Coin Collection For Beginners

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.

Many people enjoy shopping online where there are great buys of coins that can be found. A person may prefer do his shopping while he is at home because it is convenient and time-saving instead of going out looking for stores that sell collectible coins and other souvenirs.

A person can differentiate between a live auction and an Internet because an online auction can take several days to complete.  They entertain bids for the highest price up until the time the auction is about to close.. Many people that are bidding online enjoy the experience and they may be familiar with the strategies to use to win an online auction. 

There are also online sites where a person can buy any item that may capture his interest. This is where most coin collectors purchase their desired coins. By searching and finding the item that they want, they can actually negotiate and make the payments through the Internet. This can be very risky as you are dealer/seller that is unknown to the buyer, yet many people are still making transactions and payments through this kind of online auction.

Fraud is common even though many Internet sites that do business online contend that the risk of fraud is not something to worry about. They contend that only 0.0025 percent of true cases of fraud occur with online transactions - that means only one out of 40,000 listed Internet transactions would be fraudulent. On the other hand, the FBI has their own investigations, which prove that those figures are not true- they contend that the risk of fraud is much higher according to their statistics.

A person should believe the FBI for his own protection. Even if one can say that the majority of online coin selling transactions are honest and credible, the process used to make the transaction most probably is questionable and uncertain. There are business transactions, which are intentionally committing fraud with their clients and buyers. Aside from flea-market dealers, mail-order sellers, in-person auctions and some coin stores, the Internet has introduced the crime of fraud to many people in the easiest way possible.

One protection that a coin buyer should know is how to get “feedback”; that way, a person can see the ratings other bidders give the seller and he may compare his transaction with the transaction of the others. Since there is a great risk of fraud where there is negative feedback, the person may withdraw his participation from the auction if he deems that to be necessary.

A person may also acquire ideas by looking for those members who have left  “positive feedback” and compare it to the reaction of the sellers. A person can make an assessment of what could be possible useful information from those reactions. Be careful and precise about any transaction that is offered by the seller.

There are instances where a person is deceived about the item he purchased. The photo shown on the Internet displayed the coin that a person wants to have but they delivered a totally different item. These cases are fraud. A person must make sure that the item he saw on the photo is the exact item that will be delivered to him. Here are some tips that will help a person prevent fraud during a coin search in the Internet.

1. A person should save the online photo of the coin he wants to purchase. Many sellers remove the image and the title of the item once a purchase has been made.

2. A person should get the description and the auction information. It should either be e-mailed to the buyer or sent in writing by mail.

3.  If there are suspicions regarding an auction, a person should ask for clarification from to the seller. This will avoid misunderstandings and confusion on the part of the buyer.

4.  A person has the right to refuse any transaction where he thinks the price given on the coin is too high. One should be aware of the standard price of the specific coin and compare it to the price that was given during the online transaction.

5. A person can ensure that there will be no fraud by asking the seller, before the auction closes, if there is any available escrow assistance for the bidder.

These are only a few tips that will ensure a person of his safety when making any transactions online. Fraud can happen to anyone, especially those who are interested in purchasing collectible coins online. It is always important to be informed and knowledgeable about the possibilities of encountering fraud.

A special machine does the stamping of coins to make them genuine. People who counterfeit coins are well trained and have the capacity to manipulate their duplication - especially those rare coins which have high value among collectors. The most common procedure used in counterfeiting is that they pour a liquid metal into molds that will leave die marks with cracking on the counterfeit coin.

Those who are experts in determining counterfeit coins have observed that the changes seen in the coins have added, removed, or even altered the coin’s date markings. If a person thinks that he is in possession of a counterfeit collectible coin, he can compare it with another coin – one like the suspect coin – which is known be genuine and have the same markings. 

If the coin’s value is more than 5 cents, look for corrugations in the outer edges of the coin. These are very thin railings (also know as “reeding”) on the edges of the coins.  Genuine coins have very thin edges and the railings are even and distinct if one is very observant. Those coins that are counterfeit can be distinguished if the edges are not thin enough and the railing is uneven or missing in some areas.

Should there be an instance when a person perceives that he has received a counterfeit coin, he must not return the counterfeit coin to the person that handed him. He must try to delay the person – should he try to escape – or try to keep that person in sight and follow him to his destination if possible. It is important to remember the person’s clothes and physical appearance and if the person has any companion during the exchange: if they have a vehicle, get the car’s license plate number and immediately call the nearest police department or the United States Secret Service for help.

