A coin is worth more than a coin

Coin collectors, old and new, have always wondered whether the coin or coins they have in their possession are worth more than the face value today - or in the foreseeable future.



Even though that a coin which has little or no value monetarily is not necessarily one would not keep or make part of one’s coin collection.



The following are basic factors which could influence a coin’s value.



How rare or un-rare is it?



Generally, the concept that everyone knows and follows is this: the rarer a coin the higher the coin’s worth. This rule is true in some cases and – fortunately or unfortunately – false on the others.



There was a situation where a Chinese coin, a thousand years old, sold for only a few of dollars because there were many of the thousand-year-old Chinese available. Compare this to a coin made only in 1913, a nickel specifically called a Liberty Head, which could sell for (hold your breath) one million dollars! It is known that only five of these coins exist, consequently the enormous monetary value.



Is the coin in good condition?



The better the condition of the coin, the better the price that it would bring on the market, because the grade of the coin would match its condition. A coin that is in mint condition - add to this that it is basically an uncirculated coin – is actually worth one hundred times more than a similar coin that is just in average circulated condition.



Demand and supply



Sometimes, when the demand for a specific coin is high, that coin’s worth – despite the number of them available – is just as high.

Take the example of the coin dated 1916-D, and compare it to the value of a coin dated 1798. Many people prefer to collect coins of the 20th century rather than those that are from the 1700’s. The 1916-D dimes sell higher than the much older 1798 coins. The fact that there are more (approximately four hundred thousand) 1916-D coins than there are dimes from the year 1798 (only about thirty thousand), does little to affect the price of each.



It is best to have a professional coin dealer grade the coin(s) and determine the value of any coin(s) you may own. Who knows, it could be worth more (or less) than what you think.

The coin-price is right

There are many resources that can help coin collectors, old or new, in determining the value and worth of the coins they have.



There are books out, “The Red Book” (A Guide Book of US Coins), “The Blue Book” (A Handbook of US Coins), as well as coin newsletters and catalogues available at any public or private library, coin dealers/shops anywhere in the US. There are also online guides for the prices of US coins available on the web, specifically the NumisMedia site.



For a synopsis of the price of each coin, the following are the basic values of each cent, penny, or dime in the market.



The United States wheat-cent, the circulated ones



The price of these coins made prior to 1958, or those that are dated 1940, are currently being purchased by coin dealers for two cents each, or less. Those made before 1940 command a much higher price - from a few more cents to a few dollars.



The silver-dollars



Silver-dollars from the US, especially those made before 1935, have almost an ounce of silver in them. These coins are the favorites of coin collectors and could be sold for more than their actual value in silver if they are undamaged or not worn severely.



The dollars of Susan B. Anthony



If by luck you happen to get one of these as a change, the value is more than a dollar and proof Susan B. Anthony dollars command even more. They are not easy to fine as they are not usually being circulated.



Quarters, dollars and halves – the bicentennial kind



There were billions of these coins made out, and because there are so many of them, their worth is usually just face value. There are coin dealers however who pay ten percent of the face value as premium for circulated bicentennial coins, and a few dollars more for those that are uncirculated.



A freak coin



Believe it or not, there are two-headed coins out there. Basically, these are coins with two different designs on each face. These coins were made in error and mistake was not discoverer until the year 2000. This type of coins is usually called “mules”. In 1999, it was found that a cent with Lincoln’s face on one side and Roosevelt’s dime image on the other existed.



It you find a coin of this it must be taken to a legitimate coin dealer and assessed to determine if is genuine. If so, this coin could be put up for auction and command a few dollars more.



It is therefore true that a coin is basically worth more than meets the eye.

How to Earn Your Coin Collecting Merit Badge

There is more to coin collecting than just keeping coins. There is something at stake for those who make an effort to know what they are collecting: the Coin Collector’s Merit Badge.



A person who wants to acquire a merit badge must prove himself to be someone who knows a lot about coins.



Here are some of the things that a coin collector must know in order to earn the Merit Badge.



1. The Grading Scale



Merit badge aspirers must be very knowledgeable about the different grades of coins. They must master how to assess coins and categorize each coin as:



- Poor

- Fair

- Good

- Very good

- Fine

- Very fine

- Extremely fine

- Uncirculated.



