The Ins and Outs of Coin Collecting

Numismatics has always been popular because coins have been used as money for thousands of years. That means that there are thousands of years of currency that exist in the world. Coin hoards from Viking times usually go to museums and the rare coins used in old America have found their way into the hands of collectors. But there are plenty of more recent coins that can fetch high sums on the market. Resale value isn't the only reason people start coin collecting. Another attractive aspect of numismatics is learning about the history of when the coin was minted.

For example, take the steel penny of 1942. World War II was raging and the government needed all of the copper for cannons. As a result they decided to make the penny out of steel that year. If you can find one of these pennies you will be astounded at how attractive it is and how different it looks from its early 1940s brethren.

Coin collections can be worth a lot of money, especially when they feature rare and impressive coins. The catch is a coin's condition. If a coin was never in circulation, it can be worth tenfold what it would be even if it's in very fine condition. In the modern era, coins are released specifically for collectors in proof sets. These sets include other coins released by the mint in the same year.

Like most precious items, coins should be stored properly. Coin storage takes the form of coin folders or coin cases. Proof sets come intact in a coin case. Circulating coins are best preserved in a coin folder with slots for different dates and varieties.

In the United States there are five mints currently used. The Philadelphia Mint began to print a small P on the coins it minted beginning in 1980. The Denver and San Francisco mints were opened to take advantage of the locally found precious metals - in both cases, gold. They print a small D and S, respectively, on the coins they mint. The West Point and Fort Knox mints do not mint as many coins as the other three and the latter is primarily used to store silver and gold bullion.

Some coins are rarely printed at a certain mint. Others may even be error coins. Coins that are mis-stamped or are cut poorly can often be worth a lot of money. Chances are you won't find these coins in circulation, but you never know. Choosing coins from jars of change can be an easy way to start your coin collection. All it takes is some patience and a little luck and you will be on your way to a standout coin collection.


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