The History of Coins

People have always had some type of monetary unit or compensatory method. In the ancient days of China shells were used, then later the Mesopotamians invented a type of banking where people could keep their grain, gold, livestock or other things safe or trade them by making a system of deposit. Actual coins began to appear a little later in time, and made life a lot easier for those who used them

The full history of coin covers a time span that ranges from ancient to modern day and is in fact, still unfolding.

The First Coins

Coins were invented at some point around 700 BC. Depending on who you ask, they were invented near Aegina Island or according to other scholars; the point of invention was in Ephesus Lydia at about 650 BC.

However you slice it, the first coins in the world appeared around 650-700 BC and were tied to the ancient Greeks. They were made of an alloy which was called electrum, which was a mingling of gold and silver and featured the head of a lion on the front side.

Many people believe that keeping things neater, making life more convenient was the impetus for development of actual coins. Since the time of those first coins and the lightweight, convenient means of payment that they offered, different countries have developed their own throughout history.

The Byzantine Empire was responsible for the minting of numerous different coins, many of them which bore the images of the emperors and later, of the cross of Christianity.

Tombs found as early as the latter part of the 11th century BC in China show us what are some of the first copper coins that have been found and from those tombs we know that coins were widely used by the Han Dynasty of China.

How Were Coins Made?

Many of the earliest coins were beaten around the edge so that they imitated the shape of a cow, which was their approximate value. Some coins were rectangle in shape while others were round. Many had holes in them so that they could be strung and carried even more conveniently.

The first coins that we find in history were made of little more than scraps from various metals. They were made by a hammer hitting the metal scrap that lay on an anvil. The Chinese introduced the first cast type of coinage that was seen, and this soon spread to Japan and other parts of Asian but aside from these, very few governments used cast coins.

The earliest coins that we find which were made of entirely gold or silver were the gold Dinars and the silver Dirhams which were found in the 7th century in the earliest years of the Islamic Caliphate.

United States Coins and Mints

The United States coins that are in use today have seen multiple changes since they began. The US Mint, which is the organization that makes United States coins was established by an act of Congress in 1792, and has operated continuously since that time. It was not until nearly a hundred years later, in 1873 that it became part of the Treasury Department.

United States coins have seen a wide array of change since they began to be made. Originally only a few coins were minted. Many of these contained some level of silver. Due to a wide range shortage of silver that took place the world over the Congress of the United States passed a coinage act.

The Coinage Act of 1965 caused a change to be made in the makeup of such coins as dimes, quarters, and fifty-cent pieces. These had all previously been made of about ninety percent silver. The silver content was completely removed from the quarter and the dime, while the half dollar content was lowered to about forty percent silver. That coins silver content too was removed in the early 1970's so that now the half dollar bears no silver in its makeup.

U.S. coins which were made in the beginning were these:

**Half Cent
**Two Cent
**Three Cent
**Twenty Cent
**Half Dime

Gold Coins in the United States appeared in the following denominations:

$1-One Dollar
$2.50-Quarter Eagle
$3-Three Dollars
$5-Half Eagle
$10-Eagle
$20-Double Eagle

Many of these coins were in play in the United States from about 1795 until 1933 in the United States.

Coin denominations that are in use today in the United States are the familiar penny, nickel, dime, and quarter, although at various times others are minted such as the Susan B Anthony and the Sacagawea dollars.

Mints and Mint Marks

The United States coins were given mint marks in many cases, which changed the appearance, and sometimes the value of the coins.

There are only a few mints that are now in operation but there have in the past been more. The Philadelphia mint began in 1792 and has functioned since that time. Denver mint entered into play beginning in 1906, while West Point Mint, which was at one time the bullion depository, does primarily gold Silver & Platinum coins. It was not officially recognized as a mint until 1988.

All coins in the United States offer a mint mark that lets you know which mint produced those coins. This is true with just a few exceptions. Between 1965, when the Coinage Act specified that no mint marks be used, and 1968, when they were authorized to reappear, no mint marks appeared on US coins. U.S mint marks usually show a P, or no mint mark for Philadelphia and D for those coins minted in Denver, while an S is shown for San Francisco, and a W mint mark for those coins minted at West Point.

Coin Collecting

Coins are not only a means of payment. They are now, and have been for many years, a means of investment, as well as something that is avidly and ardently collected. Coin collectors have spent many thousands, sometimes millions of dollars on a rare coin that was highly sought after.

Highly Expensive Coins.

In 1933 the US government decided they would no longer distribute the Double Eagle gold coin and destroyed all that existed. The problem was that they didn't. One man had managed to steal several which the government thought they had recovered and destroyed.

