Wednesday, December 10, 2008

Coin Collecting

I’m a numismatist – coin collector. I’ve been in and out of the hobby over the years; each time I’ve given it up, I’ve managed to show a reasonable profit but just couldn’t stay away from it for long.

I automatically look closely at the coins and bank notes that I receive in change. I actually received a 1954 proof nickel in change from a soft drink machine at work; sadly it had picked up a few scratches along the way and a $20.00 coin is now worth at best $1.00
So what is it that is so addictive about coins; what captivates a person and draws them into this fascinating hobby? In my case it’s the beauty and history of a coin or bank note.

For example, the 2001 American Buffalo Commemorative Coin, which is based on the original Buffalo Nickel, is a magnificent 1.5 inch diameter silver coin. I remember saving three months to purchase one.
Other people are drawn to the hobby for different reasons; I know a coin dealer who got involved because he wanted to own a coin that had circulated when Jesus was alive. Now he owns his own ancient coin business. It is an awesome feeling to hold a coin in your hand that is over 2,000 years old and wonder whose hands it had passed through on its journey to yours? Perhaps those of Jesus - you never know!
People often ask how can I afford to collect coins and bank notes – my response is fairly simple – my hobby is self financing and it saves me money, no pun intended.
Remember a coin has different values; its face value, its metal value and its collectable value.
Example - the 1927 gold Quarter Eagle -
Face value $2.50
Metal value $150.00 (depending on spot gold price)
Collectable value $225.00 - $1,500 (depending on condition)

The above 1927 $2.50 gold Quarter Eagle is worth $2.50 as a US coin – but – as we are no longer on the ‘Gold Standard’, the metal value has soared as has its collectable value.

Happy collecting – whatever it may be!


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