What Are The Characteristics That Compromise The Appraisal Of Coins?
When one is just getting into coin collecting, often the first question is: “What is the Market value of the coin? The answer is: The cost will run you as much as you are willing to pay for it and that range can vary substantially. For instance, a coin dealer’s offer can be a great deal less than a coin collector that without a doubt wants your specimen desperately enough to pay any amount to add it into his collection. Never underestimate the strength of human desire
The following are variables that can effect the true appraisal value.
Grade or condition of the coin. Your coin will be appraised for more when it is in good condition. When in a perfect or mint condition, an “uncirculated” coin will be worth many times more than a comparable coin that has been in circulation.mostly due to the wear and tear factor.
A Ferrari sitting on the showroom floor is worth more than the one that just drove off the lot.
Scarcity is another principal basis for a perceived value. Generally, the rarer that a coin is found to be, the higher it is priced.Be aware that the coins age has very little influence on the value . Chinese coins which are a thousand years old normally sell for next to nothing since there are so many of them; while many twentieth century coins can get up to or over a million dollars because very few specimens are known to be in existence.
The material that the coin is made from, such as, platinum, silver or gold is known as "bullion". A coin rarely sells for cheaper than the coins value when melted, commonly referred to as the "melt value".
There are coins that are seriously in demand; being sought after by many collectors, and if that specific one is in great demand, then the price will be even higher. Even comparatively plentiful coins can mandate higher cost when they are popular with collectors. It is the basic principal of supply and demand.
Here’s how you can determine the approximate value of your coin:
Begin by properly and accurately identifying the year and location of where it was minted, and known approximate value . You can do this efficiently by looking in a catalog or online with the price guide; this will give you an idea of the going rate. Estimate the grade based on your thorough consideration and examination of its current condition. Do your diligence and don't undercut yourself. By the same measure don't get greedy. The Collector/Investor community will surely spread the word if they don't believe you are being fair.
Values are adjusting daily; so you need to use a price guide that is updated on a daily basis to obtain the current value. Look at online sites that offer guidance on how to recognize the current market value. For a more broad ranged estimate, if you so desire, a worthy investment indeed would be to purchase the following:
“A Guide Book of United States Coins”, popularly known as "The Red Book" to coin dealers and collectors, provides information on retail prices for US coins and is available in libraries, coin shops and bookstores. “The Standard Catalog of World Coins” is a guide frequently used by dealers and collectors as well, to provide details on world coins and is available in many public libraries.
Are the type that collect coins primarily for profit? Or do you collect strictly for entertainment and self gratification, with profit being the last consideration.
Even though certain coins do not have a large monetary value, does not mean that it is no longer interesting or valuable to you.
Each one will have a certain appeal in itself, regardless of the condition that it is in and regardless of its appraised value. There will always be a certain characteristic that will draw you to that particular coin; so when that does happen, that's when you should add it to your collection. regardless if it will make you big bucks or not.
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As I always advise, just have fun with it!
H.B. Stone is an avid Coin Collector and Author.
Visit his Blog At http://coincollecting123.blogspot.com
Sunday, June 6, 2010
How To Care For And Clean Your Coins(if you must!)
How to Take Care of Collectible Coins
Many coin collectors, including myself, 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.This is commonly referred to as the "patina".
Patina is a film on the surface produced by oxidation over a long period,also produced by age, wear, and any such acquired change of a surface through age and exposure. On metal, patina is a coating of various chemical compounds such as oxides or carbonates formed on the surface during exposure to the elements (weathering). Patina also refers to accumulated changes in surface texture
Here are some tips on maintenance and preservation of collection:
The Best way to preserve a collection is to avoid dirt and the oils from your skin from touching the coins.This is best accomplished by the use of cotton gloves.
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.This very important to reiterate ; What you store your collection in must be specifically for coins.Some plastics and paper can discolor your coin with an irreversible stain. Cases and pockets specifically met for this purpose can protect the coins from dirt and scratches.
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
Let It be known here and now ; I DO NOT CONDONE THE CLEANING OF COINS UNLESS IT IS DONE BY A PROFESSIONAL AND ABSOULUTLEY NECCESSARY FOR THE PRESERVATION OF THE COIN!
Whew! I am getting kinda cranky about that , Huh?
Only because I have made the mistake myself when I was a kid and know of a few people who have done the same.