They must also present five examples for each of the categories given above.



2. Coin Terminologies



Coin collectors must familiarize themselves to coin terms such as “encapsulated” coins, “proof” coins or legal tender to get the merit badge. They must be able to determine if coins are “buzzed” or “whizzed”.



They must also show competency in explaining the following:



- Clad

- Date set

- Observe

- Reading

- Reverse

- Type set



3. Coin Storage



For a coin collector to achieve a merit badge, it is important that he knows how to take care, store and preserve coins.

Coin collectors must be able to demonstrate thorough knowledge in coin collecting by showing the councilors different methods of coin storage. It is expected that the advantages and disadvantages of the methods will be provided as well.



4. Coin Anatomy



Knowledge of the parts of the coins will give important information. That is why coin collectors who want a merit badge must know where the mint marks are located in various coins and they must also know where to look for the initials of the coin designer.



5. Miscellaneous things about coins



The councilors will be very pleased to hear stories about what you have learned about coins. These recollections may come from reading coin journals, attending workshops or seminars, joining a coin collectors’ club, or visiting mint facilities.



It is also expected that coin collectors know a lot about coins from other countries as well.



6. Counterfeit coins



A coin collector must have a perception of whether a coin is authentic or counterfeit.



Reading coin guides or interviewing personnel from mint facilities will be a help in this situation.



After knowing these things, you are now equipped with the knowledge needed to be worthy of the coin collectors’ merit badge.

Coin Collecting Basics: Your Own Coin Collecting Kit

Coin collecting is not as simple as keeping coins: it may be observed from numismatists or even coin enthusiasts that it is a systematic and somewhat complicated hobby. Certain tools must be employed to ensure both fun, discipline and to some extent, good profit.

Here are some of the essential things that must be included in the coin collecting kit.

1. Coin Guides

Coin guides should be used, not just by beginners, but by professional coin collectors as well.

Coin guides give tips on how to start, as well as special instructions on how to proceed with the hobby of coin collecting.

They also provide information on coins, since different coins have different ways of grading, pricing, etc.

It is recommended you read guides before doing starting the hobby to avoid making wrong decisions caused by lack of information.

2. Coin Inventory Record

All items in your collection must be accounted for properly. Information like year, face value, grade, cost, trend, and remarks must always be available for reference.

Inventory Records also help in organizing coin collections. It eliminates the redundancy of coins in the collection by showing the collectors at a glance the items in his collection.

Coin collectors do have options in the method to be used in recording coin information. They may choose the traditional paper-and-pen method, or may use coin collecting software.

3. Coin Containers

To avoid damaging the coins, it is recommended to invest in holders and containers that will give adequate protection.

Just remember that coins react to certain chemicals such as sulfur present in paper and PVC from plastic it is not advisable to use such materials for long-term storage.

4. Silica Gel

The use of silica gel packets is important to maintain the moderate temperature, low humidity atmosphere conducive to coin preservation.

5. Magnifying Glass

Magnifying glasses are a great help when it comes to coin grading. Most numismatists recommend using a 7x magnification, but generally, magnification between 4x to10x will do the job.

The magnifying glass is a great aid in examining the quality and authenticity of the coins. Details like hairlines or scratches, which are not visible to the naked eye, are “big deals” when it comes to coin collecting as they affect the value of coins.

6. Lamp

A light source must be placed half a meter away from the workspace. Recommended light for this purpose may be a halogen lamp, or simply a 75-watt incandescent lamp.

7. Handling equipment

Finger marks reduce the grade of the coins. That is why serious collectors invest in surgical gloves and velvet pads to use when handling coins.

Now our basic coin collecting kit is complete. Enjoy!

Starting a Coin Collection for Kids

The best time to mould a child (kid) is when he/she is still young. By getting the curious minds involved in something educational, there is a very good chance that they will become responsible adults.

Some parents can start by teaching how to cook or baking at a young age. If the child enjoys and does well with it, then perhaps in the future, this person could become a chef. Giving a child a hobby can also teach that child how to stay focused or to pay particular attention to a certain subject. A good example of this is starting a coin collection.

For most adults coins are just petty cash. They are used to buy a newspaper or used to pay for a ride on the subway etc. For children, coins are more than that. Some children save the coins placed in their piggy bank to make a special purchase or save them to use for their college tuition.

