Proxiblog.org, a free educational coin site, features one of the most comprehensive illustrated encyclopedias of numismatic terms with nearly 300 entries. Learn to spot cuds, die breaks, split dies, machine doubling, double dies, mules, patina, lamination and so much more! This video describes the basic and most used terms, using the Lincoln Memorial Cent with history of each term in the left-corner quote box. Subscribe and twice weekly reports about coin identification, holdering, bidding, buying, selling and detecting counterfeits. Operated by Michael Bugeja, one of the top numismatists in the country, who wrote for Coin World, Coin Update News, Greysheet and was a past member of the Citizens Coinage Advisory Committee of the U.S. Mint.
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Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
Inspire love of the hobby in your children, nieces, nephews, grandchildren and friends by gifting them one or more of iconic designs by the U.S. Mint, all for under $150.
With Christmas, Hanukah and the New Year nearly upon us, you may need to do last-minute shopping at a nearby coin shop or via the internet with trusted sellers on eBay or numismatic companies like APMEX. And don’t forget the U.S. Mint.
We’ll start with the Red Book, a must-have publication for any new hobbyist. Experienced collectors can use A Guide Book of United States Coins to research these gifts below so that you can share their numismatic stories and histories.
You can get this reference book for under $25 from eBay, Wal-Mart or Whitman Publishers.
Also, don’t forget the Mint by considering its holiday gift giving products. Many such products will cost more than $150. But others for less that amount may make nifty gifts, including Christmas ornaments, which sell for $35.
Now let’s consider some of the Mint’s most popular coins.
1909 VBD Cent
Experienced collectors can include a note explaining why this coin is a must-have in any collection. The “VDB” initials stand for the coin’s designer, Victor David Brenner. But government officials were concerned that they were placed in too-prominent a position and gave Brenner too much notoriety. You can snare one at APMEX for $99 in uncirculated red condition.
There is more history associated with the Lincoln cent. Research and share it and why 1909 was the first year of this coinage.
1864 Large Motto Two Cent
You can find several examples graded by PCGS, NGC and ANACS for under $150. When you search for this on eBay, choose the low price filter and include the grading company initials with “1864 Two Cent Large Motto.”
In your gift card, research and then tell the story of the motto “In God We Trust,” which first appeared on this coin, which indirectly conveyed that the Union would win the Civil War. But there is much more to this legacy. In 1956, Congress declared it the official motto of the United States.
Cite the various mottos of America beginning with the Fugio cent and what they mean about our country.
Buffalo Nickel Types I and II
You can find these two types for under $50 at APMEX. Hobbyists buying these as gifts should refresh their numismatic knowledge by researching the three Indian chiefs that formed a composite of the obverse. Even more fun would be telling the tale of Black Diamond, the model buffalo at the Central Park Zoo at the time.
The Buffalo nickel, designed by James Earle Fraser, was part of the U.S. Mint’s effort to make coinage more appealing and symbolic.
Also relate why there are two types. Hint: The raised mound on Type I caused the denomination to wear off prematurely. This introduces new hobbyists to varieties.
Mercury Dime Roll
The Mercury Dime, another coin by Adolph A. Weinman, showcases Lady Liberty with a winged Phrygian cap, making her resemble the Roman god Mercury. Research that ancient deity.
You can get a roll of these from APMEX for under $150.
If you give this as a gift, be sure to explain the value of silver and how you can use the Red Book to find values for each year in the roll, explaining mint marks and other features of this iconic dime. It introduces new collectors into roll hunting.
1917 Standing Liberty Dollar, Type I and II
This coin must be age appropriate because Type I features a partly naked Lady Liberty. I leave it to you to explain why the original bare-breasted design was considered too controversial at the time, resulting in her wearing chain mail in Type II.
Nevertheless, the devices, shield and portrait of Lady Liberty by Hermon A. MacNeil are among the most elegant designs. Research how MacNeil beat famous designers like Adolph A. Weinman in a U.S. Mint competition. That was quite a coinage feat!
Walking Liberty Half Dollar
You can purchase the 1945 date in uncirculated condition from APMEX for under $50. You can also find “Buy It Now” BU examples on eBay graded by PCGS, NGC or ANACS for under $100.
In your gift card, research and describe the symbolism of one of the Mint’s most beautiful designs, featuring Lady Liberty marching with conviction toward a new dawn for the American republic.
Morgan Dollar (1878-1904, 1921)
You can purchase an uncirculated common date Morgan for under $50 at APMEX. When you give the Morgan as a gift, make sure it is not holdered. You will want your recipient to feel the heft of this 90% 26.73 gram silver coin.
