Page 6 - Collector Tips

Coins in Culture: Rich Traditions, Powerful Symbols Coin collecting tends to appeal to a rather narrow audience, much like any other hobby, but that does not mean that coins are forgotten by the rest of society. Aside from serving as media of exchange, coins are also central in cultural traditions throughout the world. In fact, finding cultures that do not have some sort of traditions involving coins is rather difficult. Wedding Coin Traditions Coins are incorporated into wedding rituals throughout the world. One of the most basic and clearest examples of this is the Irish tradition of a wedding day coin presentation. The groom gives his bride a coin while saying, “I give you this as a token of all that I possess.” This beautiful gesture encapsulates marriage perfectly, indicating that the groom is giving himself to his wife entirely; two become one. Across the Irish sea in Britain, there are two more popular wedding-related traditions. One of them comes from a…

What are interest rates? Interest rates are the benchmarks or rates at which money is either borrowed or loaned. It is normally expressed as percentages or amounts. In short: Interest rates determine the cost of money and credit. The most important interest rates Federal Discount Rate: The federal discount rate is the interest rate at which commercial and private banks borrow money from the Federal Reserve. Money loaned via this “discount window” helps banks to maintain minimum reserve levels as determined by law. Changes in the federal discount rate affect the prime rate, which in turn affects consumer spending, inflation expectations and more. These two rates normally move in the same direction. Prime Rate: The prime rate is in essence a benchmark for lending rates. This index is used to determine interest rates when it comes to personal loans, mortgages and student loans – all consumer loans.   Changes in the prime rate can greatly impact consumer…

By Jeff Garrett Although owing physical gold appeals to many looking for the ultimate protection against financial calamity, others are quite interested in the pure investment potential for gold. Taking delivery of actual gold coins can be expensive when considering shipping, insurance and storage. There are also security risks to be considered when handling physical gold. Even a handful of gold coins now represent thousands of dollars. Many individuals have chosen gold exchanged traded funds for investing in gold. Others have picked gold stocks or perhaps actual contracts on the commodity exchange. Investors have poured billions into these investment vehicles in the past few years. Many wonder if someday they might be able to invest in generic United States gold coins that are traded in an exchange trade fund (EFT). You can be sure that this has been explored by many of the large players in the gold coin market. With the premiums for most generic United States gold coins trading…

The average American citizen doesn't put too much thought into how their pocket change is made. However, coin collectors and numismatists are very interested in the minting process. So, assuming you hope to advance in the numismatic community – or maybe you just want to gain some interesting facts to surprise your friends with – you should learn more about how coins are made. Here are some key terms to remember before you begin: Minting: process of creating coins  Coin die: one of the metallic pieces that strike each side of the coin Striking: method of pressing an image into the blank metal using a coin die The minting process of coins has been around for thousands of years – since around 700 B.C. There have been hundreds of different minting techniques and technologies over the years, along with many different leaders' and prominent figures' images gracing the coins. Initially, coins were made with a hammer and anvil from scraps of metal. But with the…

The concept of collecting coins was developed way back when coins were first minted. Archeological studies have shown that even in ancient Rome and Mesopotamia, citizens were likely collecting coins as a form of portable and affordable artwork. Alexander the Great himself gave the gold staters struck under his reign as gifts to his friends, and centuries later, Augustus Caesar followed suit with old coins and coins struck by foreign countries. During the early Renaissance, European nobility and even royalty grew fond of collecting the ancient coins of the Romans or the Greeks, earning coin collecting the nickname, the "Hobby of Kings." Today, there are more reasons than ever to become a coin collector, and an important aspect of the hobby is understanding the value of coins. This can be found through the coin’s condition, history, supply and demand and even your personal preference. Let’s take a look at these key elements of a coins value, to see if you would like to make…

Everyone has heard the popular saying: "you have to start somewhere," and many times, that's exactly how the process works when you begin your coin collecting journey. Maybe your uncle has always collected coins, but you never really got into it, or perhaps your friends like to share their collections with each other and you're tired of feeling left out. Whatever the case, there's really no specific path to take when you initially decide to become a coin collector. Since it can be difficult to figure out where to begin, here’s some helpful numismatic information. 1. Background knowledge.  First and foremost, do enough research to at least be aware of the different coin collecting possibilities. For example, most people are aware that collecting state quarters is a popular hobby. However, many people aren't aware that collecting American Silver Eagles has also been a popular hobby for about 30 years! So, take a look online or in the library, and begin learning about the…

Purchasing precious metals can be a smart investment, but it's important to understand exactly what you're buying. Most minted gold and silver comes in three different formats: coins, bars, or rounds. There is something unique about each one, so it’s important to know the difference and find a solid stacking strategy that makes sense for you. Gold and Silver Coins  While most currency in the world is made from common metals such as nickel and copper, sovereign governments also create currency made from precious metals. While each piece is assigned a low face value, its intrinsic value is much higher. As you can guess, these types of coins aren't used in daily circulation, but are instead stacked by investors or acquired by collectors. The intrinsic value of this type of bullion coin is based on the coin's precious metal content. Take the Canadian Silver Maple Leaf, for example. Its face value as a piece of currency is just $5, but its precious metal content is 1 Troy…

By GovMint:The Phrygian cap, commonly referred to as the Liberty cap, has had an important role throughout history worldwide and is a significant symbol on coinage. What’s the story behind the Phrygian cap, and what does the cap symbolize?  Let’s talk about the history of the famous Liberty cap and what it means when you find it on coins! What Is a Phrygian Cap? Many classic U.S. coin designs reveal a mysterious-looking hat, including the Walking Liberty, Mercury Dime, Barber Dime, the Seated Liberty Dollar, and America’s beloved Morgan Silver Dollar. Most never give it a second thought, but it’s a Phrygian cap, a fabric cone-like hat with a rounded top that gracefully falls to one side. In each of the above-mentioned classic coins, a figure (often representing freedom) is wearing a small rounded hat, the Phrygian cap. And the Liberty cap isn’t just featured on coins—it’s also an important part of the artwork in the U.S. capitol and artwork commemorating the French…

By GovMint :In the world of coin collecting, there are only two types of coins, circulated and uncirculated.What is the difference between circulated and uncirculated coins? The main difference between the two types of coins can usually be easily identified, and the value difference can often be considerable. Every coin starts its life as uncirculated when it is struck at the mint, and it remains in uncirculated condition until it enters the commerce stream or is otherwise damaged.Uncirculated Coins In order to be certified as uncirculated, like these uncirculated U.S coins, a coin must not exhibit any trace of having been in circulation. There are two major factors that indicate a coin is in uncirculated condition: Mint luster. Coins that have never been in circulation usually exhibit a distinctive sheen or luster. The luster wears off very quickly once the coin is in circulation and has been touched by bare hands. It may also diminish over time. No trace of wear. One of the…

By Jeff Garrett One of the questions people ask me most frequently is “how did you get started collecting coins?” They are usually amazed that something that began as a hobby over 40 years ago has become my passion and a vehicle for making a pretty good living. My interest began the old fashioned way, just many collectors of my generation. In the early 1970’s there were still lots of wheat back cents in circulation. A family friend gave me a Whitman folder for collecting cents from 1941 to date. I was able to find a majority of the coins in short order. Each week I would take my money earned from mowing lawns to the bank and purchase rolls of Lincoln cents. The process was repeated each week over the summer until the folder was nearly filled. There was one problem however.  I lived in Florida at the time and it was very difficult to locate the San Francisco issues.  Those darn “S” Mint holes were driving me crazy! I had fallen…