The coin collecting manual


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If you are looking for guidelines to coin collecting then this ebook will give you all the information you need on beginning coin collecting.

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The coin collecting manual

  1. 1. The Coin Collecting Manual
  2. 2. © Copyright Beginners Guide To Coin Collecting - All Rights Reserved. No part of this report may be reproduced or transmitted in any form whatsoever, electronic, or mechanical, including photocopying, recording, or by any informational storage or retrieval system without expression written, dated and signed permission from the authors. DISCLAIMER AND/OR LEGAL NOTICES The Publisher has strived to be as accurate and complete as possible in the creation of this report, notwithstanding the fact that he does not warrant or represent at any time that the contents within are accurate due to the rapidly changing nature of the Internet. While all attempts have been made to verify information provided in this publication, the Publisher assumes no responsibility for errors, omissions, or contrary interpretation of the subject matter herein. Any perceived slights of specific persons, peoples, or organizations are unintentional. In practical advice books, like anything else in life, there are no guarantees of income made. Readers are cautioned to reply on their own judgment about their individual circumstances to act accordingly. This book is not intended for use as a source of legal, business, accounting or financial advice. All readers are advised to seek services of competent professionals in legal, business, accounting, and finance field. Know Anyone Else Who May Be Interested In Coin Collecting! You are granted full rights to give away or distribute this report to your friends, customers, subscribers, as a products, gift to your website visitors or/and gift on your newsletter.
  3. 3. Please Start By Reading This - Then Pass It On - "The man who can drive himself further once the effort gets painful is the man who will win." Roger Bannister - "The spirit, the will to win, and the will to excel are the things that endure. These qualities are so much important than the events that occur." Vince Lombardi - "Success in our calling is the result of a person's love of and belief in the work he has undertaken. Earnest and conscientious labor often accomplishes more in the end than the brilliant genius." Anonymous - "Food offered without affection is like food offered to the dead." Hindu Proverb - "What you have to do and the way have to do it incredibly simple. Whether you are willing to do it, that's another matter." Peter F. Drucker - The best motivation is self motivation. The guy says, "I wish someone would come by and turn me on." What if they don't show up? You've got to have a better plan for your life. Jim Rohn - "How does one measure time? No, not in days, months, or years. It is measured by the most precious of all things: Love. Without which all beings and things whether brave and/or beautiful would perish." Irish Blesshin
  4. 4. Table of Contents: - How To Start The Hobby Of Coin Collection......................................................................5 - The Different Types Of Coin Collectors................................................................................5 - The Different Types Of Coins................................................................................................6 - The Software Used for Coin Collecting.................................................................................8 - What Are The Right Coin Prices?..........................................................................................9 - How to Detect Counterfeit Coins..........................................................................................11 - The Essential Supplies in Coin Collecting............................................................................13
  5. 5. How To Start The Hobby Of Coin Collecting Most people engage in different activities that they consider hobbies. When people consider a particular activity as a hobby, it means that people find that activity pleasurable in that they enjoy collecting different kinds of coins. In this context, it does not necessarily mean that the coin collector will focus more on the monetary value of the coins. When the focus of coin collecting delves more into the monetary value of the coins than the gratification the collector obtains, it is no longer deemed a hobby but an investment. History tells us that the main reason other generations collected coins was the value that coins would someday attain. The ancient form of coin collecting was even labeled a hobby “fit for the kings” because ancient coins were so valuable that only the kings were capable of collecting them. Today’s coin collection is no longer limited to the “kings” or the affluent. Anyone can now consider coin collecting as his or her hobby. The popularity of coin collecting continues to flourish as more and more people collect coins. That is why it is now known as the “King of Hobbies”. Why Such Popularity One of the many reasons coin collecting is considered by many as one of the most popular hobbies in the world is based on its ease of access. When somebody wants to start coin collecting, he can start any time, anywhere. Some people start coin collecting with the coins that they have in their pockets. This phase of coin collecting is known as the “accumulator” stage, where collectors try to accumulate as many coins as they can often using their “pocket change”. After the collector gets the “hang of” accumulating coins, the hobby becomes more expensive. This is because true hobbyists are willing to pay the price as long as a particular coin will enhance their collection and will beauty to their “masterpiece”. And the rest, as they say, is history. Coin collecting as hobby is a pleasurable activity that any person can use to create a feeling of gratification.. The Different Types Of Coin Collectors 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
  6. 6. - 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? The Different Types Of Coins Simplicity is not the best policy when it comes to coin collecting. Oftentimes it is the rareness, the history, or the mother country of the coins that collectors value most. Here is a wide array of the variety of coins that "coinophiles" are obsessed with: National Coins: Patriotism in Coins
  7. 7. Usually, national coin collectors are interested in collecting their own country's coins. It is common practice for collectors of national coins to get a representative coin from each date and mint marks for each coin series. Various national coin collectors combine a unique variation of series, date and mint marks. Error Coins: It's OK to be Not-So-OK One of the modern types of coin collecting is known as error coin collecting. Errors became possible when the production of coins was automated during the nineteenth century. Collectors of historic coins are fine with error coins because they like the uniqueness or error coins. Even modern day coin collector falls in love with error coins because they are assured that the modern processes promise that they are unique. The characteristics or coin errors include the following: - dies that are doubled - mint marks that are repunched - over-dated - double strikes - coins that are “off” metal - coins that are displaced or off center - coins that are clipped - one coin with different nominations on two sides a.k.a. mules World Coins: Hobby of Kings…. of the World Collecting world coins is about gathering those modern coins from all the countries of the world. Geographically-challenged individuals will have a hard time participating in this kind of coin collecting. If you would like to be a collector of world coins, you must be prepared to spend a considerable amount of money if you would want to have an extensive collection - being a “jetsetter” might be required. World coin collectors often acquire representative coins from each country or from authorities that issue coins. There are also world coin collectors that collect by subject such as those coins that feature animals.