Again, they thought wrong. Three of the Double Eagle coins survived the destruction. Two of them were in the Smithsonian Museum, while the third came into the hands of a private collector. That coin was stored in a vault in the World Trade Center after being seized when it entered the country to be sold in New York.

Fortunately the coin was moved just a few weeks before the 9-11 attacks and had ended up in Fort Knox. In 2002 it was sold to a collector who remains unnamed at a cost of more than 7 Million dollars, which makes it the most costly coin ever sold.


Among the most avidly collected coins that have been sought after are some which are the most ancient and unique, as well as others which are not quite so ancient, but piqued the interest of collectors. Roman coins, Greek Coins, Pirate doubloons and Byzantine coins are some of the most prized by collectors throughout history, but so too is the Kennedy half dollar. Highly prized by collectors as well are mint sets and proof sets.

What is a Proof Set?

A proof set is a set of coins that are packaged by the mint which produced them. These coins are specially made types of the coins. They are coins which has had the planchet( the blank metal of which the coin is made) very highly polished. The coins are then struck not once but several times so that the quality of the image on the coin is extremely detailed.

What is a Mint Set?
A mint set is a set of coins that are uncirculated and specially packaged. They contain one of each denomination for the coins that were minted in that year.

Gold and Silver Coins and Bullion

Also prized by both collectors and investors are the various other types of bullion coins. They are minted specifically for use as pure precious metal coins. They are comprised of gold bullion, silver bullion, or sometimes even platinum. The coins are made in multiple ways, by multiple countries. Not only United States coins are ardently collected.

Among those coins which are minted world wide and are collected and sought after are:
American Eagle gold, silver and platinum coins
Buffalo Gold Coins
Canadian Maple Leaf gold & silver
South African Krugerrands
Chinese Panda gold and silver coins
Austrian Philharmonics
British Sovereign gold coins
.999 Fine Gold & silver Bars

Coins, as you can see have enjoyed a long and diverse history. Collecting coins and precious metals is a unique hobby as well as an investment that can net you some remarkable returns, both in monetary compensation, as well as personal satisfaction.

Source: bestcoin.com

Why Collect Coins?

Collecting coins is challenging, educating, fun and most of all can be a financial investment that will pay off. Growing your coin collection involves searching for coins and learning their history. This can give you countless hours of enjoyment, and eventually a valuable collection. This amazing collection can also be a wonderful inheritance, both financially and personally because you collected it. It can be handed down for generations to come, a great idea for everyone.

The supply and demand determine the price a dealer would charge, thus the market value of any In addition the quantity available of a coin and the number of interested collectors all play a part in valuing a coin. Once a coin becomes acknowledged as a rarity, its worth normally increases whenever it changes hands. To improve the value of any coin it should be kept in a good state of preservation. If a coin is in perfect condition, just as it was when it left the mint, it might be worth much more than the same coin in average used condition. Defacement or damage will to a great extent reduce the value of a coin. Collectors and dealers use a point system as well as a set of terms to describe the condition of coins: Uncirculated or Mint State (ms 70-60), about Uncirculated (au 55-50), Extremely Fine (ef 45-40), Very Fine (vf 30-20), Fine (f 12), Very Good (vg 8), and Good (g 4).

Every date, mint mark, and design is considered as a different coin. The object is to acquire one of every variety issued but to also upgrade the condition of the coins already found. A collector must trade or buy to fill in a series The amount of coins to be found in circulation though is fairly limited.

Acquiring types of older coins is another kind of collecting. The object for the collector is to obtain a single coin to represent each different face series. Every coin is unusual and has its own record. Most coin collectors start collecting coins from their own country. Over the past 200 years or so the United States has issued many denominations. Some of them are quite remarkable, while different ones are stunningly gorgeous. There are the penny, nickel, dime, quarter and half dollar that we are familiar with. When collecting coins from other countries be aware that there are many thousands of varieties available

Collectors must do their research when deciding on the purchase of expensive coins. Things to know are, the current market value for the item, how easily and for price it can be resold, and its potential appreciation. Most importantly the collector must be knowledgeable enough to know whether a coin is authentic, or must have confidence that the dealer does.

To obtain some idea of current prices realized for various coins there are coin catalogs, dealers, magazines and newspapers, and of course the internet which is usually more up to date. An important feature of the major Numismatic conventions is the coin auctions. There are catalogs of the items to be sold that are issued ahead of time, and lists of the prices at which the items were sold can often be obtained after that. They may have tables where Numismatists can judge the offerings of many dealers. There are local coin clubs where you can meet with other collectors and can assess future trends.

