new to the coin world

[araanderson]

Hi everyone, I'm sifting through my mom's collection of coins and deciding what to keep and what to sell. I'm new to this world and am enjoying researching about coins, what makes certain ones valuable, where they are from, which ones look interesting to me, etc. I'm finding that the more I get into the research, the most "lost" I get because I see there's a lot to this. So, I want to back up to get a foundation. Can anyone recommend an online source or book I can check out, to give a general overview of how to spot collector's coins and what to be on the lookout for as I sift? Thanks.

 

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[PaddyB]

That is a simple sounding question but I don't think there is a simple answer!

There are, as you might expect, millions of different coin designs out there, and telling the valuable from the scrap metal often hangs on very minor details. For example, here in the UK a 1932 or 1934 penny, even in great condition, will only be worth a few tens of pounds. But a 1933 penny, identical in all other ways apart from the last digit of date, would be worth £80k to £100k if genuine.

There are two main processes: Identification and Grading. For ID, probably the most comprehensive listing for coins of the world is on the Numista website. If the bulk of what you are looking at is one country - US or any other, then there maybe better specialised sites. (If it is UK coins you have, then I can point you to some of them.)

For grading again there are different systems in different countries. The US uses the Sheldon system in the main - Wikipedia may get you going on that. In the UK and most of Europe we have simpler systems with fewer bands of grades - I suspect because we are more often looking at much older coins where all the fine distinctions of near uncirculated coins become irrelevant. Each country has books (online and hardcopy) that can teach their grading system.

As to which coins will become more collectable or valuable in the future - you need a crystal ball and I don't believe they make a digital version of that yet.

 

[Tpmetal]

gotta go coin by coin and look them up.

 

[Dozer D]

Recommend going out and buy a current 2019 edition of the book, " U S COINS, RED BOOK". That is most likely the best background source book to use. It covers everything from coinage history, all the various coins that have been issued in all denom, mintage numbers, how to grade the specific coins, and current RED BOOK value for that grade of coin. You can pick one up at major book stores, or go to a local coin shop. Welcome to the world of coin collecting, CRH, and the TN treasure net where you will get all sorts of good help from the rest of us.

 

[Kantuckkeean]

I agree with Dozer D. The Red Book is a good place to start. Then if you have questions about specific coins, you could post some high quality pics here and get advice from some of the members.

Kindest regards,
Kantuck

 

[huntsman53]

There are many, many factors considered when collecting and/or placing values on coins. Mintages for one, especially lower or lowest mintages as well as the number of known surviving specimens is just one factor and this almost guarantees that most specimens will have significant values well above coins of higher mintages. Condition (grading) and eye appeal are two more factors that are considered. After those, you have Denominations, Series and Types such as the Barber Quarters (one series of the Quarter denomination), then the Standing Liberty Quarters (another series of the same denomination) which has two Types due to changes in the Design and thus the Dies such as the 1916 and 1917 Type I Quarters, then the 1917 to 1930 Type II Quarters. You will find that some denominations and series have two or more Types while many only have one Type as no changes were made to the Designs which required changes to the Dies. Then you have Varieties if you decide to venture off in this type of coin collecting which is in reality a must, especially if you begin collecting early coinage (1792 through the 1800s) or even earlier Colonial coinage. There plenty of books out there about coin collecting, grading and pricing, you just need to start first with the Red Book as others have suggested and do so first to get acquainted with what I noted above. I could go on but I am sure that many others will add their thoughts.

 

[araanderson]

That is a simple sounding question but I don't think there is a simple answer!

There are, as you might expect, millions of different coin designs out there, and telling the valuable from the scrap metal often hangs on very minor details. For example, here in the UK a 1932 or 1934 penny, even in great condition, will only be worth a few tens of pounds. But a 1933 penny, identical in all other ways apart from the last digit of date, would be worth £80k to £100k if genuine.

There are two main processes: Identification and Grading. For ID, probably the most comprehensive listing for coins of the world is on the Numista website. If the bulk of what you are looking at is one country - US or any other, then there maybe better specialised sites. (If it is UK coins you have, then I can point you to some of them.)

For grading again there are different systems in different countries. The US uses the Sheldon system in the main - Wikipedia may get you going on that. In the UK and most of Europe we have simpler systems with fewer bands of grades - I suspect because we are more often looking at much older coins where all the fine distinctions of near uncirculated coins become irrelevant. Each country has books (online and hardcopy) that can teach their grading system.

As to which coins will become more collectable or valuable in the future - you need a crystal ball and I don't believe they make a digital version of that yet.

