How To Begin Coin Collecting
How To Begin Coin Collecting
If you’re interested in beginning a coin collection there are a few things you should know first off. Whether you want to start collecting for investment purposes or just for fun, coin collecting can be very rewarding, and you don’t have to be an expert.
1. When you look at most coins there will be a small letter near the date of production. This letter stands for where the coin was produced. In certain instances, this can make the coin extremely valuable, such as the 1909-S VDB Lincoln head penny. This penny from the year of the new design, features the initials of the designer, Vincent D. Brenner, and often sells for upwards of 00! The letters you may see are:
S-San Francisco
D-Denver
P-Philadelphia
W-West Point
2. But let’s say you find a 1909-S VDB for 00 dollars. Why is it so expensive? Probably because of its condition. When a coin is “uncirculated,” that means that it is in mint condition. Typically coins have wear and tear after being passed through hundreds and thousands of hands. Uncirculated coins were never damaged because they were never released to the public. There is a Mint State (MS) scale that ranges from 60 to 70. Any coin below a 60 is not uncirculated. Many coins are difficult to find in the 65-70 range, and because they are rare they tend to be very expensive.
3. Proof coins are made differently from normal uncirculated coins. Whereas a normal coin is made with a stamped “die” that pounds the front and back of the metal, proof coin dies are treated with special polish to give them a frosted look on the raised parts of the coin, and a more reflective mirror-clear look in the background of the coin. Furthermore, each coin is struck twice or more by the dies, so that each detail is more pronounced. Because of the extra time it takes to produce a proof coin, they are held to be more valuable than other coins. Proof coins are also rated on a 60-70 scale and are made for coin collectors.
4. Never clean your coins! Any abrasions or marks the coins have may be deepened if you try to use a tarnish remover. Real coin collecting involves finding the coins in their original condition, and if you try to improve that condition, you may wind up hurting the coin.
5. Once you start building a collection, you have to store it properly. There are plastic slabs for your more expensive coins, and coin folders for large scale collections, like pennies and nickels. In either case, storing your coins is the way to keep them safe and clean.
Coin collecting is rewarding and fun. You may see the value of your coins eventually skyrocket, or in the meanwhile, you may stumble upon certain coins that you would have overlooked once before. And you don’t need to spend a lot of money to have a nice collection; all it takes is an interest and a desire to be a numismatist (that’s Latin, for coin collector). So what are you waiting for? Look through your pockets and start collecting now!
Ancient Coin Collecting IV: Roman Provincial Coins (v. 4)
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