  8. 8. Historical Coins: The Value of the Past Collectors of historic coins find value in mints that are from medieval or ancient times. The most popular of these historic coins include the following: - Byzantine - Celtic - Greek - Indian - Israelite - Merovingian - Ostrogothic There are other ancient coin specialties but it really depends on the preferences of the collectors. The popular way is to collect the coins that were minted during the reign of a certain emperor or king. The Software Used for Coin Collecting It is a common coin collecting problem: too many coins, not enough information on what kinds of coins to collect, or a disorganized group of collectibles. The solution? There are programs that are especially created for computer use, commonly known as software. Coin collecting software packages are created by professionals to help those who are having a hard time organizing and tracking their coin collections. These systems keep classifying, organizing, and cataloging coins at your fingertips while trying to find other coins that a collector might want to add to his personal collection. Other advantages of these software packages for coin collecting are: 1. Organizer buddy It is a coin collector’s best friend. Coin collecting software packages are exclusively created to help the hobbyist organize, manage, and track their coins fast and without difficulty. With almost 300 billion coins that were manufactured by the U.S. Mint alone, who could sort through all of these coins to find the ones they would like to own? 2. Statistical reports provider With these coin collecting software programs the collector to easily record statistical reports about coin collecting for quick references in the future.
  9. 9. 3. Provides numerous ways to interpret, view, and access coin collecting data With software packages, every coin collector can easily view his data in many ways. He can either choose to view the data in tabular form or in virtual form or can modify these tables and generate reports with just one click. 4. Provides easy-to-use templates Coin collecting software packages are perfect even for the “newbies” in information technology. This is because there are templates that are available at any time for the recording and organization of data. The collector can then just enter the data he needs to log without having to use complicated formulas. 5. Saves more time With these software packages, the coin collector will be able to save time organizing his coin records, leaving ample time for other activities. This means spending less time organizing and managing coins and more time for enjoying the hobby. The tedious job of keeping a systematic record is sometimes the main reason some coin collectors give up the hobby, and why employing such tools will make coin collecting more enjoyable. Using computer technology is the better way to make coin collecting easier. What Are The Right Coin Prices? There are many resources that can help coin collectors, old or new, in determining the value and worth of the coins they have. There are books out, “The Red Book” (A Guide Book of US Coins), “The Blue Book” (A Handbook of US Coins), as well as coin newsletters and catalogues available at any public or private library, coin dealers/shops anywhere in the US. There are also online guides for the prices of US coins available on the web, specifically the NumisMedia site. For a synopsis of the price of each coin, the following are the basic values of each cent, penny, or dime in the market. The United States wheat-cent, the circulated ones The price of these coins made prior to 1958, or those that are dated 1940, are currently being purchased by coin dealers for two cents each, or less. Those made before 1940 command a much higher price - from a few more cents to a few dollars.
  10. 10. The silver-dollars Silver-dollars from the US, especially those made before 1935, have almost an ounce of silver in them. These coins are the favorites of coin collectors and could be sold for more than their actual value in silver if they are undamaged or not worn severely. The dollars of Susan B. Anthony If by luck you happen to get one of these as a change, the value is more than a dollar and proof Susan B. Anthony dollars command even more. They are not easy to fine as they are not usually being circulated. Quarters, dollars and halves – the bicentennial kind There were billions of these coins made out, and because there are so many of them, their worth is usually just face value. There are coin dealers however who pay ten percent of the face value as premium for circulated bicentennial coins, and a few dollars more for those that are uncirculated.
