Rare Coins

From LoveToKnow Antiques

For some people, nothing is as satisfying as collecting rare coins. The thrill of finding a rare coin by accident, or on purpose if you’re a salvager can only be compared with winning the lottery. People all over the world, from kings to little kids, are fascinated with this hobby.

Coins from around the world.

Collecting Rare Coins

Before you start seeing how many old coins you can pilfer from your relative's coffers, it may be a good idea to do a little research first. Rare coins have two terms for evaluation, which are usually confused. These are the retail price and the value of the coin. The red book or retail value is a guideline for retail sellers of coins to price their coins. This doesn't mean that it is the actual amount you will be paid. Many collectors have been bitterly disappointed when they go to sell a coin using the red book as a guide. The actual payment is usually between 50 to 80 percent of the suggested retail price. A coin reseller has to account for the cost of running his business when he makes an offer to purchase a coin from a collector.

The value of a coin is largely dependent on a fickle market. What makes a rare coin valuable is the scarcity of the item. The scarcer the coin, the higher its estimated value will be.

Identifying Coins

All rare coin collectors should have guidebooks and collector's price guides to help them along in this hobby. Another way to learn more about this hobby is to either join a coin-collecting club or find a friend with similar interests. The combined knowledge of two or more collectors can help you avoid some of the common pitfalls that can plague newbie collectors.

Some popular online coin collector guides include the following:

Books to help you identify coins for your collection include:

  • A Guide Book of United States Coins, Edited by Kenneth Bressert
  • Photograde by James F. Ruddy
  • Coin Clinic: 1001 Frequently Asked Questions by Alan Herbert
  • One Minute Coin Expert by Scott A. Travers
  • Ancient Coin Collecting by Wayne G. Sayles

There are many other coin collecting books found in retail and secondary markets. Alibris Books and Amazon.com are just two of the many booksellers that carry these books in their inventory.

Rare Coin Specialties

After you have given some thought to this hobby decide whether to collect a certain type of coin or perhaps coins from a particular time period. Some collectors like to collect rare coins from other countries. No matter what you decide to collect, there are great online websites to help you in this endeavor.

Collecting Supplies

Once you've made the decision to start collecting coins, you will definitely need to purchase supplies to house them. Storing valuable coins in a sock drawer isn't really the best way to display or protect your collection. Rare coins need to be protected from dust, dirt and air pollutants, just like any other valuable item.

Some great starter tools include purchasing a magnifying glass, a display case or album, and coin calipers. As you grow your collection, you may also want to add coin tongs, precision scales, and special cleaners and polishes.

Merchants that specialize in coin collecting supplies are:

Conclusion

Collecting coins is a great hobby for people of all ages. Beginning hobbyists can start with coins they have right in their pocket. As interest in this hobby grows, collectors can branch out into ancient or antique coins from around the world. Some coins collectors take their hobby to another level by become salvagers, diving underwater to recover coins from sea-wrecked vessels.

New collectors should always start out with a few dependable price guides and collector guides to help them identify coins. Using online resources to learn more about coins can help collectors stay abreast of current collecting trends as well as providing values for many coins in circulation.


 


Comment on Rare Coins



(Displayed with your comment)                        (Will not be displayed)
Verification Code:   
    

Antiques Categories
LoveToKnow Tools
More Articles