Coin collecting is a profitable hobby and a wise investment. Did you know that 1/2 cent coins existed? There are "bust" quarters; dimes with different impressions on them; liberty, buffalo and Jefferson nickels. The list is endless. How is coin value determined? Factors include denomination, variety, mint mark, demand and condition.
This sounds interesting, but how do I begin?
The three keys to becoming a great numismatist, or coin collector, involve the ability to determine how rare and popular the coin may be and what quality or grade each coin carries. There are great tools in cyberspace to make the job both easy and fun.
One site goes into great detail and lists coins from the 1700s to 1964 as being of prime value. The same resource offers different types of coins as well. These include Indian and gold money among others. The face values range from 1/2 cent to $5.00 pieces.
Take the penny, for an example. In today's world, this coin is sometimes counted as nothing. However, older pennies are extremely valuable today due to Lincoln's 200th birthday. If the coin was minted 45 years ago or earlier, it is considered rare if in good condition.
As the value of precious metals such as gold, silver and platinum rise, so does the value of coins. As with any other investment, if the value of materials rise from which that product is made, so does the value of the products. Coin value is also based on 'grading'.
What criteria is used to grade coins and what determines the grading scale? There is a scale known as the "70 point scale". This is a great tool, and is available online. Online experts are also available to help assess your collection.
Dust off your metal detectors and enjoy!
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