This page is exclusively made for coins and coin freaks. Coin collectors are everywhere and I assume that the most of them are more passionate than the collectors of anything else. I have tried to summarize some important and interesting facts about coins at one place with the basic and most needed information what a collectormay be seeking. And of course you may see all my collection too in the minimum number of frames here. So best of luck to everybody on this nice Journey!!!!
O - < C O I N > - O
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and is used primarily as a medium of exchange or legal tender.Coins are usually alloy metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. Presently, coins and banknotes make up currency, the cash forms of all modern money systems. Coins made for paying bills and general monetized use are usually used for lower-valued units, and banknotes for the higher values; also, in many money systems, the highest value coin made for circulation is worth less than the lowest-value note. In the last hundred years, the face value of circulation coins has usually been higher than the gross value of the metal used in making them; exceptions occurring when inflation causes the metal value to surpass the face value, causing the minting authority to change the composition and the old coins to begin to disappear from circulation (see Gresham's Law.) However, this has generally not been the case throughout the rest of history for circulation coins made of precious metals.Exceptions to the rule of coin face-value being higher than content value also occur for some bullion coins made of silver or gold (and, rarely, other metals, such as platinum or palladium), intended for collectors or investors in precious metals. Examples of modern gold collector/investor coins include the American Gold Eagle minted by the United States, the Canadian Gold Maple Leaf minted by Canada, and the Krugerrand, minted by South Africa. The American Gold Eagle has a face value of US$50, and the Canadian Gold Maple Leaf coins also have nominal (purely symbolic) face values (e.g., C$50 for 1 oz.); but the Krugerrand does not.Historically, a great number of coinage metals (including alloys) and other materials (e.g. Porcelain) have been used practically, artistically, and experimentally in the production of coins for circulation, collection, and metal investment, where bullion coins often serve as more convenient stores of assured metal quantity and purity than other bullion.Coins have long been linked to the concept of money, as reflected by the fact that in some other languages the words "coin" and "currency" are synonymous. Fictional currencies may also bear the name coin (as such, an item may be said to be worth 123 coin or 123 coins).
History
The history of coins extends from ancient times to the present, and is related to economic history, the history of minting technologies, the history shown by the images on coins, and the history of coin collecting. Coins are still widely used for monetary and other purposes.All western histories of coins begin with their invention at some time slightly before or after 700 BC. in Aegina Island, or according to others in Ephesus, Lydia, 650 BC. The first coins developed in the context of Iron Age Anatolia and Archaic Greece around 600 BC. Coins spread rapidly in the 6th and 5th centuries BC, throughout Greece and Persia, and further to the Balkans and India. Since that time, coins have been the most universal embodiment of money. These first coins were made of electrum, a naturally occurring pale yellow mixture of gold and silver that was further alloyed with silver and copper.
Some of the most famous and widely collected coins of antiquity are Roman coins and Greek coins. Standardized Roman currency was used throughout the Roman Empire. Important Roman gold and silver coins were continued into the Middle Ages (see Gold dinar, Solidus, Aureus, Denarius). Also, the Persian coins were very famous in the Persian and Sassanids era. Most notably, in Susa and in Ctesiphon.
The Byzantine Empire minted many coins (see Byzantine currency), including very thin gold coins bearing the image of the Christian cross and various Byzantine emperors.
A tomb of the Shang Dynasty dating back to the 11th century BC shows what may be the first cast copper money Tong Bei. Coinage was in widespread use by the Warring States Period and the Han Dynasty.
Some of the earliest coins were beaten at the edges to imitate the shape of a cow, in indication of their value. Most coins are circular but some were rectangular. Also a lot of coins, especially in China had a hole through the center so they could be tied on to a string.
Some of the earliest coins to be made purely from silver and gold were the silver Dirham and gold Dinar in the early Islamic Caliphate from the 7th century. Silver and gold coins are the most common and universally recognized throughout history, even today. Mints around the world still make millions of gold and silver coins, such as the Canadian Silver Maple Leaf, the American Gold Eagle, and the Australian Nugget. Copper, nickel, and other metals are also common, but in lower denominations.
Ancient and early medieval coins represented the value of the metal they were made of. The idea of fiat money first arose in medieval China, with the jiaozi paper money. Early paper money was introduced in Europe in the later Middle Ages, but coins continued to represent the value of the gold or silver they were made from throughout the Early Modern period. The penny was minted as a silver coin until the 17th century. The first copper pennies were minted in the United States in the 1790s. Silver content was reduced in many coins in the 19th century (use of billon), and the first base metal coins (e.g. nickel, cupronickel, aluminium bronze), representing values higher than the value of their metal, were minted beginning in the mid 19th century.
Bronze Age Predecessors
Coins were an evolution of "currency" systems of the Late Bronze Age, where standard-sized ingots, and tokens such as knife money, were used to represent value. In the late Chinese Bronze Age, standardized cast tokens were made, such as those discovered in a tomb near Anyang. These were replicas in bronze of earlier Chinese money, cowry shells, so they were named Bronze Shell. These, as well as later Chinese bronzes, were replicas of knives, spades, and hoes, but not "coins" in the narrow sense as they did not carry a mark or marks certifying them to be of a definite exchange value.
Iron Age
The earliest coins are mostly associated with Iron Age Anatolia, especially with the kingdom of Lydia. Early electrum coins were not standardized in weight, and in their earliest stage may have represented ceremonial objects, such as badges or medals, issued by priests. Many early Lydian and Greek coins were undoubtedly minted under the authority of private individuals and are thus more akin to tokens or badges than true coins, though because of their numbers it's evident that some were official state issues, with King Alyattes of Lydia being a frequently mentioned originator of coinage.
< KINGS of Lydia. Uncertain King. Early 6th century BC. EL Third Stater - Trite (4.71 gm). Head of roaring lion right, sun with multiple rays on forehead / Double incuse punch
The first Lydian coins were made of electrum, a naturally occurring alloy of silver and gold that was further alloyed with added silver and copper. Most of the early Lydian coins include no writing, called a "legend" or "inscription", only an image of a symbolic animal. Therefore the dating of these coins relies primarily on archeological evidence, with the most commonly cited evidence coming from excavations at the Temple of Artemis at Ephesus, also called the Ephesian Artemision (which would later evolve into one of the Seven Wonders of the Ancient World). The fact that the oldest lion head coins were discovered in that temple, and the fact that they were not used in commerce, strengthens the scenario that these coins found there may have actually been badges or medals that were issued by the priests of the temple of Artemis, Anatolian Artemis being the Potnia Theron ("Mistress of Animals"), whose symbol was the lion.
A small percentage of early Lydian/Greek coins have a legend.
< Anatolian gold coin from Mysia 4th century BCA famous early electrum coin, the most ancient inscribed coin at present known, is from nearby Caria. This coin has a Greek legend reading phaenos emi sema interpreted variously as "I am the badge of Phanes", or "I am the sign of light", or "I am the tomb of light", or "I am the tomb of Phanes". The coins of Phanes are known to be amongst the earliest of Greek coins, a hemihekte of the issue was found in the foundation deposit of the temple of Artemis at Ephesos (the oldest deposit of electrum coins discovered). One assumption is that Phanes was a wealthy merchant, another that this coin is associated with Apollo-Phanes and, due to the Deer, with Artemis (twin sister of the god of light Apollo-Phaneos). Although only seven Phanes type coins were discovered, it is also notable that 20% of all early electrum coins also have the lion of Artemist and the sun burst of Apollo-Phaneos. Alternatively, Phanes may have been the Halicarnassian mercenary of Amasis mentioned by Herodotus, who escaped to the court of Cambyses, and became his guide in the invasion of Egypt in the year B.C. 527 or 525. According to Herodotus, this Phanes was buried alive by a sandstorm, together with 50000 Persian soldiers, while trying to conquer the temple of Amun–Zeus in Egypt. The fact that the Greek word "Phanes" also means light (or lamp), and the word "sema" also means tomb makes this coin a famous and controversial one.
Coins from Athens and Corinth appear soon later, from the late 6th century BC.
< Greek drachma of Aegina (18mm, 5.43 gm) Obverse: Land Chelone / Reverse: ΑΙΓ(INA) and dolphin. The oldest Aegina Chelone coins depicted sea turtles and were minted ca. 700-550 BC
Classical Antiquity
Coinage followed Greek colonization and influence first around the Mediterranean and soon after to North Africa (including Egypt), Syria, Persia, and the Balkans.
Coins were minted in the Achaemenid Empire, including the gold darics and silver sigloi. and with the Achemenid conquest of Gandhara under Darius the Great c. 520 BC, the practice spread to the Indo-Gangetic Plain. The coins of this period were called Puranas, Karshapanas or Pana. These earliest Indian coins, however, are unlike those circulated in Persia, which were derived from the Greek/Anatolian type; they not disk-shaped but rather stamped bars of metal, suggesting that the innovation of stamped currency was added to a pre-existing form of token currency which had already been present in the Mahajanapada kingdoms of the Indian Iron Age. Mahajanapadas that minted their own coins included Gandhara, Kuntala, Kuru, Panchala, Shakya, Surasena and Surashtra.In China, early round coins appear in the 4th century BC.
