Arming Yourself with Coin Knowledge
Be Smart About Your Coins
If you’re like me and love collecting coins as a hobby, you have to understand the basics of scoring coins, or commonly know as “grading” coins. Having this skill will prevent you from being slighted by anyone more informed than you are. How do you grade coins? And where do we begin? A good place to start is with your own coin collection if you have one so you can get some experience before venturing out into the coin world. Arming yourself with terminology associated with grading is of the up most importance. Paying attention to the wear of a coin, and if the letters and numbers are raised is of extreme importance when attempting to score coins.
Take a look at the back of an older coin, such as an old dime pre 1950’s. The original mint put a lot of detail into the features of coins, such as the hair and face. Coins wear very easily, so if you see that your example coin has extreme definition in the hair or face then more than likely you have a coin that was not in circulation long and has potential value. On the flip side, coins that have not been circulating can have a small amount of wear on them as well. Small scratches and nicks can result from the coins being moved in bulk. Arm yourself with this knowledge when getting a coin appraised for value. Also please understand that coins that have been cleaned can lose their value. Artificial cleaning can destroy the luster of the coin. Any abrasive cleaning has the potential to destroy the value of the coin.
When you are trying to determine the value of a coin it is smart to be aware of the value first by testing the market. This is where you can determine the real world value of your coin. Try to find coin shows with well seasoned coin dealers and inquire purchasing the coin you are trying to determine value for. When inquiring as a buyer you will get helpful information regarding the coin you are trying to grade. Not one dealer can give your or is willing to give you all the information they possess however and some coin books can be unreliable. Also the coin you’re trying to grade will also sit differently each market and location. Try to determine a general grade for your coin by comparing what each dealer has to offer.
About the Author
William is the webmaster of <a href="http://coincollecting.e-moma.org"<Coin Collecting</a> He has been collecting coins for over 2 decades.
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