You have decided to start a coin collection. Maybe you are interested in the value of coins, like the 1913 Liberty Head V Nickel that is worth a little more than 4 million dollars, or maybe you are just in love with some of the craftsmanship that went into a certain piece. The following guide will help get you started with some of the basics of coin collection and get you off on the right foot.
Get To Know The Coins
Coin collecting isn't just about knowing what coins are worth money. You should also consider a coin that may not be worth much now, but will appreciate later. And you should be aware of what makes a coin stand out to be able to make an educated guess as to what coins are going to be worth something later.
The following are just some of the things to pay attention to:
- The types of coins out there, which could be the material used to make the coin like real silver, copper, nickel, or gold. The materials mentioned, especially silver, gold, and copper may be valuable at some point. You can carry a magnet with you and hold the coins you suspect are silver, gold, or copper to it. These coins are not magnetic and shouldn't get stuck to the magnet. This test is not exact, so you should always make sure you take the coin you found to your gold/silver specialist just to be sure.
- Learn about the dates when certain coins were made. Usually the older the coin the better. Anything pre-1950's could hold some value, so hold on to the coin, go home, and check on the internet.
- >Understand mintmarks, which are small letters that reveal more about where the coin was made (you should know that an S is usually very valuable). As a general rule, coins with a mintmark that is a P or if the coin does not have a mintmark are not too valuable. This is because P or no mint marks indicate that it was made in Philadelphia, which is where most coins are made and, therefore, common.
- Investigate why the coin was made, like the first coin to be issued to honor a certain president like Franklin D. Roosevelt, which was in 1946.
You can talk to a coin collector, contact a dealer, like Gold for Cash, or read up on which coins are valuable in today's market on the internet. But as you can see there is definitely a lot to learn regarding coins, but collecting them should be exciting and rewarding for you.