How To Get The Most Out Of Your Coin Collecting

OK you’ve spent years possibly decades creating a collection. Or maybe you’ve just inherited a few coins from Grandma, Grandpa, or your Aunt Mildred.

Whatever the case may be you are interested in trading them in for for cash. Let me first tell you what not to do. Don’t take them to a pawn shop, don’t take them to a “Cash 4 Gold” type of store (unless they are Cull), and for heavens sake..don’tspend them at face value.

Do Not Clean Your Coins! Cleaing them automatically makes them worth less. A coin with a few small dings that has not been cleaned is worth more than a coin that has no dings, but has been cleaned.

Once you’ve gone through and figured out what your coins are valued at in a healthy market you will need to find a place to sell them. Rather than posting them on craigslist we suggest you sell them on a coin marketplace, or take them by your local coin dealer.


7 Tips To Enjoy Your Coin Collecting More

1. Bring Out Your Dead. Every collector has them. Duds. Bad deals. Low end duplicates.
2. Attribute Your Coins. If you collect series like Bust half dollars or large cents you are probably already a die variety collector and all of your coins are properly attributed.
3. Invest $500 to $1000 in improving your library.
4. Improve your peripherals.
5. Research the pedigrees of your coins.
6. Start a cheap secondary collection
7. Immortalize your collection.


How To Select The Perfect Coin Collecting

Have you ever heard about junk silver coins and are curious what they are? If so, you may have wondered if they are even worth collecting, given the fact they are referred to as “junk.”

Well, in fact, junk is largely a relative term. In numismatics, “junk” is in the eye of the beholder, as one person’s trash is another’s treasure.

A junk coin, usually, is a piece that is of a lower wear-based grade than considered “collectible” for a certain coin type. Say, for example, a Roosevelt dime in a grade of Very Good (VG) – much lower of a grade than the Extremely Fine to Uncirculated grades that most people will usually look for when collecting coins from the Roosevelt dime series.

Junk coins are sometimes referred to as cull coins, but, in fact, the two terms aren’t really synonymous. I’ll tell you why – take that example of the VG Roosevelt dime in the last paragraph. That coin, while it may have a lot of wear, may in fact be entirely problem-free (I.E., has no dents, bends, major scratches, and has not been cleaned). A cull coin, on the other hand, while considered junk by many numismatists, usually would display damage – a previous cleaning, holes, deep nicks, you name it.


5 Amazing Coin Collecting Facts You Didn’t Know

1 There’s no official “penny” in United States circulation. That term actually derives from the British, who make a coin called the “penny.” However, the official name of the U.S. coin that we Americans call the penny is actually just the one cent coin.
2 These first one-cent pieces were made from 100% copper and had a diameter close to a modern-day half dollar coin.
3The first English coin to be known as a “penny” was introduced around 790 A.D. by Offa, an Anglo-Saxon king.

Originally, the penny was made from silver, but in later times was minted in copper.

There are 100 British pennies to the nation’s pound, just as there are 100 U.S. cents to our dollar.

4 Benjamin Franklin, to whom we owe the phrase “a penny saved is a penny earned,” designed the first one cent coin in 1787.

Called a Fugio cent, this piece depicts a sun over a sundial and the motto “Mind Your Business.” On the reverse side is the motto “We Are One,” which is encircled by a chain with 13 links, representing each of the original colonies.
5 The one-cent coin actually contains very little copper these days.

This follows a major change in the composition of one-cent coins back in 1982, when the penny (I’ll still call it) saw a reduction in copper content from 95% (and 5% tin and zinc) to only 2.5% copper, with cheaper zinc making up the balance.
6 It costs around 1.8 cents to make a penny today.

While the cost of making a one-cent coin had fallen dramatically in 1982 after it was first made from primarily zinc, metal prices have risen so in the last 30 years that it again is cost-ineffective to strike the penny as it is made now.

Multiple efforts to to abolish pennies in the U.S. — like what happened in Canada in 2012 — have been sidelined by some opposition on Capitol Hill.
7 The Lincoln cent was designed by Victor David Brenner, a Lithuanian-born sculptor whose initials can be seen on the coin as V.D.B.

The initials are famously on the reverse side of some 1909 pennies, along the rim on the bottom. After being dropped later in 1909, the V.D.B initials returned to the coin in 1918 and appear to this day as very tiny letters under Lincoln’s shoulder.


The Ultimate Coin Collecting Buyers Guide

So now you’re at the point where you need to know what kind of silver you actually want. This is the biggest question posed by consumers, and it’s the easiest to answer based on a few different things from the ability of the silver to be exchanged to whether or not you want a long-term or short term investment. The simple fact is that you’ll never be able to buy a coin ‘at spot’, which is the raw price of the silver. It’s virtually impossible as the dealer would lose money, and therefore everyone must pay a small ‘premium’ per sale — a figure that is ‘over spot’.

No matter what you’re buying, you will be dealing with spot prices, and it can make a difference in your purchase — especially in bulk orders. But the simplest way to break down each option along with the benefits and negatives is to list them separately, and then breakdown the results. We’ll discuss traditional spot prices for each one as well.

Silver Coins

American silver EagleWhen getting into silver investment, you will likely hear the most about silver coins over bars and rounds (which actually are not coins). The first notable aspect about coins is that fact that silver coins are minted specifically by the federal government, which actually offers an official guarantee of both weight and silver purity for each coin from the mint. This allows for a simpler rate of exchange in an emergency situation as silver coins have a very high reputation when accompanied with the appropriate documentation (and you can even verify the integrity of a coin on the US government website), but it also means you’ll be paying a lot more over spot price for these government-guaranteed coins. When supplies increase, however, you can see a reduction in prices over spot.

In the United States, the American Silver Eagle is the only federally minted coin. When it comes to other nations like Canada and Austria, however, you have other options. The popular coins by country are as follows:
•United States – American Silver Eagle
•Canada – Canadian Maple Leaf, Canadian Silver Cougar
•Austria – Silver Philharmonic

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Gold Coins

The most perfect monetary system humans have yet created was the world gold standard system of the late 19th century, roughly 1870-1914. We don’t have to hypothesize too much about what a new world gold standard system could look like. We can just look at what has already been done.

Contrary to popular belief, people generally did not conduct commerce with gold coins. Yes, gold coins existed, but people mostly used paper banknotes and bank transfers, just as they do today. In 1910, gold coins comprised $591 million out of total currency (base money) of $3,149 million in the United States, or 18.7%. These gold coins were probably not used actively, and served more as a savings device, in a coffee can for example.

Silver coins were also used, but by then they had become token coins, just like our token coins today. By 1910, most countries in the world officially had “monometallic” monetary systems, with gold alone as the standard of currency value. This eliminated many of the difficulties of bimetallic systems, which had caused minor but chronic problems in the earlier 19th century