Coin collecting 5413 225282762 2008-07-12T21:40:56Z 66.217.131.131 {{Unreferenced|date=August 2007}} {{Copyedit|date=August 2007}} {{Otheruses4|a hobby|the scientific study of currency|numismatics}} {{Numismatics}} '''Coin collecting''' is the [[collecting]] or trading of [[coins]] or other forms of legally minted currency. Frequently collected coins include those that were in circulation for only a brief time, coins minted with errors, or especially beautiful or historically interesting pieces. Coin collecting can be differentiated from [[numismatics]] in that the latter is the study of currency, though both are obviously closely related. == History == While [[hoarding]] coins due to their [[Value (economics)|value]] goes back to the beginning of coinage, collecting coins as pieces of [[art]] was a later development. Known as the "Hobby of Kings", modern coin collecting is generally believed to have begun in the [[fourteenth century]] with the Italian scholar and poet [[Petrarch]]. Numismatics reached its apex during the late Middle Ages and the early Renaissance due to great demand. In this period, ancient coins were collected by many European Kings, Princes, and nobility. Some of the great collectors were [[Pope Boniface VIII]], [[Emperor Maximilian]] of the Holy Roman Empire, [[Louis XIV]] of France, [[Ferdinand I]], [[Joachim II Hector, Elector of Brandenburg | Elector Joachim II of Brandenburg]], and [[Henry IV of France]]. Elector Joachim II of Bradenburg also started the [[Berlin coin cabinet]]. The first international convention for coin collectors was held August 15&ndash;18, [[1962]], in [[Detroit, Michigan]], and was sponsored by the [[American Numismatic Association]] and the [[Canadian Numismatic Association]]. Attendance was estimated at 40,000. == Specialties == Coin collectors often begin by saving coins they received in circulation but found interesting. These may be the remnants of change from an international trip or an old coin found in circulation. Over time, if their interests increase, chance will not be sufficient to satisfy the demands for new specimens, and a potentially expensive hobby is born. Some become dedicated generalists and look for a few examples of everything. If they have enough resources, this can result in an astounding collection, as that of [[King Farouk]] of [[Egypt]], who collected everything (not just coins). Some are completists, wanting an example of everything within a certain set. For example, [[Louis Eliasberg]] was the only collector thus far to assemble a complete set of known coins of the [[United States coinage|United States]]. Coin collecting can become a competitive activity, as evidenced recently by Registry Sets<ref>[http://www.pcgs.com/setregistry/ PCGS Set Registry SM<!-- Bot generated title -->]</ref><ref>[http://www.collectors-society.com/registry/coins/ Public Sets Home Page<!-- Bot generated title -->]</ref>. Registry sets are sets of coins published by numismatic grading services. These include PCGS (Professional Coin Grading Service)<ref>[http://www.pcgs.com PCGS.com<!-- Bot generated title -->]</ref> and NGC (Numismatic Guarantee Corporation.)<ref>[http://www.ngccoin.com Coin grading services from NGC<!-- Bot generated title -->]</ref> The grading services assess Registry Sets by their completeness and by their numerical grade. This can lead to astronomical prices as dedicated collectors strive for the very best examples of each date and [[mint mark]] combination. Most collectors determine that they must focus their financial resources on a narrower interest. Therefore, some collectors focus on coins of a certain nation or historic period, collect coins from various nations, or settle on [[Mint-made errors|error coins]]. Still others might focus on [[exonumia]] such as [[currency]], [[token]]s or [[challenge coin]]s. ==Coin condition and value== In coin collecting, the condition of a coin is paramount to its value; a high-quality example is often worth many times more than a poor example. Of course, this is true for nearly all other types of collectibles (such as stamps or trading cards). There are always exceptions to this generalization. Collectors have created systems to describe the overall condition of coins. One older system describes a coin as falling within a range from "poor" to "uncirculated". The newer [[William Sheldon|Sheldon]] system, used primarily in the US, has been adopted by the [[American Numismatic Association]]. It uses a 1&ndash;70 numbering scale, where 70 represents a perfect specimen and 1 represents a barely identifiable coin. The generally accepted scale of adjectival descriptions and numeric grades for coins (from highest to lowest) is as follows: -Mint State (MS) 60-70: Uncirculated<br /> -About/Almost Uncirculated (AU) 50, 53, 55, 58 <br />-Extremely Fine (XF or EF) 40, 45 <br />-Very Fine (VF) 20, 25, 30, 35 <br />-Fine (F) 12, 15 <br />-Very Good (VG) 8, 10 <br />-Good (G) 4,6 <br />-About Good (AG) 3 <br />-Fair (FA, FR) 2 <br />-Poor (PR, PO) 1 <ref>[http://www.ngccoin.com/coingrading/grading2.asp NGC Grading - Grading<!