  11. 11. A freak coin Believe it or not, there are two-headed coins out there. Basically, these are coins with two different designs on each face. These coins were made in error and mistake was not discoverer until the year 2000. This type of coins is usually called “mules”. In 1999, it was found that a cent with Lincoln’s face on one side and Roosevelt’s dime image on the other existed. It you find a coin of this it must be taken to a legitimate coin dealer and assessed to determine if is genuine. If so, this coin could be put up for auction and command a few dollars more. It is therefore true that a coin is basically worth more than meets the eye. How to Detect Counterfeit Coins A special machine does the stamping of coins to make them genuine. People who counterfeit coins are well trained and have the capacity to manipulate their duplication - especially those rare coins which have high value among collectors. The most common procedure used in counterfeiting is that they pour a liquid metal into molds that will leave die marks with cracking on the counterfeit coin. Those who are experts in determining counterfeit coins have observed that the changes seen in the coins have added, removed, or even altered the coin’s date markings. If a person thinks that he is in possession of a counterfeit collectible coin, he can compare it with another coin – one like the suspect coin – which is known be genuine and have the same markings. If the coin’s value is more than 5 cents, look for corrugations in the outer edges of the coin. These are very thin railings (also know as “reeding”) on the edges of the coins. Genuine coins have very thin edges and the railings are even and distinct if one is very observant. Those coins that are counterfeit can be distinguished if the edges are not thin enough and the railing is uneven or missing in some areas. Should there be an instance when a person perceives that he has received a counterfeit coin, he must not return the counterfeit coin to the person that handed him. He must try to delay the person – should he try to escape – or try to keep that person in sight and follow him to his destination if possible.
  12. 12. It is important to remember the person’s clothes and physical appearance and if the person has any companion during the exchange: if they have a vehicle, get the car’s license plate number and immediately call the nearest police department or the United States Secret Service for help. There are many things that can be considered to determine whether the coin is counterfeit or not. There are terms that are used to describe a counterfeit coin’s characteristics and they are as follows: 1. A restrike of a coin can be considered to be genuinely authenticated. These coins are actually dated earlier than those originally issued by the country that released them but have the same or exact features as the original coins. 2. Coins of a specific country in the ancient times are sometimes copied by another country. A person may think that it is forgery, but it is not because they had been legally approved in the country where they originated. 3. Forgery can be associated with the making of an illegal profit. It would be the main objective of the counterfeiting syndicate. The government sometimes uses forgery for political propaganda, as in the Second World War when Germans produced millions of American and British banknotes with the intention of profiting from them and destabilizing their enemy’s economic situation. 4. Another known type of counterfeit coins is replica coins. Replica simply means that the original coins are copied with the same features and markings. The usual counterfeit coins have differences that are noticeable when examined by coin experts. Some coins have the word “copy” intentionally put on the sides of the coins and these replicas are used for educational purposes and museum displays. 5. A Lebanese connection is said to have a huge production of counterfeit coins. These coins were found to be used in an attempt to fool many museums, collectors, business leaders and other countries that are searching for their ancient lost coins before the discovery of this syndicate. 6. The collector intended forgery and the circulated intended forgery are types of forgeries where the coins are intended to be tokens yet the face values are accepted, despite of their illegality and irrelevant intrusive values. It is important to consult an expert to determine if the coin is counterfeit or fake. An ordinary person can easily detect if the wrong metal was used for the counterfeiting. If the person is a collector of such items, he should be more aware of these coins. A collector needs to be more concerned with the collectible rare coins because this is where counterfeiters benefit frequently - their aim is to profit from the exclusive market for valuable coins.
  13. 13. The 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.
  14. 14. "Coin Collecting Is A Very Interesting And Rewarding Hobby But At The Same Time It Can Get Very Frustrating If You Don't Have A Guide To Follow!" Introducing... Beginners Guide To Coin Collecting Inside this eBook you will discover: How to become a Numismatic Where to find coins – some places are better than others What you should look for in a coin What affects the value of a coin – is it all about age? Grading your coins Should you use a grading service – what is your preference? When should you sell – timing is everything Pros and cons of buying at auction – best know who is bidding
  15. 15. How and where you can buy bullion coins – limited availability but worth it How to avoid shysters and frauds – yes, they are out there and you need to learn the ropes How to care for your coins – a glass jar just doesn’t get it (Click Below) Success Is Yours! Best Regards, Adam Franklin.