Baby Boomer Pocket Change

What Is An Uncirculated Coin? What Is A Proof Coin?

What is an uncirculated coin?

You may hear the term “uncirculated” related to coins. I keep the image of a cute dog that is only walked outside by his or her owner. Never, ever circulates with the other dogs outside. Never sees the inside of a kennel.  Now, on an occasion that cute dog may bump into another large dog when at the Vet. This may cause some slight brusing.

Well coins that are uncirculated means that coin does not have the wear and tear of being owned by many owners or hanging out with other coins. So it looks good and kept in proper storage. But there may be some “bag marks” from when they bumped into other coins in the bag.

Do I need to say the circulated coins are dogs running with other dogs, etc?

Whereas,  Proof coins are like show dogs. They were breeded in a special way with a special diet, etc.

Proof coins are made special with special dyes.

But allow me to give some links to far better definitions.

Wikipedia says

Us Mint says

Ebay Vender Says

What do you say?

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Tags: proof coin, uncirculated

How Do You Decide A Coin’s Value?

Coin value determination is one of my goals. So I came across this insightful article. I read it and share it with you on How to determine a coin’s value. I will, hopefully, share more for other new collectors or those just wanting to cash those coins in for added revenue.

Tags: coin value, grading

What You Need Before You Start Collecting Coins-Video

I enjoyed this video. It covers the things you need before you start collecting coins. It covers things like tools,storage and a bit on grading. How to avoid scam grading companies, plus more.

Tags: coin storage, handling, insurance

Numismatics or How To Begin Coin Collecting

 I will be posting several articles dealing with the basics of coin collection. This one really points out how easy it is to start with pocket change.

Numismatics or How to Begin Coin Collecting by Rodrigo Pocius

Coin collecting is an interesting hobby with a long history. Julius Caesar was a coin collector. Known as numismatics, coin collecting is a challenging hobby which can be rewarding financially and educationally. Many people enjoy coin collecting for reason such as these.

To begin coin collecting, one should become versed in the standard condition and value of coins. In the industry, there are about seven different grading scales. Standard conditions for coins vary from ‘proof’ to ‘about good’. Some people begin coin collecting with the popular coin series minted by the U.S. Mint. One such series, the ‘State Quarters’ series has been extremely popular.

Begun in 1999, the State quarters were minted about every ten weeks and completed in 2008, after minting one quarter design per State. Each quarter featured a unique design submitted by each State. Each separate design featured icons and symbols related to the particular State, were released in order of the State’s endorsement of the U.S. Constitution, and proved to be popular with the general public and educational for kids and adults alike.

Currently there is a new program known as the ‘Presidential Dollar Program’ which features depictions of each of our previous Presidents. Beginning in 2007 with Washington, Adams, Jefferson and Madison, these coins will be minted at 4 per year in the order that the Presidents served.

Other sources of coins for Coin collected are available online. Coins are bought and sold 24hours a day, and you can find just about any type of coin, from ancient to modern, You can also get coin packages in bulk with unchecked coins. This can be tricky, as a good eye and developed knowledge of the craft are required to pick out gems among the hundreds of mediocre coins, but the reward can be worth the effort.

To develop your knowledge, books and software are also available. Software can help with researching value for coins.

Coin valuation can be a bit tricky as many factors are taken into consideration when placing a value on a coin. The novice should take caution at coins that look especially clean, as cleaning tends to lower the value of a coin, and could be a coin that has been in circulation. If you wish to clean one of your own coins, it is recommended that you find a professional cleaner as extreme care needs to be taken. Coin value can also depend other factors such as metal content, rarity and historical considerations. Store your coins in clear plastic bags and avoid touching them directly as acids in your skin can damage the metal over a long term and lower the value.

Starting a coin collecting hobby is very easy, just reach in your pocket and save the coins you pull out, examine them an begin looking for the history of each coin online. Develop your skills an seek out more information, guides and software, and build on what your learn. Perhaps you want to begin with a full series of quarters that can be accomplished from online sources as well. Whatever you choose to collect, be it ancient or foreign coins, the information super highway can get you to your treasure.

Coin collecting is a great hobby for the individual and for the family. It offers a way to connect with history by holding and viewing a physical piece of history. Make sure you keep your coins in a safe place as this hobby can last for many years and offer years of discussion, entertainment and education.

You can find more information and products on collecting money at CashHobbyShop Website
Article Source: Articles for Boomers

Tags: coin collecting basics, coins

Worth The Price Of Silver-Bullion?

I took a friend’s coins to a dealer. He was very informative but I really wasn’t prepared to hear what he had to say.

The silver dollars I presented were he said, “Worth the price of silver…”. He began to explain more about silver prices. He also showed me where the coins she had were not a rare, poor condition, and did not have any errors. Hence, they were worth the price of silver.

Now that is not a bad thing and it is worth following silver prices. But here is more information from Wikepedia on bulion as it relates to coins.