You can also research the person on whom Lady Liberty is based, Anna Willess Williams, a Philadelphia school teacher and philosopher. She agreed to be a model for designer George T. Morgan only if her name was kept out of the newspapers. As you might anticipate, it wasn’t.
MEMORABLE MOMENTS
A holiday coin gift has two dates: the one on the denomination and the holiday year in which it was given, inspiring memories as you share your research and instill the love of numismatics in your relatives and friends.
The 2023 quarter honors the life and work of Mexican-American suffragette, journalist and teacher Jovita Idár. In my opinion, this is one of the worst designs ever struck on a U.S. coin, not because of the depiction of her, but because the denomination, motto and legend are integrated into clothing with other words describing her amazing life, which you can read about here.
In this article I will defend my opinion about the worst design and risk offending friends in the process, because I was a past member of the Citizens Coinage Advisory Committee (2008-14) and know many of the members who voted for this design. I also am the author of Basic Coin Design, a comprehensive study of all U.S. Mint circulating coinage, identifying the placement and artistic effect of dates, denominations, legends, mottoes, symbols and other devices.
That study earned me a place on the CCAC.
Like Idár, I am a journalist and teacher. We cover her contributions in my media ethics course at Iowa State University of Science and Technology. So I will speaking in the critical voice of a reporter and professor here.
Idár would applaud that.
The reverse design is the work of metallic artist John P. McGraw. It is fine. The portrait is not the problem. The CCAC forgot a critical aspect of circulating coinage. The public has to identify it as a coin, not a medal and not an error. The last time the Mint made such a blunder was with the Susan B. Anthony dollar, which the public hated because it looked like a quarter. The Idár quarter looks like an error, and that misleads the public.
It is a shame that the Mint blundered on two suffragette coins and, as we shall learn later, yet another suffragette.
The quarter is a relatively small coin, with a diameter of 0.955 inches. You cannot jam all manner of information onto it as the Mint has done here.
Look closely. You will see all the words describing Idár’s legacy on the large photo. Nice. But now look at the design in the shape of a quarter. The words look like a laced blouse.
We lose denomination, motto, legend and other attributes of U.S. coinage. Lost in the post-modernist word salad are all the data that make a coin a coin.
Imagine if the CCAC and its sister committee, the U.S. Commission of Fine Arts, chose the same reverse but with identifying lettering, as in design 8A, which includes United States of America, Quarter Dollar and E Pluribus Unum?
What’s my motive here criticizing the CCAC, CFA and U.S. Mint, all which I treasure? Why am I compelled in 2024 to write about a 2023 coin?
In 2024, I joined a dozen Facebook coin groups as a way to promote my educational coin website, Proxiblog.org. Each month hundreds of members ask us if the Idár quarter is an error so glaring as to have omitted denomination, motto and legend.
The situation has become so bad that FB group moderators immediately shut down comments as soon as someone asks if this is a big blunder of a coin.
This was just posted by the group “Coin Identification” as I was writing this article:
The last comment before shutdown calls the Idár quarter the most “popular” of all time. Perhaps “fishy” is a better word.
To complicate matters, the font of the obverse loses a descender on the “G” and seemingly reads, “In Cod We Trust” instead of “In God We Trust.
Down the rabbit hole we go once again revisiting one of the worst decisions in the history of U.S. coinage.
The Washington portrait was originally designed by Laura Gardin Fraser (1889-1966). Fraser, also a suffragette, is one of the most gifted Mint sculptors of all time. She designed some of America’s most elegant coins, including the 1921 Alabama Centennial half dollar, the 1922 Grant Memorial half dollar, and the iconic 1926 Oregon Trail Memorial half dollar.
In 1931, Fraser won the competition to design a new quarter featuring George Washington. But Treasury Secretary Andrew Mellon overlooked her masterpiece and instead chose a design by John Flanagan. On artistic values alone, there is no comparison between the two designs.
Here’s her original casting:
The CCAC and CFA recommended that a version of her overlooked design grace the American Women series. Excellent choice, if you went with her font.
Here’s what we got:
The font deviates from the Fraser design, which had a distinct descender on the “G.” The font that the Mint chose lacks that:
Again, the CCAC and CFA forgot about the quarter’s diameter. So the motto reads “In Cod We Trust.”
Scammers on eBay, Etsy, TikTok, YouTube and other venues claim that the quarter actually glorifies a fish rather than a deity, celebrating the 1 million pounds of Cod captured by the US Fishing Fleet.
