Coin Collecting For Dummies

In Coin Collecting For Dummies, professional rare coin dealer Neil Berman delivers a hands-on and fun guide to the intriguing hobby of numismatics—also known as coin collection! You'll learn how to buy, sell, grade, value, handle, and store your coins, as well as how to decide what kind of coins you should collect and how to assemble or diversify your collection.

In this book, you'll also find out how to:

• Evaluate coins based on their age, condition, rarity, and more
• Navigate and make use of auction houses that deal in the buying and selling of rare coins
• Make the most of your new hobby by learning where to find rare coins and how to complete your collections

There's no one "right" way to collect coins. But Coin Collecting For Dummies will show you how to avoid the most common pitfalls and take advantage of some handy tips, tricks, and best practices that make collecting coins even more fun and exciting. Perfect for the novice collector, or seasoned veterans looking for the latest news in coin grading and history, this book is a must-read for anyone interested in the fascinating world of coin collection.

Neil S. Berman is an expert numismatist and professional rare coin dealer with over 50 years’ experience. He’s been published in Barron’s, Trust and Estates, National Law Journal, The Financial Planner, Pension World, and Executive Jeweler. He has appraised coins for the United States Postal Service, the Federal Deposit Insurance Corporation, and the Securities and Exchange Commission.

Introduction 1

About This Book 1

Foolish Assumptions 2

Icons Used in This Book 2

Beyond the Book 3

Where to Go from Here 3

Part 1: Making Heads and Tails out of Coin Collecting 5

Chapter 1: Welcome to the World of Coin Collecting 7

On Your Mark, Get Set, Go: Starting Your Coin Collection 9

Eeny, Meeny, Miney, Moe: Deciding Which Coins to Collect 10

I Pledge Allegiance: Turning Your Attention to U.S. Coins 10

I’ll Take That One, and That One, and That One: Buying Coins 11

Parting Is Such Sweet Sorrow: Selling Your Coins 12

Chapter 2: Understanding Numismatics 15

Admitting Your Numismatism 16

Discovering How Cool Coin Collecting Can Be 16

Collecting versus Accumulating 17

Collecting Various Types of Coins 18

Gold and silver coins 19

Commemorative coins 20

BU Rolls 21

silver certificates 22

Getting Excited about Collecting Today 22

50 State Quarters 23

Sacagawea dollar 24

New commemorative issues 24

Error coins 25

Chapter 3: Arming Yourself with Knowledge 27

Gaining Knowledge Before You Buy 27

Understanding the parts and purpose of a coin 28

Putting the book before the coin 28

Mix and mingle 31

Affecting a Coin’s Value 32

Age: Good for wine, good for coins? 33

Condition: Pumping them up 33

Demand: Demanding high dollar 34

Rarity: Hunting for treasures 35

Supply: Giving them what they want 36

Deciding What to Collect 37

Staying focused 38

Thinking long-term 38

Chapter 4: Storing Your Collection Correctly 41

Holdering Them the Right Way 42

Keeping Away from the Cleaning Products 47

Removing dirt 47

Handle with kid gloves 48

Wash your hands before touching 48

Ask before removing a coin from a holder 49

Watch out for the holder 49

Handle a coin by the edges 49

Keep your mouth shut 50

Hold a coin over a soft surface 50

Keeping Them High and Dry 51

Keepin’ ’em dry 52

Using a desiccant 52

Securing Your Stash: At Home and on the Road 52

Deciding between a home safe and a safe-deposit box 53

Carrying coins in your car 54

Carrying coins on a plane 55

How comforting is your inn? 56

Dealing with a robbery 56

Insuring Your Investment 57

Part 2: Ancient to Present Day: Choosing Coins for Your Collection 59

Chapter 5: Showing Their True Age: Ancient Coins 61

Ancient Coins — of Gods and Men 62

Deciding Which Ancient Coins to Collect 62

Ancient Greek coins 62

Ancient Roman coins 63

Biblical coins 64

Byzantine coins 65

Understanding How Age Affects Value 65

It’s All Greek to Me! 66

Knowing Where You Can Get ’Em 66

Chapter 6: Making a Safe Bet with U.S. Coins 67

Discovering a Finely Tuned Market 67

Understanding Why U.S. Coins Are So Popular 68

Recognizing Desirable Coin Characteristics: Liquidity,

Liquidity, Liquidity 70

Chapter 7: Globetrotting with World Coins 71

A Few Hints for Beginners 71

Collecting by country 72

Collecting by denomination 72

Collecting crowns 72

Collecting by date 73

Collecting topically 73

Recognizing the Hot and Cold Countries 73