That being said , If you insist, the following methods can be used, but again this is not recommended by myself:
First , Try this approach:
Coins can be cleaned using vinegar, lemon juice, ammonia or rubbing alcohol.A soft toothbrush may help with cleaning and removing any dirt that is in the surface of the coin.
Next, if you must, you can try the following :
There are products available that are made especially for coin cleaning. Coin suppliers have these products that are specifically made for coin maintenance and cleaning in stock. One product made for this purpose is MS70 which removes corrosion and other surface dirt. It is advisable to use rubber gloves for the protection of your hands, as MS70 can dry the skin but this should be of little concern because it is not that harsh on the skin. Improvement in the appearance of the coin will be seen after it has been soaked and cleaned. If satisfaction is not met on the cleanliness and appearance of the coin, baking soda may be added to neutralize the MS70 and soak it in warm water.
After soaking, dry the coin using a Blue Ribbon coin cleaner and preservative; apply a coat and dry it for a couple of days then wipe the damp parts with soft cotton balls and place it on a small cardboard with a space on the center.
In my opinion , unless the coin is covered in poop, you should keep it in the condition you got it . Just enjoy it for what it is . Listen to the stories it has to tell!
H.B.Stone is an avid collector of coins since childhood.
His Blog can be found at Http://coincollecting123.blogspot.com
.
Many coin collectors, including myself, 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.This is commonly referred to as the "patina".
Patina is a film on the surface produced by oxidation over a long period,also produced by age, wear, and any such acquired change of a surface through age and exposure. On metal, patina is a coating of various chemical compounds such as oxides or carbonates formed on the surface during exposure to the elements (weathering). Patina also refers to accumulated changes in surface texture
Here are some tips on maintenance and preservation of collection:
The Best way to preserve a collection is to avoid dirt and the oils from your skin from touching the coins.This is best accomplished by the use of cotton gloves.
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.This very important to reiterate ; What you store your collection in must be specifically for coins.Some plastics and paper can discolor your coin with an irreversible stain. Cases and pockets specifically met for this purpose can protect the coins from dirt and scratches.
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
Let It be known here and now ; I DO NOT CONDONE THE CLEANING OF COINS UNLESS IT IS DONE BY A PROFESSIONAL AND ABSOULUTLEY NECCESSARY FOR THE PRESERVATION OF THE COIN!
Whew! I am getting kinda cranky about that , Huh?
Only because I have made the mistake myself when I was a kid and know of a few people who have done the same.
That being said , If you insist, the following methods can be used, but again this is not recommended by myself:
First , Try this approach:
Coins can be cleaned using vinegar, lemon juice, ammonia or rubbing alcohol.A soft toothbrush may help with cleaning and removing any dirt that is in the surface of the coin.
Next, if you must, you can try the following :
There are products available that are made especially for coin cleaning. Coin suppliers have these products that are specifically made for coin maintenance and cleaning in stock. One product made for this purpose is MS70 which removes corrosion and other surface dirt. It is advisable to use rubber gloves for the protection of your hands, as MS70 can dry the skin but this should be of little concern because it is not that harsh on the skin. Improvement in the appearance of the coin will be seen after it has been soaked and cleaned. If satisfaction is not met on the cleanliness and appearance of the coin, baking soda may be added to neutralize the MS70 and soak it in warm water.
After soaking, dry the coin using a Blue Ribbon coin cleaner and preservative; apply a coat and dry it for a couple of days then wipe the damp parts with soft cotton balls and place it on a small cardboard with a space on the center.
In my opinion , unless the coin is covered in poop, you should keep it in the condition you got it . Just enjoy it for what it is . Listen to the stories it has to tell!
H.B.Stone is an avid collector of coins since childhood.
His Blog can be found at Http://coincollecting123.blogspot.com
.
Common mistakes and good practices of coin collecting.
What to do and What not to do of Coin Collecting
Coin collecting is the sort of thing that takes time to learn. The most essential thing to remember is that you are doing it for the right reason - if it is a passion then it is something worth seeking.
Collecting just for money may work but it usually is not enough in the long term. A person really has to think about this since many people who have tried it for that reason have lost focus and failed.Always choose a coin you like. That way if you lose your intial investment at least you will have some thing you treasure personally.
Effective coin collectors take a lot of time to learn everything there is to know about numismatics. Quality sources of education are magazines, newsletters and brokers who can pass on knowledge and the scoop, when it happens. By using these resources a person can act rapidly before other collectors who want the same thing get the information first.
