Coin Collecting Tips for Beginners

 

Many people begin their coin-collecting journey by finding an interesting coin in their pocket change, inheriting a coin collection or acquiring a few coins by some other means. Other people think they have found a rare and valuable coin and are looking to get rich quick. Regardless of where you start, here are some tips that will ensure you have a long and profitable coin collecting journey.

1.) Start Simple and Small

Unless you are a millionaire and a thousand-dollar mistake won't bother you, you'll want to ease into the hobby and learn the ropes before you make any major purchases. Start with smaller coin purchases and coin sets that are easy to assemble. Take the time to learn about the coins, their history, how to grade them, and coin pricing.

Many great coin collectors started by assembling a set of Lincoln pennies. They are still found in circulation, and most can be purchased for a moderate price at a local coin show, coin shop, or online. If your budget is a little larger, you may want to start with building a collection of Indian Head pennies or collecting a type set of United States coins.

2.) Collect What You Like

Many people ask, "What should I collect?" The short answer is, "Collect what you like!" Select coins or a series of coins that interest you. It may be a fascinating design on the coin, the history behind the coin or a story that is associated with the coin. Use the Internet to research the history of a coin or to learn about its origins. However, be careful if you purchase coins on the Internet. They may be overpriced or counterfeit.

Regardless, if the coin piques your interest you will be more likely to learn about them and that education will help you avoid costly mistakes in your coin collecting journey. The Lincoln penny is rich in history and has some great stories behind some of the coins. Some young collectors collect world coins that have a common theme, such as queens, fish, buildings, flowers, etc. The possibilities are endless and it can be as interesting as you make it. Finally, as you begin your coin collecting journey be careful not to fall into the trap of trying to "making a quick buck." You will meet people and unscrupulous coin dealers that will try to sell you coins at bargain-basement prices. You will soon find out that the old adage of "if it's too good to be true, it probably is" will hold true in this situation. Stick with collecting what you like and purchase your coins from a trusted coin dealer.

3.) Handle Coins Carefully & Store Them Properly

Although coins are made of metal and we tend to think of metal is very tough, the surface of a coin is very delicate and can be damaged easily. Different metals will react differently with the atmosphere around them.

Practicing safe coin storage and handling techniques will protect the value of your coins for generations to come. Handle your coins wearing cotton or latex gloves. If these are not available, then only handle the coin by its edge. Most importantly, never clean a coin! Coin dealers will be able to tell that has been cleaned and it will be considered a "damaged coin." This will greatly reduce its value or possibly make it worthless.

4.) It's Not a Race

Building a solid collection of coins that will appreciate over time is not a race. In fact, most coin collectors who hurry with their purchases end up getting frustrated very quickly and losing money when it comes time to sell their coin collections. Take your time and learn about the particular coins before you purchase them.

Also, don't purchase the first coin that comes along. Wait for the coin that is the quality you are seeking and is being offered at a reasonable price that you are willing to pay. Done right, coin collecting is a hobby that can last a lifetime.

5.) Buy the Book

There is an old adage that states "Buy the book before you buy the coin." People who have sold their coin collections for hundreds of thousands, if not millions, of dollars not only followed these simple rules, but also took the time to learn about the coins they were collecting. The Internet is a great source of information and, unfortunately, misinformation. A great book for the beginner as well as the seasoned collector is The Guide Book of United States Coins, also known as the Red Book. Take the time to read the introductory chapters of this book and gain an education before you jump into the pricing information that it is also known for.

6.) Magazines and Websites

 Because you're reading this article right now, it shows that you are looking for more information about coin collecting. There are popular coins collecting magazines such as: Coin World and Numismatic News. Coin related websites can also be a great source of information but be careful of websites that are just trying to sell you overpriced coins.

7.) Join a Coin Club

One of the best ways to learn more about coins and keep your interest in coin collecting alive is to join a coin club. Many cities and towns across the United States have local coin clubs. A quick Internet search will tell you if one is nearby. The American Numismatic Association (ANA) is the largest organization dedicated to numismatic education in the country. Also, there are various specialty coin clubs that focus on error coins, early American copper coins, Liberty Seated type coins, etc. Regardless of your area of interest or level of expertise, there is a coin club that will meet your needs.

8.) Visit a Coin Show or Coin Shop

Many coins can be purchased online. Unfortunately, this does not give you the opportunity to hold, inspect and compare the coins you are about to purchase. By visiting a coin show or local coin shop, you will be able to evaluate the coin firsthand before you purchase it. Additionally, a trusted coin dealer can provide you with valuable information that will help you with your purchase. Many coin shows also hold mini-seminars that help new collectors hone their coin collecting skills.

9.)Have a Plan

Before you start a coin collection, do some research as to how much money it will take to assemble the collection. If there are some showstopper coins, that doesn't mean you shouldn't start that particular collection. You may have to save up or wait until you have enough disposable income to buy the more expensive coins.

Set up a spreadsheet to list the coins you need to complete that particular collection. Also, list the estimated cost of each coin and what grade you are looking to purchase. As you purchased the coins check them off your list so you don't purchase duplicate coins.

