Coin Collecting
Posted by: mikhali
2nd Apr 2012 12:07pm
I have just started coln collecting on a fairly serious level but have been collecting odd coins for several years. You know the kind that end up in your change and you recognize that they are not the same currency as your country uses but are pretty much the same size and weight etc.
What has surprised me in my pursuit of learning about coins is the types of stamping errors that can occur on them when they are made, but they still get put into circulation. Nobody really bothers to check their change that closely but I wonder if you could actually find a coin with an error on it if you took a little time to look more closely at them.
Some of those errors can make the coins worth a lot more than their face value. The same could be said for banknotes as well.
I really didn't know about these things until I actually started looking into it. Has anyone else come across unusual features on their money or found another country's currency in their change?
What has surprised me in my pursuit of learning about coins is the types of stamping errors that can occur on them when they are made, but they still get put into circulation. Nobody really bothers to check their change that closely but I wonder if you could actually find a coin with an error on it if you took a little time to look more closely at them.
Some of those errors can make the coins worth a lot more than their face value. The same could be said for banknotes as well.
I really didn't know about these things until I actually started looking into it. Has anyone else come across unusual features on their money or found another country's currency in their change?
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Comments 17
Joseph32016775
I have a Portuguese coin from 1776 which my grandmother gave me. It is one of my most prized possessions
Anonymous
A mate of mine try doing it and ended up loosing bit of cash yes there is a lot of coins out there the mint want back but there is also alot of people out there and alot of coins too.so i wouldn't go buying coins to sell and trying to make a profit unless you know were an what to look for an can get it cheap, People who sell coins are trying to do the same thing you are.
Hilary
I bought some Roman coins cheaply. They are not in good condition. Apparently there are a lot around. I like the fact that these were handled by every day people going about their daily lives over 2000 year ago. I'm also interested in things like tokens used in war camps and money issued for soldiers to use.
Hilary
My husband collects coins and banknotes, mainly banknotes now. Banknotes are easier to see but it pays to keep them in a decent folder. He belongs to a club. Once a month they have an auction and it's a good chance to buy interesting stuff. He also buys the Australian Coin and Banknote Magazine (CAB) which has good information. I collect on a small scale. I don't spend much money. I enjoy coins and banknotes that have a story connected with them. You can learn a lot about people, places and customs through collecting both by reading magazines, books, internet etc or talking to like minded people. I also like to collect coins and notes purely because I think they look good. I love some of the colourful ones from countries like Africa.
mikhali
I was fortunate enough to obtain some coins from South Africa and yes, they do look rather good. I am looking to visit a club meeting where I live but am yet to get the incentive up to go there. :)
I do coin collecting as a hobby and not for investment purposes. Perhaps in a 100 years or so, if my collection is still kicking around it may be worth something to my descendants but things like this need to start somewhere eh? :)
Some of my collection is worth a little bit but not enough to excited about!
Captured
I have also been collecting coins (and some notes) on a amateur level for most of my life. I have been lucky enough to end up with the coins my grandparents have also been collecting throughout their lifetimes as well. My dream is to get a 1930 penny (but who wouldn't like one of those) as it is the year my Pop's sister was born. I have some coins dating back to the late 19th century, but most are from about 1900-today.
My favourites would have to be the florin (it looks like there was some hand engraving done) and some of the later 20c & 50c sets (I enjoyed collecting the states/territories sets (c. 2001/2?).
mikhali
It was the 20c and 50c coins that probably kickstarted my hobby as I would hold them back from my change and usually only the good looking ones unless there was one I didnt have.
Its nice to have 19th century coins but I think if I had some from my older relatives, it would probably hold more significance. As I was not so fortunate, I take some solace in knowing that these were the type of coins they used to buy their groceries.
Its interesting when I talk to older friends, particularly those who grew up in England when they tell me about the nicknames they had for these coins. I guess in the same way that we might call the dollar a buck - as in "that cost me 100 bucks" :)
I can't think of any other nicknames we use for our current currency here in Australia.
Bom
Mikhali
Going through some memorabilia I found in an old package left over from my late fathe. coins from England mainly.
Most were Victorian and George V coins and a rather worn faththing from the 1860's. Are you interested in coins? If so I could list them and let you or anyone else know of their condition.
Or if you have knowledge of an ideal web site I could could leave a message there.