Here’s what came up on my screen just now on eBay:
Worse, there are videos promising instant cash if you find the Idár quarter in pocket change:
Because of the error hype and clickbait on social media, and the incessant inquiries by new collectors asking if they have struck it rich, I would like to remind the CCAC and CFA to embrace basics of coin design, including diameter of your metallic canvas.
For those curious about how the CCAC endorsed design 8 rather than design 8A, read the transcript of their discussions by clicking here.
As for me, rather than respond dozens of times per day to Facebook coin group members who think the Idár quarter is an error, all I do now is post this article, saving time before moderators shut off comments.
If you like posts like this, subscribe so you can be informed whenever there is a new article or column.
Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and other social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
Rainbow toned coins sell for multitudes more than retail values for the same mint and date, making them both idea for collecting and doctoring. The ability to tell the difference is vital. Otherwise you risk being fooled by artificial patina.
This 1884-O Morgan dollar recently sold at Heritage for $1,680 with a current asking price of $1,950. At MS66, the same coin without patina retails for $450.
Because of profit, coin doctors have devised all manner of fake toning techniques, including baking a coin wedged in a potato or cauliflower, storing a coin in a container with hardboiled eggs, heating it with a blow torch, leaving it in a mixture sulfur powder and petroleum jelly, dabbing it with bleach and even dousing it in cat urine (yuck).
The result usually is an artificial tone of yellow, burnt orange, blue and magenta hues, as in this coin:
Applying the right amount of heat can mute those colors in more believable hues of gold, red, blue and magenta, as in this coin below, which has a reasonable chance of being slabbed by a holdering company:
Because coin doctors are improving their toning skills, major holdering companies often are reluctant now to slab a rainbow coin with a numerical grade, questioning patina.
This coin came from an old album but was dubbed questionable by PCGS:
Album Toning
Certain vintage albums such as Wayte Raymond or Meghrig typically tone coins with natural patina over time. But if you don’t know artificial from genuine toning, you may be stuck with a sulfured coin like this from a seller who uses the brand name in his listing:
Compare the difference between a Morgan dollar toned in such an album and the above artificial one:
Vintage commercial and cardboard holders often color coins over time in vivid patinas as might be found in year sets, double mint sets, and Tidy House and American Savings boards. The issue here concerns unscrupulous sellers who swap out coins, taking the naturally toned ones and replacing them with doctored ones, as in this example:
Proxiblog has an article about sellers who swap out coins from 1947-58 double mint sets. Click here for that. Here’s an example from that post:
Often a holder label may contain chemicals that interact over years with the metal of a coin. Older PCI holdered coins tone beautifully in this manner. The brand has become synonymous with bright patina. Newer PCI holders count on your inability to distinguish real from fake color, as in these examples:
I have spent decades assembling a PCGS toned set across denominations. I purchased them from these holders, sets, rolls, albums and cases:
To view my 100-coin showcase, recently sold at GreatCollections, or the image to see TrueView pictures of my coins, see the photo below or open this YouTube video.
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Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
No matter how you look at it, selling coins evokes feelings. Perhaps you are ending your interest in the hobby and will have to find other ways to spend your free time. Perhaps you inherited a collection and now must dispose of it for heirs. Or maybe because you just need the money.
Experienced hobbyists know the basics of how to sell coins. But newer or “never” hobbyists may have a difficult time because the process requires a modicum of numismatic knowledge, which this article provides. And, of course, money is at stake in the form of precious metals and intrinsic values.
Here are seven steps that I have used in selling my coins. They worked for me. You may experience different results.
Step 1: Read the Red Book and consult the Blue Book
The Red Book, otherwise known asA Guide Book of United States Coins, is required reading. You have to know what you actually have. Google, eBay, Etsy, YouTube and other online listings are unreliable and often erroneous.
The Red Book shares retail values and the Blue Book, wholesale, or what a coin dealer is apt to pay you–important later.
The Red Book has updated pricing and auction data with detailed expert commentary and photos–more than 2000 images, 7,600 listings and 32,500 coin values. You’ll learn about each denomination, type, mint error and varieties as well as read articles about investing, grading and holdering coins, and detecting counterfeits.
Click here or the photo below and scroll down to “HOW TO USE THE RED BOOK” to view a Proxiblog video on the book’s utility.
Step 2: Separate coins according to denomination
To view the various denominations, again consult your Red Book or PCGS CoinFacts, a free encyclopedia of U.S. Coins.
You will find at PCGS CoinFacts detailed photos and retail/auction values of coins from half cents to gold issues as well as commemorative coins, bullion, territorial issues and patterns.
