Certified Coins
You didn't mean to make the coin dealer prick her thumb to guarantee that your Walking Liberty coin is valuable. But you take coin and currency collecting seriously. How can a coin collector protect herself? Have your coins certified, also known as authentication. That way, you'll know if you should let that Walking Liberty take a walk. Reputable dealers sell authenticated and certified coins.
How do you get your coins certified? Several organizations will tell you whether that King George III shilling is the real deal:
* ANACS, http://www.anacs.com/ (NOTE: they do not do appraisals of coin collections)
* ASA-Accugrade, http://www.asa-accugrade.com/coins.htm (reportedly offer coin collectors the lowest prices in the industry)
* David R. Sear Ancient Coin Certification Service, http://www.davidrsear.com/
* Professional Coin Grading Service, http://www.pcgs.com/ (offers a population report of certified coins)
* Numismatic Guaranty Corporation, http://www.ngccoin.com/ (official coin grading service of the Professional Numismatists Guild)
* Professional Numismatists Guild, http://www.pngdealers.com/
* ICTA, http://www.ictaonline.org/
Just make sure you choose an established organization (PNG and PCGS are the gold standard) rather than one you find in the phone book or the fifth page of Google search results.
Certification is the best friend of the coin collector. It will also keep coin dealers from having to donate blood every time you suspect the authenticity of a coin.
Kids and Coins
It's never too early, in a world that tries to sell kids everything, to help them understand the value of money. A great and fun way is to introduce your kids to coin collecting. Junior coin collectors have been discovering the joys of coins for years. The Canadian Numismatic Association sponsors the Kids on Coins program.
As with anything else your children enjoy, coin collections will probably overwhelm your house, but it's a hobby you can get interested in too. You can take the opportunity to talk to your kids about investing, the history of money, and encourage them to put away part of their allowances and/or pocket money if your six-year-old operates a lemonade stand or your teen has a part-time job. Some kid-friendly coin collecting tips:
o Encourage your kids to learn as much as possible about coin and currency collecting. The COIN COLLECTING FOR KIDS book, a 2000 Parents' Choice Award Winner, introduces kids to coin collecting, with slots for all 50 statehood coins.
o Help kids make decisions about buying coins. They may not be able to afford a valuable Golden Eagle right away, but kids have been resourceful in saving their money.
o Use the Susan B. Anthony Dollar and the Kennedy Half-Dollar to teach kids about history.
o Sometimes you don't have to look farther than that jar of change your uncle gave you. Start a "treasure hunt" and encourage kids to pick their favorite coins, or find an Indian head penny.
With digital pets and ever more sophisticated robots, coins might take a back seat at first, but kids like the idea of doing something adult, and your enthusiasm will make coin collecting an invaluable family pastime.
Collecting Coin Jewelry
Ancient women wore jewelry made out of coins. You, as a fashionable coin collector, want to continue an ancient trend. But won't that ruin your coin collections? Not if you don't intend to sell them, at least not right away.
Coin jewelry is a fashionable twist in coin and currency collecting. Most coin jewelry is gold, such as a 20 francs Gold Necklace or 1/10th oz Gold Panda Necklace. If you intend to wear them, here are some tips on care should you decide you want to sell your necklace coin collections.
--Cleaning coins is still a no-no, especially with harsh chemicals. If you must, use olive oil or rubbing alcohol.
--You can clean the chain with normal jewelry cleaner.
--Store coin jewelry in plastic sleeves or protective casing. Keep your jewelry coin collections separate from other jewelry.
It feels great to be part of a classical trend. This way, you can combine your favorite hobbies: coins and jewelry.
Newbie vs. Experienced Coin Collectors
Remember the first time you went online, or even further back, the first day of school? For some of you, both may have happened the same day. You felt nervous, excited, afraid no one would like you. Add to that the anxiety that someone may swindle you, and you think you'd be better off collecting butterflies, because they're in your stomach!
Not to worry. Most experienced coin collectors have a love of coin and currency collecting. They also are willing to help novice coin collectors or newbies.
Signs you've been unfortunate enough to run into unscrupulous coin collectors:
o They're not interested in talking to you, only pressuring you to buy their coins or sell yours, usually at a ridiculously high or low price, respectively.
o They won't answer any questions, or make you feel stupid for asking what a BU is or what the difference is between a Mercury dime and a Barber dime.
o They refuse to provide any information that could help you because they want to "beat" you in coin collecting.
o You suspect they might be giving you false information.
Talk to other coin collectors about this person. Helpful coin collectors will steer you away from hucksters.
Now you're ready to mix and mingle in the world of coin and currency collecting, and it feels better than the first day of school...you don't have to worry about Play-doh fights and fashion faux pas!
Protecting Coin Collections
Your coin collections are the envy of the neighborhood. After all, you're not the Home Depot type, so you have to have something to show off. But you might want to invest in a fire alarm system or you could have a serious setback in coin collecting if a fire breaks out.
