Leaves Coins

Coin Collecting For Beginners – A Way To Leave A Legacy

The idea of coin collecting can appeal to anyone through their own enjoyment, history and overall attractiveness of the fact that it can be carried on for generations to come.

Behind coin collecting there are some basics everyone should learn including reasons why people collect coins, types of coins, proper handling of coins to preserve their uniqueness and original condition, coin grading, coin grading services and a set of tools every basic collector should have in their profession.

First and foremost a Numismatist is someone who studies the history of the beauty of coins and other forms of currency. They greatly enjoy the study of coins when it comes to their history, usage and artistry.

Why People Collect Coins?

There are various reasons why individuals collect anything and coins in particular. With coins you can learn about the historical significance they have around the world. For instance, back in 1986 the United States began a program to start minting the Silver American Eagle available to the public and this was the first time they did that since 1935.

By collecting coins and studying their significance you begin to appreciate their significance of the events that were happening in the world at the moment the coin was first minted. So it's great to hold a part of that history in your hands. By doing so, you can elect to carry on this history to your children and your children's children for many generations.

Coin minting is also an art form. The artist just creates their art on a different form of canvas. So coin collecting can also be admired as another form of art.

The Many Different Areas of Coin Collecting To Get Involved With

Below is a list of the different areas of coin collecting you can engage in:

• Ancient Coins – This area goes all the way back to beginning of time from Roman and Greek coins to the Middle Ages.
• World Coins – This area not only includes United States Coins but also coins from around the world. U.S. coins have 2 subcategories. The first category would be referred to as Old. This includes coins dating back to the creation of the U.S. to 1982. The second category is referred to as modern issue coins. The period includes coins from 1982 to the present.

Numismatic Coin Terms

Throughout our lives we were familiar with the fact that the front of the coin can be referred to as the heads and the back of the coins is referred to as the tails. However, being a Numismatist these terms are different. For examples the front or head of the coin is called the Obverse. The back or tail of the coin is referred as the Reverse.

When you look at a coin there is a portion of the coin that is raised. This raised portion of the coin is called the "devices" of the coin. For example the portrait of the Liberty on the American Silver Eagle would be considered the "device" area.

The areas of the coin that are flat would be considered as the "fields" of the coin which are not used for the design or inscription.

Proper Handling Of Coins To Preserve The Originality

There are certain ways to hold a coin that can preserve their original state so the coin will hold its value and keep the demand for that particular coin high. Always hold the coin by holding it by the rim with your fingers. Never touch the coin with your bare fingers on the Obverse or Reverse of the coin. The oils from our skin can be a form of ware and tear on the coin. If you have coins that are not encapsulated with a slab you could use white cotton gloves to handle the raw coins.

Coin Grading

The purpose of coin grading is to know the proper value of that particular coin in the marketplace. A coin graded at a low level will not be worth as much as a coin graded at a higher level. For a coin to have a higher grade it must follow certain guide lines. If a coin has been given a higher grade it will be more valuable in the coin market.

Dr. William Sheldon introduced a grading scale to modern coin collecting back in 1949. It was a scale from 1 to 70. The lower the grade on this scale the more unrecognizable it could be considered a coin. The coin is more worn and some of the devices are barely present. As stated before the higher the coin grade the less flaws there are in the coin itself. A coin graded at 70 would be considered perfect with no flaws or bag marks.

Circulated coins fall in the range on this scale from 1 to 59. Uncirculated coins will fall into the 60 point and above range and they are considered to be Mint State (MS). When a coin is graded as MS70 they are rarer because not all coins are considered perfect.

Services For Coin Grading

Back in 1972, the American Numismatic Association (ANA) began offering grading services for coins through their service called ANACS (American Numismatic Association Certification Service). ANACS is considered to be the oldest grading service in America. In the mid 1980's the development of modern grading standards was adopted through PCGS and included a sealed plastic holder for the coin. This plastic holder is also referred to as a slab and helps the coin from being damaged. There are 4 top tier third party grading services which include:

ANACS - American Numismatic Association Certification Service

PCGS - Professional Coin Grading Service

NGC – Numismatic Guaranty Corporation

ICG – Independent Coin Graders

Tools Used By Numismatists

• A magnifying glass with a range of 5x to 10x. Higher magnification is used by grading companies to determine the extra fine details of the coin to give it a grade of MS70, which is the highest grade a coin can receive on The Sheldon Scale.
• A Sharp eye for detail – This skill will take years to gain.
• Light – A good light is a table top, halogen light.
• A good, secure storage location – a good safe that is locked and bolted to your floor. These coins are your legacy to your family and your children so you should protect them. Another place you can store your slab coins in is a slab holder (also store this in the safe). This will help you keep the slabs from hitting each other and keep them in order.

I hope you enjoyed this post on Coin Collecting For Beginners.

About the Author

Coin Collecting can be very fun and educational. Jim Rohn said "It is an act of responsibility to leave a legacy." The legacy you can leave behind for many generations is the responsibility to preserve history. Behind each coin is part of history that made this world what it is today. Each coin made in the future will also be part of history so it can be shared with generations to come. I truly believe that good and honorable people have a desire to leave a legacy.

 

Learn more about coin collecting by visiting Leave A Legacy to learn how to accumulate and collect wealth.

Are silver bullion coins GST exempt in Canada?

I just bought a bunch of Silver Maple leaf coins on ebay from a seller in the States. When my package arrived I had to pay about $30 dollars to Canada customs in GST. I thought that bullion was now exempt from GST. Does anyone know if the silver maple leafs qualify as GST exempt. There is an option to appeal to Canada customs to get the GST i payed back. I just want to know if it is worth it to go through the process.
Thanks

Precious metals are exempt from GST / HST.

A precious metal is defined as a bar, ingot, coin or wafer of gold, silver or platinum, refined to a minimum purity of 99.50% in the case of gold and platinum, and 99.9% in the case of silver.
Gold, silver and platinum products are exempt from HST/GST. Palladium products are subject to HST/GST.

Provincial sales tax is applicable in certain provinces.

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