Coin Collecting: A Beginners Guide to the World of Coins: A Beginners Guide to the World of Coins

Coin Collecting: A Beginners Guide to the World of Coins

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Coin collecting became a major pastime in the United States during the mid 18th century and has grown in popularity since. According to the United States Mint, more than million Americans were collecting the 50 States Quarters during the early s. Millions still enjoy looking for old and unusual coins in their pocket change, and tens of thousands of individuals consider themselves active, enthusiastic coin collectors.

Such a collection includes each date for a certain type, such as assembling an entire set of Lincoln cents from each year they were minted since A more comprehensive type of date collecting involves collecting each of the date and mintmark combinations. A type set would include one coin of each design either within a certain denomination or from a certain time period. A type set from a certain era might include all the different types of U. A year set is a popular method of collecting coins from a specific year.

These are the coin most commonly encountered in circulation - including all date and mintmark combinations, there are hundreds of different Lincoln cents. Struck since , the Washington quarter has become a popular collectible since when the 50 States quarter series debuted with a new design appearing on the reverse of the Washington quarter about once every 10 weeks.

As of this writing, the reverse of the Washington quarter is the canvas for new America the Beautiful designs honoring different national parks and landmarks from around the United States. Kennedy, who was assassinated in Though no longer struck for circulation, the Kennedy half dollar is legal tender and remains a popular collectible coin that is still minted for certain collector sets.

One of the most popular silver coins of all time, this large dollar coin features the head of Miss Liberty on the obverse and an eagle on the reverse. A commemorative coin that is issued for a limited period of time and is designed to honor a specific person, place, or event. Commemorative coins are usually not intended for circulation, though some have been produced for use in commerce. Commemorative coins may be made as proofs, specimen strikes, or business strikes circulation quality , and they are graded in the same manner as other coins.

An error coin contains some type of minting mistake and are usually much more valuable than ordinary coins due to their rarity. Such pieces are graded in the same fashion as non-error coins. There are many types of error coins. Just some of these include the following:. Building your coin collection is something that may take many years and is a process that is never really complete if you make coin collecting a lifelong pursuit.

These are the coins you receive as change while making cash transactions for items you purchase, coins you find on the ground, and coins you encounter in other common circumstances. Many collectors order rolls of coins at their bank and search through them looking for rare, old, and valuable coins or error coins. Bank rolls are obtainable for face value and are widely available, though rolls of half dollars and dollar coins may require a special order request. Some collectors prefer looking for coins with a metal detector. Many valuable coin hoards have been found this way. Check out our complete guide to metal detecting here.

For a collector who wants old, rare, and valuable coins, a coin dealer is a good source of collecting material that is not normally available in circulation. Some folks really do get lucky and score an authentic rare coin for a low price, but for the most part, rare coins that are dirt cheap are either counterfeit coins or genuine common coins that were altered to look like a particular rare coin. What about all those TV ads that tell you the price of gold increased almost 1, percent between and ?

History and art come to mind. Imagine the joy of finding all of the quarters necessary for completing the 50 States quarter set or finishing a complete set of Morgan dollars. The possibilities are virtually unlimited. In short, a legal-tender coin is always worth at least its face value. While many people think of bullion value as referring only to precious metals such as gold and silver, all coins have a basic intrinsic value.

The most common types of United States coins that are worth much more than face value solely due to the metal from which they are made include:. However, most old coins, and even some new ones, are worth more than both their face value and intrinsic value.

Numismatic value may range from only a few cents over the face value of a coin to millions of dollars. So it follows that rare coins are generally worth more than common coins, and thus the value of a particular issue will largely hinge on the number of its survivors. Logically, the number of survivors for any coin — even new coins — is almost always lower than its mintage due to specimens getting damaged, lost, or destroyed.

While scarce coins are typically worth more than common coins, some scarce coins are worth more than other scarce coins. While , S VDB Lincoln cents were made, they are worth more than the much scarcer Liberty Seated dime, which has a mintage of only 72, pieces. This is a case of supply and demand. There are far more people who are actively collecting Lincoln cents than Liberty Seated dimes.

