Baby Boomer Pocket Change

Introduction to Coin Collecting

I found this simple introduction to coin collecting information and a vital jumpstart for anyone just starting to collect coins. Take a few minutes to read this blog post on coin collecting . Also, also sign up for the free mini course on coin collecting.

Tags: coin collecting, coins, mini coin collection course

Types of Error Coins-Strike Errors

Below is a definition of strike error coins by Wikipedia. Now, I suppose by now you know that a magnifying class is essential. Actually, you might need several with different magnifications. But more on that later.

Strike errors

Strike errors occur when the planchet is struck. It is a fault in the manufacturing process rather than in either the die or the planchet. A standard type of strike error is a broadstrike, where the rim image is not struck into the coin’s edge because the collar die was missing. Numismatists often prize strike error coins over perfectly struck examples, which tend to be more common, but less highly than die error coins, which are usually rarer, making it valuable.

Broadstrike errors are produced when the collar die malfunctions. The collar is the circular die surrounding the anvil (lower) die. It applies the edge device (reeded edge, plain edge) and prevents the metal of the coin being struck from flowing outside of the confines of the die. When the collar is prevented from working properly during striking, it may rest below the surface of the anvil die. All denominations of U.S. coins with a broadstrike have a plain edge.

Here are some examples of Strike Errors

Tags: coins, Strike errors

How Much Does Your Gold Weigh? How Do You Really Know?

I just found out this week that if someone brings in coins that have a precious metal value  for  redemption that the weight is measured in something called troy ounces. This measurement is different from the ounces used for food. But it is important for you to know the measurements of coins if you ever plan to cash them in.

I wish I had some to cash in but for now I must be content in knowing that I can always refer to this post. That is another  reason I set up this site in all honesty.  Check out this excerpt on Wikepedia:

The demand for precious metals is driven not only by their practical use, but also by their role as investments and a store of value. Historically, precious metals have commanded much higher prices than common industrial metals. In January 2009, gold was about $840/troy ounce and silver was about $11/troy ounce, compared to copper at $1.50/pound and nickel at $5/pound. (soure:Wikepedia)

So I am listing a couple of references for review. Why? Because if you are getting precious metal weight YOU DON’T WANT TO GET CHEATED. Believe it or not everyone is just not honest.

Troy ounces vs the ounce you you weighed your apples

News item about gold scams and how penny weights are used

How  to sell gold

Do you have anything to add?

Tags: coins, gold, silver, troy weight

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

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