The first Roman coins, which were crude, heavy cast bronzes, were issued ca. 289 BC.
Ancient India, Punch Mark Coins, Gandhara Janapada, 600-400 BC, Silver 'Bent Bar' with six-armed solar symbol punched on both ends. The 'Bent Bar' coins of Gandhara Janapada are considered one of the, if not the, earliest coins of India dating to 600 BC or more. These silver bars bear a prominent solar symbol at both extremities and appears to be the insignia or distinguishing mark of this Janapada
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BASILEWS AGAQOKLEOUS, the Indian god Balarama-Samkarshana standing facing, wearing ornate headdress, earrings, and sheathed sword, brandishing gada in his right hand, holding plow-symbol in left / “Rajane Agathuklayasa” in Karosthi, the Indian god Vasudeva-Krishna standing facing, wearing ornate headdress, earrings, and sheathed sword, holding sankha in his right hand, chakra (ornamented wheel) in left. Audouin & Bernard, “Trésor de monnaies indiennes et indogrecques d'Aï Khanoum (Afghanistan),” RN 1974, pl. I, 1-6; Bopearachchi Série 9A; SNG ANS -; MIG Type 149a; MACW -. EF, area of minor roughness on reverse. Extremely rare. ($7500)
The discovery in 1970 at the excavations at Aï Khanoum of six Indian-standard drachms confirmed that bilingual coinage existed as early as the reign of Agathokles. While bilingual bronze issues were already known for him, these silver drachms, all unworn and closely die-linked (two obverse and three reverse dies), were completely unknown prior to the discovery of the hoard. Based on the presence of bronze coins in the hoard from the Taxila mint, Audouin and Bernard have suggested these drachms were also struck there, and thus locate Agathokles’ center of control to Alexandria of the Caucasus in the Hindu Kush, capital of a territory that covered much of present-day Afghanistan, Pakistan, and the Punjab.
Balarama-Samkarshana, holding the gada and plow-symbol, and Vasudeva-Krishna, holding the sankha (a pear-shaped vase or conch) and chakra, are the earliest incarnations of Vishnu and, like Lakshmi on the bronzes, are the earliest representations of Vedic divinities on non-Hindu coinage. The presence of these gods on the coinage also indicates the developing cultural relationship between the Hellenistic Greeks and their Indian neighbors. Megasthenes, author of the now lost Indica, had been appointed by Seleukos I Nikator as ambassador to Chandragupta, ruler of the Mauryan Empire. But it was Heliodoros, an ambassador from Antialkidas to Kasiputra Bhagabhadra in Besnagar, who most clearly exemplified this connection. On a column dedicated to Vasudeva he erected there in 113 BC he declared himself in the Brahmi inscription to be a devotee of Vishnu
Middle Ages
The first European coin to use Arabic numerals to date the year in which the coin was minted was the St. Gall silver Plappart of 1424.
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Minting Technologies
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Coins were first made of scraps of metal. Ancient coins were produced through a process of hitting a hammer positioned over an anvil. The Chinese produced primarily cast coinage, and this spread to South-East Asia and Japan. Relatively few non-Chinese cast coins were produced by governments, however it was a common practice amongst counterfeiters. Since the early 18th century and before, presses (normally referred to as mills in coin collecting circles) have been used in the west, beginning with screw presses and progressing in the 19th century towards steam driven presses. The first of these presses were developed in France and Germany, and quickly spreading to Britain.Modern minting techniques use electric and hydraulic presses.
The type of mintage method (being hammered, milled or cast) does limit the materials which can be used for the coin. For example antimony coins, (which are very rare) are nearly always cast examples, because of the brittle nature of the metal, and thus it would break if deformed, which is a key part of the milling and hammering process.
Value
As Currency
Most coins presently are made of a base metal, and their value comes from their status as fiat money. This means that the value of the coin is decreed by government fiat (law), and thus is determined by the free market only inasmuch as national currencies are subjected to various types of foreign exchange markets in international trade. This causes such coins to be monetary tokens in the same sense that paper currency is, when the paper currency is not backed directly by metal, but rather by a government guarantee of international exchange of goods or services. Some have suggested that such coins not be considered to be "true coins" (see below). However, because fiat money is backed by government guarantee of a certain amount of goods and services, where the value of this is in turn determined by free market currency exchange rates, similar to the case for the international market exchange values which determines the value of metals which back commodity money, in practice there is very little economic difference between the two types of money (types of currencies).
Coins may be minted that have fiat values lower than the value of their component metals, but this is never done intentionally and initially for circulation coins, and happens only in due course later in the history of coin production due to inflation, as market values for the metal overtake the fiat declared face value of the coin. Examples of this phenomenon include the pre-1965 US dime, quarter, half dollar, and dollar, US nickel, and pre-1982 US penny. As a result of the increase in the value of copper, the United States greatly reduced the amount of copper in each penny. Since mid-1982, United States pennies are made of 97.5% zinc, coated with 2.5% copper. Extreme differences between fiat values and metal values of coins causes coins to be removed from circulation by illicit smelters interested in the value of their metal content. This is an example of Gresham's Law. In fact, the United States Mint, in anticipation of this practice, implemented new interim rules on December 14, 2006, subject to public comment for 30 days, which criminalized the melting and export of pennies and nickels. Violators can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years.As a Collector's Item
In terms of its value as a collector's item, a coin is generally made more or less valuable by its condition, specific historical significance, rarity, quality/beauty of the design and general popularity with collectors. If a coin is greatly lacking in all of these, it is unlikely to be worth much. Bullion coins are also valued based on these factors, but are largely valued based on the value of the gold or silver in them. Sometimes non-monetized bullion coins such as the Canadian Maple Leaf and the American Gold Eagle are minted with nominal face values less than the value of the metal in them, but as such coins are never intended for circulation, these value numbers are not market but fiat values.
As a Medium of Expression
Coins can be used as creative medium of expression - from fine art sculpture to the penny machines that can be found in most amusement parks. In the Code of Federal Regulations (CFR) there are some regulations specific to nickels and pennies that are informative this topic. 31 CFR § 82.1 forbids unauthorized persons from exporting, melting, or treating any 5 or 1 cent coins.
This has been a particular problem over nickels and dimes because of unstable commodities prices. For awhile the copper in pennies was worth more than the penny, so people would hoard pennies then melt them for their base metal. It costs more than face value to manufacture pennies or nickels, so any widespread loss of the coins in circulation could theoretically be draining on the Treasury. This was more of a problem when coins were still made of precious metals like silver and gold, so historically strict laws against alteration make more sense.31 CFR § 82.2 goes on to state that: “(b) The prohibition contained in § 82.1 against the treatment of 5-cent coins and one-cent coins shall not apply to the treatment of these coins for educational, amusement, novelty, jewelry, and similar purposes as long as the volumes treated and the nature of the treatment makes it clear that such treatment is not intended as a means by which to profit solely from the value of the metal content of the coins.”
Coin Debasement
Throughout history, governments have been known to create more coinage than their supply of precious metals would allow. By replacing some fraction of a coin's precious metal content with a base metal (often copper or nickel), the intrinsic value of each individual coin was reduced (thereby "debasing" their money), allowing the coining authority to produce more coins than would otherwise be possible. Debasement sometimes occurs in order to make the coin harder and therefore less likely to be worn down as quickly. Debasement of money almost always leads to price inflation unless price controls are also instituted by the governing authority, in which case a black market will often arise.
The United States is unusual in that it has only slightly modified its coinage system (except for the images and symbols on the coins, which have changed a number of times) to accommodate two centuries of inflation. The one-cent coin has changed little since 1856 (though its composition was changed in 1982 to remove virtually all copper from the coin) and still remains in circulation, despite a greatly reduced purchasing power. On the other end of the spectrum, the largest coin in common circulation is 25 cents, a low value for the largest denomination coin compared to other countries. Recent increases in the prices of copper, nickel, and zinc, mean that both the US one- and five-cent coins are now worth more for their raw metal content than their face (fiat) value. In particular, copper one-cent pieces (those dated prior to 1982 and some 1982-dated coins) now contain about two cents' worth of copper. Some denominations of circulating coins that were formerly minted in the United States are no longer made. These include coins with a face value of a half cent, two cents, three cents, and twenty cents. (The Half Dollar and Dollar coins are still produced, but mostly for vending machines and collectors.) The United States also used to coin the following denominations for circulation in gold: One dollar, $2.50, three dollars, five dollars, ten dollars, and twenty dollars. In addition, cents were originally slightly larger than the modern quarter and weighed nearly half an ounce, while five-cent coins (known then as "half dimes") were smaller than a dime and made of a silver alloy. Dollars were also much larger and weighed approximately an ounce. One dollar gold coins are no longer produced and rarely used. The U.S. also has bullion and commemorative coins with the following denominations: 50¢, $1, $5, $10, $25, $50, and $100.Other Uses
Some convicted criminals from the British Isles who were sentenced to transportation to Australia in the 18th and 19th centuries used coins to leave messages of remembrance to loved ones left behind in Britain. The coins were defaced, smoothed and inscribed, either by stippling or engraving, with sometimes touching words of loss. These coins were called "convict love tokens" or "leaden hearts". A number of these tokens are in the collection of the National Museum of Australia.
