Coin collection 101 - Part 2
Coin Collecting 101- Part 2
By: Eric Kibbey
In last month’s article I discussed what coin collecting is and why people collect coins and other numismatically related items. Now let’s delve into how to start and what tools are needed.
How do I start to collect coins?
There’s an old saying “Buy the book before the coin” and I couldn’t agree with it more. A Guide Book Of United States Coins more commonly known in the numismatic field as “The Red Book” is an essential book that every coin collector should own. This book tells the history of every type of coin the United States has ever made. It explains the dimensions, weight, and metal composition of each coin. The book also provides retail prices of each coin in various grades. This book has improved throughout the years, with more and more information and better pictures. Another great book to start with is the Whitman Guide to Coin Collecting By Kenneth Bressett who I’ve been fortunate enough to talk with on several occasions at ANA (American Numismatic Association) events. I strongly recommend joining the ANA, they have so many resources for the coin collector both seasoned collectors and people brand new to the numismatic hobby. You can visit their website at www.money.org
There are many ways one can start to collect coins. One of the simplest ways is right from your pocket change or a jar where you have set aside spare change. There are coin albums that you can buy that have holes in them for you to fill for a complete series, partial series or just various types of coins. Plugging the holes of a Whitman coin album can lead to hours of enjoyment, and this is how many of the most renowned collectors started their journey. If the modern coinage found in your pocket change doesn’t seem very interesting to you, one can visit their local coin dealer and purchase coins that are of a time long last seen. Other places to purchase rare coins are coins shows, antique malls, estate auctions, flea markets, and online. There are so many places online to purchase coins, the most popular by far is eBay. Other places online to purchase coins are from Facebook groups, Instagram, coin dealer websites, and some of the large coin auction companies like Stacks and Bowers, Heritage, and Great Collections just to name a few.
What tools do I need to collect coins?
You don’t need any tools or special instruments at all to collect coins, but you might come to find that certain tools or instruments are helpful and helps you to enjoy the hobby all the more. The first item I would take into consideration when starting to collect coins, currency, or any other numismatically related item would be a way to store, organize, and preserve your collection. There are plenty of options to storing coins. One of the most popular ways is to use a cardboard flip. Many people also use plastic tubes, and albums as well. It’s important to not use a flip or plastic sleeve that contains PVC for long term storage. The PVC will degrade over time and leave a film on your coin that can cause irreparable damage to your coin.
After acquiring a good way to store your collection the first tool I would recommend would be a magnifying glass. Most coin collectors use a jeweler’s loupe, and it’s recommended that for average viewing of a coin a 5x to 7x power jewelers loupe is perfect. 10x to 20x are also used, but more so for the collector that wants to be able to see minute differences in a coin or to be able to look for errors or varieties of a specific coin. Error and Variety collecting (EV) is a collecting field all to itself, and it’s huge. There are lots of people that enjoy the treasure hunt of looking through their 20x power loupe in search of something that made it out of the mint that shouldn’t have. Good lighting is just as important as a good magnifier. A 70 watt to 100-watt incandescent light bulb in a lamp that has an adjustable arm to raise, lower, and reposition the bulb is essential in being able to comfortably view coins. A 70-watt bulb will require the coin be positioned closer to the bulb whereas a 100-watt bulb will allow for the coin to be kept at a longer distance. It’s just a matter of preference as to which works best for each person.
Once you have good lighting, good magnification, and a way to store your collection other considerations for tools and equipment are ways to authenticate your coins such as a digital scale that is at minimum accurate up to a hundredth of a gram. Calipers to measure the width and diameter of the coin is also helpful. A magnet is helpful to determine if a coin is magnetic and really shouldn’t be or vice versa. There are tools that will strike the edge of your coin and then use an app on your smart phone to listen to the ring the coin makes to determine authenticity. One can step up to more expensive devices to determine authenticity such as a device that measure the coins electrical resistivity and conductivity, and devices that use x-ray fluorescence technology.
In next month’s article part 3 of coin collection 101. I will discuss the various types of collections one can set their sights on. Also, I will share ways to determine the value of rare coins. If you’re new to collecting I encourage you to find enjoyment in learning about the coins/numismatic items you want to collect just as enjoyable as the coins or other numismatic items themselves. If you’re a seasoned veteran, I’m sure you already know there’s always more to learn. Until next month, happy collecting!
If you have any questions or feedback for the author, Eric Kibbey can be reached via email at ekibbey627@yahoo.com