Having a display cabinet with pull-out trays is a fabulous way to share your coin collection. An album system with plastic pages that hold individual cardboard coin mounts is also available. For large numbers of coins use small, standard-size coin envelopes filed in boxes

Source: coinarticles.ws

Coins pile up at YMCA

Old coins and banknotes are pouring in at the YMCA Homeless Shelter in Valletta, as the NGO seeks to put into good use money which has not been used for years.

The campaign was spurred by the Central Bank’s reminder that Maltese Lira denominated coins can only be exchanged until February 1.

The public is urged to donate any amount of old currency to the YMCA at its offices at 178, Merchants Street, Valletta, until then. Those who do not have the time to pass by also have the option of calling the NGO on 2122 8035, so that its volunteers collect the donations – small as they may be – themselves.

The NGO is mostly known for its work with the homeless, but also provides many other services, including assisting victims of domestic violence, the unemployed, usury victims and drug addicts. Last year, it assisted an average of 50 people daily.

The YMCA receives some government assistance, but this only amounts to around 15 per cent of its operational costs, which currently amount to €270,000 a year.

Meanwhile, those who have already gotten rid of their old coins can always donate via SMS, sending one to 5061 8088 for a €4.66 donation or to 5061 9212 for a €11.65 donation.

Source: di-ve.com

Coin show comes to fairgrounds

From historical coins to old stamps and postcards, the Middle Georgia Coin Club hosts its annual Coin & Postcard Show and Sale at the Georgia National Fairgrounds & Agricenter from Friday through Sunday.

The show has been well established for more than 40 years, said Bill Lane, who has been with the club for 25 years and has been collecting coins for “eons.”

There will be roughly 140 dealers from states as far-flung as Michigan and Maryland who come down to Perry to participate in the show. Most dealers attend shows not only to sell but to buy as well.

“Dealers cannot make old coins,” Lane said.

In addition to old coins, there will be the 2010 Silver Eagles available from the U.S. Mint. They will be a week old when the show begins.

National suppliers also will be on hand for storage and display of collections. Authors and books will be available for reference.

The club has also asked two individuals to do free appraisals and certificates of authenticity.

Lane expects several thousand people to pass through the doors during the three-day show.

He said he loves to see first-time collectors trying to decide what to buy.

And there are many things to choose from. Lane said there is one dealer who specializes in Dahlonega gold coins. There will be all sorts of currency there.

Although the event is free, Lane joked that it might be expensive to leave.

Since he has been a collector most of his life, he understands what it’s like to get an exciting find.

He tells the story of a dealer who bought currency from a lady, and in a reference book it had only one known in circulation. And after that show, there were two known in circulation — in the world.

“The fun thing is it allows me to come in contact with anyone from rocket scientists to pig farmers to Indian chiefs to kids just starting out,” Lane said.

“That’s fascinating to me.”

Lane knows a rocket scientist, a few lawyers and engineers and loves rubbing shoulders with them, but his favorite activity seems to be helping children understand the value of a coin.

Source: macon.com

The History of Gold Coins Issued by Usa

The first gold coins in the United States were issued back in 1795. The Unites States Mint set the value of the U.S. Dollar at 24 grains of gold. The value was based in accordance with the world price on the precious metal, which at that time was $19.39 per troy ounce.

The U.S. gold coins started to be issued in seven different mints around the country as the Western Frontier of the Unites States began its expansion. The mints were set from Philadelphia to San Francisco. The sizes of coins varied from one dollar gold piece to fifty dollar denomination. It is worth mentioning that at that time the U.S. mints issued coins that were worth their weight in gold.

In 1834 and 1837 U.S. Congress modified the gold specifications by setting the price of gold at a mark of $20.67 per ounce. When the Great Depression occurred in 1933, President Roosevelt made gold an illegal asset for the citizens of the United States. During this period, by Roosevelt's order, all gold coins were returned to U.S. Treasury and the melted into gold bars. After that the value of the U.S. dollar coin was set to $35 per ounce. The global outcome was to decrease by 40 percent the buying power of the dollar

When millions of gold coins were melted into gold bars, they became very rare and thus highly sought by various collectors. According to money experts only about one percent of gold coins can be found today. Each gold coin that survived till nowadays is highly valued by collectors and investors.

Every gold coins minted in the United States before 1933, is valued on individual basis according to its date, rarity, appeal among various collectors and its grade.


What is Rare Coin Grading Worth?