Features of Modern Coins
Circulating coins commonly suffered from "shaving" or "clipping", by which persons would cut off small amounts of precious metal from their edges to form new coins. Unmilled British sterling silver coins were sometimes reduced to almost half their minted weight. This form of debasement in Tudor England was commented on by Sir Thomas Gresham, whose name was later attached to Gresham's Law. The monarch would have to periodically recall circulating coins, paying only bullion value of the silver, and reminting them. This, also known as recoinage, is a long and difficult process that was done only occasionally. Many coins have milled or reeded edges, originally designed to make it easier to detect clipping.
Traditionally, the side of a coin carrying a bust of a monarch or other authority, or a national emblem, is called the obverse, or colloquially, heads; see also List of people on coins. The other side, which carries the denomination, is called the reverse, or colloquially, tails. However, the rule is violated in some cases. Another rule is that the side carrying the year of minting is the obverse, although some Chinese coins, most Canadian coins, the pre-2008 British 20p coin, and all Japanese coins, are exceptions.In cases where a correctly oriented coin is flipped vertically to show the other side correctly oriented, the coin is said to have coin orientation. In cases where a coin is flipped horizontally to show the other side, it is said to have medallic orientation. While coins of the United States Dollar are coin orientated, those of the Euro and British Pound are medallic.
Bi-metallic coins are sometimes used for higher values and for commemorative purposes. In the 1990s, France used a tri-metallic coin. Common circulating examples include the €1, €2, British £2 and Canadian $2.
The exergue is the space on a coin beneath the main design, often used to show the coin's date, although it is sometimes left blank or containing a mint mark, privy mark, or some other decorative or informative design feature. Many coins do not have an exergue at all, especially those with few or no legends, such as the Victorian bun penny.
Not all coins are round. The Australian 50 cent coin, for example, has twelve flat sides. A twist on it is wavy edges, found in the two dollar and the twenty cent coins of Hong Kong and the 10 cent coins of Bahamas. Some coins have also been issued in the shape of a square, such as the 15 cent coin of the Bahamas. During the 1970s, Swazi coins were minted in several shapes, including squares, polygons, and wavy edged circles with 8 and 12 waves.
Some other coins, like the British Fifty pence coin and the Canadian Loonie, have an odd number of sides, with the edges rounded off. This way the coin has a constant diameter, recognisable by vending machines whichever direction it is inserted.
A triangular coin with a face value of five pounds (produced to commemorate the 2007/2008 Tutankhamun exhibition at The O2 Arena) was commissioned by the Isle of Man, it became legal tender on 6 December 2007. Other triangular coins issued earlier include: Cabinda coin, Bermuda coin, 2 Dollar Cook Islands 1992 triangular coin, Uganda Millennium Coin and Polish Sterling-Silver 10-Zloty Coin.
Guitar-shaped coins were once issued in Somalia. Poland once issued a fan-shaped 10 złoty coin and the 2002 $10 coin from Nauru, was Europe-shaped.
Some mediaeval coins, called bracteates, were so thin they were struck on only one side.
The Royal Canadian Mint is now able to produce holographic-effect gold and silver coinage. However this procedure is not limited to only bullion or commemorative coinage. The 500 yen coin from Japan, was subject to a massive amount of counterfeiting. The Japanese government in response produced a circulatory coin with a holographic image.
The Royal Canadian Mint has also released several coins that are coloured, the first of which was in commemoration of Remembrance Day. The subject was a coloured poppy on the reverse of a 25 cent piece.
For a list of many pure metallic elements and their alloys which have been used in actual circulation coins and for trial experiments, see coinage metals.
Physics
Flipping
Coins are popularly used as a sort of two-sided die; in order to choose between two options with a random possibility, one choice will be labeled heads and the other tails, and a coin will be flipped or tossed to see whether the heads or tails side comes up on top – see coin flipping. Mathematically, this is known as a Bernoulli trial: a fair coin is defined to have the probability of heads (in the parlance of Bernoulli trials, a "success") of exactly 0.5. Coins are sometimes falsified to make one side weigh more, in order to simulate a fair type of coin which is actually not fair. Such a coin is said to be weighted.
Spinning
Coins can also be spun on a flat surface such as a table. This results in the following phenomenon: as the coin falls over and rolls on its edge, it spins faster and faster (formally, the precession rate of the symmetry axis of the coin, i.e., the axis passing from one face of the coin to the other) before coming to an abrupt stop. This is mathematically modeled as a finite-time singularity – the precession rate is accelerating to infinity, before it suddenly stops, and has been studied using high speed photography and devices such as Euler's Disk. The slowing down is predominantly caused by rolling friction (air resistance is minor), and the singularity (divergence of the precession rate) can be modeled as a power law with exponent approximately −1/3.
3 Russian Rubles coin minted in 2008
1884 United States Trade Dollar
COIN COLLECTING
Coin collecting is the collecting of coins or other forms of minted legal tender. Coins of interest to collectors often include those that circulated for only a brief time, coins with mint errors and especially beautiful or historically significant pieces. Coin collecting can be differentiated from numismatics in that the latter is the systematic study of currency. Though closely related, the two disciplines are not necessarily the same. A numismatist may or may not be a coin collector and viceversa.
History
People have hoarded coins for their bullion value for as long as coins have been minted. However, the collection of coins for their artistic value was a later development. Evidence from the archaeological and historical record of Ancient Rome and medieval Mesopotamia indicates that coins were collected and catalogued by scholars and state treasuries. It also seems probable that individual citizens collected old, exotic or commemorative coins as an affordable, portable form of art. According to Suetonius in his De vita Caesarum (The Lives of the Twelve Caesars), written in the first century CE, the emperor Augustus sometimes presented old and exotic coins to friends and courtiers during festivals and other special occasions.
Contemporary coin collecting and appreciation began around the fourteenth century. During the Renaissance, it became a fad among some members of the privileged classes. The Italian scholar and poet Petrarch is credited with being the pursuit's first and most famous aficionado. Following his lead, many European kings, princes, and other nobility kept collections of ancient coins. Some notable collectors were Pope Boniface VIII, Emperor Maximilian of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Henry IV of France and Elector Joachim II of Brandenburg, who started the Berlin Coin Cabinet (German: Münzkabinett Berlin). Perhaps because only the very wealthy could afford the pursuit, in Renaissance times coin collecting became known as the "Hobby of Kings."During the 17th and 18th centuries coin collecting remained a pursuit of the well-to-do. But rational, Enlightenment thinking led to a more systematic approach to accumulation and study. Numismatics as an academic discipline emerged in these centuries at the same time as coin collecting became a leisure pursuit of a growing middle class, eager to prove their wealth and sophistication. During the 19th and 20th centuries, coin collecting increased further in popularity. The market for coins expanded to include not only antique coins, but foreign or otherwise exotic currency. Coin shows, trade associations, and regulatory bodies emerged during these decades. The first international convention for coin collectors was held 15–18 August 1962, in Detroit, Michigan, and was sponsored by the American Numismatic Association and the Royal Canadian Numismatic Association. Attendance was estimated at 40,000. As one of the oldest and most popular world pastimes, coin collecting is now often referred to as the "King of Hobbies".
Motivations for Coin Collecting
The motivations for collecting are varied. Possibly the most common type of collector is the hobbyist, who amasses a collection purely for fun with no real expectation of profit. This is especially true of casual collectors and children who collect items on the basis of chance and personal interest.
Another frequent reason for purchasing coins is as an investment. As with stamps, precious metals or other commodities, coin prices are cyclical based on supply and demand. Prices drop for coins that are not in long-term demand, and increase along with a coin's perceived or intrinsic value. Investors buy with the expectation that the value of their purchase will increase over the long term. As with all types of investment, the principle of caveat emptor applies and study is recommended before buying. Likewise, as with most collectibles, a coin collection does not produce income until it is sold, and may even incur costs (for example, the cost of safe deposit box storage) in the interim.Coin hoarders may be similar to investors in the sense that they accumulate coins for potential long-term profit. However, unlike investors, they typically do not take into account aesthetic considerations; rather they gather whatever quantity of coins they can and hold them. This is most common with coins whose metal value exceeds their spending value.
Speculators, be they amateurs or commercial buyers, generally purchase coins in bulk and often act with the expectation of short-term profit. They may wish to take advantage of a spike in demand for a particular coin (for example, during the annual release of Canadian numismatic collectibles from the Royal Canadian Mint). The speculator might hope to buy the coin in large lots and sell at profit within weeks or months. Speculators may also buy common circulation coins for their intrinsic metal value. Coins without collectible value may be melted down or distributed as bullion for commercial purposes. Typically they purchase coins that are composed of rare or precious metals, or coins that have a high purity of a specific metal.
A final type of collector is the inheritor, an accidental collector who acquires coins (a collection, hoard or investment) from another person as part of an inheritance. The inheritor may not necessarily have an interest in or know anything about numismatics at the time of the acquisition.
Collector Types
Casual coin collectors often begin the hobby by saving notable coins found by chance. These coins may be pocket change left from an international trip or an old coin found in circulation. Usually, if the enthusiasm of the novice increases over time, random coins found in circulation are not enough to satisfy their interest. The hobbyist may then trade coins in a coin club or buy coins from dealers or mints. Their collection takes on a more specific focus. Some enthusiasts become generalists and accumulate a few examples from a broad variety of historical or geographically significant coins. Given enough resources, this can result in a vast collection. King Farouk of Egypt was a generalist with a collection famous for its scope and variety.
