Thinking About Coin Collecting?

Coin collecting is one of the oldest hobbies around. Not only can it be fascinating, it can be profitable. One could say that coin collectors are in it for the money, but that would be too much of a pun.

Starting the hobby of coin collecting could not be easier. You just start looking under that old dresser, or up the attic where your grandparents may have dropped (or stashed away patiently waiting for you to discover them) coins and collectibles. Who knows, you might find a coin there, an old coin that – at today’s rate – may be worth a few dollars; probably three or four or five, even ten times what the coin was worth back then. This is the draw of coin collecting: It is like being on a treasure hunt everyday. And becoming a coin collector can be one of the most inexpensive hobbies to start. Just begin with a penny a day.

There is a history behind every coin. For example, there was a shortage of copper during the year 1943 and all pennies made at that time were minted using steel. There were however, some Lincoln pennies that were incorrectly minted on bronze that turned out to be blanks. Now these bronze pennies are very rare and are quite valuable. The steel ones though, because of their commonality, are worth only between one to three dollars each … which is still far more valuable than the 1 cent they were worth when minted.

One of the most collected coins are the U.S. silver dollars made and circulated between the years 1878 and 1935. These dollar coins can now be worth between twelve dollars and twenty five dollars for the circulated coins. The coins that were not in circulation (sometimes called ‘mint condition’) are worth considerably more. Many of these coins can rise and fall in value since many were minted of solid silver or gold … so as the price of precious metals rises and falls the natural value of the coin can rise and fall.

For example, those quarters, dimes, or half dollar coins made and circulated prior to 1965 are usually made out of ninety percent silver and therefore worth as much as today’s silver spot price (with an additional premium, albeit small, put on the coin’s face value). The same goes for gold coins. Coins can not only be valuable for their gold or silver content, but because they contain a rare problem that occurred during the coin’s minting.

There is a Lincoln penny issued in 1972 on which the date and the letters on it appear to have been doubled. This rare penny has sold for sixty dollars or more depending on the condition of the coin. The Philadelphia Mint during that time period accidentally misaligned the die used in minting the coins causing the portrait of Lincoln to look like it was doubled. Fortunately or unfortunately, eighty thousand of these were circulated before the error was discovered.

As with anything else that is old and valuable, there are people who create ‘fake’ old coins. So the first tip for a new coin collector is to only do business with, and work with, those individuals who you trust and/or have a reputation for honesty. Be very cautious of online sales.

Accessories for Coin Collection

When collecting coins, one thing to consider is how to arrange and take care of the coins. Coins that are collected may be antique, ancient, or limited editions coins. These coins come from many countries and are usually high in value. A collector must know how to keep and take care of them so that they will retain the same appearance and value.

One way to take care of coins is to purchase s selection of coin accessories. Not only are coin accessories used to make a coin collection presentable and organized; but the primary purpose of coin accessories is to take care and preserve the coins.

When buying coin accessories it is important to choose those accessories that will best satisfy the needs of the collector. Some factors that may be considered are durability, price and usefulness. Many coin accessories can be found in hobby stores and even online. Here are some coin accessories that may be considered:

Coin Boxes

Coin boxes are the most common sought for coin accessories as they are very convenient to coin collectors and specialists. The compartments of the box provide for easy location of the coins. The compartments are also wide, which provides flexibility in placing the coins. The wide compartments also allow the collector to handle the coins the proper way.

Coin Albums

Coin albums are similar to any typical album with the difference being that the coin album is especially designed to hold coins. A coin album has a transparent layer that aids in the protection of the coins. The collector does not need to handle the coins one by one. All he has to do is turn the pages and the coins are all there protected from improper handling.

Coin Holders

Coin holders are best for those collectors who collect coins during their travels. They allow portability of the coin collection. In addition, the collector does not need to carry his entire collection. He can simply place a single coin in the coin holder. Coin holders provide safety for the coins and prevent a coin from the many elements that may depreciate its value.

In summary, coin collecting is similar to collecting bits of history and trivia from the past. You will discover that often the best coin collectors are those who also prize the history attached to each and every coin.

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