Collectible Coins

Collectible coins can be an investment as both collectibles or precious metals, but like all other financial investments, they carry risks.

Condition

As with all antiques and collectibles, the value of a coin depends upon its condition. Several ways are commonly utilized to describe a coin's condition. The Official ANA Grading Standards for United States Coins uses these standard categories:

• Uncirculated
• Extremely Fine
• Very Fine
• Fine
• Very Good
• Good
• About Good

Each standard category includes several graduations.

Purchasing Coins

New collectible coins can be purchased directly from the country's mint. The United States Mint sells directly from its website. Other sources include coin dealers, shows, conferences, online and in-person auctions, and other individual collectors. One of the pleasures of collecting coins is the possibility of a hidden treasure in a handful of change, so many collectors buy rolls of coins at banks and search through them for something to add to their collection.

The best way to keep up with current collectible coin values is to purchase a guide. For coins from all over the world, the Krause Standard Catalog of World Coins is one of the most authoritative. For United States coins, the Coin World and Blackbook price guides are standards.

Common Collectible Coins

Early Circulated Coins

The following are some of the most commonly collected coins. With the exception of the Morgan dollar, most of these coins can occasionally be found among circulated coins today. The rarest years and mints, however, are usually only available from dealers or collectors. Each of these was produced by multiple mints and in many different styles, and the value of each depends on the rarity and condition.

• Indian Head Cents Indian Head cents were produced from 1859 to 1909 and designed by James Barton Longacre, an engraver for the Philadelphia Mint. The head shows a stylized Native American in a feathered headdress, depicting Liberty. The reverse side features the shield of the United States at the top, with an oak wreath surrounding the sides of the coin, and a bundle of arrows at the bottom.
• Mercury Dimes: Despite the name, the head on the Mercury dime is not in fact the Greco-Roman god Mercury, rather a winged head of Liberty. (The Phrygian hat with the wings closely resembles images of Mercury.) Adolph A. Weinman designed the Mercury dime, and the simplicity and elegance of the head and the column on the reverse make it one of the most attractive US coins. It was minted from 1916 to 1945.
• Wheat Cents: Wheat cents, officially known as Lincoln Wheat Ears cents, were minted from 1909 to 1958. The front shows the profile of Abraham Lincoln still in use on today's pennies, while the reverse shows two stalks of wheat. Both sides were designed by Victor David Brenner, a prolific designer and engraver.
• Buffalo Nickels: Buffalo nickels, also known as Indian head nickels, were produced from 1913 to 1938. The head features a profile of a Native American and the tail of an American bison. Both were designed by sculptor James Earle Fraser, famous for this design and for his “End of the Trail” sculpture.
• Morgan Dollars: Morgan silver dollars were minted from 1878 to 1904, and again for one year in 1921. After the discovery of vast quantities of silver in the American west, the US government ordered the Treasury Department to purchase tons of silver and create coins with it in an attempt to keep the price up. The Morgan dollars, named after the designer George T. Morgan, were one of these projects. Because of their quantity of silver, many of these coins were melted down, thus raising the price for collectors.

Fifty States Quarters

This United States Mint series releases a new design each ten weeks, starting in 1999 and continuing through 2008. The back of each quarter has a design featuring a different state each year, while the back is the standard George Washington head. These coins are released into general circulation and are also available in proof form from the Mint. A proof is a collectible coin with especially sharp detail, made for collectors.

Caring for Coins

Always handle coins with clean hands or, better yet, while wearing cotton gloves. Even recently washed hands can leave fingerprints, and fingerprints carry oils that can corrode coins. Always hold coins by the edges rather than the faces, and when you put them down, put them down on a soft piece of cloth to avoid scratches.

Unless you know exactly what you're doing, be careful about cleaning coins, since this can actually reduce their value. If you do want to clean a coin, use mild soap and water and do not scrub it. When you're finished, pat it dry with a soft towel. Store coins in cool, dry places, and with some kind of protective cover.

You can purchase materials specifically designed for storing coins at coin dealers, hobby shops, and even some bookstores.

Collecting coins can be a good investment and a fascinating hobby.