Most collectors decide to focus their financial resources on a narrower, specialist interest. Some collectors focus on coins of a certain nation or historic period. Others will seek error coins. Still others might focus on exonumia such as currency, tokens or challenge coins. For example, John Yarwood of Melbourne is the first person to take a serious interest in British military money (especially tokens).Some collectors are completists and seek an example of every type of coin within a certain category. Perhaps the most famous of these is Louis Eliasberg, the only collector thus far to assemble a complete set of known coins of the United States.
Coin collecting can become a competitive activity, as prompted by the recent emergence of PCGS (Professional Coin Grading Service) and NGC (Numismatic Guarantee Corporation) Registry Sets. Registry Sets are private collections of coins verified for ownership and quality by numismatic grading services. The grading services assess collections, seal the coins in clear plastic holders, then register and publish the results. This can lead to very high prices as dedicated collectors compete for the very best specimens of, for example, each date and mint mark combination.
Common Collection Themes
A few common themes are often combined into a goal for a collection:
Country Collections: Many enthusiasts focus their collection on only a single country—often their own. In contrast, some collectors attempt to obtain a sample from every country that has issued a coin.< Some colonial coins of Ceylon
Year Collections: Rather than being satisfied with a single specimen of a type, a great many collectors collect type by year; for example, one Memorial Lincoln Cent for every year from 1959 (the year it was first minted) to 2008 (the last year it was minted). This is perhaps one of the most practical ways to collect a national currency since probably the majority of coin reference books and coin albums catalog in the same manner.
Mint mark Collections: Many collectors consider different mint marks significant enough to justify representation in their collection. When collecting coins by year, this multiplies the number of specimens needed to complete a collection. Some mint marks are more common than others.
Variety Collections: Because mints generally issue thousands or millions of any given coin, they use multiple sets of coin dies to produce the same coin. Occasionally these dies have slight differences. This was more common on older coins because the coin dies were hand carved. But differences—intentional or accidental—still exist on coins today. Generally this is in a very small detail, such as the number of leaves on the ear of corn on the recent US Wisconsin state quarter.
Type Collections: Often a collection consists of an examples of major design variants for a period of time in one country or region. For example, United States coinage type set, Euro coins carry a "common side" that shows the denomination and a "national side" that varies in design from state to state within the Eurozone. Likewise, a type collection might focus on an unusual design feature such as coins with a hole in the middle, coins that are not circular in shape or coins with brockage.
Composition Collections: For some, the metallurgical composition of the coin itself is of interest. For example, a collector might collect only bimetallic coins. Precious metals like gold, silver, copper and platinum are of frequent interest to collectors, but enthusiasts also pursue historically significant pieces like the 1943 steel cent or the 1974 aluminum cent. (Note that because the latter example was a pattern coin (a proposed design that was never produced for circulation) the U.S. Government considers private ownership of the 1974 aluminum cent illegal.)
Subject Collections: Collectors with an interest in a certain subject (such as, ships or eagles) may collect only coins depicting that interest.< Coins featuring eagles
Period Collections: Collectors may restrict themselves to coins of the 18th or 19th century, while others collect ancient and medieval coins. Coins of Roman, Byzantine, Greek origin are amongst the more popular ancient coins collected. Some collect coins minted during a particular ruler's reign or a representative coin from each ruler. Collectors may also take interest in money issued during the administration of a historically significant bureaucrat such as a central bank governor, treasurer or finance secretary. For example, Reserve Bank of India governor James Braid Taylor presided over the country's move from silver currency to fiat money. Coins reflect the events of the time in which they are produced, so coins issued during historically important periods are especially interesting to collectors.
Printed Value Collections: A currency collection might be modeled around the theme of a specific printed value, for example, the number 1. This collection might include specimens of the US 1 dollar coin, the Canadian Loonie, the Euro, 1 Indian Rupee and 1 Singapore dollar.
Volume Collections (Hoards): Collectors may have an interest in acquiring large volumes of a particular coins (e.g., as many pennies as they can store). These usually are not high-value coins, but the interest is in collecting a large volume of them either for the sake of the challenge, as a store of value, or in the hope that the intrinsic metal value will increase.
Copy Collections: Some collectors enjoy acquiring copies of coins, sometimes to complement the authentic coins in their collections. Copies might be:
contemporaneous ancient copies minted as official coins by other cities or rulers
contemporaneous ancient copies minted as counterfeits (often gold- or silver-plated) to fool merchants and consumers
contemporaneous modern copies minted as counterfeits to fool merchants and consumers
modern copies of older coins minted as forgeries to fool collectors
modern copies sold as replicas (often, but not always, marked as such)
modern copies minted for museums to be displayed instead of the originals
modern copies made to be used in jewelry
modern copies as official circulating coins that pay tribute to the original coin
modern copies as bullion collectible coins that pay tribute to the original coin
modern copies as medals or tokens that pay tribute to the original coin< A false 20 Lira coin, 1927. With the head of Benito Mussolini on the obverse, this is an obvious copy. Italian coins during the fascist period bore the portrait of King Victor Emmanuel III
Collecting counterfeits and forgeries is a controversial area because of the possibility that counterfeits might someday reenter the coin market as authentic coins, but US statutory and case law do not explicitly prohibit possession of counterfeit coins.
Coin Condition and Value
In coin collecting, the condition of a coin is paramount to its value; a high-quality example is often worth many times more than a poor example. Collectors have created systems to describe the overall condition of coins.
In the early days of coin collecting—before the development of a large international coin market—extremely precise grades were not needed. Coins were described using only three adjectives: "good," "fine" or "uncirculated". By the mid 20th century, with the growing market for rare coins, the Sheldon system was adopted by the American Numismatic Association and most coin professionals in the North America. It uses a 1–70 numbering scale, where 70 represents a perfect specimen and 1 represents a barely identifiable coin. The Sheldon Scale uses descriptions and numeric grades for coins (from highest to lowest) is as follows:
Mint State (MS) 60–70: Uncirculated (UNC)
About/Almost Uncirculated (AU) 50, 53, 55, 58
Extremely Fine (XF or EF) 40, 45
Very Fine (VF) 20, 25, 30, 35
Fine (F) 12, 15
Very Good (VG) 8, 10
Good (G) 4, 6
About Good (AG) 3
Fair (FA, FR) 2
Poor (PR, PO) 1
While the Sheldon Scale is universally acknowledged, coin experts in Europe and elsewhere often shun the numerical system, preferring to rate specimens on a purely descriptive, or adjectival, scale. Nevertheless, most grading systems use similar terminology and values and remain mutually intelligible.
When evaluating a coin, the following—often subjective—factors may be considered:
1) "eye appeal" or the aesthetic interest of the coin
2) dents on the rim
3) unsightly scratches or other blemishes on the surface of the coin
4) luster
5) toning
6) level of detail retained, where a coin with full details obviously is valued higher than one with worn details. If the coin is judged favorably in all of these criteria, it will generally be awarded a higher grade.
Coin Grading Services
Coin grading services are a relatively recent phenomenon, having emerged in the 1980s as a response to the need for buyers and sellers to agree on common measures of a coin's value. Such services are an effort to bring more confidence to investors in rare coins under the guise of being "official." Grading services certify the authenticity and rate the quality of individual coins, thus—it is hoped—establishing the worth of the coin relative to all others of its kind. Many coin grading services will also seal coins in a labeled, air-tight plastic holder, ensuring the coin is protected from deterioration. This process is commonly known as coin slabbing and is most prevalent in the US market. The two most prominent grading services at present are the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS).While professional grading has reduced the number of counterfeits foisted upon investors and has improved buyer confidence substantially, the goal of creating a sight-unseen market for coins remains somewhat elusive. Professional grading services remain the subject of controversy because grading is ultimately subjective; coins may receive different grades by different services or even upon resubmission to the same service. In addition, the numeric grade alone cannot represent other factors, such as toning, which are often important considerations to buyers. Due to potentially large differences in value over slight differences in a coin's condition, some commercial coin dealers will repeatedly resubmit a coin to a grading service in the hope of a higher grade. Furthermore, grading services are not free, and by using them collectors funnel money into an ancillary aspect of the hobby, instead of purchasing additional material for their collections. Reputable coin dealers eschew the growing tendency to sell higher graded coins via sales pitches asserting that grading removes subjectivity as to the value of mint state coins. Dealers that sponsor infomercials on shortwave radio are notorious for such sales pitches, most notably Discount Gold & Silver Trading on WWCR, which proclaims graded coins, in direct contradiction to their pricing history, as having appreciated more than non-graded coins, or as not likewise being "opinion coins."
COIN COLLECTING
Have coins? Will collect it!
Old coins that is. Try looking under that old dresser, or up the attic where grandma or grandpa’s things may be stashed away patiently waiting for you to discover them. Who knows, you might find a coin there, an old coin that – at today’s rate – may be worth a few dollars; probably three or four or five, even ten times what the coin was worth back then.
