Start Your Collection
Learning coin terminology and acquiring basic collecting knowledge are important first steps for those entering the numismatic hobby.
NUMISMATIC & COIN COLLECTING BASICS - COIN WORLD
Getting started in numismatics
Young or old, affluent or not, all sorts of people find coin collecting an accessible hobby. Many famous collectors started as children or young adults, and this is also the kind of hobby and vocation that gets passed to generations within families and shared with friends. Because studying numismatics also involves learning about history, politics, art and much more, this hobby has educational value. Of course, coin collectors also find this hobby exciting and sometimes, profitable. The first step for novice coin collectors usually includes learning the language of coin collecting. Special terms describe a coin's condition, type and appearance. Mastery of basic terms opens the door to gaining more knowledge.
Learning coin terminology and acquiring basic collecting knowledge are important first steps for those entering the numismatic hobby.
From the U.S. Mint’s first facilities, to the discovery of the Saddle Ridge Hoard, read about the historical places, people and events that have shaped numismatics.
Bullion investing and coin collecting go hand in hand. Learn all about the basics of investing and the many different bullion coins available.
What’s so special about the Morgan dollar? How many different types of Lincoln cents have there been? Get familiar with all U.S. coins, past and present.
Making coins come alive
The very first American colonists had little need for coins in the wilderness. They bartered with trade goods, Native American wampumand tobacco. As civilization grew, the British did not always give the Americans permission to mint their own coins, but the colonists found alternative sources of coins and on occasion, struck coins without royal authority. For example, the Massachusetts Bay Colony set up its own mint in Boston in 1652 during a period when England lacked a king and continued striking 1652-dated silver coins for decades. Thus, early examples of U.S. Colonial coins were born. In April of 1792, the U.S. Mint was established in Philadelphia, the nation's capital at the time.
Numismatics, the studying of coins, and the collecting of coins both stand apart from investing in coins for their bullion value. Still, the bullion value of most collectible coins still needs to get considered. Even today, the U.S. Mint and mints of other nations’ produce bullion coins that are different from regular coins intended for currency. Through much of history, coins derived most of their value from their metal content. While people used coins as currency for thousands of years, the practice might have been closer to trading small bits of copper, silver, gold and other precious metals. However, as gold and silver rose in value, the intrinsic worth of the precious metals in the coins began to exceed their face value. In the U.S., for example, the replacement of 90 percent silver coins with base metal coins began in 1965.
Learning about U.S. coins means learning about the history of the country. Very often, decisions about a coin's content, value and design were made because of political, economic or social events of the time that they were minted. In some cases, political figures or mint executives even made decisions because of favoritism, nepotism or personal competitions — and learning these details makes old coins come alive.
Although it may seem unusual today, the United States government once issued a coin worth less than one cent: the half cent.
The copper U.S. half cent was authorized for production on April 2, 1792. During its 64-year lifespan as a circulating denomination, five different basic design types of the tiny (0.93-inch) coin were struck. The coins were struck at the Philadelphia Mint and do not have a Mint mark.
COIN VALUES: See how much U.S. half cents are worth today
The half cent's designers and engravers are among the best known names in U.S. Mint design/engraving history: Adam Eckfeldt, Robert Scot, John Gardner, Gilbert Stuart, John Reich and Christian Gobrecht. Designs for the half cent were also used on other denominations through the years.
The 1793 Liberty Cap half cent features a lettered edge stating TWO HUNDRED FOR A DOLLAR. The obverse depicts a bust of Liberty with flowing hair, facing left. A Liberty Cap on a pole rests on her right shoulder giving the design its name, the Liberty Cap. The design for the Liberty Cap half cent was based on Agustin Dupre's Libertas Americana medal.
Half cents struck between 1794 and 1797 bear another Liberty Cap design, this one facing right, and issued in Plain Edge, Lettered Edge and Gripped Edge varieties.
From 1800 to 1808 the Draped Bust design was used on half cents. All half cents bearing those dates are Plain Edge varieties.
The Classic Head design was used on half cents struck between 1809-1836. From 1849 to 1857, a Coronet design with Plain Edge was used. All half cents have a wreath on the reverse.
The key dates in the series are 1793; 1796, No Pole; 1802/0, Reverse of 1800; and 1831.
Keep reading from our "Know Your U.S. Coins" series:
Cents and half cents:
2- and 3-cent coins:
Nickels:
Dimes and half dimes:
Quarters:
Half dollars:
Dollars:
Gold coins: