Most people engage in different activities that they consider hobbies. When people consider a particular activity as a hobby, it means that people find that activity pleasurable in that they enjoy collecting different kinds of coins.
In this context, it does not necessarily follow that the coin collector will focus more on the monetary value of the coins. When the focus of coin collecting delves more into the monetary value of the coins than the gratification the collector obtains, it is no longer deemed a hobby but an investment.
History tells us that the main reason other generations collected coins was the value that coins would someday attain. The ancient form of coin collecting was even labeled a hobby “fit for the kings” because ancient coins were so valuable that only the kings were capable of collecting them.
Today’s coin collection is no longer limited to the “kings” or the affluent. Anyone can now consider coin collecting as his or her hobby. The popularity of coin collecting continues to flourish as more and more people collect coins. That is why it is now known as the “King of Hobbies”.
Why Such Popularity and an Investment
One of the many reasons coin collecting is considered by many as one of the most popular hobbies in the world is based on its ease of access.
When somebody wants to start coin collecting, he can start any time, anywhere. Some people start coin collecting with the coins that they have in their pockets. This phase of coin collecting is known as the “accumulator” stage, where collectors try to accumulate as many coins as they can often using their “pocket change”.
After the collector gets the “hang of” accumulating coins, the hobby becomes more expensive. This is because true hobbyists are willing to pay the price as long as a particular coin will enhance their collection and will beauty to their “masterpiece”. And the rest, as they say, is history.
Coin collecting as hobby is a pleasurable activity that any person can use to create a feeling of gratification..and an Investment
For every numismatist or coin collector, finding a good place to store their coins is the most important thing in this world because storing their precious coins in a good and secure place will ensure that the quality and value of their coins is maintained…
There are many types of storage spaces that can help you by displaying and storing your coins. You can either use folders, holders, plastic tubes, or the album, but among these reliable storage spaces, the coin collecting albums are the best way to display the coins.
If you want to know why, here are some benefits of albums and you can evaluate the concept from there:
1. Two-way image viewing
With coin collecting albums, you can get more satisfaction viewing your collections because albums let you see both sides of your coins. You do not have to remove your coins every time you want to see the opposite side.
Therefore, albums give you the best of both worlds.
2. Better defense against instant wear
Another benefit of albums over folders and other coin storage is that it gives the coins better defense against harmful elements that will expedite the deterioration of the coins.
Albums are generally characterized by the use of plastic materials that serve as shield against scratches and environmental factors.
3. Good coin holder
Albums provide pockets for coin storage. The best thing about using a pocket is that even “dilapidated” coins or extremely worn coins are better protected.
Worn out coins, when placed in folders, have the infuriating tendency of falling out over and over again. With coin collecting albums they are kept intact.
4. Variation in prices
Albums that are used in coin collecting are usually priced from $20 to $40. Even though they can be expensive, they provide better storage for your most-prized treasures. Paying the price for an album is a great alternative to the other typical types of storage.
5. Information center
Coin collecting albums are great “information centers” as far as the hobby is concerned because most of the albums that are used in collecting coins have an inside front cover| that allows you to place important information regarding your collection. It also has a back cover that provides space for your “mintage figures.”
Coin collecting is easier and more pleasant with the help of these albums. It makes your treasures last longer, thus, establishing greater value in them.
Therefore, coin collecting albums are definitely the best “keepers” for your coins.
If you are a coin collector who wants to sell or buy coins, one good way to do it is through coin auctions or bidding.
Coin auctions provide the best ways to obtain coins that have remarkable values. Coin auctions are the primary source of rare coins because most rare coin collectors want to sell their treasures to the highest bidder.
Unlike the typical way of selling and buying coins, coin auctions entail some rules and regulations for both the bidder and the seller that they must adhere to.
Basically, there are three types of coin collecting auctions. These are:
1. Auctions through mail bidding
In this type of coin auction, the seller will advertise and publish coin auctions through the mail. This is highly beneficial for people who want to participate in the activity but cannot attend the event personally.
Usually, the seller has a mailing list available and it is used to send catalogs that contain the descriptions and pictures of the item(s) to be sold. At times it may contain the starting bid amount and other pertinent information.
The seller’s mailing list, the catalogs, or brochures are sent out to the potential bidders. These lists may also be sent to those who have purchased from them in the past.
