Hello Friends Today we will be discussing about the most important topic i.e. A Beginners Guide to coin collector, How to be a coin collector, what and all thing you should keep in mind while start collecting coin, How to gain knowledge in the field of Numismatic , from where you get genuine coins, Notes and Medal. So, these topics we will going to cover in this Article, so lets start the article.
What is Coin Collection and How to be a Coin Collector :-
Coin collection means collecting coins of different states, countries, different types of coins, coins of different denominations as a hobby. Every coin has a history which tells about the culture and civilization. Coin collecting is one of the oldest hobbies which was practiced by kings and rich people. Hence the coin collection is known as “Hobby of King”. The hobby of collecting coins and studying its history and significance is called Numismatic. A person who collects them is called a Numismatist.
Why to Collect Coins:-
Students Collect Coins for fun and enjoy exchanging them. Some collect coins as a hobby and research them. Some invest on them with a hope of appreciation in value while some collect for its high values and others because it become rare.
Where to get Coins:-
Friends and Relative:-Check with your friends and relative for coins. People in older days use to collect old coins. So you can get these old coin from your friends and family.
Banks:- You can get coins from the local banks where you hold an account.
Direct from Mints:- Coins are available at mints or can be booked online.
Coin Dealer:- Coin Dealers buy and sell coins before buying check for authenticity of the Dealer and coins.
Auction Houses:- The rarest and Most expensive coins often are available only through auction.
Exhibition, Antique Shops:- Exhibitions and Coin Fair is Participated by numerous Dealers with sales Counter. Numismatist can find large varieties of coins.
A Beginners Guide to Coin Collector :-
Study of Coins:-
So, First let us know what is a coin? A coin is a piece of flat metal, usually disc-shaped, that is used as a form of money. In the early days the value of a coin was determined by the intrinsic value of the metal. Modern coins are made of base metal and their value comes strictly from their flat money position. It has a standard weight, size and purity that bears the identification mark or symbol of the issuing authority. It is a legal tender which means a medium of payment permitted by law or recognized by the legal system.
Anatomy Of Coins:-
A coin has two Face widely known as Head and Tail. In Numismatic Study we we call it as Obverse and Reverse side of a coin.
Obverse side of the coin:-
- This side of coin is generally known as Head Side.
- Obverse side has a greater Importance on a coin.
- On this side usually, you get to see , Portrait of Ruler, Monarch or emblem of the country, some time you can also see mint mark on this side, Ruler Name and Name of the country. These details vary for different countries.
Reverse Side of the coin:-
- This side of coin is generally known as Tails.
- Here, you will see Denomination of the coin, year of Issue and Mint Mark
- On this side, you will see written Hindi or English legend or any other language according to the different countries. Legend related to the country Name, the issuing authority, event or individual of commemoration , value or worth of the coin.
- Rim is the Upraised part of the coin that runs all the way around the edge of the coin on the both sides.
- Rim is Upraised Before the coins are minted.
- Rim protects the coin from wear and Tear of coin and makes easy to stack coin.
- Coins are minted with various types of rims i.e. Plain Raised rim, Toothed Decorative rim, Thin Plain rim, Thick Plain rim.
- Coins are minted from various country with various mint marks.
- The Practice of mint marks are recorded since roman coins.
- Usually the mint marks found below the Date(Year).
- To identify a coin by which the coin are minted, you can see a small mint mark that can be a small diamond mark signifies the Bombay mint, five start pointed signifies Hyderabad mint , and no mint mark signifies Calcutta mint . I will share a image below , by which you can easily understand , the identification of these mint mark.
- Every coin has an edge.
- An edge is an outer boarder of the coin it is also known as the third side of the coin which runs the entire circumference of the coin.
- They are various type of edges i.e. Reeded edge, Plain Edge, Security edge.
- Generally most of the coins are issued in circular shape.
- Circular Coins are easy to handle and are more resistant against erosion.
- Few Coins come in odd shapes like Hexagon, Hendecagonal, Scalloped Circular, Scalloped Octagon, Circular.
- Metal composition and Face- value of the coins is given more importance in mining a coin, generally coins are 5-10% less that denomination. This is done to avoid melting the metal of coin and mining other fake coin.
- Metals in which coins are minted- Pure Cooper, Bronze, Copper-Nickel, Nickel – Brass, Nickel, Aluminum, Stainless Steel.
Tips on Coin Care:-
- Never clean a coin , if cleaning required , consult a professional for advice because it decrease the grade of the coin.
- Always keep coins in the acid free coin Holders, Coin Holders are available in the local store.
- Hold coins by its edges never touch the surface of coin , this will grease the surface and reduce the beauty and value of the coin.
- Never Drop a coin, dent and damage to a coin will reduce its value.
- Collectors give a greater importance to the condition of the coin.
- Grading Vary according to various grading institutions. Generally a coin is graded as Follow:-
- Poor- Coins have least visibility of inscription, Date illegible, dented, worn due to high circulation, only outline visibility of design. These Grade coins are valued less.
- Fair-Coins in this Grade have Date and Denomination legible, type recognizable. Very little detail visible.
- Fine-Coins in this grade shows a lot of wear but legends and design still distinguishable.
- Very Fine- Coins in this grade has design and legends clear but slight evidence of wear/ damage.
- Extremely Fine– Coins in this grade has design and legends clear. These grade coins are valued higher.
- Uncirculated(UNC)– Coins in this grade are as minted. These coins though minted for circulation would have not been used and would have been well preserved. UNC Coins are widely found in milled or machine made coins than Ancient Coins. UNC coins are highly Priced.
- Poor and Fair Coins are not advised for collection until and unless they are extremely rare or hardly seen. Damage of any sort (e.g. Holes, edge dents, repairs, cleaning, re-engraving or gouges) can substantially reduce the value of a coin.