The US Mint continues to produce new coin programs and Congress continues to support new ways of making the nation's coins more interesting. The US Mint issues four new Presidential Dollar coins each year, in the order in which the Presidents served. The appetite for a new coin collecting program is very high. With products ranging from US standards like the Indian & Lincoln cents, Buffalo nickels, Mercury dimes and Washington quarters to World coins from Canada, Australia, China and Mexico, Coinland. A collection of coins is not cumbersome to own, and the coins themselves hold a very clear image of value in the mind of the collector. The first known coin collector was Petrarch, who lived way back in the 15th century. A century later, Hubert Goltz visited a number of coin collectors throughout Europe and estimated that were approximately 960 collections in total. The British Museum established one of the first coin catalogues. From this have emerged more than 100 publications devoted to coin collecting. Francis I of Austria wrote about his collection of gold coins in 1756. From these coins we can learn a little piece of what happened in history, the various activities and such.
Dealer
With all the unscrupulous dealers it can be a challenge to find individuals trustworthy enough for your business. While authentic merchandise is a strong indication of legitimate dealers, this is not always true. Through study and practice a dealer can hone the skill of classifying merchandise properly and spotting the key details that are vital to properly negotiating a deal.
Coins
The Mint intends to produce Presidential dollar coins for at least the next 10 years.
Com
Commemorative coins are very common, like coins for the Olympics or some other historically significant event like the landing on the moon by Apollo. Like all coin collectors you probably love the many different coins that come your way. Numismatists or people enthusiastic about coins will tell you that it is much more -- a rather methodical and to some extent a complex hobby.
Business
The coin collecting hobby has become big business over the past 5-10 years, with coin values rising and the collector base expanding beyond even the wildest predictions. Business boomed in the 1970s as inflation, wary investors sought a safe haven in gold and precious metals and the company relocated to Newport Beach.
Collecting
However it is believed that at present 106 million Americans are into the hobby of collecting quarters. Collecting quarters involves men, women, and children of all ages.
Grading
The condition of a coin is commonly summarized by a grade. Because the value of collectible coins often varies dramatically with grade and overly generous grading is not uncommon, reasonable grading proficiency is an important skill for collectors.
Tips to reduce risk in a coin collecting business:
1) Make an effort to ensure that the trader is honest 2) Verify the state of the coins 3) Practice evaluating merchandise
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Some people build strictly a grassroots coin collection, acquiring those coins that they happen to stumble across, while others buy in bulk and eagerly anticipate new limited edition minting. However you choose to build your collection, you may have many questions about the hobby.
This article will address some popular questions and concerns that first time coin collectors may have.
What is numismatics?
Strictly speaking, numismatics is the study and collection of money and related financial objects or documentation. Examples include not only coins but also paper money, checks and stock certificates.
In practice, however, the word numismatics is commonly used to mean simply coin collecting. Those who practice numismatics are numismatists.
How should I handle my coins?
The short answer is as little as possible. Even the smallest fingerprints on an un-circulated coin can cut the value dramatically. If you must handle a collectible coin, do so only from the edge.
If you need to lay the coin down, use a velvet pad if available. Minimally, use a soft, clean cloth. Handle extremely high value coins only with surgical gloves and a protective facemask.
How should I clean my coins?
You really should have no need to clean the coins. Collectors look for authenticity, not shiny newness. Even damp wiping with a clean, lint-free rag can leave hairline scratches on the coin, lowering its value dramatically.
If it is strictly necessary to remove dirt and debris, ask other coin collectors to recommend a commercial coin cleaner that removes the dirt without scratching the coin or losing the luster. Ask to see coins that they have cleaned before using their advice.
How should I store my coins?
The goal for coin storage is protection from temperature extremes and humidity. You also want to protect your coins from fingerprints, dust, dirt, and chemicals. Some form of dehumidifying equipment is recommended, even if it is just silicone gel packets.
Low value coins can be kept in almost any container. However, higher value coins require special protection. Your goal for high value coin preservation is a container that is as airtight as possible, which also displays the coin so that there no need to remove it from the container.
Many commercial storage options are available. Ask for recommendations from your coin dealer or others in the hobby.
How are coins graded?
Grading coins is an extremely complicated process. Only trained professionals can do specific grading. However, it is a good idea for any coin collector to have a basic understanding of how grading works.
There are 13 standard grades for circulated coins, ranging from the AG-3 "About Good" to AU-58, or "Very Choice about Un-circulated). Uncirculated coins are graded from MS-60 to MS-70, depending on quality and flawlessness.
In practicality, MS-70 is more of an ideal than a realistic grade. A good book on grading will teach you the basics on recognizing the differences.
Some experts utilize different or additional systems, so it is always vital to make sure that you are speaking the same language as the expert with whom you are dealing.
Both Nelahplour & Mike Selvon are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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