Someone I recently met asked me what I did for a living and when I told him that I operate a collectible coins company, he asked: “How do you know what coins to collect?”
To tell you the truth, that’s a little like asking how do you know which stocks to pick? And, it’s not what collecting is about. You collect what interests you. Hopefully, a love of collecting will give you endless hours of joy. Often, collecting is something you stumble upon, and sometimes you even inherit it.
Twenty-five years ago, I started a job at a coin company. I didn’t deliberately go looking for a job in numismatics, it just happened. I had worked in many fields before that, but I came from a (mostly male) family of coin collectors, so it was familiar to me. Several years after that, I started Patriotic Mint with a few key co-workers whom I was confident would form a strong, knowledgeable, and competitive company.
Now almost two decades later, we ship thousands of orders a month, boast a large inventory, and are trusted, not only by our suppliers but by our customers as well. And, I’m proud to say, there are a lot more female collectors out there – no longer is it just the hobby of young boys and older men.
We put a lot of thought into the coins and sets we sell – from the inexpensive WWII collections to the HOT, exciting new opportunities.
Planning Your Collection
When you are ready to start a coin collection, it may seem daunting.
Do you sit down with a pen and pad to plan what coins you want to collect?
Maybe yes, if you are that kind of person. But many of us started with a wide array of coins and then narrowed it down to one or two types of coins like JFK Half Dollars or Mercury Dimes that appeal to us.
I had a cousin who would save every old coin he got his hands on – but his real passion was for Morgan Dollars. Although he knew he’d never find the Holy Grail of Morgans –the 1893-S Mint Morgan (worth as much as $600,000) – but that didn’t stop him for looking for one whenever he stumbled upon some kid at a yard sale selling his Grandpa’s “boring old coins.”
The more you learn about coins – the significance of Mint Marks or condition – Proof, Reverse Proof, Mint State, the closer you’ll get to finding out what appeals to you.
So, How Do You Start?
Starting a coin collection is easy and fun. Start small and inexpensively. Education is your biggest asset in getting your collection off the ground.
Start by reading some short, paperback books that you’ll find enjoyable such as:
- Coin Collecting For Dummies the popular series tackles coin collecting (Amazon)
- The Official Red Book (Amazon) is a must-have for the serious collector.
- Strike It Rich With Pocket Change (Amazon) shows collectors how to discover mint errors on everyday circulating coins.
- Fascinating Facts, Mysteries and Myths About U.S. Coins (Amazon) is an excellent book for coin lovers and history buffs.
- Coin Hunting Made Easy: Finding Silver, Gold and Other Rare Valuable Coins for Profit and Fun (Amazon) is a fun and exciting read.
Why should you collect? What should you collect? There are so many reasons and so many coins. Let’s explore three factors that made a coin valuable – desirability, condition, and rarity.
- Desirability
Before anything, choose coins with which you have some personal connection. It may just be that you see a coin you really like. For example, if you love the show, you have the shark coins from The Hunters of the Deep series – or something nostalgic, such as the Franklin Silver Half Dollars. If you love the old Wild West, that is personified by Morgan Silver Dollars. Or it could be something new, like the curved 2020 Basketball Hall of Fame 60th Anniversary coin or the American Innovation Dollars. What about something classic? – like the American Buffalo One Ounce Gold coin, modeled after the Buffalo Nickel.
At any rate, start with coins that you have some connection to or feelings about, this will keep your interest up and make it easier to explain your passion to others.
- Condition
Maybe the cost is a consideration. There may be that one coin you’re missing – but it’s pricey. A “grade” measures a coin’s appearance. Grading typically starts on the low end of the scale with a “Good” grade shortened to G. Next is VG – Very Good, followed by Fine – F, then VF – Very Fine, then Extremely Fine – EF. Coins are also graded on a number scale, with 1 being the lowest score and 70 being the best. So G’s would fall under 5, VG’s around 10, Fine’s over 10, VF’s in the 20’s EF’s over 40. Then we get to About Uncirculated – this starts at a 50 – “AU50”. The last category is Mint State – MS from 60 up to 70. If the coin is a Proof Coin, it would be PR instead of MS.
So who grades these coins? Well, on the lower scale, it’s often a coin dealer who determines the grade, and that can make it subjective. That is why it’s important to know what makes up the grade. It’s a combination of strike, preservation, luster, color, and attractiveness. So, if you are concerned about the condition, do your homework and educate yourself.
As we get to the higher end of the scale, the value of each coin is greatly affected by the grade. This is when you want an impartial decision from someone who is not trying to sell you the coin. Make sure that your graded coin is graded by one of the top grading companies – NGC, ANACS, PCGS, and ICG. In my opinion, it’s pretty unethical for a company that wants you to buy their coins to grade it as well. Buying a coin that has been graded by a trusted third party entity, you know that the coin is pristine and protected forever in a sonically sealed case. So someone can look at it a thousand times, and fingerprints or scratches will never devalue it. And perfection doesn’t always come at a high price – you can go one step down – from perfect to virtually perfect – from a 70 to a 69, and sometimes save hundreds of dollars. Look at the difference here – the 2021 (P) American Silver Eagle MS70 – Emergency ASE Production is $249.95. One grade lower, the 2021 (P) American Silver Eagle MS69 – Emergency ASE Production is $67.95. That’s a whopping difference of $225! Why? Well, when these Silver Eagles were graded, very few graded as flawless. The vast majority had a slight blemish, what we call “virtually flawless,” and were not deemed perfect. And because there are so many MS69’s compared to MS70’s they are less expensive.