But the utility now is using the Red Book or CoinFacts to separate your coins into categories.
Step 3: Divide collection again by precious metals
These will mostly be silver and gold coins but also platinum, palladium and rhodium.
Familiarize yourself with spot price values. A fine resource is provided by the coin company APMEX, which gives updated values of all precious metals. Click the photos belowfor gold and silver values to view what your coins are worth apart from collector premium.
Step 4: Create an inventory of your collection
Create your inventory by denomination. You can do this manually via pencil and paper but eventually you want to have this in digital format. You can use Word for this. It’s a hassle, but you also should photograph obverse and reverse of each coin and include that in your inventory. You can do this with any mobile phone with a decent camera. Photos also will help your appraiser later in the process.
You also have to remember what you paid for your coins. Note that in your inventory, along with the date of sale, if you can remember it. Bookkeeping is important, as you will learn in Step 7.
Once you have a draft of what you own, consider downloading an application for a formal inventory of your coins.
There are many low-cost and free coin collection applications. Coin Week has recommended the low-cost Coin Book Pro.
You will immediately have a sense of relief once you have completed your inventory. That sense comes from due diligence.
Step 5: Learn grading basics
Start with the Sheldon scale
The Sheldon Grading Scale describes the condition of a coin without damage or other flaws, earning a number between 1 (lowest) and 70 (highest). The scale is used by PCGS, NGC, ANACS and other grading companies. The grade is an indication of value.
Know key dates of the series
Here is a nifty chart that many coin shops use on their sites. It’s not comprehensive and doesn’t include what we call “condition rarities,” or coins that are common in lower grades on the Sheldon scale but rare in about uncirculated or uncirculated condition. But it will give you an idea about dates and rarities.
Do not use digital applications to identify your coin and grade it. Programs like CoinSnap powered by AI are notoriously inaccurate. Instead, train your eye by comparing your coin to the denomination and condition as found on PhotoGrade. You may have a tendency to overgrade and overlook flaws. That’s okay. You’re not expected to be an expert grader. But a little knowledge goes a long way.
You can find a list of numismatic terms on the Proxiblog site. Click here.
Step 6: Get an appraisal
Before you sell your coins, you need to have an expert give you a fair evaluation of their worth. The best way is to contact a friend, colleague or acquaintance who knows coins. There is trust there. Keep in mind it is not enough merely to send to your appraiser the denomination, date and mint mark of your coins. Condition is everything. If your hobbyist friend lives out of town and cannot eyeball your collection, you will have to send photos of obverse and reverse of each coin or set.
You can also go to a nearby coin shop. Make sure the owner is a PNG member as they are committed to honesty and professionalism. You can find a directory here.
There also are online appraisal sites. One of the most popular is Coinappraiser.com. Visit the site. It also has useful articles about selling, auctioning and grading coins.
Step 6: Sell or consign
The coin buying world is full of scammers. DO NOT sell on social media like Facebook, Etsy or YouTube or accept payment via Venmo or other non-traceable monetary venues. You will want payment by money order, bank wire or cash (if local).
If you have valuable coins, the best place to sell them is at Heritage and GreatCollections. The problem here is that major auction houses only accept coins holdered by PCGS, NGC, ANACS, ICG and CAC. It is beyond this article to explain the cost and procedures of getting coin graded. GreatCollections has a form to submit raw coins for you at discount prices. In other words, you won’t have to pay extra for grading and also can avoid membership, handling and postal fees.
You can consign your raw and holdered coins to an online auctioneer. This requires you to (a) contact the auction house, (b) ask if they will consign your coins and (c) request a contract and terms of service (usually a 10-20% selling fee).
You can find menu tabs of online sellers at Proxiblog’s home page. We are not endorsing these auctions as places to sell coins. Suffice to say that we have either bought or consigned coins to a few of these and find them reputable. Your experience may differ.
Step 7: Accept Reality
Unless you are a skilled hobbyist, chances are you bought or purchased coins with flaws or have dozens or even hundreds of raw coins that have little value, despite what the Blue and Red books state. Sellers have to earn a profit, too, and may not want to photograph, list and pay fees for your coins on their sites unless they are fairly confident that they will sell.
Even coin shops, loaded with junk coins and low value mint sets, typically will only be looking at the precious metal or rarity of your coins. You can sell part of your collection or hold out for a price for everything, even coins of little value or ones holdered by bottom-tier companies that exaggerate condition.
In other words, anticipate low-ball offers and seller’s remorse.