To start a coin collection the parent and child can start by opening the piggy bank and examining the coins together. Coins were manufactured during different years and each has its own history. By explaining the significance of each, the child’s interest will grow and this in turn will encourage growth of the coin collection.

Both the parent and child could get lucky if they should find that a coin has missing letters or numbers or a misprint is seen on the coin. Since such things don’t happen often, the value of the coin is much higher than the original face value.

Coins can that are to be part of a collection should be kept inside a small box separated from the coins used for savings. When this collection has grown larger, then it is time to buy a plastic folder in which to store the coins. There are two kinds or folders currently on the market: the first can hold the coins individually and the other is a sheet which can hold a number of coins per page.

By using folders the child and take the collection to school for “show and tell” and would improve the child’s self-confidence in achieving something on his own - without the help of the parents.

Coins can teach the child about saving for a special purchase or project and encourage the child to work hard to achieve that goal without always asking for money from mom or dad.

Coin collecting started in the early years will pay off later in life by teaching responsibility.

Starting a Coin Collection

It is never too early or too late to have a hobby. Some people are hobbyists for fun while others see a bigger picture; and that is to make money. Some objects that may seem inexpensive now may become valuable or priceless later.



A few good examples are baseball cards, toys and stamps. Many people have made a fortune by collecting and selling on auction sites like EBay. Another collection that can become profitable is coin collecting.



Getting started is as easy as deciding what kind of collection you want. Coins are made every year and some are introduced years later so focusing on a particular time period and location is important.



Conducting research using reference books or the web can aid in coin collecting. You can learn almost anything about the coins to be collected and will help the collector discover those who want to sell coins.



Another good source of information is subscribing to a coin publication such as Coin World or Coinage Magazine. The local coin shop can also expand the search for those antique coins outside the collector’s city or state.



Being a member of a coin club can build the collector’s network. Some members may want to part with a particular coin in exchange for another, etc.



Coins that are no longer used generally have more value than those that are still active, because coins in the past were made of 100% silver or gold. Since the demand for silver coins increased and they were difficult to produce they are now made of 40% and 60% copper.



After completing the collection, the coins should be stored in a nice folder or album. This will keep them clean and easy for the individual to carry around and display.



Coins can be cleaned by soaking them in any of the following liquids: vinegar, rubbing alcohol, lemon juice or ammonia which will remove any dirt or encrustation that’s on the coin when it was acquired. Afterwards, they should be air-dried or patted dry with a soft cloth. Rubbing or polishing the coins is not advisable since it scratches and will decrease the market value of the coin.



Coin collecting can be a lot of fun. By deciding on a specific period to begin with then searching for it, the collector will have something valuable as an investment.

Keeping Coins Clean Using a Folder

The price of an antique item goes up if it is kept in good condition. By having it stored in a safe place, one can be sure that it will not be damaged by the elements or by negligence that will reduce its value in the market.

Coins are easy to take care off. For those who have been doing this for years, such collections are usually framed or under glass and are often seen in places such as a large museum. But to individuals who are just starting out, putting it in an old shoe box or jar will do.

Later, when the collection is larger, it is time to invest in a coin folder that would better protect and hold the coins. These folders can be bought in different sizes depending on the type of coins the individual is collecting. The coins can be stored in individual plastic pockets or in sheets that make up the album. They are available at the local coin store or can be ordered from the web. The advantage of using these is that they are handy to carry around make it easy for the person to show. These can be brought to exhibits and other venues where the coins can be traded, sold or exchanged with coins that other people may have.

Keeping the coins in mint condition does not only mean storing them in a folder. Whenever the person adds a new coin to the collection, it is ideal to first have it cleaned before putting it in with the others.

This can be done by taking it to a coin shop and paying for the services, or if you prefer to do it yourself, is by soaking it in a liquid such as vinegar, rubbing alcohol, lemon juice or ammonia which is sure to remove any dirt or encrustation that are present when it was acquired.

They should then be air-dried or patted dry with a soft cloth. It is not a good idea to rub or polish the coins since scratches can occur that may decrease its value in the market.

Serious coin collectors value the importance of storing these valuables in a safe and secure area. By investing in a coin folder, the person can be sure that the value of the coins will go up either when the demand calls for it or when there is a need to part with them.