A penny a day, is worth okayà Fortunately or unfortunately, there was a shortage of copper during the year 1943 and all pennies made at that time were minted using steel. There were however, some Lincoln pennies that were incorrectly minted on bronze that turned out to be blanks. A few years – or decades later -these bronze pennies became a rarity and are valuable. The steel ones though, because of their commonality, are worth only between one to three dollars each.
Old coins are good coins-Coins, specifically the silver dollars made and circulated between the years 1878 and 1935, are worth between twelve dollars and twenty five dollars for the circulated coins. The coins that were not in circulation are worth considerably more.
Wrong pennies are right-There is a Lincoln penny issued in 1972 on which the date and the letters on it appear to have been doubled. This rare coin is currently worth about sixty dollars, assuming the pennies are in standard condition. The Philadelphia Mint during that time period accidentally misaligned the die used in minting the coins causing the portrait of Lincoln to look like it was doubled. Fortunately or unfortunately, eighty thousand of these were circulated before the error was discovered.
Accessories for Coin Collection
When collecting coins, one thing to consider is how to arrange and take care of the coins. Coins that are collected may be antique, ancient, or limited editions coins. These coins come from many countries and are usually high in value. A collector must know how to keep and take care of them so that they will retain the same appearance and value. One way to take care of coins is to purchase s selection of coin accessories. Not only are coin accessories used to make a coin collection presentable and organized; but the primary purpose of coin accessories is to take care and preserve the coins.
Coin Boxesà Coin boxes are the most common sought for coin accessories as they are very convenient to coin collectors and specialists. The compartments of the box provide for easy location of the coins. The compartments are also wide, which provides flexibility in placing the coins. The wide compartments also allow the collector to handle the coins the proper way.
Coin Albumsà Coin albums are similar to any typical album with the difference being that the coin album is especially designed to hold coins. A coin album has a transparent layer that aids in the protection of the coins. The collector does not need to handle the coins one by one. All he has to do is turn the pages and the coins are all there protected from improper handling.
Coin HoldersàCoin holders are best for those collectors who collect coins during their travels. They allow portability of the coin collection. In addition, the collector does not need to carry his entire collection. He can simply place a single coin in the coin holder. Coin holders provide safety for the coins and prevent a coin from the many elements that may depreciate its value.
Many Kinds of Coin Collecting
Ancient Coins as Collections
Collecting coins is so much fun! It is both a hobby and a source of income for many. One type of coin that you may want to consider collecting is ancient coins. Many collectors hesitate to buy ancient coins to collect because they can be terribly expensive. What is most important is the uniqueness of these coins and the benefits they provide their collectors. Here are some tips that should be considered when buying ancient coins:
- Conduct a research of ancient coins. It is important that a collector is aware of what coins are considered ancient. It does not require a collector to go to a library since many websites on the Internet can provide all the information needed to become well-informed about ancient coins.
- There is a wide variety of ancient coins available for collectors. A collector can choose from different eras and civilizations. He can choose from a Chinese civilization, ancient Rome, Greek, Persian, etc. It is preferable for a collector to focus on a specific group or era when collecting coins.
- Once a selection has been made, a collector may then focus on the buying of these coins. To start select coins that are least expensive –set a price range such as $20. Once the collection grows, he may then want to start buying the more expensive coins.
Antique Coins as Cool Collections
Coin collecting is a fun activity and it has been very popular because it does not only serve as a hobby but as an option to generate income.Probably the most popular types of coins that are sought by collectors are the antique coins. Antique coins may be bought from auction sales, coin shows, malls and even in tourist areas that have historical themes. Antique coins are found to vary greatly in price depending on the age of the coin, its history and country or origin.
Here are some tips that may be considered when buying antique coins:
- The buyer should make sure that the antique coin they are buying is a genuine one. There are many counterfeit coins sold in the market today and a buyer should thoroughly inspect any coin before buying it.
- Coin collectors should collect the less expensive antique coins when beginning. The more expensive ones can be purchased once their collection becomes larger.
- Collectors need to consider a purchase carefully before buying antique coins. Always be aware of the scams and fraud that may occur when buying coins. Take extra care in choosing – always determine the authenticity of the coin they are considering
Canadian Coin Collecting: Pleasures vs. Treasures
In Canada where money the popularity of coins has shown significant increase because the value of the “paper money” tends to deflate as much as 25% to 30% in a short period of time..here is a list of some ways to get you started:
1. Do your homework à Like in any venture you must do your homework before you start collecting coins. Try to research how Canada manufactures their coins.
2. Finders keepers à To start the ball rolling, try to get as many coins or tokens as you can obtain without having to spend a great amount of money. Your parents or your grandparents may have some coins that they kept because they did not hold any monetary value at that time.
3. Use some guides à Coin collecting is not a complicated activity but it is not that easy either. You would likely need some references that will guide you in choosing the kinds of Canadian coins to collect.
4. Enjoy and have fun àThe idea of coin collecting is not to get the most expensive and the rarest coins that you can find. What matters most is that you enjoy what you do and that you are amazed by the kinds of coins that you are able to obtain.
Gold Coin Collecting
Gold coins were one of the oldest forms of money. This was later followed by silver coins. Gold coins were in circulation in the United States from 1838 to 1933. The design was the Liberty Head bust but this was only made until 1907. The design was then changed to the Indian Head and Saint Gaudens motifs and was used until 1933 when the Great Depression began. This prompted the recall of gold coins which makes them very difficult to find today. South Africa minted its first gold coin called the Krugerrand in 1967. This coin has no face value but merely stands as a symbol. It is made of 1 ounce of gold and can be purchased for investment purposes. Since then other countries also minted bullion coins. Canada made the Gold Maple Leaf in 1979 and Australia made the Nugget in 1981. These two are much more popular than the South African coin because of its 24 carat purity.
The Exceptional Truth behind Rare Coin Collecting
Have you ever tried collecting rare coins? Rare coins that are extremely hard to find are often valuable and when found can be a good investment. The rare coin collection market in the United States has boosted their sales in recent years from 348% to 1, 195%. According to the U.S. Rare Coin Market, the average price of $1,000 spent by an individual during the 1970s would be valued at almost $57,977 today.
Stamp Coin Collecting: The Valuable Twins
It is because coin and stamp collecting do not just embody the mere act of accumulating different kinds of coins and stamps but also personify the preservation of a nation’s history. Both stamp and coin collecting highlight the different images that are used to visually record a significant event or era in history.
The Coinage History of U.K. Coin Collecting
In the United Kingdom, coins are considered one of the most precious relics that the nation has ever produced because most of their coins are considered to be a true representation of the royalty. For instance, U.K. coin collectors would be happy to own the 50-cent coins that were manufactured by the Royal Canadian Mint for the “Golden Jubilee of Queen Elizabeth II.”
The Verity of US Coin Collecting
In the United States, coin collecting started as early as 1652. During this period, business people and individuals alike, were known to engrave and distribute their personal coins. Some people are so interested in coin collecting that they are more willing to combine various forms and categories. The reason for this fascination for these coins is the very nature of U.S. coins.
Coin Collecting Album: A Pocket for Your Coins?
There are many types of storage spaces that can help you by displaying and storing your coins. You can either use folders, holders, plastic tubes, or the album, but among these reliable storage spaces, the coin collecting albums are the best way to display the coins.
Coin Collecting Auctions: Bane or Boon?
Coin auctions provide the best ways to obtain coins that have remarkable values. Coin auctions are the primary source of rare coins because most rare coin collectors want to sell their treasures to the highest bidder. Unlike the typical way of selling and buying coins, coin auctions entail some rules and regulations for both the bidder and the seller that they must adhere to.
Coin Collecting Book: Handbook from the Valuable Cosmos
Most of the expert coin collectors advise that every “newbie” in coin collecting should buy a book before he buys a coin. Engaging in this activity is not merely a “finder’s keepers” type of game. The argument of this concept is based on the premise that coin collecting is not an ordinary activity where people can just grab any kind of coin that they see. It is important to know the basics of coin collecting to appropriately categorize the kinds of coins that are fit for compilation.
Joining a Coin Club
A coin collection club is the same. Since the number of people who have been doing coin collecting has increased over the years, the vast network involves numerous clubs in several states. In these clubs amateurs and professionals can share, trade and bid for new items to add to their existing collections.
There is never a wrong time to join a club. The challenging part is looking for one. You can start by asking the local coin dealer for help.
Starting a Coin Collection for Kids
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.
All About Coin Collecting: Grade Coins with Ease!
Coin collection is not just about having as many coins as possible. More important than the number of coins is the quality of those coins. This quality is measured by the coins’ grade and the grade is measured using a scale from zero to seventy (seventy being the highest point grade).
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.
Coin Collesting Store
There are various sources where those “special coins” can be purchased. The following are the basic methods and starting places to obtain the coin(s) you have long wanted.Coin shops are plentiful in most states. Generally your local area or city will have coin shops which you can visit to see if they have the coins available that you want to add to your collection. Most of these coin shops are located in the larger town or cities. Better yet, use your local phone book and start walking those fingers through the pages to find out where the nearest coin shop(s) is located…
Essential Supplies in Coin Collecting
The condition of the coin means everything in coin collecting. In the world of coin collecting, the coins themselves are considered as gold, this is why there is a need to protect them from damage. Having the right supplies will allow a collector to preserve the integrity of his coin collection. The slightest hint of damage can diminish the value of a coin significantly.