Coins that fall under the category "rare" are graded on ANA (American Numismatic Association). The scale ranges from 1 to 70. Coins are certified authentic and then PCGS or NGC, two leaders in providing coin grading services. For example a gold coin graded 1 has a slightly visible date, very wear and its value is a little above its weight in gold or precious metals. Obviously the better the coin is preserved the more a collector or investorinvestor in willing to pay for it.


Double Eagles

1933_double_eagle_gold_coin_reverseVery often a collector starts his Gold Coin Collection of U.S. coins minted before 1933 with a $20 Double Eagle. Note that from 1849 to 1907 U.S. Mist issued the Liberty series. The Mint then changed the design of the Double Eagle into Saint-Gaudens. The latter were minted in the period between 1907 and 1933.

Starting a collection of Pre- 1933 U.S. gold coins is advantageous for several reasons:

"Pure Gold Content" - this means that each coin includes almost 1 troy ounce of gold.

"A Double Profit Opportunity" The gold market is continuously changing and $20 Double Eagle gold coins already have a history showing the continuously rising value, which goes 2 to 3 times higher in value if compared to the gold bullion alone.


The 1933 Saint-Gaudens Gold Double Eagle Coin

One of the most valuable, if not the most valuable, coin is considered to be the 1933 Saint-Gaudens Gold Double Eagle1933 Saint-Gaudens Gold Double Eagle. It actually was never officially issued. Still it appeared from 1907 until 1932. Although in 1933 there were 445,500 Double Eagle minted, none were released into circulation because of the changes made in currency laws during the Great Depression.

The result of the Great Depression was that president Franklin Roosevelt took America off the gold standard. The gold coins were drawn out of circulation and afterwards were not issued anymore. Besides, people had to return the ones they had

Later, in 1933, the Double Eagle coins were declared illegal. It was prohibited to own any of the gold coins, unless they had a collectible value.

The same year Gold Double Eagle coinsGold Double Eagle coins were ordered to be melted by the U.S. Mint. By 1937 billions of gold bars were made out of these unique coins.

A few coins have escaped from being melted down. In1933 two of them were given by the Mint to the U.S. National Numismatic Collection at the Smithsonian Institute. These two Gold Double Eagle coins were known as the only legal specimens to ever become part of a coin collection. Still by 1952, eight additional coins were discovered. These were confiscated by the Secret Service.

Source: articlesbase.com

Why You Need To Consider Your Coin Collection Value

The coin collection value is the most important aspect of coin collecting for most collectors. Many people regard coin collecting as an investment, so they need to be updated with market demands. In general, the valuation of a particular coin depends on its condition, mint rarity and denomination which is why collectors must build up their knowledge in these areas.

There are many price guides which are used for referencing by coin collectors. "The Standard Catalog of World Coins" by Chester L. Krause and Clifford Mishler manage to cover coins starting from 1601, all the way down to the present time in five volumes. In the book, coins are identified and their prices are listed. When trying to determine my coin collection value I have often referred to this publication and can personally recommend it as a good source of information.

A guide book for United States coins called the "Red Book" is published annually and is also a respected authority as a retail price guide. The "Blue Book" and the "Black Book" are also well established price guides to determine the value of a coin and thus the coin collection value. The "Coin Dealer Newsletter", more popularly known as "the Greysheet", is a price guide for coin dealers. The Numismatic News publishes prices for dealers, bidders and retailers. There are even online resources which maintain prices of coins like the "NumisMedia" website and a price guide for U.K. coins maintained by Tony Clayton can be found on his personal website.

As a rule rare coins are more expensive but rarity does not necessarily have to do with the age of the coin. Some Chinese coins which might be a thousand years old do not sell at high rates because they are common. The price of the coin also depends on the demand for the coin. If a lot of collectors want a particular coin, its price will get higher.

Collectors must also think about grade when establishing their coin collection value. Coin grading is a method of assessing the condition of the coin - the grade of the coin has a high determination of the eventual valuation of the coin. If a coin has been damaged its price will be reduced. Similarly, bullion also plays a role in determining value - the presence of precious metals like Gold and Silver increase the price of the coins as well. The aesthetical appeal of the coin has an effect on its price as well; it makes the coin more attractive for the collector. The American Numismatic Association has a 1-70 range for assessing coins, where 70 represents a faultless coin. The Numismatic Guarantee Corporation (NGC) and the Professional Coin Grading Service (PCGS) are two organizations that go through the meticulous task of grading coins. Coins that have been certified by these reputable organizations have a higher value as their authenticity is more valid and reliable. ICG, Independent Coin Grading, and ANACS, handled by the American Numismatic Association are two other reliable grading services available.