There are many things that can be considered to determine whether the coin is counterfeit or not. There are terms that are used to describe a counterfeit coin’s characteristics and they are as follows:

1. A restrike of a coin can be considered to be genuinely authenticated. These coins are actually dated earlier than those originally issued by the country that released them but have the same or exact features as the original coins.

2. Coins of a specific country in the ancient times are sometimes copied by another country. A person may think that it is forgery, but it is not because they had been legally approved in the country where they originated.

3. Forgery can be associated with the making of an illegal profit. It would be the main objective of the counterfeiting syndicate. The government sometimes uses forgery for political propaganda, as in the Second World War when Germans produced millions of American and British banknotes with the intention of profiting from them and destabilizing their enemy’s economic situation.

4. Another known type of counterfeit coins is replica coins. Replica simply means that the original coins are copied with the same features and markings. The usual counterfeit coins have differences that are noticeable when examined by coin experts. Some coins have the word “copy” intentionally put on the sides of the coins and these replicas are used for educational purposes and museum displays.

5. A Lebanese connection is said to have a huge production of counterfeit coins. These coins were found to be used in an attempt to fool many museums, collectors, business leaders and other countries that are searching for their ancient lost coins before the discovery of this syndicate.

6. The collector intended forgery and the circulated intended forgery are types of forgeries where the coins are intended to be tokens yet the face values are accepted, despite of their illegality and irrelevant intrusive values.

It is important to consult an expert to determine if the coin is counterfeit or fake. An ordinary person can easily detect if the wrong metal was used for the counterfeiting. If the person is a collector of such items, he should be more aware of these coins. A collector needs to be more concerned with the collectible rare coins because this is where counterfeiters benefit frequently - their aim is to profit from the exclusive market for valuable coins.

Coin collecting is something that takes time to learn. The most important thing to remember is that you are doing it for the right reason - if it is a passion, then it is something worth pursuing.

Collecting just for profit may work but it usually is not enough in the long run. A person really has to think about this since many people who have tried it for that reason have lost focus and failed.

Successful coin collectors take a lot of time to learn everything there is to know about numismatics.  Good sources of information are magazines, newsletters and brokers who can pass on information and news, when it happens. By using the resources a person can act fast before other collectors who want the same thing get the information first.

If a person tries to collect without knowing the basics, he will never succeed in this hobby. 

Knowing how to grade coins can also help the collector know the true value of the collection. This knowledge will be valuable if the owner decides to trade for something of greater value or it can prevent scamming and wasting money for something of little value.  Be vigilant!

One of the virtues that coin collecting can teach a person is patience since the collection may take years to complete. Some of the well-renowned collectors in the world have spent many years before reaping the benefits.

Learning to think like a collector is very important.  Being too eager is not good because the collector could be tempted to purchase or trade the wrong coin which could prove to be costly. Think twice about using the information given even if that came from a reliable source. 

Coin collecting can be difficult especially if the person is just starting. A person, more than likely, can’t afford to buy items worth more than $10,000, so it is best to start small and study the market for three to six months so that he can be comfortable before going after bigger prizes.

Coin collecting is similar to sports - it takes time to excel at it and goals, both short and long term, have to be established. By following the rules and using common sense, the person can become one of many other successful coin collectors.

Coin collectors are people who love the many different coins that come their way. From these coins they can learn a little about the various activities that happened in history. These many different coins are valuable in their own way to coin collectors. These people will look at the different coins that can be added to their collections.

For coin collectors, the best way to find good coins is to look in coin auctions, old coin shops and dealers who are willing to sell you the coins that they possess. Today you can also find coins for your collection on the internet. These various coins will have different prices. When you see some coins that you like, you will need to have an expert give you a reasonable appraisal.

The best way to get a good appraisal is to locate a coin expert. From this person you should see what they have to say about the condition of the various coins that you have in your collection. This way you can see how to expand your coin collection. Besides having, coin appraisals done coin collectors love to find the various places where they can get more good coins for their collection.

With this information that they have gathered coin collectors can make decisions regarding if they are going to buy certain types of coins. For anyone who is interested in coin colleting they should learn more about this fascinating subject. The information that is available will let you see how coin collectors judge their coin collections.

You should also find a relatively good coin set where you can begin your investigation into the various coins that can be found in most coin collectors’ collections. When you are ready to learn more about coins you will need to proceed slowly. Choose coins that are good and read more about them. This will let you see the various ways of judging the condition of old coins and special coins.

As coins are always changing you will need to keep abreast of the current values that are present about coins. When you have found this information, you will need to consider the best way to start coin collecting. You will also have to consider the best way to store your coins safely. With such a fascinating hobby, you will never see a time when you become bored.

