Basic coin collecting

Coin collecting has been around since the middle ages and possibly earlier, but the American Numismatic Association was founded in 1858. Collecting coins can be fun for all ages, especially in this era of digital currency. Many people won’t even stop to pick up a penny these days, but a coin collector will! Just this week on the news, it was announced that there is a copper wheat penny still in circulation from 1943 that was made by mistake because copper was being used for the war effort and pennies were made of steel. That penny is said to be worth $85,000!

Many people like to collect coins because of the history period in which the coin was issued. Just imagine if that old buffalo nickel could talk and tell you who owned it and what it purchased. Just because a coin is old, doesn’t mean it is valuable. It is rarity, demand and condition that is important just like any other valuable collectible. You can still buy some coins from the Roman Empire era for $20. Coins made of silver and gold are, of course, worth at least the value of the precious metals.

Coins, like comic books, are more valuable when officially graded by a professional as to rarity and condition. Coins that were mistakes, rare or uncirculated are generally more valuable. Learn everything you can before beginning your collection. Go to coin shows and talk to other collectors to learn the ins and outs of collecting coins. You may want to start by just choosing one category whether new or old. Many folks liked collecting the whole set of state quarters that were issued and now we have the gold colored dollar coins that are featuring U.S. presidents.

I remember my dad and grandfather collecting dimes, nickels and pennies in the 1960s and 1970s in blue cardboard collecting books where you would place certain coins by age or where the coin was minted. Philadelphia, San Francisco, Denver and New York are where coins are minted and the U.S. Mint is in charge of offices in Washington D.C. and Fort Knox. You can contact the U.S. Mint to buy coins and collector’s sets. To me, it is more fun to pour through your change and look for old pennies and coins minted before 1964 that have a higher silver content. There is so much out there to learn! Happy collecting!

HHJ News