The Basics Of Coin Collecting For Beginners: Part 1

Although it can be time-consuming, coin collecting is a beloved hobby because it is fun and interesting! The study and collection of coins and paper currency is known as numismatics. If you are new to this pastime, there are some basics you should know before buying your first coins.

What are the origins of using coins as currency?

The first historical record of coins being used dates back to 650 B.C., but no one knows when they were first minted. The oldest known coin was found in present-day Turkey and is estimated to be from 600 B.C. It is made of a naturally occurring alloy of silver and gold called electrum. Metals were used to trade for items at one point in history, but it was difficult because they needed to be weighed and inspected for purity. Government-minted coins made commerce more efficient.

Several notable individuals throughout history have contributed to the rich tapestry of numismatics by developing impressive coin collections. Here are a few such enthusiasts known for their dedication to this hobby:>{?

• Lorenzo de Medici (1449-1492): This Italian nobleman and ruler was an avid collector of ancient coins. His collection symbolized wealth and education during the Renaissance.
• Louis E. Eliasberg (1896-1976): This man is known for assembling the only complete collection of U.S. coins ever, including one of every denomination and mint mark.
• John J. Pittman (1913-1996): John was an American numismatist whose collection included many famous rarities, and who often saved diligently to acquire unique pieces, famously remortgaging his house to purchase coins.
• King Farouk of Egypt (1920-1965): His extensive collection included a wide variety of rare and ancient coins, famously including the 1933 Double Eagle, which was auctioned for over 7 million dollars after his collection was dispersed.
• Harry W. Bass Jr. (1927-1998): He built one of the most comprehensive U.S. gold coin collections, known for including many rare and historically significant pieces.

Coin collecting in the United States

Coin collecting has been popular for hundreds of years, but it wasn’t common practice in the United States until the 1850s. In 1893, George Heaton published “A Treatise on Coinage of the United States Branch Mints.” This caused a rise in collecting currency from U.S. minting facilities. The mint mark, which shows which state the coin was made in, remains a vital valuing factor to this day.

In 1930, the American Numismatic Association was formed to serve as a hobby education source. By 1949, the association had over 17,000 members. Today, it has grown to be the largest numismatic organization in the world with over 25,000 members.

How to start collecting coins

There is no right or wrong way to collect this currency. You can be as picky as you want with your collection. There are so many different types of coins to choose from, including foreign and domestic, as well as new, old, and everything in between. That being said, there are some common methods of collecting that may help you get started.

Type collecting

This is a great way for beginners to jump into the coin-collecting world. To do this, you simply choose a denomination of coins or a time period in which they were made. For example, you can pick nickels and find a shield nickel (1866-1883), a Liberty Head nickel (1883-1913), a buffalo nickel (1913-1938), and a Jefferson nickel (1938-present).

Choosing coins from a specific time frame is also popular. You can find a Lincoln wheat cent (1909-1958), a Jefferson nickel (1938-present), and a Mercury dime (1916-1945) for starters. You can be creative with this method if you like.

Coins by date

Collecting coins by date is one of the easiest methods. For example, you can choose to collect Lincoln cents from each year they were made. You can do this for any denomination of coin and with domestic or foreign currency. For a more detailed collecting experience, you can collect dated coins from different minting facilities.

Coins by year

This is a more detailed way of collecting coins by date. For example, you can limit currency to your birth year for modern coins or to a specific ruling family for ancient, foreign coins. Be prepared to do a lot of research if you choose this method for collecting.

Topical coin sets

This is probably one of the more “fun” methods for collecting coins because you can choose a specific type or design of the coin and go from there. This means that origin, date, or denomination doesn’t have to matter to the value of your collection. There are endless options for this type of coin collecting, so it can be a great place for beginners to start. Here are some examples.

• Animals: Coins that feature animals, such as the Canadian Wildlife Series or the Australian Kangaroo coins
• Historical Events: Coins that commemorate important events, like the 50 State Quarters program in the USA, which features iconic moments or landmarks from each state
• Famous Personalities: Coins with the likeness of significant historical figures, such as the American Presidents on various dollar coins
• Naval Ships and Maritime Themes: Coins that showcase naval history, including famous battleships or maritime explorations
• Space Exploration: Currency that celebrates the achievements in space, like the commemorative coins for the Apollo missions
• Architectural Wonders: Coins that depict famous structures or monuments, like the Euro coins featuring different architectural styles from member countries

Estate auctions in Texas

If you would like to collect coins and are interested in looking for auctions to get started, High Plains Auctioneers can help. We host a variety of auctions throughout the year and can answer any questions you have about our events. You can call us at (806) 244-6776 or Contact Us by Email for more information. Don’t forget to check out our Upcoming Auctions to see what we will have available.