G'day mate.
Peter
mikhali
Thanks Peter - my condolences to you.
Its fascinating when you discover things like old coins that were collected or just held onto by your older relatives - its a part of their history I guess.
Good Queen Victoria coins are difficult to come by due to their age and I have yet to obtain a farthing. :)
I am relatively new at collecting coins as an actual hobby but have learnt quickly about the 'grading' of coins and what it means to their value.
I would be quite happy to read your list - I do know that you could sell these on ebay - there is a massive amount of collectors there wanting to buy these types of coins.
If you decide that you should ever want to sell them, remember to put them separately in a small plastic seal bag and perhaps tape the bag to a piece of cardboard to avoid the coin flailing about during postage.
Michael
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ollietom1944
'On the other side of the coin', (pun intended) I have been collecting for many years, but only as I see unusual coins in my change, and the odd one bought from the Mint. Scratching for money one day, I contacted a large coin dealer in Melbourne, listing all the coins I had, and requesting valuation on same. To my dismay, he said my silver coins would likely be just face value, and the rest not too much at all! So it pays to either take your hobby seriously, or you will end up with a draw full of unusual but worthless junk!
ollietom1944
Hi Mikhali,
Thanks so much for your very informative reply. You have raised my hopes once again. I will now tackle my collection with a different perspective!
madinitial
G'day ollietom1944.
A friendly bit of advice -never go to a coin dealer for valuation or sale of your coins. The classic answer will be the one you received " he said my silver coins would likely be just face value, and the rest not too much at all! "
This is a 'ploy' con job most ( note I said 'most' -definately not all ) coin dealers will use to get you to part with your coin /coin collection for next to nothing. (in most cases if you fall for this ploy -go back to that dealer in a few days and see the-not so worthless - price tags that have been put on your 'worthless' coins .
Anyone seeking a more accurate value for a coin or coin collection I would strongly urge you to seek out online coin forums or local coin collector groups in your ares. These places usually attract collectors willing to help other collectors with free advice , valuations and any other subject related to the hobby.
Also when it comes to selling your coin golden rule number 1 :- Know what your coin /s are woth BEFORE appraoching a dealer.
My personal opinion is that the best place to sell your coins are via auction -be it online or at/ by a (reputable) auctioneer.
There are many coin & banknote books availiable which give coin values as well as many online sites.
So, in a nutshell ollietom1944 don't be disheartened . Do not take the word of a coin dealer to seriously -remember not all of them are honest and they do recognise a 'novice' collector when they walk through the door and they will say whatever they can to get you to part with your coin /collection for as little money as possible. ( just like most 2nd hand /pawn shops do).
This is a true stroy ....
My neighbour 2 doors down from me was given 2 coin albums( one with decimal coins ,the other with pre-decimal coins) by his mother-in -law with the instructions "When your daughters turn 18yo -sell them (the albums) and split the money between them.
About 3 years ago my neighbour asked me if I would value the coins for him .So I graded each coin and gave him a rough market value of both the individual coins and each album overall.
In May that year the Brisbane ANDA coin show was on and as by this time my neighbour had also become more interested in collecting decided to attend the show with me .
As an 'experiment' I asked him to bring the 2 coin albums with him explaining "Remember what I said about most dealers ripping collectors off?
He said "Yes" I said "Well, lets see what happens.
Long story short - I & my neighbour played 'dumb' and approached 5 different dealers ALL of them said similar things "Oh th pre-decimals arent worth anything except scrap metal prices"
"The decimals I'll give you face value"
One dealer said said he pay face value +10% for the decimals and to save us from a wasted trip he'd give us $15 for the pre-decimal album.
So 7 dealers all saying about the same thing.
We then approached another 2 dealers , this time my neighbour played dumb and I hung around within earshot .Having being told similar to what the other dealers had said I then stepped forward and said "What so you are saying in your professional opinion this coin , this coin and that coin ( indicating certain coins and dates) are totally worthless are you ? Needless to say the dealer went redfaced and spluttered and stuttered and said "Oh I'm sorry I misread that date or oh I didn't see that one!"
