Who is coin collector

William Sheldon for early copper large cents, 1 but has since been expanded to everything in the U. Grading is both an art and a science, and, like any skill, it takes the knowledge provided through reading and mentorship combined with practice to become good at it. It is, however, perhaps the most important skill a coin collector can master. Therefore, after reading at least one of the aforementioned books, a numismatist should seek one of the following ways to increase their skill.

Coins Today. Grading United States Coins parts 1 and 2 are almost always offered, as are more advanced grading seminars, specialty seminars, and even mini-seminars offered over two evenings. The grading seminars tend to be the most popular because of their foundational skill in the hobby. Collecting Fundamentals: Specializing. Many collectors opt to specialize rather than gobble up anything they find interesting, and reading books on their specialty is the best way to do it.

I once met a collector who buys nothing but large cents from Each of these coin series and others have a plethora of books from which to choose, so a new collector should select something that interests them and then read at least one book on it.

A wise coin collector will learn as much as they can about one series before they begin to collect it. What rare or expensive coins will prohibit a collector from completing a set? What varieties are available and how difficult are they to find? Once these questions are answered and the collector has a direction to pursue their hobby, there is one more thing he or she needs before plunking down cash on their favorite coins: Every collector needs a loupe.

Therefore, after a new collector has spent their coin budget on a book, the second thing they should save for is a loupe. Armed with a book and a loupe, a new collector is now ready to begin putting that hard-earned cash into some coins! Whether at a coin show or your favorite store, keep these things in mind when examining a coin you may want to purchase:.

Some people use specially made coin tweezers or white gloves rather than holding the coin with bare fingers at all. When you spot a coin in which you are interested, examine it under good lighting. Look at the luster, or shininess of the coin, to determine whether the coin has been harshly dipped, cleaned, whizzed, or otherwise damaged.

Check for hairlines, or tiny scratches parallel to one another, which are indicative of cleaning. A dull luster could indicate the coin has been harshly dipped.

An undamaged coin will exhibit luster which reflects in an hourglass shape. Spotting good luster takes practice, and this is best learned under the tutelage of a more experienced numismatist.

Determine what you believe the grade to be, and use your grading book. In reality, if you ask five different people their opinion of the grade, you will get five different answers. The real question is what you think the grade is, which influences what you are willing to pay. The key is whether the seller and the buyer can reach a consensus. This is why learning to grade is so important.

Check for problems. Numismatics refers to the study of the physical presence of various payment forms, such as currencies. For example, when applied to coins, numismatics considers the research that goes into coin production, usage, and rarity.

You may be confused about the difference between numismatists and individuals who are coin collectors. While the two deal with currency, not all coin collectors are numismatists. Coin collectors aim to assemble a collection of coins, usually to create sets of coins or own certain types of coins.

Coin collectors tend to be motivated by ownership of the coins themselves without delving too far into the details of the country of origin or date. Hobbyist coin collectors are those who enjoy collecting coins as a leisure pursuit. Numismatists can be motivated to collect and assemble coin sets like coin collectors. However, numismatists take a more historical approach to the coins they collect. In this sense, numismatists are like currency historians who seek to study and preserve the knowledge behind the history of coins and currency.

According to Investopedia , the field of numismatics began during the European Renaissance. The first English usage of the word numismatics occurred in Today, numismatic societies exist throughout the world. The American Numismatic Association traces its origins to Dr.

George F. Anyone who approaches numismatics with a dispassionate attitude is a virtual certainty to lose money. Conversely, most pure collectors make money; often times in spite of themselves. This is because they buy coins for the right reason: they love them. They what interests them and they carefully research their purchases. They know that they are not buying overhyped coins at the height of a promotional period. I define connoisseurship as the ability to discern true quality in a specific field.

In numismatics, the connoisseur is able to determine which coins have the most aesthetic eye appeal and which, literally, stand apart from the "typical" piece. A numismatic connoisseur, for instance, is able to appreciate a truly original gold coin with rich, "crusty" coloration. He is able to innately sense that year old coins do not have to be big and bright in order to be desirable.

Connoisseurship is a natural ability. You either are able to naturally determine the "best" or you are not. If you are not a born connoisseur and very few people are then you should find a dealer who has this ability to assist you with your purchases.

Learning to Grade. I have seen people spend millions of dollars on rare coins without having the slightest idea how to grade. They put their complete trust in dealers and in third-party grading. Frankly, this attitude leaves me baffled. If I do not feel very comfortable grading a specific type of coin, I do not buy it. As an example, I think Indian Head half eagles are extremely hard to grade. To be totally honest, I can't grade the damn things. My solution?

I don't buy them. By the same token, I feel that I am a world-class grader of Liberty Head half eagles. So I buy a lot of them. There are some simple rules when it comes to grading. First--and foremost--you need to view as many coins as possible.

I would recommend that you attend shows and auctions and carefully look at coins. Secondly, I would take one of the grading classes offered by the American Numismatic Association at their annual Summer Seminars. Thirdly, I would make the decision to specialize, so that you have fewer types of coins to learn to grade.

Fourthly, I would try to learn grading tips from the dealer s that I buy the majority of my coins from.