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.


 

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

Know your U.S. coins: Coronet $20 double eagle

Although most standard price guides agree that three distinct Coronet $20 double eagles were produced, three "subtypes," if you will, collectors paying closer attention will find there's more to collect than immediately meets the eye.

The Coronet double eagle was introduced into circulation in 1850, and struck every year through the end of the century, into the year 1907 when it was replaced by the famed Saint-Gaudens designs. The two major design elements remained unchanged for the entirety of the series: James Barton Longacre's standard portrait of Liberty wearing a coronet inscribed liberty on the obverse, and a heraldic eagle with shield on its breast and two scrolls on the reverse.

Catalogers have conveniently categorized the series into three subtypes or groups, based on changes to the reverse design:

The subtype of 1850 to 1866 features a reverse lacking "In God We Trust" and bearing the denomination as TWENTY D. Two versions of the same basic design by two different artists were used, one by Longacre and the second by Anthony C. Paquet in 1861 only. (Paquet's lettering was taller and narrower than the lettering used by Longacre.)

COIN VALUES: Know what your Coronet $20 double eagle gold coin is worth today 

The motto IN GOD WE TRUST was added to the reverse design in mid-1866 for the type of 1866 to 1876, with examples of both mottoless and motto-bearing designs struck during the transition year.

The denomination was expanded to read TWENTY DOLLARS on the type of 1877 to 1907. This reverse type remained in use through the remainder of the series. A new reverse hub was introduced in 1900 and used for the remainder of the series. The back of the eagle's head is smooth, compared to the earlier hubs depicting an eagle with slightly projecting feathers.

Collectors collecting by type could select examples from each of these periods to have a complete set. However, a greater challenge exists when one looks at each period in greater detail.

Many contemporary collectors and catalogers who collect by the reverse design types ignore significant changes made to the obverse over the years. By seeking these obverse variations, collectors can expand their collecting horizons.

Staff members of the American Numismatic Association Certification Service noticed in 1978 what had always been there but unnoticed. liberty was actually spelled llberty on the coins of 1850 to 1858.

The die sinker punched two Ls into the coronet rather than an LI. Despite more than 100 years of study, no one had noticed the misspelling, or had reported it if they had discovered the problem.

A new obverse was introduced in 1859, with liberty spelled correctly. Longacre's J.B.L. designer's initials were moved slightly, and other minor changes were made to the obverse design.

A new, slightly modified obverse was introduced in 1877, the same year the reverse denomination was spelled out in full. The most obvious changes are the positioning of the stars and head.

All told, the series comprises at least three distinct obverses and five distinct reverses.

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:

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