The Basics of Coin Collecting
Coin collecting is said to be the “Hobby of the Kings.” Coin collecting is different from money hoarding. Collecting coins as an art form can be traced back to the 14th century. Today, people all over the world are collecting coins. Some collect it for their value, some just like the sheer fun that they get from getting their hands on different coins.- Informal coin collecting
- Inquisitive coin collecting
- Advanced coin collecting
- Coin collection according to nation
- Historical coin collection
- Error coins
Coin Collectors Galore: Types or Specialties
There are various ways to collect coins as well as the specialties of collectors. Here is how to differentiate the variety of coin collectors.
The Casual Coin Collector: The Most Common One
You will know that you are a coin collector if…
- You collect coins no matter what your age
- You collect coins randomly just for the fun of it
- You do not pay much money for the preservation and purchase of coins
- You will collect some coins that are already obsolete, those that have been modified and are used my magicians, commemorative coins, those with errors, or those that are out of circulation
- Your collection is made more interesting because of the coins given to you as gifts
What Types of Coins Do Collectors Love?
Here is a wide array of the variety of coins that “coinophiles” are obsessed with:
National Coins
Error Coins
World Coins
Historical Coins
How to Take Care of Collectible Coins
Here are some tips on how to take care of coin collections:
- The coin should be protected from exposure to any kind of elements. It is also important not to scratch the coins; they should be handled with care to avoid scratches on the surface of the coins.
- It is safe to store the coins in plastic cases or pockets that are made specifically for coin collections and sets. These cases and pockets can protect the coins from dirt and scratches.
- Coins should be cleaned properly using vinegar, lemon juice, ammonia or rubbing alcohol.
- If there is unwanted dirt that is hard to remove on the surface, chemical products for cleaning like Tarnex may be used. This option may be used if vinegar and lemon juice were not able to remove the dirt.
- It is very important to remember that the value of the coin may depreciate if the coin has been cleaned. It is recommended to seek the advice of an expert on other ways of preserving a coin. Many coin collectors believe that a person should never ever clean their collection because they believe that any product that is applied to the coin will affect the surface. A person should know how to preserve their collection and avoid dirt from touching the coins.
What Are Factors That Affect The Value Of Coins?
The following are factors that can influence the true value of a coin.- Grade or condition of the coin. Your coin will be worth or valued more when it is in good condition. When in a perfect or unblemished mint condition, an “uncirculated” coin will be worth many times more than a similar coin that has been in circulation.
- The rarity of a coin is the principal basis for a coins value. Generally, the rarer that a coin is found to be, the higher it is priced. Do keep in mind that rarity has very little influence on the coins age. Chinese coins are a thousand years old normally sell for about ten dollars since there are so many of them; while a “1913 Liberty Head Nickel” can sell for up to or over a million dollars because only five specimens are known to be in existence.
- Bullion value. A coin’s precious metal content can determine its value. A platinum, silver or gold coin will not, in general sell for less than the coins value when melted.
- Demand. There are coins that are greatly in demand; sought after by many collectors, and if that a particular coin is in great demand the price will be even higher. Even comparatively plentiful coins can mandate higher value when they are popular with coin collectors.
Have you ever asked yourself why you collect coins?
I mean, really – what keeps you motivated to stay in the hobby? What do you like about coin collecting? And, when is it that you first realized you were a coin collector?
For me, my foray into coin collecting began when I found a 1941 Lincoln wheat cent in some allowance money I was given when I was 11 years old in 1992. I was intrigued by that old coin, and wanted to learn more about it and find other wheat cents. Within a couple months, I had books about coin collecting, a few Lincoln cent coin folders, and a small but growing collection of coins. I am now a self-avowed expert on Lincoln cents and many other types of coins.
Of course, we each have a story about how we got involved in this ages-old pastime. For some people, they may have been lured into the hobby by the beauty of old coins. Or, it might be certain types of designs, such as those of animals, plants, or even food.
In many cases, it is the hope of buying an old coin that might someday be worth much more than paid for it. Rarity, too, is a draw for many coin collectors who want to grab a piece of a very small pie. Or, if you’re like the bulk of coin collectors, you might be clamoring to fill agonizingly empty holes in your coin folders.
Have you ever asked yourself why you collect coins?
I mean, really – what keeps you motivated to stay in the hobby? What do you like about coin collecting? And, when is it that you first realized you were a coin collector?
For me, my foray into coin collecting began when I found a 1941 Lincoln wheat cent in some allowance money I was given when I was 11 years old in 1992. I was intrigued by that old coin, and wanted to learn more about it and find other wheat cents. Within a couple months, I had books about coin collecting, a few Lincoln cent coin folders, and a small but growing collection of coins. I am now a self-avowed expert on Lincoln cents and many other types of coins.
Of course, we each have a story about how we got involved in this ages-old pastime. For some people, they may have been lured into the hobby by the beauty of old coins. Or, it might be certain types of designs, such as those of animals, plants, or even food.
In many cases, it is the hope of buying an old coin that might someday be worth much more than paid for it. Rarity, too, is a draw for many coin collectors who want to grab a piece of a very small pie. Or, if you’re like the bulk of coin collectors, you might be clamoring to fill agonizingly empty holes in your coin folders.
Why People Collected Coins In Ancient Times
No matter what it is that keeps you motivated to search, buy, and study coins, there is a certain magnetism about the hobby that manifests itself in different ways to different people.
The mystique of collecting coins goes back to the time of ancient kings and queens, who enjoyed collecting coins for their artwork. In those days, coins were hand-struck by a hammer, and coin blanks weren’t always perfectly round, meaning each finished coin had a unique look.
As we know, though, collecting coins for their beauty didn’t die with the fall of Rome, though. In the 17th and 18th century, many among Europe’s high society were collecting ancient coins, including kings, princes, and other nobility.
In those times, collecting coins was something that only the wealthy could afford to do, which explains the popular moniker that has long followed coin collecting: “The hobby of kings.”
Why People Collect Coins Today
By the time the 1800s steamed in, Enlightenment thinking and more systematic approaches to studying coins gave birth to modern-day numismatics.
As the hobby became more pluralistic in numerous ways, many members of the middle classes began pursuing the hobby, both out of sheer interest and to exude a sense of sophistication.
Coin collecting in the United States was mainly a continuation of the pastime as it was back in the Old Country – a hobby pursued by those of some means who appreciated and wanted to study examples of older coinage.In the U.S., many early collectors focused on colonial coins, ancients, some European coins, and some even were already turning their attention to early U.S. coins like Bust dollars, Capped Bust gold coins, and the like.
It wouldn’t be until the 1930s when the introduction of penny boards, which were the forerunners of the modern-day coin folders, would create a whole new phenomenon in coin collecting: collecting coins by date and mintmark. Date-and-mintmark collecting would reach frenzied heights during the 1950s and 1960s, but even today, a good many coin collectors (including yours truly) enjoy the myriad challenges of completing an entire series of coins.
Bi-Metallic Coins
Bi-metallic coins have been issued for a long time, with examples known dating from the 17th century, while the Roman Empire issued special occasion, large medallions with a center of bronze or copper and an outer ring of orichalcum, starting with the reign of Hadrian. What is considered by many as one of the earliest strikings of bi-metallic prototypes dates back to 1730, when a silver token with a center copper plug was struck in Cologne, Germany.
However, during the reign of Charles I of England, a new series of royal farthing tokens was issued. These coins were made from a rod of copper with a WEDGE of brass that had been hammered into a groove that had been cut into the rod (to be used as an anti-forgery device). Blanks were then sliced off the rod and the farthings struck from these blanks. As these pieces had a rose on the reverse (instead of a harp that had appeared on all the earlier issues of royal farthing tokens) they are usually referred to as rose farthing tokens. They were issued from 1636 until 1644 or 1625 until 1649 (when they were discontinued during the civil war) . Thus these were bimetallic coins of copper with a brass wedge.
After the restoration of Charles II of England, a major reform of the currency took place. This included the issue of copper halfpennies and farthings of full weight. However the price of tin had fallen placing the tin mines of Cornwall in crisis and the king, as the holder of the Duchy of Cornwall, was losing money. In order to help the tin industry (and the king's finances), it was decided to strike all halfpennies and farthings from tin. To help prevent counterfeiting, a square copper PLUG was inserted in the centre of the blanks prior to striking. Thus these were bimetallic coins of tin with a copper plug and they were issued from 1684 until 1692 during the reigns of Charles II, James II, and William and Mary.
The silver-center cent pattern produced by the United States in 1792 is another example. The US Mint experimented with a bi-metallic cent to keep the size of the coin manageable and meet the requirements of the Coinage Act of April 2, 1792. The first silver center cents were struck December 17 to 18, 1792. Each was made by hand at the U.S. Mint, workmen first making the copper blank and then punching out a small hole, and next inserting the silver plug, and finally striking the coins using the appropriate dies. [Cladding]
In the 1830s and 1840s, British medalist Joseph Moore produced large numbers of bi-metallic "penny model" and less common "halfpenny model" tokens, as a proposal to replace the relatively large penny and halfpenny coins. Though not legal tender, Moore's tokens were circulated widely and accepted at face value by many merchants. Despite their popularity, the Royal Mint rejected the proposal, and did not reduce the size of the penny and halfpenny until decimalization. Many tokens and medallions have been struck by various countries throughout the 19th and 20th Centuries.