If a person tries to collect without knowing the basics, he will never do well in this hobby. Like any other hobby where there is money to be made . Buyer Beware!
Especially when purchasing from overseas, there are ton of counterfeiters out there.
Learning how to grade coins can also help the collector know the true value of the collection. This knowledge will be valuable if the owner decides to trade for something of greater value or it can prevent regret and wasting money for something of little value. Be prudent!
One of the virtues that coin collecting can teach a person is tolerance since the collection may take years to complete. Some of the famous collectors in the world have spent many years before reaping the benefits.
Learning to think like a collector is very important and vital. Being too eager is not good because the collector could be tempted to purchase or trade the wrong coin which could prove to be costly. And we are not talking chump change here. I know of a few who have gotten burned for thousands of dollars! Think twice about using the information given even if that came from a reliable source.
Coin collecting can be difficult especially if the person is just starting. A person, more than likely, can’t afford to buy pricey items, so it is best to start reasonable and study the market for awhile so that he can be comfortable before going after bigger prizes.
Coin collecting is similar to marriage - it takes time to excel at it and to set goals, both short and long term, which should be established. By following the guidelines and using good sense, the person can become one of the many moneymaking coin collectors.
H.B.Stone is an avid collector of coins since childhood.
His Blog can be found at HTTP:// coincollecting123.blogspot.com
What to do and What not to do of Coin Collecting
Coin collecting is the sort of thing that takes time to learn. The most essential thing to remember is that you are doing it for the right reason - if it is a passion then it is something worth seeking.
Collecting just for money may work but it usually is not enough in the long term. A person really has to think about this since many people who have tried it for that reason have lost focus and failed.Always choose a coin you like. That way if you lose your intial investment at least you will have some thing you treasure personally.
Effective coin collectors take a lot of time to learn everything there is to know about numismatics. Quality sources of education are magazines, newsletters and brokers who can pass on knowledge and the scoop, when it happens. By using these resources a person can act rapidly before other collectors who want the same thing get the information first.
If a person tries to collect without knowing the basics, he will never do well in this hobby. Like any other hobby where there is money to be made . Buyer Beware!
Especially when purchasing from overseas, there are ton of counterfeiters out there.
Learning how to grade coins can also help the collector know the true value of the collection. This knowledge will be valuable if the owner decides to trade for something of greater value or it can prevent regret and wasting money for something of little value. Be prudent!
One of the virtues that coin collecting can teach a person is tolerance since the collection may take years to complete. Some of the famous collectors in the world have spent many years before reaping the benefits.
Learning to think like a collector is very important and vital. Being too eager is not good because the collector could be tempted to purchase or trade the wrong coin which could prove to be costly. And we are not talking chump change here. I know of a few who have gotten burned for thousands of dollars! Think twice about using the information given even if that came from a reliable source.
Coin collecting can be difficult especially if the person is just starting. A person, more than likely, can’t afford to buy pricey items, so it is best to start reasonable and study the market for awhile so that he can be comfortable before going after bigger prizes.
Coin collecting is similar to marriage - it takes time to excel at it and to set goals, both short and long term, which should be established. By following the guidelines and using good sense, the person can become one of the many moneymaking coin collectors.
H.B.Stone is an avid collector of coins since childhood.
His Blog can be found at HTTP:// coincollecting123.blogspot.com
Interested in Collecting Coins?
Interested in Collecting Coins? A Rewarding and Educational Hobby
There are several reasons why people start collecting coins. There are collectors who collect on the basis of the future economic value, some collect coins coming from just one particular period or country of origin, some on metal type(gold and silver) and some for historical value.
You can begin by collecting ordinary common coins, inspecting mint marks and dates on your everyday change. Some people start a collection of coins coming from different countries. Some spend thousands on rare gold and silver coins from the period. More than likely you will end up doing all this and more once you get the bug.
The hobby can give be fun for people of all ages. Many collectors begin when they are young , collecting loose change from there parents or getting the gift of an actual mint set. Even folks who did not begin until they were adults, such as myself, turn it into a lifetime hobby.
Some tools of the trade include a magnifying glass to examine coins so you can spot mintmarks, errors and to clearly read dates on worn or damaged coins.
Cotton gloves are also advisable for handling the coins. A well lighted area As well as a clean, uncluttered place to work. Most importantly you must have quality reference material.