2. Phone auctions
These auctions are conducted by phone. Just like the mail bidding, phone auctions must observe the rules and regulations that are to be followed.
Once the highest bid is identified, the item goes to the winner. However, there are some instances when people may ask the seller for an approximate selling price but the rules still remain the same, no disclosure of previous bids.
3. Online coin auctions
This type of auction is popular because when bidding on a particular coin the bidder is able to see what the coin looks like. Greater interaction between the seller and the buyer may also be achieved as the seller can instantly contact the bidder for important information.
The only drawback to this kind of coin auction is that through the Internet, others can deceive a coin collector into believing that what they see on the screen is exactly the same item that they are bidding on.
All of these things can provide you with the best ways of obtaining the best coins available on the market. Just try to stick to your bidding budget.
People engage in social activities for many reasons; most common is sharing in the same interest and passion as other people. It is in places like these that information about a certain subject is shared and new ideas and trends are revealed that keep its members up to date with current events that happen in that club.
A coin collection club is the same. Since the number of people who have been doing coin collecting has increased over the years, the vast network involves numerous clubs in several states. In these clubs amateurs and professionals can share, trade and bid for new items to add to their existing collections.
There is never a wrong time to join a club. The challenging part is looking for one. You can start by asking the local coin dealer for help.
Some coin clubs can even be found on the internet and they will require that a membership fee be paid. Coin clubs often can also be found in the newspaper especially when events are advertised that invite the public to come and visit the exhibit.
If a person is still having a hard time finding a coin club then inquire at the local library or the Chamber of Commerce as they may be able help provide information.
One benefit of being a member is that it is easier to find someone who will buy coins at a good price. Or perhaps other members may want to part with some of their coins in exchange (called bartering) for other coins. Most local coin stores only have a limited selection that is available for trading.
Another benefit of becoming a member is obtain articles which feature a certain coin collection or discover better ways of caring for a collection. The club also informs its members about upcoming events so the individual can plan ahead to be able to attend the events.
Coin clubs are formed so that everyone who loves coins can have fun. This means that it is not only for those who have a collection at home; it is open to novices, experienced collectors who have done it for years, as well as coin experts They build a network that enable collectors to assist others. To become a member of a club just find a suitable one and join the fun!
Coin collecting can be a lot of fun. This hobby which dates back to 2500 BC is much larger now since people are now able to collect currencies from other countries.
If a person decides to dispose of some of the coins in the collection, it is necessary to know its value by looking at a coin catalog or price guide. There are many ways to do this and one is looking for a coin dealer to do business with.
There are a lot of coin dealers around. Some can be found by asking the local coin club or a numismatist who can give a good referral while others can be found at an auction or in a coin exhibit. These people frequent such events looking for a good buy to add to an existing collection. A lot of these individuals can also be found on the web.
To be sure that the person is getting a good price from a coin dealer, it is an excellent idea to visit more than one place to find out who is willing to buy it at the highest price. If the person feels that the price is too low, then perhaps it is better to wait until another time since the value of coins depends on scarcity, condition and demand.
Some people think that doing business with a coin dealer isn’t a good idea since this person will offer to buy the coins at a lower price. This notion however is wrong since there are ways to ensure that this person will be honest.
To avoid by being conned by someone who claims to be a dealer, it is necessary to determine that this person is a member of the Professional Numismatist’s Guild. This organization is composed of the world’s renowned collectors of antique coins and paper money. Since there are strict rules that members abide by, one can be sure that the transaction is safe.
Coin dealers are not just there to buy something, these people may also offer for sale a coin that is valuable to the other person. By getting to know the dealer, an agreement can be reached that will benefit both parties, which does not always end mean buying, but also trading or bartering.
Everyone has the potential of making money even if this starts out with only a few coins. By knowing where to find these rare collectibles and doing business with a reputable dealer, one can be sure of making a profit – if not a small fortune.
The price of an antique item goes up if it is kept in good condition. By having it stored in a safe place, one can be sure that it will not be damaged by the elements or by negligence that will reduce its value in the market.
Coins are easy to take care off. For those who have been doing this for years, such collections are usually framed or under glass and are often seen in places such as a large museum. But to individuals who are just starting out, putting it in an old shoe box or jar will do.