You should never clean your coins because it can make them look unnaturally bright and will damage their surfaces. Most collectors prefer the natural color or patina on a coin, and you should therefore leave your coin exactly as it was found. While this may be legally true, collectors have the responsibility of being protective stewards of their coins, for these numismatic treasures will eventually pass on to the next generation. Coins should therefore be preserved in the best condition possible. Cleaning a coin simply damages it.

Some coin collectors will view their coins while sitting at a table, and many go the extra mile further by holding them over a soft pad to prevent damage to their coins should they accidentally drop.

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People love collecting valuable coins, and those who have deep pockets often fork over thousands of dollars — or more — for the coins they want for their collections. You may be surprised to learn there are dozens of coins worth six, seven, or even eight! The United States government has so far permitted just one Saint-Gaudens gold double eagle to be privately owned the rest are subject to government seizure as they were officially recalled after the abolishment of the gold standard in The best way to protect your coins from damage and keep them organized for easy viewing is to store them in designated containers and display products.

Certain chemicals such as PVC in the plastic can react with the metal in the coin so be sure to buy your supplies from a reputable source! Coin folders are typically bi-fold or tri-fold books made from cardboard panels. Coins are inserted into open-air portals and are ideal for sorting common, inexpensive coins by date and mintmark. Coin albums are generally more protective and are a better option than folders for storing more valuable coins. Most Air-Tite holders incorporate a foam collar around the coin to buffer it from edge damage and help hold it in place within the capsule.

A coin display may consist of a rigid panel or decorative case in which coins can be displayed in such a fashion that is suitable for showcasing on a bookcase, mantle, or desk. These small, clear plastic envelopes are ideal for storing a single coin with an identifying card. Several coin flips may be arranged in a single-row or double-row box for easier organization and efficient mass storage.

These cardboard coin mounts, usually measuring 2 inches square, include a round or square clear plastic window and are folded over a coin then the ends are stapled together to sandwich the coin for temporary storage.

Many coins sold by coin dealers are packaged in 2x2 cardboard mounts, which also include space for writing identification information. These plastic tubes allow for mass storage of coins of a single denomination in quantities generally consistent with commerce standards for bank-designated coin rolls.

A few of the basics include the following:. Necessary for viewing minute details on coins, you should consider buying a magnifier or loupe of 5X power. Using cotton gloves when holding coins will help prevent leaving behind fingerprints, smudges, and other detractions on the surfaces of your coins. This means you should study up on the types of coins you want to collect before you set out on buying and collecting them. This will help make you an informed collector, can prevent you from being scammed, and assists you on knowing what to look for when shopping for the coins you want.

Yeoman and Kenneth Bressett, Whitman Publishing. In addition to online coin price guides, consider buying monthly coin periodicals like COINage, Coins, or Coin World for more information on current retail prices and other important coin collecting news and information. Where to Buy Supplies. Coin grading is one of the most important aspects of evaluating a coin from the perspective of determining its value and overall desirability as a collectible.

When you grade a coin, you evaluate it based on the amount of surface wear it has, or lack thereof. Nevertheless, there are certain grading standards recognized by most people involved in the coin hobby. Below is a guide to the very basics of coin grading, including guidelines on the different, widely recognized coin grades:. A coin that has been worn nearly smooth. On some coins, such as Buffalo nickels, the date may be obliterated completely. The coin may be identifiable only by type. Lettering near the edge of the coin might be partly worn into the rim.

The coin will have completely defined rims and complete inscriptions and date. Some details in the design will be evident. Lettering, the date, and the rim should be clearly defined. Mint luster should be evident across much of the surface. A Mint State or uncirculated coin has never been in circulation and should have absolutely no wear, period. A Mint State coin is fully struck, lustrous, and considered numismatically perfect, with no evident surface marks or other detractions visible under 5X magnification. Proof coins that have been spent as money and have entered circulation are accordingly graded from 1 through They commonly possess matte-style surfaces and may look like uncirculated coins at first glance but exhibit the surface strike and overall quality of a proof coin.