Less destructive or catastrophic woes of coin collectors include preserving coin collections from wear and tear. Here's a partial list of protective measures:
* Packets of silica gel for storage measures
* Safe or, for extra insurance, safety-deposit box
* Bags, jars and boxes for circulated bullion
* Folder albums for series as well as type sets
* Plastic sleeves, "flips" or cardboards
* Plastic "slabs" for rare or valuable coins
* Velvet pad for examining coins
* PO Box for receiving all coin collecting correspondence or orders
* Separate policy insuring coins against theft or fire (most standard policies don't cover coin collections)
* Trusted friends and fellow coin collectors who won't blab about your coins
After all, while you're happy to enlarge the bathroom, you have no desire to be the next Trading Spaces guest--so protect your coins.
Finding Other Coin Collectors
No one in your family shares your obsession with coin and currency collecting. You're responsible, stable, mature...you just happen to knock people aside to get to that rare doubloon or German Euro with Einstein's portrait. How do you meet other coin collectors? Here are some coin collecting tips on some places to meet the numismatically minded:
o Coin shows
o Coin and stamp clubs
o Coin shops
o Online coin collecting newsgroups (remember: never give out your personal information, Social Security number or credit card number, to anyone online.)
o Estate sales and auctions
You can bond with people who are as devoted to coin collecting and coin collections as you. You'll make friends, enhance your collection, and stop going on and on at dinner about coins. That way, your husband or wife can discourse endlessly about that Beanie Babies/sports memorabilia/doll collection. Just be thankful you have a coin collectors' sanctuary with your pals.
From Collector to Dealer
Cue "The Apprentice" theme song. Money, money, money...You're a coin collector and an entrepreneur. Like Donald Trump, you also have hair that doesn't move.
A penchant for coin collecting may lead to a lucrative career. Many coin dealers started out as coin collectors. They have a passion for coin and currency collecting and a respect for the coin collector. "The Donald" might have begun this way, had he been a coin collector.
Your financial empire might not span the globe, but as a coin dealer you can pursue your love of rare, old, and new coins. Looking for some coin career guides to the art of the deal? Here are some coin collecting tips:
* It's a good idea to be a member of ANACS and the other coin certification/authentication organizations. You keep current on which coins are genuine, and you inspire confidence in buyers.
* As with any other business, develop a business and marketing plan, but count on the loyalty of coin collectors.
* You might consider specializing in particular coins, e.g. British coins, modern coins, specialty coins, Colonial coin collections. This is good advice for beginning and advanced coin collectors as well, since it can save beginners time and money as well as help old coin collecting hands increase their ROI.
* Become a member of the American Numismatic Association--you can stay current on coin trends and establish yourself as a reputable dealer.
* Offer appraisal and grading services, but back up your appraisals with data from the ANA or ANACS (note: ANACS doesn't appraise coins.)
* Take Accugrade's course, "How To Become A Coin Dealer The Professional and Ethical Way," or a similar course.
Establish yourself as a coin dealer, and who knows, The Donald just may come knocking on your door, thankfully not with the words, "You're fired."
I Bought It on eBay
You've seen the ads. Most likely you've thought of bidding on that grilled cheese sandwich with the Virgin Mary's image. You decided against it because you wanted to see how much your old coins were worth, or you see it as a new wave in coin and currency collecting.
If you're a beginner, it might be wise to look at coins from an online dealer rather than bidding on eBay. This is not to say you don't have sense--after all, you avoided temptation with the grilled cheese Virgin Mary. It's simply that, like many hobbies, coin collecting is a contact sport. You need to see and feel the coins.
Many coin collectors do consult eBay to see what their coins are going for, and several online merchants auction off coin collections on eBay.
A searched "seated bust coin" produced two independent items and one from eBay Shops. The eBay Shops merchant is the Old Curio Shop, selling circulated a coin collection--however, note that the coin collection is uncertified, so if certification of value matters to you, get any coin collections you buy certified.
Another item is the Mixed Coin Collection/Capped Bust/Seated/V-Nick full of old coins--including 1943 steel cents. So how do you bid on an item? What if the bid seems too high?
You must decide if the starting bid or minimum bid is less than the value of the coins. Do your research. An individual seller may not know the true worth of the coins--which can be subjective. You could decide that those Colonial coins with holes aren't as valuable as the seller says.
If you're a seller, have all your coins appraised before writing your product description--but don't price yourself out of the market. Consider selling valuable coins by themselves, since a serious coin collector can afford a higher price ($1,975 for a 1795 draped bust silver dollar) than a beginner. Tailor your product descriptions to the serious collector for rare coins, or try to entice beginners with the thought of getting great coins inexpensively.
After all, coins are a better investment than buying that Jay Leno likeness potato chip!