I then took my neighbour to see one of the few honest dealers around these parts . He glanced through both albums and straigh up said "havin just had a quick glance I'll offer you $150 to $180 for the decimal album as you have a few rare dates and for the pre decimal again having just glanced at it I'll offer around $200. But if I were you I'd bring them into my shop so we can go through them properly -after all I'd hate to rip you -or myself off "
Moral of the story -ask around about the reputation of a dealer before you ask for a valuation or sell anything. Check online coin forums -when you're in the forums don't be afraid to ask questions ..and always join 2 or 3 different forums so you get numerous replies .By doing this you are verifying the information you receive.
Good luck !
monicag8
I find the dates are the biggest clue to finding a coin that is worth a lot. Also culture - Roman, Egyptian, and Greek coins are more valued then other coins from Europe.
madinitial
G'day ..me - agian.
Just offering you readers a big appology for my dreadful typo's ( spelling errors ) and poor grammar & punctuation .
I'll remember to wear my reading glasses next time -and also to slow down whilst I'm typing :)
madinitial
Good morning mikhali,
You're welcome :)
Believe me I understand what's it's like trying to look at coins without my glasses these days ! LOL
An idea for you ....next time your out shopping may I suggest you buy yourself a small pocket magnifying glass.
These are extremely handy to have and are perfect for looking at your coins. They fit easily into your pocket so you can carry it around and have it handy for a quick check of a coin /s when you get them in your change.
Cheers.
ps : great idea you have with scanning your coins to study them !
mikhali
Thanks for your extensive comments! I am amazed at the amount of information out there regarding coins and their idiosicrisies. I have some difficulty with looking at coins closely because I too need glasses to read. I tried taking photos with some success - to look at the coin in more detail. But then I worked out I could scan the coins at a very high resolution (makes the files really big) and you can zoom in very closely!
To do all that work obviously requires more than just a casual interest but I did find that by being able to look at the coins more closely, it did increase my interest somewhat and due to the amount of time on my hands, it gave me something to do.
madinitial
G'day mikhali,
Welcome to the world of numismatics ( coin collecting).
I have been collecting coins for 25+ years now and 'Yes' you are right , there are many minting errors to be found by those with a sharp eye and the time to look.
Most of the minting errors that 'escape ' from the mint and end up in circulation are usually worth a few dollars , but every now and again a few coins with a nimting error will end up in circulation that can be worth quite a lot of money ( a good example is the $1 coin pictured in your post.
This coin can easily be mistaken for your average 2000 'mob of roo's ' design $1 coin. But on closer inspection a keen eye will notice the thicker than average 'rin' (or edge) around the 'heads' side of the coin.
This thicker edge or rim was creaeed when these $1 coins were accidently put through a 10 cent 'press' when minted .
When this type accidental minting occurs the faulty coin is called a 'mule' .
This 2000 'mule' $1 coin can fetch a price ranging from a few hundred dollars to possibly one to six thousand dollars ( depending on it's condition ( 'grade') and the buyer demand at the time it is offered for sale.
It is not on'y coins with minting errors that can fetch high prices .
there are coins that you get in your everyday 'change' that can also be worth a lot more than it's face value.
These coins are known as 'low mintage' coins . In other words in certain years there are some coins that the mint only 'strikes' a very low number of.
Some examples of 'low mintage ' coins are the 1972 5 cent coin .
Let's say the 'average number of 5 cent coins minted each year is around 50 million -well in 1972 there were only 8.2 million ! A very low mintage and due to this low mintage the 1972 5 cent coin is regarded by most collectors as 'rare ' or 'scarce' . So if you have a 1972 5 cent it may fetch anywhere fron $5 to $40 -again depending on the coins condition.
The same applies for a 1968 'platypus' design 20c coin ( value can range from $5 to $125 !!) , and as a last example a 1993 'coat of arms' 50c can fetch from $5 up to $45.
These are just a few examples of the values that may be obtained from coins that are currently out there in circulation .
So my advice to anyone ,like yourself, who is just starting out collecting coins would be to not only look for mint error coins or 'commemorative' design coins -but also the 'average' everyday coins. For example if you happen to get a 2011 'coat of arms ' ( the 'common design' ) 50 coin in your change next time you're shopping -put it aside ...who knows in a year or two it may possibly turn out to be a 'low mintage' coin and that 2011 50 c coin may worth a bit more than just 50c !!
Welcome to and enjoy the wonderful world of numismatics ( coin collecting) !!