Comparing numismatics to coin collecting is like comparing baseball card collecting to work inside the MLB! When you are in this field, you know much more about coin collecting than just what coins are valuable. Whereas general coin collecting knowledge requires basic understanding of coin value, an advanced knowledge requires that you know a great deal about history, world economics, coin collecting and paper currency.
This is the study of money and may encompass a working knowledge of precious metals, market movement, (Dow Jones and the NASDAQ) as well as debt and the exchange of goods. Many coin dealers today are numismatics experts. They keep up with the entire industry of coinage and paper currency, hoping to help their customers find the buy of a lifetime.
What makes a coin valuable? In other words, do you have to take your coin dealer at his/her word? Usually we do, though learning more about numismatics in general can definitely help you keep cautious. Start by learning more about the most valuable precious metals: gold, platinum and silver. Remember that gold increases in price during recession.
When it comes to finding valuable coins, look for coins that are in excellent condition, have a significant history, are popular in the collecting market, and that have rarity. These are the most valuable coins. The more common the coin, the less valuable it is. The less anyone has heard of the coin, the less valuable it is. Coins must have market popularity so that a collector is willing to put up the money for the collectable piece.
It’s hard to memorize precise years for collecting purposes, but reading about the histories of some of the top coins of your country can help you choose wisely. For example, top American coins to read about might include the Morgan dollar, the Double Eagle, the golden Eagle, the Peace dollar and the silver dollar. Remember, when studying numismatics, that paying close attention to details is vital. By noticing little things, like year, mintage marks and sculpture images, you will be able to identify unique looking coins, even without a reference book.
Where can you find coins to collect? Look for a coin dealer who’s experienced in coin collecting. There are online dealers to help you if you cannot find a local selection. This is the hobby of kings, a collector’s favorite pastime and a sure way to profit if you take the time to learn your stuff.