to begin examining their change. You can bet that many of them have become coin collectors.
Error coins not only capture the essence of the manufacturing process but also one’s curiousity. More recently, an error on the strike of Lincoln Presidental Dollars omitted some edge lettering, which catapulted this coin to sell for as much as $500, depending on condition.
The Fred Weingberg Collection, known as one of the greatest modern day collections of U.S. mint errors, highlights a 2000-P Sacagawea dollar/Washington Quarter mule — one of the rarest mint errors — and a 1880-S Morgan dollar, graded MS63 by PCGS and struck 40 percent off center. Both of these coveted mint error coins are expected to capture a premium sum at a Heritage Auction in 2022.
Chapter 3
Arming Yourself with Knowledge
IN THIS CHAPTER
On one hand, becoming a coin collector is easy. On the other hand, becoming a good collector requires some effort and planning. New collectors are often overwhelmed by language they’ve never heard before, concerns about counterfeit coins, grading issues, and so on. Unfortunately, there’s no Coin Collecting University … unless you count the School of Hard Knocks, where the tuition can be high and the classes are really tough. But you can study on your own and become quite knowledgeable in your own right.
In this chapter, I show you the importance of finding out what you need to know about coins, knowing where to go for advice, and establishing long-term collecting goals.
Gaining Knowledge Before You Buy
They say that if you give a person a fish, you feed them for a day, but if you teach a person how to fish, you feed them for a lifetime. You must learn the basics of fishing (in this case, coin collecting) before you make your first cast (your first coin purchase). That way, you’ll know why you’re “fishing,” what you’re “fishing” for, and what you’re going to do after you catch your first “fish!”
Understanding the parts and purpose of a coin
Before you start collecting coins, it helps to know what a coin is.
Coins have three sides. The front of the coin is called the obverse; the back, the reverse; and the edge is … well, the edge. Modern coins are usually struck (stamped) from dies, which are pieces of metal (usually steel) with designs on them. There are three dies: the obverse die, the reverse die, and the collar die (which strikes the edge). Engravers (artists with engraving tools) create the designs on the dies. In the past, this work was done entirely by hand, but now much of this process is automated. Legends and mottoes are the words that you see on both sides of a coin. Many of the designs and wording are required by law; others are included at the discretion of the designer and the minting authority.
Coins are struck at a mint, which usually is a government-run operation. The number of coins struck is called the mintage. Coins are struck for the following uses:
General circulation: These coins are called business strikes, and they’re intended for use in commerce. The coins you have in your pocket or coin purse and spend throughout your day fall into this category.
Proofs: These coins are made especially for collectors. Today, the quality of proof coins is substantially higher than that of coins struck for circulation.
Believe it or not, now you know as much about coins as most beginning collectors do.
Putting the book before the coin
Many numismatic book purveyors used to place this slogan in their advertisements: “Buy the book before the coin.” This advice became increasingly important as the prices of coins rose to dizzying heights over the years.
This advice still rings true, but the sources of information about numismatics have expanded to include the Internet.
The best way to find out about coins is to read about them (so pat yourself on the back for making the effort to educate yourself). Whether you prefer the hard copy or your hard drive, boundless amounts of information exist to help you make smart collecting decisions. Many wonderful references in a variety of forms await the coin collector, ranging from educational websites to highly specialized books dealing with die varieties, obsolete types, error coins, and much more.
For new collectors, here are a few suggested resources to explore:
American Numismatic Association (www.money.org): ANA is a non-profit organization dedicated to the study of numismatics and the hobby of coin collecting. ANA offers eLearing opportunities to broaded your knowledge as you progress a budding collector.
Newman Numismatic Portal (nnp.wustl.edu): NNP is a foundation supported online forum with the largest online archive of numismatic info in the world.
Trade papers
For the latest numismatic headlines, I recommend subscribing to one or more of the excellent weekly coin papers or monthly numismatic magazines. Trade papers offer a combination of general numismatic information for beginning collectors, in-depth articles, and price guides, not to mention access to the numerous advertisers with which you can do business. The following are the best trade papers published today:
Coin World (www.coinworld.com)
Numismatic News (https://www.numismaticnews.net)
Many large numismatic organizations and clubs produce their own publications; you get a subscription to the publication when you join. Favorites include The Numismatist, published by the American Numismatic Association (www.money.org), and FUN Topics, published by the Florida United Numismatists (www.funtopics.com).
Numismatic books
How can you collect coins when you don’t even know what’s available to collect? A coffee-table coin book makes a great starting point because you can see a large variety of coins in full, dazzling color.