Understanding That Grading Standards Are Not All the Same 75

Obsession with quality is okay — to a point 75

Extremely Fine is not Extremely Fine is not Extremely Fine 76

Chapter 8: Exploring the Wild Side with Rare, Expensive, and Esoteric Coins 77

Looking for the Best of the Best 78

Collecting Finest Known coins 78

Checking Condition Census 79

Recognizing Odd and Curious Money 80

Investigating Tokens, Medals, and Miscellaneous Coins 81

Hard Times tokens 81

Good For tokens 81

Civil War tokens 83

Washington medals 84

Collecting by Die Variety — the Spice of Life 84

Part 3: Focusing on U.S. Coins 87

Chapter 9: Colonial Coins: America’s Ancients 89

Recognizing a Colonial Coin 90

Locating Foreign Coins Used in the American Colonies 90

French coins 90

Irish coins 91

British coins 91

Spanish coins 92

London elephant tokens 93

Appreciating How Colonies and States Expressed Themselves 93

Massachusetts 93

New Jersey 94

Connecticut 94

Vermont 95

New York 96

Virginia 96

Collecting Privately Issued Coins and Tokens 97

Mott token 97

Brasher doubloon 97

Higley coppers 98

Distinguishing Quasiofficial Colonial Coins 98

Continental dollars 98

Fugio cents 98

Nova Constellatio coppers 99

Washingtoniana: America Goes Ape for Its First President 100

Unity States cent 100

1791 Washington large eagle cent 101

1793 ship halfpenny 102

1795 grate halfpenny 102

Liberty and Security penny 103

Chapter 10: Copper and Nickel Coins: Made for the Masses 105

Getting the Hang of Half Cents 106

Major types of U.S. half cents 107

Collecting U.S. half cents 110

Living Large with Large Cents 111

Major types of U.S. large cents 111

Collecting U.S. large cents 115

Seeking Out Small Cents 116

Major types of U.S. small cents 116

Collecting U.S. small cents 118

Taking on Two-Cent Pieces 120

Rounding Up the Three-Cent Nickel 121

Firing Up for the Five Cents (or Nickels) 122

Major types of U.S. five-cent pieces 123

Collecting U.S. five-cent pieces 125

Chapter 11: Silver Coins: Keeping Commerce Alive 127

Thrilling Yourself with Three-Cent Silvers 128

Major types of U.S. three-cent silvers 128

Collecting U.S. three-cent silvers 129

Hunting Down Half Dimes 130

Major types of U.S. half dimes 130

Collecting U.S. half dimes 132

Digging in for Dimes 133

Major types of U.S. dimes 134

Collecting U.S. dimes 137

Touring Around for 20-Cent Pieces 139

Calling All Quarter Dollars 140

Major types of U.S. quarter dollars 140

Collecting U.S. quarter dollars 144

Holding On to Half Dollars 145

Major types of U.S. half dollars 145

Collecting U.S. half dollars 150

Digging Around for Dollars 152

Major types of U.S. dollars 152

Collecting U.S. dollars 158

Chapter 12: Gold Coins: Concentrated Wealth 159

$1 Gold Pieces 161

Liberty-head gold dollar (1849–54) 161

Indian-princess gold dollar (1854–89) 162

$2.50 Gold Pieces 163

Turban Head $2.50 gold piece (1796–1807) 163

Capped Bust $2.50 gold piece (1808–34) 164

Classic Head $2.50 gold piece (1834–39) 165

Liberty-head $2.50 gold piece (1840–1907) 165

Indian-head $2.50 gold piece (1908–29) 165

$3 Gold Pieces 166

$4 Gold Pieces 167

$5 Gold Pieces 168

Turban Head $5 gold piece (1795–1807) 168

Capped Bust $5 gold piece (1807–34) 169

Classic Head $5 gold piece (1834–38) 169

Liberty-head $5 gold piece (1839–1908) 170

Indian-head $5 gold piece (1908–29) 171

$10 Gold Pieces 172

Turban Head $10 gold piece (1795–1804) 172

Liberty-head $10 gold piece (1838–1907) 172

Indian-head $10 gold piece (1907–33) 173

$20 Gold Pieces 174

Liberty-head $20 gold piece (1849–1907) 174

Saint-Gaudens $20 gold piece (1907–33) 175

Chapter 13: Commemoratives: Raising Money with Money 179

Commemorate This! 180

The Early Years (1892–1934): Commemoratives Under Control 180

The Age of Abuse (1934–54): Commemoratives Out of Control 184

Modern Commemoratives (1982–present): Money Coins 187

Circulating Commemoratives 188

50 State Quarters 188

Tips for Collecting Commemoratives 189

Chapter 14: Advancing to Oddball Coins 191

Understanding Pattern Coins 192

Collecting Pioneer or Private Gold 193

Finding Confederate Coins 195

Appreciating Proof Coins 196

Recognizing Hawaiian Coins 197

Identifying Error Coins 198

Part 4: Buying and Selling Coins the Safe Way 201

Chapter 15: Wheeling and Dealers 203

Finding a Good Coin Dealer 203

Localizing Your Efforts 206

Going to the Nationals 206

Going Global 208

Evaluating the global pros 208

Weighing the global cons 209

Surfing the Net for a Deal 210

