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.


 

collectionStart Your Collection

Learning coin terminology and acquiring basic collecting knowledge are important first steps for those entering the numismatic hobby.

 

 


 

historyCoin History

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.

 

 


 

metalsPrecious Metals

Bullion investing and coin collecting go hand in hand. Learn all about the basics of investing and the many different bullion coins available.

 

 


 

coinsKnow Your U.S. Coins

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.

Numismatic

What is your coin worth?: Collector Basics

A coin's value is based on several items including: the coin (denomination, such as cent, 5-cent, dime, and so on), the year it was minted, the Mint facility where the coin was made and the coin's grade, condition or state of preservation.

Coin World offers several resources to help you determine retail prices for your coins. Online or in the pages of our monthly print publication, Coin World's Coin Values valuing analysts track and report more than 50,000 retail coin prices. Coin World's valuing analysts develop marketplace values and report market direction by monitoring a variety of sources such as public auctions, transactions at coin shows, retail ads, dealers' price lists, dealer-to-dealer trading and private collector transactions.

You must know a coin's grade to look up its value in a price guide. A grade is based on a scale of 1 to 70, with 60 and higher being reserved for coins in Mint State or Uncirculated condition. Proof coins are made differently from other coins and are graded differently as well. Any coin with wear on it, such as coins pulled from piggy banks or from change, would not grade Uncirculated. To determine a coin's grade, you can buy an illustrated book such as Coin World's Making the Grade: Comprehensive Grading Guide for U.S. Coins and learn about grading by matching your coin to the illustrations. 

You can also visit a professional coin dealer in your area (visit Coin World's dealer directory) or submit the coin to a coin grading service.


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