Coin Collecting - A Beginner's Guide To Coin Collecting And Make Money With Your Collection

By Ellery Ogley

A Beginner's Guide To Coin Collecting And Make Money With Your Collection

 

Once you've entered the fascinating and potentially lucrative world of coin collecting, you'll be referred to as a numismatist.

 

Thousands of coin collectors exist all over the world. If you've ever wondered what coin collecting is all about, this is the letter for you!

 

People collect everything from stamps to beanie babies to snow globes to phone numbers! What benefit do they gain from collecting these items? For some, it's the hunt for a new addition to their collection. Others find it satisfying to complete a set by locating that elusive item. Others take pleasure in the knowledge that they are doing something that they enjoy and that serves a purpose.

 

The same is true for coin collecting. However, coin collecting teaches you much more than just what coins you need to complete a set. You learn about the world's history, the stories behind various currencies, and the value of the coins you're collecting.

 

Some coin collectors pursue numismatics as a source of income or to supplement their income. After all, some coins can be extremely valuable.

 

"Coin Collecting - A Beginner's Guide To Coin Collecting And Make Money With Your Collection" is the definitive guide to starting your coin collection from scratch and building it into something to be proud of. 

• Language: English
• Publisher: Royce Publishing
• Release date: Jul 23, 2021
• ISBN: 9798201333904

Book preview

Introduction

Money is what makes the world go round. We always want more of it; it starts wars, it buys freedom, and it's a fantastic hobby for some. Money is much more than a piece of metal or paper to coin collectors. It's a hobby, a learning experience, and a lifelong obsession all rolled into one.

There are no hard statistics on the number of people who collect coins, but it is estimated that one in every 10,000 people is a coin collector.

For many years, people have been collecting coins. It was once known as the hobby of kings, but today, people of all ages and walks of life keep coin collections.

Their motivations differ. Some people are interested in the history of coinage. Some do it to amass a collection that will be passed down to future generations. Others are simply businesspeople who buy and sell coins for a living. Coin collecting can be likened to a treasure hunt. The pursuit of that one coin that will complete a collection can become an obsession.

The practice of numismatics, or the collection and study of coins, paper money, tokens, and medals, provides the collector with numerous specialization options.

Chapter 1: Some Interesting Coin Facts

Today, approximately $8 billion in coins circulate in the United States. Over the last 30 years, the United States Mint, which is in charge of designing and producing the country's coins, has minted over 300 billion coins worth approximately $15 billion.

Since its inception in 1792, the United States Mint has grown into a large corporation with over $1 billion in annual revenue and 2,200 employees. It is by far the world's largest manufacturer of coins and medals, producing coins not only for the United States but also for a number of other countries.

The United States Mint purchases strips of metal (rolled into coils) in the appropriate dimensions and thickness to make coins.

Pennies are made from zinc metal strips that have been copper plated. Nickel strips are made of a 75 percent copper, 25 percent nickel metal alloy. Strips of three metallic layers fused together are used to make dimes, quarters, half-dollars, and dollar coins. The outer layers of these strips are made of the same alloy used for nickel, with the third (core) layer made of copper.

The metal strips are fed through a blanking press as the first step in the coin making process. The press produces cut round discs, or blanks, that are roughly the same size as the finished coin. These blanks are then softened by being heated in a furnace. Following that, the softened blanks are placed in rotating barrels of chemical solutions to clean and polish the metal. After cleaning and shining the blanks, they are washed and dried.

The blanks are then sorted to remove any defective ones before going through an upsetting mill, which raises