Since the s, there has been an increasing demand for coin grading services from coin certification companies. These firms, which are largely referred to as third-party coin grading companies, consist of multiple experts who grade individual coins based on the amount of wear they have. These experts also take into account whether the coin they are grading has been cleaned and other surface-quality factors, including determining whether or not the color of the coin is attractive and considered normal for the metal and age of the coin.

Each grading service has its own submission standards, and you will therefore want to consult each firm for its specific guidelines. They are more prevalent than many wish to acknowledge and are becoming more deceptive by the day due to greater sophistication in how counterfeit coins are manufactured. In the search for a cheap deal, many innocent coin collectors will unknowingly purchase counterfeits that look like real coins. The most common metals used in minting United States coins include copper, nickel, silver, and gold.

However, other metals have been used in striking U. Traditionally, one-cent coins have been made from a composition consisting of at least 95 percent copper, which was the case from through , with few exceptions. In the late s and early s, pennies were made from a composition of 88 percent copper, 12 percent nickel.

In , the U. From through , reclaimed copper ammunition shells were melted to make one-cent planchets. Following experiments with cheaper metals, including aluminum in the s, the Mint has made circulating one-cent coins with a copper-plated zinc composition since From through , the U. For most of their history, dimes were minted from a 90 percent silver composition. Beginning in , rising silver costs forced the Mint to strike dimes and other denominations from a copper-nickel clad format. However, some collectible dimes are still made from silver.

As was the case with dimes, increasing bullion prices required the U. Following a period from through when the half dollar was struck from an Rising silver prices caused the government to reduce the percentage of silver in the half dollar to 40 percent in , and in the silver content was completely eliminated from circulating half dollars.

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Following a year hiatus, the U. Beginning in , the U. This was the Sacagawea dollar. Mint struck gold coins for circulation purposes until , when President Franklin Delano Roosevelt signed Executive Order and removed the United States from the gold standard. In , the United States resumed the mintage of gold coins with the production of a special Olympic commemorative coin. Here is a terrific video from the U. Mint that shows exactly how circulated coins are made today:.

If you ever get a chance to visit one of the mints, it's an amazing learning experience - also great for kids! If you love coin collecting, you should consider joining a coin club so you can meet other people who enjoy the hobby. When you join a coin club, you have the opportunity to partake in lectures and seminars where you can learn more about the coins and numismatic topics you enjoy.

Coin Collecting: A Beginner's Guide to the World of Coins by Kenneth E. Bressett

These can range in size from small, single-day coin shows that attract 20 or 30 coin dealers and a few dozen attendees to major coin shows that are held in large convention halls, last a few days, and draw 10, or more people. Gold, silver, platinum, or palladium coins struck at a specific weight and purity and usually traded for their metal value. Such coins are typically not worth more than their intrinsic value or spot value — the amount of money the metal within the coin is worth. Undesirable marks on a coin caused by banging against other coins when it was stored and transferred in bags.

The round metal disk that is created for making into a coin. The channels of commerce in which coins are used for banking, purchases, and other economic uses. Coins you receive in cash transactions at stores or through your bank are common examples of circulation. A coin that exhibits a doubled image because the design on the die was struck twice by the hub which imprints designs on the die.

Also, the name of the United States bullion coin programs American Eagle since The edge of a coin is sometimes called its third side. Edges are plain as on the one-cent coin and nickel reeded the thin grooves on the side of some coins, such as U.

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For uncirculated coins, grading is based mainly on how many surface detractions it has, such as nicks, scratches, gouges, etc. A non-monetized, non-legal tender coin-like disk usually minted for ceremonial or other commemorative purposes. A factory that strikes coins. The quantity of coins made for a given issue. An inscription, usually a single letter though sometimes multiple letters or an insignia that indicates the location where a coin was struck.

Coin Collecting: A Beginner's Guide to the World of Coins

A coin that serves as a model or example of a coin that may be produced in the future. Some United States pattern coins, such as the Flying Eagle cent, have circulated as legal tender. Usually a reference to a blank coin that has been processed through the upsetting machine to raise its rim. Many experts refer to the metal disc of a finished coin as a planchet. All the coins struck within a denomination of the same basic design. All of the Eisenhower dollars ever made from through are part of the same series. All of the Jefferson nickels struck since the design debuted in are also collectively categorized as belonging to the same series.

