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.
Editor's note: The following post is part of CoinWorld.com's 'Collecting Basics' series, which provides novice readers with an introduction into the numismatic hobby.
A mule coin is a coin struck with dies that were not intended to be paired.
"A numismatic mule is a fascinating creature, a hybrid of two designs never meant to appear together,” Coin World senior news editor William T. Gibbs wrote in 1992. "Some are accidental in nature, true errors that any collector would welcome in his or her collection. Other mules were deliberately produced, either accidentally, out of necessity to meet coinage demands, or from a desire to produce something special (even if fraudulent) for collectors."
There is a market for mules just like there is for correctly struck coins.
The hybrid coins take their name, of course, from the hard-working animal that results from the cross-breeding of a horse and a donkey — half one thing and half the other.
"Among U.S. coins, some mules have achieved legendary status,” Mike Diamond wrote in a Collectors’ Clearinghouse column published online on Nov. 16, 2013. "The most prominent of these would likely be the 14 Sacagawea dollar planchets struck by a Washington quarter dollar obverse die and a Sacagawea dollar reverse die.”
Collector Tommy Bolack wrangled his 10th Sacagawea dollar/Statehood quarter mule during an Aug. 6 Stack’s Bowers Galleries auction for a total price of $117,500.
“I think I’ve got the market cornered. I could name my price,” Bolack said. “After I bought the first one, I never thought I’d ever own a second one, much less 10. I’ve kind of fallen in love with them.”
Diamond’s 2013 column touched on foreign mules.
"Probably the best known example among foreign coins is the 2000 Canada Millennium series 'Map Mule' 25-cent coin,” he wrote. "The obverse is the one normally used for this series and features the bust of Queen Elizabeth. The reverse face of each coin carries a design normally seen on the Royal Canadian Mint medal that accompanies the 12-coin 25-cent piece Mint set produced in that year. The design features a map of Canada constructed from maple leaves."
The Map Mule coins can be found online being sold at prices around $400. For example, a Mint State 63 example sold for $436.99 on eBay in June 2014.
More from CoinWorld.com:
Collector finds 1969-S DDO Lincoln cent after searching through 12,000 cents in rolls
Seventh 76-mm silver Benjamin Harrison Indian Peace medal a yard sale discovery
Specialists identify counterfeit 1900-O/CC Morgan dollar with links to Micro O fakes
What you need to know before collecting 'classic' U.S. coins
U.S. Mint plans resumption of sales Nov. 17 for American Eagle silver bullion coins
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