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Starting Your Coin Collection
By Gin Smith
With so much information and beauty contained in so small a package, it is
no surprise that coin collecting has been a hobby nearly as long as the
concept of coins themselves.
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.
Collectors covet the unusual and uncommon above all else, and these minor
oversights result in a very limited number of coins. This means that supply is
much lower than demand, and even something that looks almost exactly like
a common penny can actually be a precious rare coin. 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.
To the collector, bragging about 'finds' constitutes one of life's most
enjoyable pastimes.
One thing is for certain, there isn't a coin collector out there who will stop
collecting just because the prices have risen a little and probably the same
amount will consider selling their prize collection to the highest bidder.
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.
If you are interested in making the highest profits possible with your coin
collection, you will need to find a merchant partner who is experienced in
the specific rare coins that interest you, and who will sell them to you at a
good price.
Starting a Coin Collection
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.
All too often, new coin collectors who try to go it on their own without
professional help end up being scammed out of hundreds or thousands of
dollars.
By examining a coin, one comes to know the geography, philosophy,
sociology, artistry and other aspects of the culture they existed in.
Buy quality! Buy quality! Buy quality! That's all you hears these days when
you are considering rare coins as an investment. The Gold Eagle features a
representation of Lady Liberty striding with torch in hand through a field of
light rays on its front side.
Coins, which were printed on standardized weights of precious metals and
stamped with a government guarantee of value, was the answer to this
unwieldy, easily sabotaged trading process.
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.
A similar problem happened in Philadelphia a few years later, when the P on
the die of some 1989 quarters was clogged with dirt, preventing the coins
from being properly stamped. Although there are exceptions, most old coins
are not particularly valuable unless they are very well preserved. The best
starting place for an idea of their worth is to visit the reference section of
your local library.
Coin collecting for investment purposes can be a tricky endeavor.
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.
A numismatist holds an ancient coin that has passed through dozens or
hundreds of hands throughout the millennia. In medieval times, the
collection of ancient coins was already popular, but it was known as a hobby
for kings.
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.
Perhaps one day the coin you bought last year will have gone up in value,
but the idea is to buy it so you can enjoy it now, and for as long as you own
it.
Before purchasing coins, one must do much research about that coin. He
must assess its current market value and make sure that the coin is genuine.
Scarcity should not be confused with overall mintage. During the silver
booms, many, many silver coins were melted for there bullion content.
American coins have undergone several changes in material. For example,
during World War II, pennies were made out of steel, because copper was
needed for the war effort. There are also variations on the American Eagle
that are minted from silver or platinum instead of gold.
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. Always be
on the lookout for rare gold coins, and have coins appraised by a gold coin
expert to avoid large differences in price. The development of two large coin
organizations in the mid-to-late 1800s, the American Numismatic Society
(ANS) and the American Numismatic Association (ANA), helped spark
American interest in building and maintaining a coin collection.
About the Author
Complete info on how to sell gold coins.
Article Source: http://www.simplysearch4it.com/article/50774.html
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