- Rarity
Then there’s the lure of scarcity. When it’s a low mintage or one of only a few hundred graded coins, a rarity has an alluring appeal. Every coin collection worthy of bragging rights has a few super rare coins.
Here’s a good example:
In 1933, the US Mint decided to stop producing $20 Gold Double Eagles. Almost a half-million had already been struck, so they were ordered to melt them. No one was going to count all those coins by hand, so they made sure they recovered them all by weighing them.
A slick cashier at the Mint by the name of George McCann exchanged about 20 1933’s doomed for destruction and replaced them with earlier dated Double Eagles. Since the weight was the same, no one caught on in the beginning.
At least nine of the 1933 Double Eagles were sold privately to collectors, one of whom was King Farouk of Egypt. Eventually, the Secret Service discovered that these coins had been stolen, and they confiscated all of them. But they didn’t get the King’s.
Recently – over a half-century later – it sold for about $7.5 million.
How’s that for a value based on rarity?
- Going Wide vs. Deep
At some point in your collection, you’ll probably discover a particular coin, era of history, or designer that you really like.
You may decide to collect only Morgan Dollars. Do you go for a year set? A complete set (like my cousin and his elusive 1893-S)?
You may only wish to collect something like graded Silver Eagles.
Or perhaps you want to go a little “wider” and collect the Barber series of coins – half dollars, quarters, and dimes. The Barber series contain coins with mint marks of the Philadelphia, Denver, San Francisco, and New Orleans mints. Or how about World War II-era coins? There is a fascinating uniqueness in those few short years – 35% silver nickels, shell case pennies, the 1943 Steel Cent.
It all boils down to your budget and developing a passion. This is where personal preference comes in.
- Quality Matters – up to a point
Let’s talk about my cousin again. His adventure in collecting led him to Morgan Silver Dollars.
He was bent on amassing a complete collection – every single year, every single mint mark. In his quest to obtain them all, he would sometimes stumble upon a bargain or a different grade of a coin he already had. He’d grab it to sell maybe or trade it later on.
He was never going to get an 1893-S in a graded condition – those are expensive. An MS-65 from that year is estimated to be worth over $600,000. But, finding one in Good Condition (G4) was doable – less than $5000 and would complete his collection.
At some point, you need to draw the line about insisting on quality and settle for what’s both available and practical.
- Taking Stock
Many collectors keep notebooks cataloging their coin treasures. Keep notes on the following:
- What your cost for the coin was
- When you found a better grade
- When you sold a coin
You should always be aware of what coins you have, what coins you still want to collect, and which ones you’re ready to part with.
Maybe a series you started on just haven’t kept your interest. Perhaps you first started with a quarter map collection of State Quarters you found in pocket change. You might feel it’s time to upgrade to uncirculated coins. Or, unfortunately, maybe in your early collecting days, you stumbled upon a deal too good to be true, and now you know better.
Coin shows and coin clubs are wonderful ways to sell and trade. Chances are if you have coins you no longer want, some collectors would be more than delighted to have them.
- The Legendary “Coins at a Steal” – Truth or Fiction?
Lately, there has been a rash of companies offering Silver Eagles at unheard of prices. The ads often have little information, and I’ve seen some that use our photos!
Buyer beware – that pristine Proof Silver Eagle is likely a counterfeit – usually made in a foreign county – and contains little or no silver.
However, there are times you can legitimately find a bargain – such as when we have excess inventory, or we bought it when the price of silver was lower – and we offer it to you at very competitive pricing.
Always be aware and read the fine print.
Unfortunately, my dear cousin passed before realizing his goal of obtaining the 1893-S Morgan.
What he did leave behind were beautiful memories of coin collecting, our mutual friends, anecdotes, and – coins! His wife and daughters, although not collectors on their own, chose to keep most of them.
I was gifted a 1961 Franklin Silver Half Dollar and a 1961 Mint Set for the year I was born. A few years later, his wife was going through his stamp collection and found a 1961 penny in a drawer. She took that as a sign and mailed it to me as well.
Although the least valuable, I keep that penny on my desk and rub it from time to time for a little love and inspiration. You can barely read the date now, but in this case, the date of that coin is immaterial.
Coin Collecting is a wonderful pastime and hobby. It is educational – and fascinating. Coins often increase in value. And they always leave a legacy. I can guarantee you this, a quest to find that one coin, will turn your life into a constant treasure hunt. Now, what could be more fun than that?