For the interested coin collectors there is never a time when the fascination with their coin collecting interest wanes. For these people many places will reveal new coin finds. This is why coin collectors love going to coin auctions and fairs where coins are being sold. These places are the treasure troves that are full of coins that can be placed in the collection of coin collectors.

For many people finding good coins to add to their coin collection is considered as a smart investment. Others are constantly seeking to buy at least one rare coin. For these people the rare coins that can be found have to be worth the amount of money that was paid for them. As with other coins in coin collections, there are ways that you can find the rare coin prices that you need.

For the average coin collector, who spends money looking for rare coins, having a good price return means that they have bought a solid investment for the future? Since it is very hard to find an expert who has the experience in appraising the rare coins must give rare coins prices and they should also have the knowledge of the rare coin’s history. In addition, you should also have some knowledge about the coin grading system that will be used in conjunction with your rare coins.

As you want to buy rare coins which will increase in value as time passes, you might want to conduct some research into the various rare coins prices for ones that are popular. These types of rare coins are known to be good buys because they perform well in the coin value market.

Some of the rare coins that are good buys include silver dollars as there were not many of these minted. The best silver dollars that you can buy for your coin collection will be that of the Morgan silver dollars and the Peace dollars. Of the Peace silver dollar, you should expect the Philadelphia silver dollars, which are rare coin prices, to rise very dramatically.

At the present moment in time these silver dollar rare coin prices are quite good if you are looking to sell them. You should not expect this situation to continue indefinitely though. Other than buying silver coins you can expand your coin collection with other types of rare coins. These rare coin prices will be graded in the same manner as your other coins.

You should expect that some of these rare coins would need to be seen by coin experts to have a proper valuation given. Since the current market prices and the demand for rare coins are not always stable, you will not be able to have a fixed set of values or rare coin prices known at all times. This should not discourage you from buying rare coins for your coin collection. On the contrary, you will find that having some good choices in rare coins will increase the value of your entire coin collection

People who collect coins comes from all walks of life and you can expect to get payd different values from these people for individual coins.  Like you probably know by now, the value of your coins is determined by using a coin grading system and by coin appraisals done by experts.  The coin grapding system is currently in use with old coins as well. To find the old coin prices however you will have to first locate information that will help you out.

As old coins are not always available and could be of great value, so you should know what sort of old coins come onto the market and the general condition of these old coins. Finding information on old coins is much harder to get, but doing an online search or by visiting your library, could give you an idea of when and why a coin was issued.  Learn and try to understand what sort of old coins, coin collectors look for and are constantly adding to their collections.

Since you are dealing with old  and most of the time very rare coins you and the coin shop owner or the expert that will do a coin appraisal on your old coins, should be careful in the handling process since you don’t want to create NO signs of damage.  

You may want to look for the various characteristics that coin experts want to see when they are examining an old coin for stating the old coin prices. You can perform this examination by laying the old coin on a surface where there are no substances that have the ability to degrade the value of the coin.

With the coin laying on the surface of the material that you have chosen for the inspection purpose, you should look at the face of the coin first. Note all the marks and characteristics you can see on that side and write them down.  Do this in as much detail as you can.  Do the same on the other side of the coin and then you can examine the edges of the coin next by turning the coin carefully, touching only the bare minimum of surface area of the old coin. The less handling that is done will allow the coin to stay without any wear and tear marks.

With all the information you have collected from various sources, you should let an expert do a coin grading on your old coins.  Do more than one coin appraisal from different experts to find the true value of your old coins.

Off course, when you have a coin collection you want to know the value of the coins that you have. The best way to actually find out the value of your coin collection is to find an expert to do a coin appraisal of your coin collection.  The value given to your coin collection, from the coin appraisal, will be the buying value of your collection - in other words, if you were to buy your collection on that specific day, the coin appraisal value, is how much you will pay for a coin collection like yours.

Not only should the coin appraisal enable you to tell the total value of your coin collection, but should also be able to inform you of the price of the various individual coins in your collection and also the values of foreign coins that you might have in your collection as well. More than one coin appraisal, by different coin experts, is normally ideal, because you will get a bigger picture of the actual value of your coin collection.

Before the actual Coin Appraisal, read up or do an online search to find out if you can determine the coin value of your coins and write them down in a coin diary you have.  Compare your knowledge and values for each individual coin with the values given by the coin appraisal.  Not only will this ensure the coin appraisal is done properly and honestly, but you will gain much knowledge of doing coin appraisals yourself.  If you find a big difference between the coin values given by your coin appraisal to the coin appraisal done by a coin expert, ask the coin expert to explain why the given value is higher or lower than yours is.