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War Nickels; What They Are And Why To Search For Them

 

Here is a short educational video about war nickels

Bullion Buying Checklist

  

Following the checklist below is encouraged when buying or selling gold or silver bullion coins;

1. The reputation and expertise of your bullion dealer is important. 

Your dealer needs to be a respected name in the industry with experience buying and selling bullion in fluctuating markets. ANA dealers must adhere to a strict code of ethics. 

2. Know the actual cost per ounce of precious metals. 

Gold, silver, and platinum prices fluctuate daily, so check that day’s spot price prior to making a transaction. Expect to pay a higher percentage over melt value for fractional gold pieces (1/10th, 1/4th, and 1/2 ounce) than for one-ounce pieces. Also, American Eagle and Canadian Maple Leaf bullion coins typically have a higher retail price than South African Kruggerrand bullion coins.

3. Understand the fees and/or commissions involved. 

According to the Professional Numismatists Guild, the average retail commission for one-ounce American Eagle or Maple Leaf gold coins is about five or six percent.

4. Arrange for timely delivery.

If immediate delivery is not possible, obtain from the seller in writing specific confirmation about the delivery date. Only then should you execute your order.

5. Know that all investments come with risks. 

If you intend to buy bullion coins for investment purposes, your best protection is to spend time learning about the coins before you buy them. Uninformed buyers who make hasty purchases often overpay. Like any investment, there are no guarantees – and no one can predict with certainty that gold and silver prices will remain at the current levels or continue to appreciate.

6. Protect against identity theft. 

Do not give out credit card numbers or bank account numbers or other private information such as Social Security numbers over the phone to anyone not known to you. Source

The Hobby Of Kings And The Rise Of Numismatics

 

The main difference between coin collecting before and after the Renaissance is the development of an active market. With the new wave of interest, demand for antique coins greatly exceeded the available supply. During the 15th and 16th centuries, ancient-coin collecting became the “hobby of kings,” and the list of collectors is a list of European nobility. At the same time, famous artists were employed by these patrons to create replicas of ancient coins and portrait or commemorative medals, which became collectible in their own right. The appetite of collectors fueled a cottage industry of agents and prompted a search of source lands for salable artifacts. As might be expected, the insatiable market created such demand that it also fostered the introduction of forgeries.

By the 17th century, the nature of collecting had shifted slowly toward serious research. As a result, very broad collections were formed, studied, and cataloged. Numismatics became an academic pursuit, and many important treatises were published during that period. The involvement of institutions and the rise of public collections in the 18th century led to sponsorship of academic study, which elevated numismatics to the stature of a science. Most important, the exchange of information and new discoveries was formalized through detailed and widely published treatises on the topic of coins and collecting. Many of the large private collections of noble families came under state control during this period, and the subsequent cataloging of these holdings added volumes to existing knowledge. This information was readily available to the general public, and coin collecting became a pursuit of middle-class merchants and members of the various professions who were growing in numbers as well as cultural sophistication. Collecting ancient coins is one of the few ways that the average person can own actual objects from antiquity, and this point was not lost on the growing collector base. Coins are remarkably accessible pieces of history. Source

Circulated vs. Uncirculated Coins: What’s the Difference and Why Does it Matter?

 

There are two primary types of coins: circulated and uncirculated. 

The main difference between these two types of coins is their condition. 

• Circulated coins have been used in everyday transactions and thus have been subject to wear and tear. Circulated coins are made using a process called “minting,” which involves stamping the coin design onto a blank coin. 
• Uncirculated coins have never been used in circulation and are thus in pristine condition.Uncirculated coins are made using a process called “plating,” which involves coating a blank coin with a thin layer of metal.

What Are The Different Grades Of Uncirculated Coins

There are two different grades of uncirculated coins: business strike and proof. 

• Business strike coins are struck for circulation, while proof coins are specially made for collectors. 
• Proof coins are more carefully struck, resulting in a higher-quality finish. 

The Sheldon numerical system is also used for grading coins. Under this system, uncirculated coins can be graded from MS60 (barely uncirculated) to MS70 (perfect). If you’re new to collecting or investing in coins, circulated coins may be an excellent place to start. They’re usually more affordable than uncirculated coins and can still be quite collectible.

How Can You Spot the Difference between Circulated and Uncirculated Coins?

You can spot the difference between circulated and uncirculated coins in a few ways.

• Look at the coin’s surface. Circulated coins will have scratches and wear from handling, while uncirculated coins will be free of these marks. 
• Look at the coin’s edge. Circulated coins often have nicks or gouges, while uncirculated coins have smooth edges. 
• Look at the coin’s luster. Uncirculated coins will have a bright, shiny luster, while circulated coins will often have a duller luster.

Circulated coins are less expensive than uncirculated coins, so if you’re on a budget, circulated coins are a better option. Circulated coins may be cheaper, but they are likely not in mint condition and have lost some value over time. 

