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Coins

An Introduction to Coin Collecting

I have been a coin collector for years. I was intrigued by the history behind ancient coins - who might have used them almost two thousand years ago - what did they buy?

1887 Morgan Silver Dollar

I also loved the beauty of more modern coins, especially those made in the US until the mid-thirties. The picture to the right is of a mint state Morgan silver dollar dated 1887. (In spite of its quality it is worth a lot less than I paid for it.)

In any event I wound up collecting both, although I have now sold my ancient coin collection.

Ancient Coins

Ancient coins are commonly associated with the Greek and Roman empires. Considering the age and rarity of these coins, they are still surprisingly affordable - although as you might suspect they are much more expensive now than they were 12 years ago when I sold my collection.

Since most ancient coins have been heavily circulated since they were made, they are actually treasures you can hold in your hand with little worry about damaging them - something that cannot be said for more modern coins.

Most of the Greek and Roman coins carry portraits of the ruler in power when they were minted. Especially toward the fall of the Roman empire, it is not unusual to see two or three emperors in one year.

These little pieces of silver and gold bring history alive. If you buy a book that decodes the inscriptions and symbols on the coins, like Reading and Dating Roman Imperial Coins. by Z. Klawans or the classic Roman Coins & Their Values by David R. Sear, you can learn a lot about Roman history and even gaze upon the faces of such well known rulers as Julius Caesar, Cleopatra or Alexander the Great, pictured on the left.

Silver Tetradrachm of Alexander the Great

Ancient coin prices are determined by scarcity and condition. For example, Julius Caesar coins are rare and are mostly in poor condition. But they command a high price.

Some of the more common coins in very good condition can cost a fraction of what Julius does.

If you haven't started collecting ancient coins yet, buy a couple of coin magazines and look for ancient coin dealers. A lot of buying and selling is done by mail and involves a degree of trust. One dealer I can highly recommend not only for the quality of his coins but also his integrity is Dr. Paul Rynearson.

Modern Coins

Modern coins encompass just about everything that is not ancient. The version of A Catalogue of the World's Most Popular Coins which has since been enlarged contains 580 pages of mostly pictures of coins minted around the world. So there's a real lot to choose from.

Coins that contain gold or silver fluctuate with the prices of those metals. So right now, buying gold coins might be risky with the price of the metal near an all time high. The last time gold crossed $800 an ounce, the price cracked and dropped almost by half, staying that way for over ten years.

I don't know if history will repeat itself or not. There are a lot of economic reasons for the price to remain where it is, but realize you are taking a risk buying at these values. For example, St. Gauden's double eagles - containing almost an ounce of gold - were selling for as little as $450 when gold prices were low, but now sell in the area of $1100 on up depending on condition and year of minting.

Lower quality examples of this coin are heavily influenced by the price of gold.

Before buying any US coins check out the Professional Coin Grading Service (PCGS) web site which has a up to date list of US coin values.

Education is key in buying and selling coins. You need reputable dealers and some knowledge of the value of what you are buying. Join the The American Numismatic Society. Its monthly magazine contains many buying tips and guides on how not to overpay for coins.

US Coins

You can get into US coins by just collecting pennies or the state quarters. Your local bank can probably get you uncirculated versions of each.

The US Mint sells directly to collectors. You can buy commemoratives. proof coins, the American Eagle and more directly from it.

However, in my opinion the quality of the art on very modern American currency is poor and I would stick with the more classic and elegant design of the 18th, 19th and early 20th centuries. Morgan silver dollars have come down a lot in price and you can buy mint quality editions of that coin for $65 or less.

With coins, as with any other collectibles, pick what you like. You can try to amass a complete set of all Morgan dollars or you can build a collection of all US gold coins. Or you can just pick and choose what strikes your fancy and what you can afford.

Can You Profit From Coin Collecting

Very definitely so, especially if you always buy the best quality you can afford. When selling coins bring a current price guide with you to keep the other side honest and do except to pay some sort of commission in one form or another if you are selling to a coin dealer.

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