Producing bimetallic coins was to put a coating of one metal onto a core of another metal. This was often done to disguise a debased coinage, eg by using a copper core and "silver dipping" it. Rome first issued the antoninianus as a silver coin of 2 denarii, but only worth 1½ denarii. This coin was gradually debased and reached its lowest during the reign of Gallienus (253-68) when it was a copper coin with a thin silver coating which quickly wore off. This was possibly achieved by dipping the copper blanks in a silver nitrate solution so that some of the surface copper would be electrolysed and go into solution and silver metal would be deposited on the blank.
The later silver coins of Henry VIII of England were gradually debased until the last issue (1544-47) "silver" coins were struck from an alloy of one part silver and two parts copper (ie .333 fine). To make these coins appear to contain more silver than they actually did, the blanks were probably either silver washed (as above) or they may have been soaked in a weak acid solution to dissolve some of the surface copper. However, with wear from circulation, the richer silver surface was worn away, particularly on the high spots such as the king's nose, and this led to his nickname of "old copper nose". A number of modern coins have also been plated, probably electroplated. e.g. 1, 2 and 5 Euro cents coins
England also struck a number of bimetallic patterns. During the Commonwealth and the Protectorate (in the 1650s), and again during the reign of Charles II (particularly around 1665 and 1676), a significant number of patterns (both official and private) for base metal coinage were bimetallic. These pieces were struck from combinations such as copper with an inner brass ring, copper obverse and brass reverse, brass with a copper centre, tin with an inner brass ring, and tin with an inner copper ring.
Again in William and Mary's reign, trial pieces for a proposed coinage in "mixed metals" were struck (dated 1692) from copper with a tin centre and copper with a thin ring of brass let into either the obverse or reverse. However, in 1694, England reverted to copper for its base metal coinage. England appears to have then abandoned their bimetallic coinage experiments until 1844 when Joseph Moore (a Birmingham die sinker) produced his "model" pennies and halfpence. These were struck from copper with a white metal centre. They were a private proposal to replace the heavy copper coinage then in circulation.
In recent times, the first circulating bi-metallic coin was the Italian 500 lire, first issued in 1982. Morocco, with a 5 dirhams coin in 1987; and France, with a 10 franc coin, Monaco, with a 10 franc, and Thailand, with a 10 baht, in 1988, issued bi-metallic coins for circulation all based on the Italian 500 lire's minting process. India introduced 10 rupee bi-metallic coins in 2009 that are dated 2006 (minted at Noida).
France and Monaco also introduced tri-metallic 20 franc coins in 1992. These were similar to the corresponding bi-metallic 10 franc coins, but had two rings instead of one. These were the only tri-metallic circulating coins ever minted.
As well as circulating coins, where they are generally restricted to high denomination coins, bi-metallic coins are often used incommemorative issues, often made of precious metals. For example, the only bi-metallic coin of the United States is the $10 Library of Congress commemorative, made of a gold ring around a platinum center. They are used primarily as a way of securing against coin counterfeiting.
Bi-metallic coins are now produced by over 117 countries world wide, and the number seems to be growing all the time. These coins are minted in many different combinations of precious and base metals: yellow and white gold, gold and silver, silver and titanium, silver and nickel, non-magnetic stainless steel and aluminium bronze, and combinations of copper or brass and nickel, etc.
The manufacturing process is similar to that of ordinary coins, except that two blanks (the inner and the outer) are struck at the same time, deforming the separate blanks sufficiently to hold them together. The image on left illustrates one method of joining the bi-metal blanks. The external ring is manufactured by a mulitple-die progressive tool, which pierces out the center hole prior to blanking from a strip. The raised outer edge of the blank, formed by "rimming" assists in reducing the coining pressure.
The inner, or "dump" is made very much like an ordinary coin blank, except for the special milling applied to the edge. When the two components are struck by the assembling press, the outer ring deforms to flow inside the milled indentations, providing efficient anti-twist locking and increasing the strength of the bond. This method is used by Krupp VDM, a leading German coin blank manufacturer. There are other ways of joining bi-metal blanks, with each manufacturer having their own preferred method.
The force required to expel the inner ring in the Krupp method would utterly destroy the coin. Krupp reports the force needed to expel a 17 mm inner from a 25 mm outer ring would be 450 to 510 kPa, or a pressure of approximately 68 to 72 pounds per square inch.
Outer Rings: Another type of bimetallic coin is where there is a large core of one metal with a ring (of another metal) around the core. This type of bimetallic coin has been increasing in use over the past decade. A few examples are:
aluminium bronze centre in stainless steel ring - eg Australia 5 dollar (1996 Bradman)
aluminium bronze centre in cupro-nickel ring - eg New Zealand 50 cent (1994)
silver centre in gold ring - eg Austria 500 schilling (1995 Austrian membership of European Union)
bronzital centre in acmonital ring - eg Italy 500 lire (1982-95)
Clad Centre with an Outer Ring: Another type of "bimetallic" coin is where there is a large clad core of three metals with a ring (of another metal) around the core. Although this is not actually a bimetallic coin, they appear to be, and are probably being considered (and collected) as bimetallic coins.
nickel-brass clad nickel centre in cupro-nickel ring - e.g European Union 2 euro (2002)
cupro-nickel clad nickel centre in nickel-brass ring - e.g European Union 1 euro (2002)
Producing bimetallic coins was to put a coating of one metal onto a core of another metal. This was often done to disguise a debased coinage, eg by using a copper core and "silver dipping" it. Rome first issued the antoninianus as a silver coin of 2 denarii, but only worth 1½ denarii. This coin was gradually debased and reached its lowest during the reign of Gallienus (253-68) when it was a copper coin with a thin silver coating which quickly wore off. This was possibly achieved by dipping the copper blanks in a silver nitrate solution so that some of the surface copper would be electrolysed and go into solution and silver metal would be deposited on the blank.
In recent times, the first circulating bi-metallic coin was the Italian 500 lire, first issued in 1982. Morocco, with a 5 dirhams coin in 1987; and France, with a 10 franc coin, Monaco, with a 10 franc, and Thailand, with a 10 baht, in 1988, issued bi-metallic coins for circulation all based on the Italian 500 lire's minting process. India introduced 10 rupee bi-metallic coins in 2009 that are dated 2006 (minted at Noida).
The manufacturing process is similar to that of ordinary coins, except that two blanks (the inner and the outer) are struck at the same time, deforming the separate blanks sufficiently to hold them together. The image on left illustrates one method of joining the bi-metal blanks. The external ring is manufactured by a mulitple-die progressive tool, which pierces out the center hole prior to blanking from a strip. The raised outer edge of the blank, formed by "rimming" assists in reducing the coining pressure. Outer Rings: Another type of bimetallic coin is where there is a large core of one metal with a ring (of another metal) around the core. This type of bimetallic coin has been increasing in use over the past decade. A few examples are:
Clad Centre with an Outer Ring: Another type of "bimetallic" coin is where there is a large clad core of three metals with a ring (of another metal) around the core. Although this is not actually a bimetallic coin, they appear to be, and are probably being considered (and collected) as bimetallic coins.
More Facts About The Coins
The first coins date back to the Lydians 700 BC, a group of people that live in what is now Turkey.
The Denver Mint is the single largest producer of coins in the world.
The Euro Zone produces 49.01 billion coins each year. In the U.S., nearly 30 billion coins are minted each year.
You can find triangular coins in the Isle of Man, the Cook Islands, Bermuda, Uganda and Poland.
The Royal Canadian Mint is now able to produce holographic-effect gold and silver coinage.
The side of a coin depicting a bust of a monarch or other authority is called the obverse, or heads, side. The other side is known as the reverse.
It would take more than 197 billion stacked nickels to reach the moon.
The Royal Mint estimates the number of coins in circulation in the UK is around 28 billion pieces.