The Internet is a great source for information and you will most of the time find great coin collection information by doing a search on Google and Yahoo.  You can even get coin appraisals information to help put you value your coin collection. You will find many sites that are dedicated to coins values and information about coin appraisals.

With information, you get by coin appraisals done by different coin experts, you will soon know if you are on the right track with your coin collection.  You will know if you can go ahead and by some more coins, that match your coin collection style, or if you make some great profit with your coin collection!

The key to finding your coin collection value is to have more than one coin appraisal done by different coin experts.  Keep the certificates or values in a safe place and do another coin appraisal in about six months time and compare the coin values of individual coins.  Although coin appraisals cost money, it is a good investment in your coin collection and should be done one a regular basis.  Get to know you coin experts in your areas and ask if can sit in why the coin appraisal is done.  This will ensure you gain as much experience how coin appraisals are done.

Let’s face it; collecting coins is a fascinating and sometimes very profitable hobby. While there are many ways that you can buy coins these days, best way to get your hands on good quality coins, to start your coin collection, is with coin shops.

These coin shops specialise in selling a various range of coins; from the less expensive to very expensive items. Most of these coin shops will have people who are knowledgeable about coins and in most cases, the person who is selling and buying the coins are coin collectors themselves. In other words, people who share your passion for collecting coins.

Sometimes when you go to coin shops you can ask these coin dealers if they will see what your coin collection is like – this is called an appraisal. The coin appraisals coin shop owner will most of the time differ from other coin shops, because not all coin dealers have the same experience and knowledge. As any part of life, there will be good and bad coin shops. Some coin shops will treat you as a good customer and some will be dishonest. It is therefore best to find a coin shop with a good reputation.

Look at what type of coins the coin shop have in stock, because the coin shop owner, just like you, will most probably favour a certain type of coin - more civil war or colonial time coins. Find out if the coin shop of your choice also sell coins in addition to just buying them.

Some coin shops even deal with coins of different metal, like gold, silver and even platinum!

Buying coins from an online coin shop is a convenient way of buying coins, as it is done from the comfort of your home. However there are pro’s and cons to buying coins from an online coin shop. The biggest disadvantage of buying coins from an online coin shop is that you will have no way of looking at the coins and seeing if you will want them in your collection.

Don’t just use any coin shop. Choose your coin shop carefully, as you coin collection is a valuable asset and could be worth thousands. Be sure you know what to buy, and get proof of appraisals don, as you don’t want to be paying top dollar for low value coins.

If you have been collecting coins for some time now, I am sure that many of you have come across coins that looked like they needed some cleaning.  Although you might think that this is a good idea, I want you to read the following article carefully.

Coin collecting beginners often make this crucial mistake.  It is a known fact that, cleaning coins can actually damage the surface of the coin that will degrade the coin value.  In fact, coin cleaning can damage the coin surface so much, that it becomes almost invaluable!

Always try to preserve the coins more or less in the condition that you have found them. For beginner coin collectors, finding a reputed coin dealer with enough coin cleaning experience is very important.  A coin dealer should be able to inform you of your coin collection value. Once your coin appraisals were carried out, you can ask the coin expert about cleaning coins without causing any damage.

These coin experts have the knowledge and the experience in handling coins for various collection purposes and should be able to tell you exactly how to go about cleaning coins, without losing the various characterizing marks.

Once your coins are clean, you should store them in a protective cover or folder as quickly as possible.  Keeping your coins inside this protective folder, will ensure that the coins stay in good condition and will prevent further coin cleaning.

Since it cost money to take our coin collection to the coin shop for cleaning, especially if you are new to collecting coins, you should find out from the coin shops what the various items are, that you can use to keep your coins in mint condition.

Important things about coin cleaning: 

·        Cleaning coins with regular household solutions is NOT a good idea.

·        There is no real need for you to regularly clean your coins, as this most probably reduce the value.

·        You don’t need to clean every coin you come across, except if it is covered in dirt (after treasure hunting J)

·        If you don’t know how to clean coins, don’t try to;  rather let your coin collection be cleaned by an expert until you have gained enough coin cleaning knowledge and experience

·        If you want to clean some of your coins, start with coins that has no significant value, so if you damage the coin, it wont cost you a fortune.

·        If you can afford it, it is always the best practice to leave your coin cleaning to a trusted professional service.

Since we all cherish our coin collections, it is not worth taking any chance cleaning coins if you are a new coin collector.