Chapter 16: Grading and Authenticity, Rarity, and the Establishment of Value 213

Factors That Affect Grade 215

Eye Appeal 216

Circulated vs. Uncirculated Coins 217

Precision Grading 219

Consistency of Grading 221

Proofs, Patterns, and Specimens 223

Overgrading and Overpricing 223

Grading Guarantees 224

Authenticity and Originality 224

Rarity and the Establishment of Value 226

Market Demand and Survival Rate 228

Chapter 17: Foiling the Fakes 229

Resisting Temptation 229

Becoming Your Own Expert 231

Finding Out about Repaired, Restored, and Recolored Coins 232

Cleaned coins 233

Curated coins 234

Dipped coins 234

Scrubbed coins 235

Erasered coins 235

Whizzed coins 235

Repaired coins 236

Recolored coins 236

Getting Duped 237

Scams 238

Misrepresentation 238

Overgrading 238

Undergrading 239

Cheap offers 239

Caveating Your Emptor 240

Saving the Day: Return Privileges and Guarantees 241

No return privilege 241

Return privileges 242

Guarantees 242

Slamming the Scammers 243

Chapter 18: Grading with the Pros 247

The Grading Process 248

Submitting coins to be graded 248

Grading 249

Encapsulation 250

Shipping 251

Numismatic Guarantee Company (NGC) 251

Professional Coin Grading Service (PCGS) 252

Certified Acceptance Corporation (CAC) 253

The Other Guys 254

Restoration and Conservation 254

Toning 255

Spots 255

Metal 255

Means to an end 255

Chapter 19: Selling Your Coins Yourself 257

Knowing What to Expect 258

Deciding Whether to Sell Coins Yourself 258

Getting Ready to Sell Your Collection 259

Knowing what you have 259

Understanding that looks are everything 260

Getting the grading done beforehand 260

Pricing properly 260

Knowing Where to Sell Your Coins 261

Coin dealers 261

Coin shows 263

Direct marketing via publications or online services 264

Mastering the Art of Selling 266

Be assertive 266

Talk ’em up 267

Appeal to a need 267

Convey a sense of urgency 267

Stick to your pricing 267

Sell from the bottom 268

Remain patient 268

Keeping Good Records 269

Donating the Rest 270

Chapter 20: Going Once, Going Twice: Buying at Auction 271

Flying Like Bees to Honey 272

Seeking a rare flower 272

Getting stung 273

Preparing to Buy 273

Obtaining the catalog 274

Reading the terms and conditions of sale 274

Registering to bid 275

Studying the catalog 276

Choosing your battles 277

Setting your limits 277

Bidding 278

Reserving Yourself 280

Hauling Yourself to Online Auctions 281

Getting Internet versions of auction catalogs 281

Using eBay 281

Chapter 21: The Coin Auction Arena 283

Consignment Journey 283

If you are a seller 284

If you are a buyer 285

Heritage Auctions: “The Titan” 285

Top Performing Auction Houses 286

GreatCollections Coin Auctions 287

Legend Rare Coin Auctions 288

Stack’s Bowers Galleries 288

Lyn Knight Auctions 289

Goldberg Auctions 289

Kagin’s 289

David Lawrence Auctions 289

Chapter 22: Coin Investments, Taxes, and the Law 293

Investing in Coins in Theory 293

Dealing with Taxes 296

Sales taxes 296

Income taxes 297

Part 5: The Part of Tens 299

Chapter 23: The Ten Most Valuable U.S. Coins 301

1933 Double Eagle ($18,872,250) PCGS MS65 301

1794 Flowing Hair Dollar ($10,016,875) 302

1787 Brasher Doubloon EB on Wing ($9,360,000) 303

1822 $5 ($8,400,000) PCGS AU50 304

1804 Bust Dollar ($7,680,000) PCGS PF68 305

1787 Brasher Doubloon EB on Breast ($7,395,000) 305

1861 $20 Paquet Reverse ($7,200,000) 306

1794 $1 (Lord St Oswald) ($6,600,000) PCGS MS66+ 307

723 AD Umayyad Gold Dinar (£3,720,000-$6,029,400) 307

1804 $10 Proof Eagle (5,280,000) PCGS PF65+ DCAM 308

Chapter 24: Ten Favorite U.S. Coin Designs 311

1792 Silver Center Cent 311

1849 Double Eagle 312

1907 Ultra-High Relief Double Eagle 313

1822 Half Eagle 313

1785 Immune Columbia Constelatio in Gold 314

1776 Continental Dollar 314

1793 Wreath Cent 315

1809–36 Capped Bust Half Dollar, Second Style 315

1794 Flowing Hair Dollar 315

1808 Quarter Eagle 316

Chapter 25: Ten Ways to Get Your Kids Involved in Coin Collecting 317

Show Them Some of Your Favorite Coins 317

Show Them a Book That Illustrates the Coins You Own 318

Show Them Interesting Coin Websites 318

Start Them on Collecting the 50 State Quarters or the Presidential $1 Coins 319

Use Coins in a School Project 319

Take Them to a Museum 320

Take Them to a Coin Dealer 320

Take Them to a Coin Show 321

Take Them to a Coin Auction 321

Take Them to a U.S. Mint 321

Glossary 323

Index 331

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