The patented Brink’s Supersorter has the highest throughput speed of any coin processing equipment in the industry. Brink’s pioneered the coin plastic wrap, our own transparent, split-proof plastic wrap created for faster and improved service, and superior security. In the United States, Brink’s handles more than $3.0 billion worth of coins each year. Every 15 minutes, Americans insert over 3.5 million coins into vending machines.
| 1252 | Florence, Italy was the first city to mint its own gold coins in 1252. The fiorino became known as the florence, then the florin |
| 1940 | Silver coins fell from the skies on to the town of Gorky, Russia. A tornado had lifted up an old money chest and dropped the coins it contained as the wind carried it long |
| 1989 | The Bank of Canada issued the last $1 bill. The paper buck's departure was preceded in 1987 by the arrival of the dollar coin, affectionately known as the loonie |
| cleopatra | cleopatra was no older than 18 when she became the queen of Egypt. Despite her glamorous image today, she is depicted on ancient coins with a long hooked nose and masculine features |
| Beaver pelts | The Canadian beaver was that country's first natural resource to be exploited by the Europeans. For many years beaver pelts were a unit of currency |
| Eggs | For a time, it was the custom to use eggs as a form of currency in France. Once a year, poverty-stricken clerics and students trudged through the streets of Paris, carrying an egg basket, and collected what they could |
| Drums | Kettle drums were once used as currency on the island of Aler in Indonesia |
| coin-throwing Marathon | On July 2-3, 1999, a team of 30 people from the Sports Club Association Viialan Pyry, Finland, scored 92,551 points in 24 hours playing the traditional Finnish game of throwing coins at a flat target |
| 1962 | The first international convention for coin collectors was held in August 15 - 18, 1962, in Detroit, Michigan, sponsored by the American Numismatic Association and the Canadian Numismatic Association. Attendance was estimated at 40,000 |
| Numismatics | The scientific study of coins is known as "numismatics", a term derived from the Greek word nomisma, meaning a coin or a currency. A numismatist may be a coin collector or not. A coin collector may be a numismatist or not |
| Large and small |  The largest banknote in the world was issued in China during the Ming Dynasty (1368-1399). It was a 1 Juan with a size of 22.8 x 33 cm. The smallest banknote ever was issued in Romania in 1917. It was a 10 bani with a size of 2.28 x 3.8 cm. |
| Japanese Currency Law | According to the Japanese Currency Law, a maximum of 20 coins of the same denomination can be used as legal tender. Rejection of the acceptance under 20 pieces of the same denomination is prohibited. In case of over 20 pieces you can reject accepting the coins in daily transactions |
| Coins Don't Smell, You Do | Scientists have sniffed out the reason for the musty, "metallic" odor you smell after handling coins or touching metal objects. A new study finds that the smell of iron is, ironically, a type of human body odor, created by the breakdown of oils in skin after touching objects that contain the element. When touching objects made of iron, perspiration from skin causes the iron atoms to gain two electrons. The doubly negative iron atoms react with oil in skin, causing them to decompose, forming 1-octen-2-one |
| The largest numismatic organization | The American Numismatic Association was founded in 1891 and chartered by the Congress of the United States in 1912. The group has the world's largest circulating library of numismatic material and its headquarters includes the World Money Museum, one of the top three numismatic museums in America |
World's Most Expensive Coins
Flowing Hair Dollar, a rare coin tops the list of world’s most expensive coins. IRVINE – a Laguna Beach resident sold this coin, minted in 1794 in silver, from his rare coin collection – which he refers to as a "national treasure." It was sold for $7,850,000, making it the world’s most expensive coin. Throughout history, this dollar-coin issued in 1794 has always been considered one of the rarest and most valuable of all United States coins. For this rare coin, the deal was sealed between Steven Contursi, president of Rare Coin Wholesalers of Irvine, and Sunnyvale-based Cardinal Collection Education Foundation. Reports say that the coin was earlier purchased from the Knoxville Collection in 2003.
Price: $7.59 million
The Saint-Gaudens Gold Double Eagle Coin, claimed as world’s second most expensive coin, is also a rare specimen. The coin was minted in 1933. Reports say that 445,500 specimens of this Saint-Gaudens Double Eagle were minted in that very year, which was the last year of production of this expensive coin. However, no specimen was ever officially circulated, and nearly all were melted down due to the discontinuance of the domestic gold standard in 1933. As said by Marc Pachter, of the National Museum of American History, "The 1933 Double Eagle is a symbol of a shared struggle in an interdependent global economy, both in the early 20th Century and today. The coin got sold for $7.59 million in an auction.
Price: $6.80 million
The Edward III double florin: A rare medieval gold coin claimed as 3rd most expensive coin was auctioned for £460,000 (approx: $6.80 million) at the Spink auction house. The coin was in circulation from December 1343 until July 1344. Famous as a double leopard, this coin had a face value of six shillings and is the only third known surviving coin of its kind
This coin was minted in the year 1834 and claims to be the world’s fourth most expensive coin. The coin has very unique history. At the time of its minting, it was divided into "Classes," where only 15 specimens were shown. Eight specimens comprised Class I, which were minted in 1834. One coin comprising Class II and six Class III, were minted between 1858 and 1860. The coin was put in display as part of the King of Siam’s collection, where it was given the name "the King of Coins." The fourth most expensive coin in the world was purchased by a coin collector in year 2001, who bought the entire set of coins from the King of Siam for $4.14 million.
Price: $4 million
The world’s largest gold coin (weighing a hefty 100 kilos) was minted by the Royal Canadian Mint, with maple leaves on one side and Queen Elizabeth II on the other. It fetched $4 million in an auction at the Dorotheum auction house, Austria. Its purity is 99.999 percent, the purest type in the market. The coin was purchased for more than its face value of $1 million.
Sold for: $3,737,500
This rare coin is from the same collection we have mentioned earlier. The 1804 Class I Silver Dollar from Queller's Collection was minted in 1834. It’s said that due to its nature of rarity, some of the coins had been sold for high dollar figures. Anyhow, the coin was sold for $3,737,500 in 2010, which has been claimed as one of the world's most expensive coins.
The 1913 Liberty Head nickel, one of the most expensive coins in the world, is actually an American five-cent rare coin. The coin is said to be a rare one because it was produced in very limited quantities and that too without the authority of the United States Mint. In 1972, one specimen of this rare coin became first to command a price of US $100,000. Then in 1996, another specimen broke the earlier record, the million-US dollar barrier. It was said that if one finds it in a perfect condition, it could even cost him over 20 million dollars. In the year 2003, one coin was sold for almost US $3 million. Finally in 2010, the Olsen piece was again sold for US $3.7 million at a public auction. Reports say that only five examples are known to exist now: two in museums and three in private collections.
This is again a gold coin minted in 1787 with EB printed on the breast of the eagle, claimed as the sixth most expensive coin. The history of this coin is quite interesting. In 1787, a goldsmith and silversmith named Ephraim Brasher made a petition to the State of New York to mint copper coins. The state of New York denied his petition, as they did not want to get into the business of minting copper coins. Brasher was a person known not only for stamping his own coins but also other coinage sent to him. One of the surviving gold coins made by him were found to be 26.6 grams in weight of which .917 grams were gold. The coin was sold in 1981 for $625,000 at a public auction, and finally got sold for $2,990,000.
This coin has been claimed as the world’s seventh most expensive coin. The Saint-Gaudens double eagle is a twenty dollar gold coin produced by the US mint between 1907 and 1933. The coin is considered to be most beautiful US coin produced till date. This very rare coin features the image of Miss Liberty striving gloriously into the future holding a torch in her right hand. It is said that 12,367 of these coins were struck in 1907, while 4,45,500 Double Eagles were minted with the date of year 1933. None were released into circulation because of changes made to currency laws during the Great Depression. These coins easily top the $10,000 price in circulated grades, but in a recent auction, the value of this one of the most expensive coin of its time was quoted as $2,990,000.
We have mentioned earlier the gold coins made by gold- and silversmith Ephraim Brasher. Here is another specimen of a most expensive coin, coming also from his mint, the Brasher Doubloon EB on Wing. The coin was also minted in 1787. The main difference between Brasher Doubloon EB on Breast and Brasher Doubloon EB on Wing is that the EB on Breast has the signature where the sign "EB" is printed on his breast while in the other case, the "EB" is printed on eagle’s wing. However, this is another one of the world’s most expensive coin which got sold at a public auction for the price of $2,415,000.
Apart from this list of coins, there are a number of other coins known for their exceptional high value.
Price: $138,000
An exceptionally rare 19th century Brazilian coin, which was produced for the coronation of Pedro I, made staggering $138,000 in a week long sale held in Chicago from April 25 to May 1. A total of 6,400 reiss pieces of coins were produced at short notice to mark the inauguration of Pedro I, who is best known for founding the Brazilian empire and was loved by his citizens. The coin is one of only 64 ever made, and Pedro disliked being portrayed as a Roman emperor with a laurel wreath around his head.
List of most expensive coins
The following list is a chart of the most expensive American Coins:
| Rank | Coin name | Year | Value | Firm |
|---|---|---|---|---|
| 01 | 1794 Flowing Hair Dollar | 1794 | $7,850,000 | Rare Coin Wholesalers of Irvine (Private Treaty)[1] |
| 02 | 1933 Saint-Gaudens Double Eagle | 1933 | $7,590,020 | Sotheby's/Stack's[2] |
| 03 | 1787 Brasher Doubloon EB on Breast | 1787 | $7,400,000 | Blanchard and Co.[3] |
| 04 | 1804 Class I Silver Dollar | 1804 | $4,140,000 | Bowers & Merena |
| 05 | 1804 Class I Silver Dollar from Queller's Collection | 1804 | $3,737,500 | Heritage Auctions[4] |
| 06 | 1913 Liberty Head Nickel | 1913 | $3,737,500 | Heritage Auctions |
| 07 | 1907 Ultra High Relief $20 (Double Eagle) | 1907 | $2,990,000 | Heritage Auctions |
| 08 | 1787 Brasher Doubloon EB on Wing | 1787 | $2,415,000 | Heritage Auctions |
| 09 | 1804 Class III Silver Dollar | 1804 | $2,300,000 | Heritage Auctions |
| 10 | 1907 Rolled Edge Eagle | 1907 | $2,185,000 | Heritage Auctions |
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