is challenging, educating, fun
and most of all can be a financial investment
that will pay off. Growing your coin collection
involves searching for coins and learning their
history. This can give you countless hours of
enjoyment, and eventually a valuable collection.
This amazing collection can also be a wonderful
inheritance, both financially and personally
because you collected it. It can be handed down
for generations to come, a great idea for
everyone.
The supply and demand determine the price a
dealer would charge, thus the market value of
any In addition the quantity available of a coin
and the number of interested collectors all play
a part in valuing a coin. Once a coin becomes
acknowledged as a rarity, its worth normally
increases whenever it changes hands. To improve
the value of any coin it should be kept in a
good state of preservation. If a coin is in
perfect condition, just as it was when it left
the mint, it might be worth much more than the
same coin in average used condition. Defacement
or damage will to a great extent reduce the
value of a coin. Collectors and dealers use a
point system as well as a set of terms to
describe the condition of coins: Uncirculated or
Mint State (ms 70-60), about Uncirculated (au
55-50), Extremely Fine (ef 45-40), Very Fine (vf
30-20), Fine (f 12), Very Good (vg 8), and Good
(g 4).
Every date, mint mark, and design is considered
as a different coin. The object is to acquire
one of every variety issued but to also upgrade
the condition of the coins already found. A
collector must trade or buy to fill in a series
The amount of coins to be found in circulation
though is fairly limited.
Acquiring types of older coins is another kind
of collecting. The object for the collector is
to obtain a single coin to represent each
different face series. Every coin is unusual and
has its own record. Most coin collectors start
collecting coins from their own country. Over
the past 200 years or so the United States has
issued many denominations. Some of them are
quite remarkable, while different ones are
stunningly gorgeous. There are the penny,
nickel, dime, quarter and half dollar that we
are familiar with. When collecting coins from
other countries be aware that there are many
thousands of varieties available
Collectors must do their research when deciding
on the purchase of expensive coins. Things to
know are, the current market value for the item,
how easily and for price it can be resold, and
its potential appreciation. Most importantly the
collector must be knowledgeable enough to know
whether a coin is authentic, or must have
confidence that the dealer does.
To obtain some idea of current prices realized
for various coins there are coin catalogs,
dealers, magazines and newspapers, and of
course the internet which is usually more up to
date. An important feature of the major
Numismatic conventions is the coin auctions.
There are catalogs of the items to be sold that
are issued ahead of time, and lists of the
prices at which the items were sold can often be
obtained after that. They may have tables where
Numismatists can judge the offerings of many
dealers. There are local coin clubs where you
can meet with other collectors and can assess
future trends.
Having a display cabinet with pull-out trays is
a fabulous way to share your coin collection. An
album system with plastic pages that hold
individual cardboard coin mounts is also
available. For large numbers of coins use small,
standard-size coin envelopes filed in boxes
So remember this is a wonderful way to have a
hobby and an investment at the same time. You
can imagine passing this on down through the
generations of your family. Everyone who sees
your coin collection will have an appreciation
for your dedication, appreciation and awareness
of the value of collecting coins.
Go to
www.BestCoin.Com for a Free Coin Guide and
More Coin Collecting Information. |