Coin Collecting Basics: Your Own Coin Collecting Kit

Coin Collecting Basics: Your Own Coin Collecting Kit

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.

6. Lamp

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!

All About Coin Collecting: Grade Coins with Ease!

All About Coin Collecting: Grade Coins with Ease!

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!

Starting a Coin Collection for Kids

Starting a Coin Collection for Kids

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. 



   

Starting a Coin Collection

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.  

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.