Information on Antique Coins
Collecting antique coins is a fascinating, scholarly hobby that can teach you about history and finance as it earns you money. Collecting antique coins requires a lot of research, and the coins also require care to keep them in good shape. However, it is a hobby that can be shared with other enthusiasts through coin collecting associations.
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Background
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Coin production evolved from the search for a common currency of exchange. In the earlier direct barter system of trade, goods were exchanged by separate parties for mutual benefit. First, people exchanged one good for another, such as eggs for bread, based on their needs. The next development was the acceptance of goods for which there was no immediate need because eventually they could be traded for goods that were needed. Eventually, precious metals became the common currency used in exchange and coins were produced. According to AntiqueMarks.com, historians generally agree that the first coins were struck in Asia Minor during the seventh century, in an area now part of Turkey.
Collecting History
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Metal coins already were valued as art works by the 14th century. The Roman scholar and poet Petrarch had a substantial ancient coin collection. The modern era of coin collecting was ushered in by the first international coin collecting convention in the United States on Aug. 15, 1962, sponsored by the American Numismatic Association, according to Antique Marks.com.
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Types of Antique Coins
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Collectible antique coins can be more recent, such as antique American coins, or they can be ancient coins from past civilizations, such as Greek and Roman coins. When starting an antique coin collection, you might want to decide which themes to focus on. Themes can include time periods (Civil War, Byzantine Era), types of metal (Roman gold coins, 18th century Seated Liberty silver dollar coins), and historical leaders (Julius Caesar, Abraham Lincoln).
Determinants of Value
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One of the major determinants of coin value is rarity. Surprisingly, age has little to do with the rarity of a coin. In fact, ancient coins are generally less expensive than modern coins. On the supply side this is because billions of ancient Greek and Roman coins were minted over the course of more than a millennium, and more are constantly being dug up in Italy, Greece and other countries. On the demand side, there are fewer collectors of ancient coins than of modern coins. The low cost of ancient coins is good news for the collector who is interested in their beauty and history. In the case of coins from the modern era, error coins are a type of collectible. Their rarity is due to the reduction in minting errors now that coins are technologically produced. The condition of the coin also will influence its value.
Damage
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Antique coins inevitably deteriorate, but the damage can be minimized with special care. You will need to protect your antique coin collection using coin collection supplies with acid-free, mylar-lined books and proper plastic cases. The causes of decay to coins include dampness, sulphuric compounds in fabric, paint and coatings, coin holders that contain plastics with acid content, temperature and humidity, salt, soda and any liquid. Even light contact with human skin can cause damage to an ancient coin, leaving grease and grit. Always use gloves when handling ancient coins.
Where to Start
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Collecting antique coins requires a lot of research and will involve the accumulation of knowledge. Numismatics is the name for the science of money, and people who collect or study money are called numismatics. According to 2-ClicksCoins.com, you can start studying or collecting coins by joining numismatic societies and clubs, subscribing to publications, and taking courses in numismatics through your local university or the American Numismatic Association's annual conventions.
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References
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- Photo Credit Ancient silver and bronze coins image by filosof from Fotolia.com