Later, when the collection is larger, it is time to invest in a coin folder that would better protect and hold the coins. These folders can be bought in different sizes depending on the type of coins the individual is collecting. The coins can be stored in individual plastic pockets or in sheets that make up the album. They are available at the local coin store or can be ordered from the web. The advantage of using these is that they are handy to carry around make it easy for the person to show. These can be brought to exhibits and other venues where the coins can be traded, sold or exchanged with coins that other people may have.
Keeping the coins in mint condition does not only mean storing them in a folder. Whenever the person adds a new coin to the collection, it is ideal to first have it cleaned before putting it in with the others.
This can be done by taking it to a coin shop and paying for the services, or if you prefer to do it yourself, is by soaking it in a liquid such as vinegar, rubbing alcohol, lemon juice or ammonia which is sure to remove any dirt or encrustation that are present when it was acquired.
They should then be air-dried or patted dry with a soft cloth. It is not a good idea to rub or polish the coins since scratches can occur that may decrease its value in the market.
Serious coin collectors value the importance of storing these valuables in a safe and secure area. By investing in a coin folder, the person can be sure that the value of the coins will go up either when the demand calls for it or when there is a need to part with them.
It is never too early or too late to have a hobby. Some people are hobbyists for fun while others see a bigger picture; and that is to make money. Some objects that may seem inexpensive now may become valuable or priceless later.
A few good examples are baseball cards, toys and stamps. Many people have made a fortune by collecting and selling on auction sites like EBay. Another collection that can become profitable is coin collecting.
Getting started is as easy as deciding what kind of collection you want. Coins are made every year and some are introduced years later so focusing on a particular time period and location is important.
Conducting research using reference books or the web can aid in coin collecting. You can learn almost anything about the coins to be collected and will help the collector discover those who want to sell coins.
Another good source of information is subscribing to a coin publication such as Coin World or Coinage Magazine. The local coin shop can also expand the search for those antique coins outside the collector’s city or state.
Being a member of a coin club can build the collector’s network. Some members may want to part with a particular coin in exchange for another, etc.
Coins that are no longer used generally have more value than those that are still active, because coins in the past were made of 100% silver or gold. Since the demand for silver coins increased and they were difficult to produce they are now made of 40% and 60% copper.
After completing the collection, the coins should be stored in a nice folder or album. This will keep them clean and easy for the individual to carry around and display.
Coins can be cleaned by soaking them in any of the following liquids: vinegar, rubbing alcohol, lemon juice or ammonia which will remove any dirt or encrustation that’s on the coin when it was acquired. Afterwards, they should be air-dried or patted dry with a soft cloth. Rubbing or polishing the coins is not advisable since it scratches and will decrease the market value of the coin.
Coin collecting can be a lot of fun. By deciding on a specific period to begin with then searching for it, the collector will have something valuable as an investment.
The best time to mould a child (kid) is when he/she is still young. By getting the curious minds involved in something educational, there is a very good chance that they will become responsible adults.
Some parents can start by teaching how to cook or baking at a young age. If the child enjoys and does well with it, then perhaps in the future, this person could become a chef. Giving a child a hobby can also teach that child how to stay focused or to pay particular attention to a certain subject. A good example of this is starting a coin collection.
For most adults coins are just petty cash. They are used to buy a newspaper or used to pay for a ride on the subway etc. For children, coins are more than that. Some children save the coins placed in their piggy bank to make a special purchase or save them to use for their college tuition.
To start a coin collection the parent and child can start by opening the piggy bank and examining the coins together. Coins were manufactured during different years and each has its own history. By explaining the significance of each, the child’s interest will grow and this in turn will encourage growth of the coin collection.
Both the parent and child could get lucky if they should find that a coin has missing letters or numbers or a misprint is seen on the coin. Since such things don’t happen often, the value of the coin is much higher than the original face value.
Coins can that are to be part of a collection should be kept inside a small box separated from the coins used for savings. When this collection has grown larger, then it is time to buy a plastic folder in which to store the coins. There are two kinds or folders currently on the market: the first can hold the coins individually and the other is a sheet which can hold a number of coins per page.
By using folders the child and take the collection to school for “show and tell” and would improve the child’s self-confidence in achieving something on his own – without the help of the parents.
Coins can teach the child about saving for a special purchase or project and encourage the child to work hard to achieve that goal without always asking for money from mom or dad.