Thanks PaddyB. This is all really helpful. Ha ha.. I'll let you know if I come across a digital crystal ball.

 

[araanderson]

Recommend going out and buy a current 2019 edition of the book, " U S COINS, RED BOOK". That is most likely the best background source book to use. It covers everything from coinage history, all the various coins that have been issued in all denom, mintage numbers, how to grade the specific coins, and current RED BOOK value for that grade of coin. You can pick one up at major book stores, or go to a local coin shop. Welcome to the world of coin collecting, CRH, and the TN treasure net where you will get all sorts of good help from the rest of us.

Thanks Dozer D. I'll see if I can find the Red Book at my library

 

[araanderson]

I agree with Dozer D. The Red Book is a good place to start. Then if you have questions about specific coins, you could post some high quality pics here and get advice from some of the members.

Kindest regards,
Kantuck

Ok, sounds good. Thanks Kantuckeean.

 

[araanderson]

There are many, many factors considered when collecting and/or placing values on coins. Mintages for one, especially lower or lowest mintages as well as the number of known surviving specimens is just one factor and this almost guarantees that most specimens will have significant values well above coins of higher mintages. Condition (grading) and eye appeal are two more factors that are considered. After those, you have Denominations, Series and Types such as the Barber Quarters (one series of the Quarter denomination), then the Standing Liberty Quarters (another series of the same denomination) which has two Types due to changes in the Design and thus the Dies such as the 1916 and 1917 Type I Quarters, then the 1917 to 1930 Type II Quarters. You will find that some denominations and series have two or more Types while many only have one Type as no changes were made to the Designs which required changes to the Dies. The you have Varieties if you decide to venture off in this type of coin collecting which is in reality a must, especially if you begin collecting early coinage (1792 through the 1800s) or even earlier Colonial coinage. There plenty of books out there about coin collecting, grading and pricing, you just need to start first with the Red Book as others have suggested and do so first to get acquainted with what I noted above. I could go on but I am sure that many others will add their thoughts.

Thanks Huntsman53. A quick question... what's your experience selling coins for their actual published value? I have a pair of old Swedish coins from the 1700's.. it appears that sellers on eBay are having a hard time selling similar ones, even at a reduced price.

 

[PaddyB]

Thanks Huntsman53. A quick question... what's your experience selling coins for their actual published value? I have a pair of old Swedish coins from the 1700's.. it appears that sellers on eBay are having a hard time selling similar ones, even at a reduced price.

All published prices are only a guide - in the end a coin is only worth what someone is prepared to pay for it. Most hardcopy publications err on the optimistic side and in any case are out of date as soon as they are printed. Some countries are strongly collected (US, UK, Canada, South Africa and a few more) some seem to have very few collectors (I find Belgium the worst of all).
I find the best way to get a realistic sale price for most reasonably common coins is to search on Ebay and then click the "Sold" button down the left hand side. That way you see what things actually go for rather than what some hopeful vendor thinks they might get for them.

 

[huntsman53]

Thanks Huntsman53. A quick question... what's your experience selling coins for their actual published value? I have a pair of old Swedish coins from the 1700's.. it appears that sellers on eBay are having a hard time selling similar ones, even at a reduced price.

PaddyB answered the question perfectly! I will add that in this day and age of the uncertainty of economies, many small time collectors are often leery to commit funds towards certain coin purchases. It is only the serious collectors with plenty of funds to spend, who are willing to pay a fair price and some times even more, especially if they need and really want a certain coin. If you are looking more to buy and resell coins, then you must do your homework before committing any funds and resources to that venture as it can make you or break you.

 

[araanderson]

All published prices are only a guide - in the end a coin is only worth what someone is prepared to pay for it. Most hardcopy publications err on the optimistic side and in any case are out of date as soon as they are printed. Some countries are strongly collected (US, UK, Canada, South Africa and a few more) some seem to have very few collectors (I find Belgium the worst of all).
I find the best way to get a realistic sale price for most reasonably common coins is to search on Ebay and then click the "Sold" button down the left hand side. That way you see what things actually go for rather than what some hopeful vendor thinks they might get for them.

Thanks PaddyB! Very helpful

 

[araanderson]

PaddyB answered the question perfectly! I will add that in this day and age of the uncertainty of economies, many small time collectors are often leery to commit funds towards certain coin purchases. It is only the serious collectors with plenty of funds to spend, who are willing to pay a fair price and some times even more, especially if they need and really want a certain coin. If you are looking more to buy and resell coins, then you must do your homework before committing any funds and resources to that venture as it can make you or break you.

Thanks Huntsman53! Ia appreciate the info.