Many people have accumulated tables of coin values which show coin collectors the values of particular coins – these tables can be built up over the course of a lifetime and can prove invaluable when establishing the coin collecting value; they give the collector the knowledge regarding which coins are worthy to be collected. There are also lists of coins worth collecting available with coins that are scarce ranked considerably higher. For example the 1909-S VDB Lincoln cent would be one of these coins. Items such as the legendary 1913 "V" nickel can be worth over $100,000. These hefty prices show why so many investors are willing to invest in coin collecting and expect high rates of return to their investments.

Source: articlesbase.com

Gold exhibit sails to Long Beach

For the first time in six years, the “Ship of Gold” display of California Gold Rush-era sunken treasure recovered from the 1857 shipwreck of the S.S. Central America again will highlight the Long Beach Coin, Stamp and Collectibles Expo Feb. 4-6.

The three-day show also will feature an exhibit of the all-time finest set of early U.S. half dollars in the Professional Coin Grading Service Set RegistrySM.

The “Ship of Gold” display is housed in a specially constructed 40-foot long representation of the famous ship’s hull. This will be its first public appearance anywhere in the country in six years.

The exhibit is courtesy of Monaco Rare Coins of Newport Beach, Calif., and it features gold ingots and California Territorial coin issues that Adam Crum, Monaco vice president, values at $10 million.

Bob Evans, the chief scientist on the 1980s mission by the Columbus-America Discovery Group that located and recovered the sunken treasure, will be at the display each day.

The early U.S. half dollar set features 101 coins from the collection of Dale Friend of Nevada, and 20 of the coins are either the finest or tied for the finest ever graded by PCGS.

Friend’s basic collection of circulation strike early half dollars, 1794-1839, has been ranked number one in the PCGS Set Registry the past six years.

Public hours of the Long Beach Expo are Thursday and Friday, Feb. 4 and 5, from 10 a.m. to 7 p.m., and on Saturday, Feb. 6, from 10 a.m. to 5 p.m. General admission is $6 (good for all three days); $4 for members of any coin or stamp club who display a valid membership card; and $3 for seniors 65 and older. Admission for children ages seven and younger is free. Discount coupons are available online at www.LongBeachExpo.com.

A free gold coin door prize will be awarded daily to a lucky, registered visitor.

A children’s treasure hunt will be held on Saturday, Feb. 6. Educational programs and collectors’ clubs meetings will be conducted during the show and are open to the public.

Source: numismaticnews.net

Cyprus police prevent smugglers from selling ancient artifacts for millions

Authorities have busted a smuggling ring in Cyprus and recovered dozens of ancient artifacts it planned to sell for C11 million (15.5 million), including a miniature gold coffin, silver coins and terra-cotta urns, police said Monday.

In what is believed to be the largest antiquities theft case of its kind in the Mediterranean island's history, police seized the artifacts dating back thousands of years from homes, storage sheds and vehicles where they were being hidden.

The artifacts include copper and silver coins, terra-cotta urns and clay and limestone figurines believed to date from the Copper Age to around 400 B.C., Cyprus Antiquities Curator Maria Hadjicosti told The Associated Press.

Ten Cypriots were arrested during the raids over the weekend, and authorities were searching for another five suspects, including a Syrian man, police spokesman Michalis Katsounotos said. The suspects face charges of illegally possessing and trading in antiquities.

Police said the smugglers had planned to sell the artifacts in Cyprus, but would not identify the buyer. Authorities also said they were investigating where the artifacts had been obtained.

Katsounotos said this was Cyprus' largest antiquities smuggling case in terms of the amount of recovered artifacts, their archaeological value and the number of arrests.

Most of the artifacts are urns primarily found around the southern coastal towns of Limassol and Paphos, Hadjicosti said. Some of the coins could date to Hellenistic and Roman times.

The curator said some of the recovered artifacts, including the gold coffin and other gold objects, don't appear to be Cypriot, and more study was needed to determine their precise origins.

Communications Minister Nikos Nikolaides said the bust was conducted with the help of Greek authorities, but he wouldn't provide details. He also said some of the antiquities may have been dug up from archaeological sites in the breakaway Turkish Cypriot north of the island.

Excavations on Cyprus have uncovered settlements dating back to around 9000 B.C. Cyprus then saw successive waves of colonization, including Phoenicians, Mycenaean Greeks, Romans and, in the Middle Ages, Franks and Venetians. The island was conquered by Ottoman Turks in 1571 and became part of the British Empire in 1878 before winning independence in 1960.

Violence between Cyprus' majority Greek community and the Turkish community broke out shortly after, and the island has been divided along ethnic lines since a Turkish invasion in 1974 - prompted by a failed coup aimed at union with Greece.

Source: google.com