-- Bot generated title -->]</ref> Several [[coin grading]] services will grade and encapsulate coins in a labeled, air-tight plastic holder. This process is commonly known as [[coin slabbing]] and is most prevalent in the US market. Two highly respected grading services are the [[Numismatic Guaranty Corporation]] (NGC) and the [[Professional Coin Grading Service]] (PCGS). However, professional grading services are the subject of controversy because grading is subjective; coins may receive different grades by different services or even upon resubmission to the same service. Due to potentially large differences in value over slight differences in a coin's condition, some commercial coin dealers will repeatedly resubmit a coin to a grading service in the hope of a higher grade. The grading services came into being (PCGS being first) in an effort to bring more safety to investors in rare coins. While they have reduced the number of counterfeits foisted upon investors and have improved matters substantially, the goal of creating a sight-unseen market for coins remains somewhat elusive. Damage of any sort (e.g. holes, edge dents, repairs, cleaning, re-engraving or gouges) can substantially reduce the value of a coin. Specimens are occasionally cleaned or polished in an attempt to pass them off as higher grades or as uncirculated strikes. Because of the substantially lower prices for cleaned or damaged coins, some specialize in their collection. There is a market for almost any rare or obsolete coin. ==Common collection themes== A few themes are common and are often combined into a goal for a collection. [[Image:COINCOLLECTIONCOINS.jpg|thumb|right|Coins from around the world.]] === Country collections === Many collectors attempt to obtain a sample from every country which has issued a coin. In contrast to those who collect coins from all countries, many collect coins from only one country. The country selected is often their own. ===Year collections=== Rather than collecting one example of a type, some collectors prefer to collect by year. For example, they might collect one [[Penny (U.S. coin)|Lincoln cent]] for every year from 1909 to the present. This is probably one of the most practical ways to collect US currency. Most bookstores sell specially designed books, or coin albums, for the purpose of collecting coins by year. ===Mintmark collections=== Many collectors consider that different [[mint mark]]s give sufficient differentiation to justify separate representation in their collection. This increases the number of examples needed to complete a collection from one per year to several per year. Some mintmarks are more rare than others. This is what makes collecting different mintmarks exciting for collectors. ===Variety collections=== As mints issues many thousands or millions of any given coin, there are generally multiple sets of [[Coining (metalworking)|dies]] used. Occasionally these dies will be slightly different. Generally this is in a very small detail, such as the number of leaves on the ear of corn on the recent US Wisconsin [[state quarter]]. Varieties are more common on older coins, when the coin dies were hand carved. ===Type collections=== Often a collection consists of an example of major design variants for a period of time in one country. [[Image:Eagle coins.jpg|thumb|right|Coins featuring eagles.]] ===Subject collections=== Collectors with an interest in a subject (e.g. ships or dogs) may collect only coins depicting that interest. ===Composition collections=== For some, the composition of the coin itself is interesting. For example there are several collectors of only [[bimetallic coins]]. Normally only precious metals like gold, silver and platinum fit this category. ===Period collections=== [[Image:Plata peso mexicano.jpg|thumb|right|A silver [[Mexican peso]].]] Many collectors restrict themselves to coins issued after the 18th or 19th century, while others collect ancient and medieval coins. Coins of [[Roman currency|Roman]], [[Byzantine currency|Byzantine]], [[Greek coins|Greek]], [[India]]n, [[Celt]]ic, [[Parthia]]n, [[Merovingian]], [[Ostrogoths|Ostrogothic]], and ancient [[Israelite]] origin are amongst the more popular ancient coins collected. Specialties tend to vary greatly, but some approaches include the collection of coins minted during a particular emperor's reign or a representative coin from each emperor. Coins are often a reflection of the events of the time in which they are produced, so coins issued during historically important periods are especially interesting to collectors. ==Types of coin collectors== ===Investors=== A common reason given for purchasing coins is as an [[investment]]. Coin prices can be cyclical and prices may drop for coins that are not in great long-term demand. In addition to demand, condition and rarity are also determinants in pricing. The age of a coin is not, per se, a significant factor. Many of the reasons given for investing in coins are similar to those given for investing in [[Philatelic investment|stamps]], [[precious metals]] or other [[commodities]]. As with most collectibles, a coin collection does not produce income until it is sold, and may even incur costs (e.g. for [[safe deposit box]] storage) in the interim. While collecting for pleasure can make an enjoyable hobby, those entering the field primarily to profit are warned to study before buying. Certain companies, some of whom may advertise on television, in newspapers, or in popular magazines, are alleged to make outlandish claims about the present and future values of their wares. After learning the basics of the field, it is often possible to make better purchases from reputable dealers. ===Hoarders=== Coin hoarders are similar to investors and collectors in the sense that they accumulate coins. However, they typically do not focus on one specific variety, rather they gather whatever coins they can and hold them. Searching change for silver and special coins is one of the ways to start. ===Inheritors=== Someone who acquires coins (collection, hoard, investment) from another person. The inheritor does not necessarily know anything about numismatics, they just have the coins. == References == {{reflist}} ==See also== {{portalpar|Numismatics|United States penny, obverse, 2002.jpg}} {{commonscat|Coins}} * [[Exonumia]] * [[Numismatics]] * [[Challenge coin]] * [[Regular issue coinage]] * [[Coin grading]] ===Examples=== * [[Byron Reed Collection]] ==External links== <!--===========================({{NoMoreLinks}})===============================--> <!--| DO NOT ADD MORE LINKS TO THIS ARTICLE. WIKIPEDIA IS NOT A COLLECTION OF |--> <!--| LINKS. 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