Any distinct coin design. A single Standing Liberty quarter which belongs to the Standing Liberty series minted from through is representative of the entire Standing Liberty quarter type. A type of round or other shape disc made of metal or another material most often used in exchange for goods or services. It is not, however, normally considered legal tender, though there are some historical instances during severe coin shortages — such as during the Civil War — when tokens were widely accepted as money.

Usually a reference to a minor design modification within a type or series. A variety often refers to unintended die-related issues that affect the overall appearance of a coin, such as a doubled die. The ranks of stamp collectors have fallen dramatically over the past few decades, and even other popular pastimes, such as baseball and going out to see a movie, have seen relatively smaller followings among the younger generations. So, too, is the increasing dominance of digital technology, which seems to have shortened attention spans and lengthened the amount of time people spend time behind tiny screens.

But when it comes to increasing the number of young collectors in the coin hobby, all is not lost. The 50 States quarters and America the Beautiful quarters issued by the United States Mint can be used for educating children about geography, historical figures, and important events. If you want to introduce the young people in your life to coin collecting, consider giving them a few inexpensive coins that might pique their interest, such as old but common Lincoln wheat cents, cheap silver coins, or inexpensive foreign coins.

Take them to a coin show, if you can. Write a customer review. There was a problem filtering reviews right now. Please try again later. I have been a coin collector for over 40 years, so I am not a beginner, and I am not the intended audience for this book. I chose to read the book only because a friend of mine recently read it and I was curious to see if I agree with the information inside. I hope that does not seem arrogant. I have been a casual collector for many years, but I am by no means an expert like Kenneth Bressett.

This book calls itself a beginners guide to the world of coins, but I'm not sure that's completely accurate. When I think of a beginning coin collector, I envision an 8 to 10 year old boy or girl collecting treasures from pocket change and learning about older coins that are no longer in circulation, but this book is not written to the reading level of such a young person.

I think this book might be more appropriate for the parent of such a collector, or for an adult beginning collector. However, the first four chapters do provide a lot of information that would probably be unnecessary for an adult beginner, and would be more suitable for the younger person if the book was written at a level more understandable for that person. After the fourth chapter, I found the rest of the book very interesting and useful.

I do think Bressett should have gone into much more detail about coin grading in Chapter 6, though, because I think that would be important to a beginner regardless of age. Chapter 8 is titled "Catalog of Special Coin Prices" which might be misleading as well, because it is actually has descriptions of every type of coin ever produced in the United States, for circulation or not.

I think this chapter provides an excellent resource for anyone who might want to learn about a particular type of coin, or maybe put together a type set. To me, Chapter 8 alone makes this book worth reading and keeping. One person found this helpful. I have just started buying my nephews and neices coins as gifts, not sure they will turn into collectors but wanted to get them a good starter book. My husband is a collector and he thumbed through the book and gave his stamp of approval, he said it looks like it covers everything beginning coin collectors would want to know.

I have always liked coins. I have always regarded them as little pieces of art. However, I usually just put the ones I decided to collect in a bag or a drawer. As someone looking for good basic information, I found this book a jewel. It contains the basic information any coin collector needs, particularly information about how to find and properly store coins, the history of coins, and how coins are graded or valued. In fact, although I was already starting to get serious about my coin collection minor as it is , the book was so interesting, particularly when it discusses how coins themselves are truly history, that it really intensified my interest.

I have spent a fair amount now on buying proper equipment and materials to store the coins I already had and have even begun visiting a local coin shop to purchase more coins. I highly recommend this book to anyone with any interest at all in coins. Because of the historical significance of coins, it would also be interesting for anyone with an interest in history. Great info or coin collector.

This guide is easy to read and understand, and has a lot of helpful information for new coin collectors like myself. The pictures are large enough to see clearly. I think this guide is proving useful. One person found this helpful 2 people found this helpful. See all 17 reviews. Most recent customer reviews.

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