Uncirculated coins are more valuable since they retain their original condition. While they cost more, their condition means they will likely retain or increase in value. To provide an approximate value for a coin, it’s essential to consult reliable coin pricing guides, reference books, or consult with reputable coin dealers. Source

Uncovering the Hidden Value of Precious Metal Dental Scrap

 

Have you ever wondered about dental restoration materials like crowns, bridges, or implants? You may be surprised to learn that these materials are not just waste but valuable sources of precious metals that can be recycled and refined.

The Inner Workings of Precious Metal Dental Scrap

Precious metal dental scrap is any material left over from old dental restorations that contain gold, silver, platinum, or palladium. These metals are used in dentistry because they are durable, corrosion-resistant, and biocompatible. However, they are also very expensive and scarce, which makes them attractive to investors and refiners. Precious metal dental scrap has value because it can be melted down and purified to recover the precious metals inside. These metals can be used for various purposes, such as making new jewelry, coins, bars, or industrial products. Recycling dental scrap can help reduce the demand for mining new metals, which has environmental and social impacts.

Precious Metal Dental Scrap Under a Microscope

Dental scrap can vary in size, shape, color, and quality depending on the type of restoration and the amount of precious metals present. Some dental scrap may look like pure gold or silver, while others may look like white metal or ceramic. Other dental scraps may have other metals or materials mixed in with the precious metals, such as base metals (e.g., copper or nickel), porcelain, resin, or amalgam. The amount of precious metals in dental scrap depends on several factors, such as the age of the restoration, the manufacturer of the material, the preference of the dentist or patient, and the cost of the metal at the time of fabrication. Generally, older restorations tend to have higher percentages of precious metals than newer ones, as they were made when the metals were cheaper and more available. However, this is not always the case. The only way to determine the exact amount of precious metals in dental scrap is to have it tested by a professional refiner who can use advanced equipment and techniques to analyze its composition and purity.

Value of Precious Metal Dental Scrap

Precious metal dental scraps are valuable because they can be melted down and purified to recover the precious metals inside. These metals can be used for various purposes, such as making new jewelry, coins, bars, or industrial products.

The value of dental scrap depends on factors such as:

• The quantity of dental scrap
• The quality of dental scrap
• The current market prices of gold, silver, platinum, and palladium
• The fees and charges of the buyer

Precious metal dental scrap is a valuable source of income that many people overlook or ignore. By selling your dental scrap to a reputable buyer who can offer you a fair price based on the current market value of precious metals, you can earn extra money and help protect the environment by recycling precious metals instead of discarding them. Source

Do Gold Chains Hold Value?

 

Gold chains have long been a symbol of wealth, elegance, and timeless style. But beyond their aesthetic appeal, do gold chains hold value? 

What Are Karats?

The purity of gold is measured in karats, which indicates the proportion of gold in the alloy out of 24 parts. Pure gold is 24 karats, meaning it is 100% gold. However, pure gold is too soft for most jewelry purposes, so it is often alloyed with other metals to increase its durability.

Common Karat Values

• 24K: Pure gold, rarely used for chains due to softness.
• 22K: Contains 91.6% gold, has a rich color but is still quite soft.
• 18K: Contains 75% gold, a good balance of purity and durability.
• 14K: Contains 58.3% gold, popular for its durability and affordability.
• 10K: Contains 41.7% gold, more durable but less pure.

The value of a gold chain increases with the karat value, as higher karats mean a higher proportion of gold.

Factors Affecting the Value of Gold Chains;

Gold Market Price

The market price of gold fluctuates based on supply and demand, geopolitical stability, and economic factors. The current price of gold is a significant determinant of the value of your gold chain.

Weight and Length

Gold chains are typically sold by weight. Heavier chains contain more gold, increasing their value. The length of the chain also contributes to the overall weight, with longer chains generally being more valuable.

Design and Craftsmanship

Intricate designs and high-quality craftsmanship can significantly enhance the value of a gold chain. Chains with unique patterns or those that require skilled labor to produce tend to be more valuable.

Brand and Provenance

Chains from reputable jewelers or those with a known history can hold more value. Provenance, or the chain’s history of ownership, can also affect its value, especially if it has belonged to someone famous or notable.

Condition

The condition of the gold chain is crucial. Chains that are well-maintained and show minimal signs of wear are more valuable. Regular cleaning and proper storage can help maintain the chain’s condition.

Types of Gold Chains;

Solid Gold Chains

Solid gold chains are made entirely of gold alloy. These chains hold significant value due to their high gold content and durability. They are an excellent investment, maintaining value over time.

Hollow Gold Chains

Hollow gold chains look like solid gold chains but contain less gold. While they are lighter and more affordable, they are also less durable and hold less value compared to solid gold chains.

Gold-Plated Chains

Gold-plated chains have a thin layer of gold over a base metal. These chains are much less expensive and hold minimal value compared to solid or hollow gold chains. The gold layer can wear off over time, further reducing their value.

Gold chains hold significant value due to their gold content, design, and craftsmanship. By understanding the factors that affect their value and ensuring proper care and maintenance, you can make a sound investment in gold jewelry. Source