Coin Collectors Galore: Types or Specialties

Coin Collectors Galore: Types or Specialties


If you are a coin collector, how do you categorize yourself?

There are various ways to collect coins as well as the specialties of collectors. Here is how to differentiate the variety of coin collectors.

The Casual Coin Collector: The Most Common One

You will know that you are a coin collector if...

-   you collect coins no matter what your age
-   you collect coins randomly just for the fun of it
-   you do not pay much money for the preservation and purchase of       coins
-   you will collect some coins that are already obsolete, those that have been modified and are used my magicians, commemorative coins, those with errors, or those that are out of circulation
-  your collection is made more interesting because of the coins given to you as gifts

The Curious Collector: The Second Level

You will be able to recognize yourself as a curious collector if...

-  you are more interested in coin collecting than simply collecting them because you received them as gifts
-  you don't mind buying coins, especially if they are inexpensive
-  you are more interested in browsing coin shops than a casual collector
-  you spend time surfing the net looking at coins sold on eBay or other coin sites
-  you collect coins without a clear-cut objective
-  you are inclined to increase your knowledge of coins and might soon contemplate becoming an advanced coin collector as you establish contact with more serious collectors who might inspire you

The Advanced Collector: The Extreme Collector

You can categorize yourself as an advanced collector if...

-  you find yourself smitten by the "Hobby of Kings"
-  you are either a “generalist” (a collector who wants to obtain a wide variety of coins) if you can to obtain an amazing collection you’re your available resource; a “completist” (a collector who wants to collect a complete set of a specific type)
-  you lack resources and will opt for a smaller number of coins to complete a set, if you are a “completist”
-  as a “completist”, you prefer collecting coins from a certain historic period, nation, or you prefer collecting tokens or coins with errors.

No matter what level of coin collecting specialty you choose, it is your choice.  What is important is that you find it rewarding and fulfilling.

So, have you found your category yet?

Gold Coin Collecting

Gold Coin Collecting

Coin collecting is something that dates back to the when coins were first issued for trade. It was only in the Middle Ages that people turned this into a hobby because of the art work and the historical value.

Coin collecting today is still a hobby that many people enjoy. One of the most precious and most expensive collections that anyone can ever have are those of gold coins. The most expensive gold coin ever bought was worth around eight million dollars. This was the American 1933 Gold Eagle. This is why the collecting of gold coins deserves to be called the hobby of kings.

Gold coins were one of the oldest forms of money. This was later followed by silver coins. Gold coins were in circulation in the United States from 1838 to 1933. The design was the Liberty Head bust but this was only made until 1907. The design was then changed to the Indian Head and Saint Gaudens motifs and was used until 1933 when the Great Depression began. This prompted the recall of gold coins which makes them very difficult to find today.

Since these are no longer in circulation, the price for one of this rare commodity is quite high. Gold is now used for other things such as jewelry or bars that people retain as an investment.

South Africa minted its first gold coin called the Krugerrand in 1967. This coin has no face value but merely stands as a symbol. It is made of 1 ounce of gold and can be purchased for investment purposes.

Since then other countries also minted bullion coins. Canada made the Gold Maple Leaf in 1979 and Australia made the Nugget in 1981. These two are much more popular than the South African coin because of its 24 carat purity.

A lot of people retain gold today as an investment because they speculate that the demand will cause its market value to increase. Others hold it as a form of insurance should the financial situation become worse. There was a point in time when the more paper money that was made, the higher the price of gold which maintained gold and cash as equal value. After this standard ended in 1971, this enabled government to produce more paper currency without increasing the price of gold.

Since gold coins can longer be used to purchase merchandise most coin collectors just keep them to remember that people once used them.

Essential Supplies in Coin Collecting

Essential Supplies in Coin Collecting

The condition of the coin means everything in coin collecting. In the world of coin collecting, the coins themselves are considered as gold, this is why there is a need to protect them from damage. Having the right supplies will allow a collector to preserve the integrity of his coin collection. The slightest hint of damage can diminish the value of a coin significantly.

Here are some of the supplies which are used in properly handling coin collections:

Gloves

In handling coins, you must be careful not to scratch the coins. The use of gloves (preferably white) will prevent scratches and other kinds of damage to the coin’s surface. Gloves should be made of cotton or plastic.

Coin tweezers

If you not comfortable using gloves, you can use coin tweezers. These are not your ordinary tweezers because their tips are protected with plastic that prevents the tweezers from scratching the coins.

Magnifying glass

In examining coins, you must be able to take a closer look at them. This is where the magnifying glass is most useful. You must be careful in using a magnifying glass when examining the coins. There are magnifying glasses available today that have stands attached to them and the stands allow the collector to use both hands in coin examination to avoid accidents.

Cleaning materials

A mild soap and a soft high-integrity fiber cloth can be used in cleaning coins.

Mats

When examining or cleaning coins, you must remember to put a soft cloth or a mat on the table where you are working. An accidental dropping of the coin can damage it significantly and reduce its value to literally nothing. A mat or a cloth will absorb the impact of the drop and will prevent the coin from being damaged.

Boards

You must be extra careful in displaying your coin collection. Coin boards are used by many to display their coin collections. In the U.S., the map of the United States of America is very popular among coin collectors to display the different quarters of the different states.

Envelopes

 When transporting coins, the use of coin envelopes is very practical. The use of these paper envelopes allows a collector to safely transport his coin and put some information about it in or on the envelope itself.

There are other coin collecting supplies such as boxes, holders, folders, but everything points to the preservation of the coins’ condition. The right kind of supplies will determine whether a coin is priceless or price-less.

Coin buying 101

Coin buying 101

There are various sources where those “special coins” can be purchased.  The following are the basic methods and starting places to obtain the coin(s) you have long wanted.

Go local

Coin shops are plentiful in most states.   Generally your local area or city will have coin shops which you can visit to see if they have the coins available that you want to add to your collection.  Most of these coin shops are located in the larger town or cities.  Better yet, use your local phone book and start walking those fingers through the pages to find out where the nearest coin shop(s) is located... 

These shops provide coin collectors the opportunity to actually examine or scrutinize the coins that interest you.  Fortunately, these coin shops are also replete with experts and coin lovers who share your passion and can offer their valid judgment on a particular coin’s grade or value.   They can also offer helpful tips as well as advice.

Local coin shops may sometimes have a limited stock or collection of coins and the price they offer them for may be a little bit higher than usual.  This scenario usually applies to collectors.

Auctions for coins

There are also auctions specifically for coins.  This method is a very effective – if not excellent – way to purchase coins.  It is extremely important that prior to attending an auction you know the procedures and rules that apply.

There are various types of auctions; bidding auctions via mail, internet, as well as auctions conducted by phone. Always be aware and wary! It is important to make sure that you set a fixed price on the coin you are about to bid on.  Auctions can turn very emotional and aggressive.  Practice discipline and try not to bid more than the ceiling price you have set for yourself. 

Buying coins by mail

This method is a very convenient and inexpensive way to purchase coins.  Most dealers that transact via mail usually have overhead costs that are low so they are able to offer similarly low prices on coins they sell. 

Do not forget to thoroughly inspect a particular dealer’s policies before returning an item.  Make sure that once you receive your coin, immediately inspect it for authenticity or damage.  The coin you must have must be just as you ordered and what you expected.

In summary, coin buying is not difficult.  All you need is to research and look for the best product available.