Bullion

A 500 gram silver bullion bar produced by Johnson Matthey

American Platinum Eagle bullion coin

A metal is deemed to be precious if it is rare. The discovery of new sources of ore or improvements in mining or refining processes may cause the value of a precious metal to diminish. The status of a “precious” metal can also be determined by high demand or market value. Precious metals in bulk form are known as bullion, and are traded on commodity markets. Bullion metals may be cast into ingots, or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as money.

Many nations mint bullion coins, of which the most famous is probably the gold South African Krugerrand. Although nominally issued as legal tender, these coins’ face value as currency is far below that of their value as bullion. For instance, Canada mints a gold bullion coin (the Gold Maple Leaf) at a face value of $50 containing one troy ounce (31.1035 g) of gold — as of September 2007, this coin is worth about $737 as bullion. Bullion coins’ minting by national governments gives them some numismatic value in addition to their bullion value, as well as certifying their purity.

The level of purity varies from issue to issue. 99.9% purity is common. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, which go up to 99.999% purity. Note that a 100% pure bullion is not possible, as absolute purity in extracted and refined metals can only be asymptotically approached. Many bullion coins contain a stated quantity (such as one troy ounce) of the marginally-impure alloy. In contrast, the Krugerrand is one of many historic and modern bullion coins of 22 Kt Crown gold, with a stated content (usually one troy ounce) of “fine gold”, with the other component(s) of the alloy making the coin heavier than one ounce in total. Still more bullion coins (for example: British Sovereign) state neither the purity nor the fine-gold weight on the coin, but are recognized and consistent in their composition, and many historically stated a denomination in currency (example: American Double Eagle).

One of the largest bullion coins in the world is the 10,000 dollar Australian Gold Nugget coin minted in Australia which consists of a full kilogram of 99.9% pure gold. There have been a small number of larger bullion coins, but they are impractical to handle and not produced in mass quantities. China has produced coins in very limited quantities (less than 20 pieces minted) that exceed 260 troy ounces (8 kg) of gold. Austria has minted a coin containing 31 kg of gold (the Vienna Philharmonic Coin minted in 2004 with a face value of 100,000 euro). As a stunt to publicise the 99.999% pure one-ounce Canadian Gold Maple Leaf series, in 2007 the Royal Canadian Mint made a 100 kg 99.999% gold coin, with a face value of $ 1 million, and now manufactures them to order, but at a substantial premium over the market value of the gold.

Gold and silver are often seen as hedges against both inflation and economic downturn. Silver coins have become popular with collectors due to their relative affordability, and unlike most gold and platinum issues which are valued based upon the markets, silver issues are more often valued as collectables, far higher than their actual bullion value

Tags: bullion coins, gold, silver

What is Numismatics?

If you talk coin collecting I am finding that you must know this term called “Numismatics”. Now, I trotted over to Wikepedia and decided to share with you what they said. In the next post I will share some history.

Numismatics (Latin: numisma, nomisma, “coin”; from the Greek: νομίζειν nomízein, “to use according to law”) is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes a much larger study of payment media used to resolve debts and the exchange of goods. Lacking a structured monetary system, people in the past as well as some today lived in a barter society and used locally-found items of inherent or implied value. Early money used by people is referred to as “Odd and Curious”, but the use of other goods in barter exchange is excluded, even where used as a circulating currency (e.g., cigarettes in prison). The Kyrgyz people used horses as the principal currency unit and gave small change in lambskins.^[1] The lambskins may be suitable for numismatic study, but the horse is not. Many objects have been used for centuries, such as conch shells, precious metals and gems.

Today, most transactions take place by a form of payment with either inherent, standardized or credit value. Numismatic value may be used to refer to the value in excess of the monetary value conferred by law. This is also known as the “collector’s value” or “intrinsic value.”

Economic and historical studies of money’s use and development are separate to the numismatists’ study of money’s physical embodiment (although the fields are related; economic theories of money’s origin depend upon numismatics, for example).

Tags: coin collecting

How Much Do You Know About Coins? Are You Just Learning Like Me?

When was the last time you checked your pocket change, piggybank or personal coin collection? Do you know what gems you may or may not have?  What are error coins? Should you sell on Ebay? What about silver coins?

These are some of the questions I have been asking in just the last two weeks. Now as you can tell by the name of this site I AM A BABY BOOMER. (Oh my, sounds like a 12 Step Program.) But many of us baby boomers are still learning  new things. We are also still very much involved in investing, collecting and cashing in coins.

Well join me as I find out and share with you some of the things I am learning.  Meanwhile, for all the experts out there please feel free to share. Allow me an interview or two, send articles, make comments that can help us all make some money and appreciate the wonderful world of coins.

So, let this be a place to learn and share what you know. That does not, of course, mean letting others know where you keep your collection. (smile)

Tags: coins