Coin collecting started in the early years will pay off later in life by teaching responsibility.
Coin collection is not just about having as many coins as possible. More important than the number of coins is the quality of those coins. This quality is measured by the coins’ grade and the grade is measured using a scale from zero to seventy (seventy being the highest point grade). Doctor William Shelby introduced this point scale in his work “Penny Whimsy”.
Here are the classifications of coins according to grade.
1. “Mint State” Coins
This is equivalent to a value of 60 to 70 in the Shelby’s grade scale. This means that the coin has no blemishes whatsoever. Most of the coins in this category are uncirculated, shiny, new coins, with absolutely no signs of wear.
2. “Almost Uncirculated” Coins
The “Almost Uncirculated” coins have a point grade of 50, 55, or 58.
It is very important to note that in these coins, coin collectors must know the locations of the high points in a particular coin. By checking the difference of the light reflected in the high points to the other parts of the coin, an “Almost Uncirculated” coin is separated from the Mint State coins.
3. “Fine Coins”
These can further be classified as” Extremely Fine” (40, 45), “Very Fine” (20, 25, 30, and 35) or “Fine” (12) depending on the sharpness of the remaining details on the coins. The coins are observed to have wear but the designs are still intact.
For “Extremely Fine” coins, the mint luster is still present.
“Very Fine” coins can be compared to coins which have been used for 1-3 years. Minor features of the coins are already gone.
4. “Good Coins”
These coins can be specifically defined as “Very Good” (12), “Good” and “Almost Good” coins.
The coins in this category are worn out. Only weak designs can be observed since the details of the coins in the high points are nearly smooth.
Full rims must be observed for the “Very Good” coins category.
In the case of “Good” coins, the mint mark and the date must be visible.
On the other hand, “Almost Good” coins are the most worn of coins in this category.
5. “Fair Coins”
The coins are “worn out”, but can still be distinguished as belonging to one of the types of coins – as long as one can identify a coin, it is a “Fair C”.
6. “Basal Coin”
These metals that can be determined to be coins – but the kind of coin are undeterminable.
With the classifications described, it will be very easy to grade coins. Just remember that knowledge of the coins’ grades gives coin collectors advantages!
Coin collecting is not as simple as keeping coins: it may be observed from numismatists or even coin enthusiasts that it is a systematic and somewhat complicated hobby. Certain tools must be employed to ensure both fun, discipline and to some extent, good profit.
Here are some of the essential things that must be included in the coin collecting kit.
1. Coin Guides
Coin guides should be used, not just by beginners, but by professional coin collectors as well.
Coin guides give tips on how to start, as well as special instructions on how to proceed with the hobby of coin collecting.
They also provide information on coins, since different coins have different ways of grading, pricing, etc.
It is recommended you read guides before doing starting the hobby to avoid making wrong decisions caused by lack of information.
2. Coin Inventory Record
All items in your collection must be accounted for properly. Information like year, face value, grade, cost, trend, and remarks must always be available for reference.
Inventory Records also help in organizing coin collections. It eliminates the redundancy of coins in the collection by showing the collectors at a glance the items in his collection.
Coin collectors do have options in the method to be used in recording coin information. They may choose the traditional paper-and-pen method, or may use coin collecting software.
3. Coin Containers
To avoid damaging the coins, it is recommended to invest in holders and containers that will give adequate protection.
Just remember that coins react to certain chemicals such as sulfur present in paper and PVC from plastic it is not advisable to use such materials for long-term storage.
4. Silica Gel
The use of silica gel packets is important to maintain the moderate temperature, low humidity atmosphere conducive to coin preservation.
5. Magnifying Glass
Magnifying glasses are a great help when it comes to coin grading. Most numismatists recommend using a 7x magnification, but generally, magnification between 4x to10x will do the job.
The magnifying glass is a great aid in examining the quality and authenticity of the coins. Details like hairlines or scratches, which are not visible to the naked eye, are “big deals” when it comes to coin collecting as they affect the value of coins.
A light source must be placed half a meter away from the workspace. Recommended light for this purpose may be a halogen lamp, or simply a 75-watt incandescent lamp.
7. Handling equipment
Finger marks reduce the grade of the coins. That is why serious collectors invest in surgical gloves and velvet pads to use when handling coins.
Now our basic coin collecting kit is complete. Enjoy!