To learn about different coin values,monthly coin collecting magazines contain many useful facts and information as well articles ,along with providing great reference photos. Follow what types of coins are sold, and how they are priced, based on dealer pricing. Spend time reading, learning from experienced collectors and asking many questions to coin dealers as well. . You also will need reference that will show you how to evaluate the accurate value of a certain coin based on mint mark, age, color, surface and condition. As you grow more experienced in coin collecting, your ability to spot important details will improve and you will notice key factors such as the lettering, such as if the letters are blemished or blurred, and whether or not they are still distinguishable.
"The Guide Book of United States Coins" , also known as the" red book", is published annually. It provides a good outline of the history, information on basic coin grading, descriptions from past to present including a list of errors to watch for, average retail cost, and an explanation of errors which occurred in the minting process.
Storage is also important, such as clear tubes made of plastic or coin tubes having top screws to keep your coins in until you are ready to put them in an album.
Unless you are only interested in the casual collecting process of gathering every day circulation coins,The hobby can quickly turn from just for fun into spending a lot of money
Look for a coin collectors group in your area to get guidance from more experienced collectors. Research online. Invest in a book.
Having someone that knows this hobby can be a great guide ,as well as give advice in choosing an honest and reputable coin dealer.
Coin collecting is an ever evolving process.It can quickly turn into an obsession.Knowledge and training will save you money as well as make you money in the future.
Try NOT to purely focus on the investment side of this wonderful hobby, although armed with the proper skills and a little bit of luck , it can be very lucrative.
Remember the reason you started the hobby to begin with, a that was to HAVE FUN!
H.B.Stone a.k.a. "Coin Nut" is an avid collector of coins since childhood.
His Blog can be found at Http://coincollecting123.info
There are several reasons why people start collecting coins. There are collectors who collect on the basis of the future economic value, some collect coins coming from just one particular period or country of origin, some on metal type(gold and silver) and some for historical value.
You can begin by collecting ordinary common coins, inspecting mint marks and dates on your everyday change. Some people start a collection of coins coming from different countries. Some spend thousands on rare gold and silver coins from the period. More than likely you will end up doing all this and more once you get the bug.
The hobby can give be fun for people of all ages. Many collectors begin when they are young , collecting loose change from there parents or getting the gift of an actual mint set. Even folks who did not begin until they were adults, such as myself, turn it into a lifetime hobby.
Some tools of the trade include a magnifying glass to examine coins so you can spot mintmarks, errors and to clearly read dates on worn or damaged coins.
Cotton gloves are also advisable for handling the coins. A well lighted area As well as a clean, uncluttered place to work. Most importantly you must have quality reference material.
To learn about different coin values,monthly coin collecting magazines contain many useful facts and information as well articles ,along with providing great reference photos. Follow what types of coins are sold, and how they are priced, based on dealer pricing. Spend time reading, learning from experienced collectors and asking many questions to coin dealers as well. . You also will need reference that will show you how to evaluate the accurate value of a certain coin based on mint mark, age, color, surface and condition. As you grow more experienced in coin collecting, your ability to spot important details will improve and you will notice key factors such as the lettering, such as if the letters are blemished or blurred, and whether or not they are still distinguishable.
"The Guide Book of United States Coins" , also known as the" red book", is published annually. It provides a good outline of the history, information on basic coin grading, descriptions from past to present including a list of errors to watch for, average retail cost, and an explanation of errors which occurred in the minting process.
Storage is also important, such as clear tubes made of plastic or coin tubes having top screws to keep your coins in until you are ready to put them in an album.
Unless you are only interested in the casual collecting process of gathering every day circulation coins,The hobby can quickly turn from just for fun into spending a lot of money
Look for a coin collectors group in your area to get guidance from more experienced collectors. Research online. Invest in a book.
Having someone that knows this hobby can be a great guide ,as well as give advice in choosing an honest and reputable coin dealer.
Coin collecting is an ever evolving process.It can quickly turn into an obsession.Knowledge and training will save you money as well as make you money in the future.
Try NOT to purely focus on the investment side of this wonderful hobby, although armed with the proper skills and a little bit of luck , it can be very lucrative.
Remember the reason you started the hobby to begin with, a that was to HAVE FUN!
H.B.Stone a.k.a. "Coin Nut" is an avid collector of coins since childhood.
His Blog can be found at Http://coincollecting123.info
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