Sometimes it is worth taking a loss and focusing on what you can get for inexpensive coins or sets, just to dispense with them. A typical coin dealer will usually pay about 70-75% of current market value.
Now for the ultimate reality check: taxes. Refer back to your inventory. You will need to know what you paid and what you received for your coins. You should have these data in your inventory.
The Internal Revenue Service classifies gold and silver as collectibles. Capital gains are taxed at a maximum rate of 28% of any profit. Go to this IRS site for more information.
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Proxiblog also has thousands of followers on Facebook Coin Group, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
Benjamin Franklin who designed America’s first coin, the Fugio Cent, criticized the original Great Seal of the United States, writing to his daughter that the eagle looked more like a turkey than a bird of prey.
Franklin then went on to compare the character of the two birds. Here is his original letter:
Franklin wrote, “For my own part I wish the bald eagle had not been chosen as the representative of our country. He is a bird of bad moral character. He does not get his living honestly.” He then described a scene where an eagle perched on a dead tree sees a fishing hawk made a catch, only to have the eagle pursue the hawk and snatch the fish.
“Besides, he is a rank coward,” Franklin alleged about the eagle, noting small birds chase eagles from their habitat.
The turkey also has special standing in Americana.
At the first Thanksgiving in 1621, the Wampanoag people brought five deer to the feast, and the Pilgrims brought “fowle,” including the turkey, which they avidly hunted.
So let’s talk turkey when it comes to the design of coins.
As a former member of the Citizens Coinage Advisory Committee, I routinely worked with other members and the U.S. Mint to help select eagle and other designs for commemorative coins. I even wrote a book about the history of coin design.
In celebration of Thanksgiving, I used artificial intelligence to redesign U.S. dollars, replacing the bald eagle with a turkey. Below are the depictions.
In the comment section, state which rendition you prefer out of all of the depictions. (If you’re feeling ambitious, create your own renditions using Dall-E 3.
Flowing Hair Dollar
Morgan Dollar
Peace Dollar
Eisenhower Dollar
Susan B. Anthony Dollar
Sacagawea Dollar
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Proxiblog also has hundreds of followers on Facebook Coin Groups. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
If you favor finding errors and varieties, one of the easiest and readily available examples is the 1970-S Large and Small Date cents, both in business and proof strikes.
You should look for the Small Date cents, which command a higher premium. While these retail in red high mint state for hundreds of dollars, there also is an ultra rare double die worth thousands, to be discussed later.
Let’s start with the diagnostics as depicted below:
The small date has a high 7 and the large date, a low one. Also, the 7 is even with the 0 in the small date. The 7 in the large date descends a tad lower than the 0.
Here are the two varieties side by side in red high mint state:
Because the dates are similar in size, you will need a loupe at first to distinguish the varieties until you become more familiar with the differences.
To assess value, go to PCGS CoinFacts. You’ll see the small date variety has higher premiums.
(Right click photo to enlarge.)
The ultra rare double die obverse business strike is worth thousands and can be identified with or without a loupe:
Chances of finding the DDO are remote, but still possible, because many of the proof sets sell inexpensively and, because of that, often are overlooked.
If you want to learn more about the large and small date 1970-S cents, including its mint history, see this PCGS video:
The varieties also exist in proof state:
Again check retail values on CoinFacts, showing the small date variety commanding with higher prices. Nevertheless, both are affordable and still often found in overlooked proof sets.
(Right click photo to enlarge.)
Finally, if you are into rainbow coins, the 1970-S planchets have an impurity that results in lovely target toning, as in this example:
Happy hunting!
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Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and other social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
The ability to grade is based on how many coins you have viewed as a hobbyist and how many numismatic books you have read and educational websites you have visited. In other words, it takes time and experience as well as equipment and resources. No single article, including this one, can train you to master the basics below.
But this article will get you started with the basics.
Learn the Sheldon 1-70 scale on which coins are graded, establishing value. Here are designations: Poor (Po 1), Fair (Fr 2), About Good (AG 3), Good (G 4), Very Good (VG 8-10), Fine (F 12, Very Fine (VF 20-35), Extra/Extremely Fine (EF or XF 40-45), Almost Uncirculated (AU 50-58), Uncirculated/Brilliant Uncirculated (UNC 60-70).
Know numismatic terms (see this glossary) so that you can identify flaws, cleaning, condition rarities, varieties, errors and more. If a coin is dipped, for instance, or has machine doubling, it is not worth grading with a reputable holdering company (more on that later).
Know the various coin designations (see this post) so that you can identify full steps in nickels, full bands in dimes, full head in standing quarters, full bell lines in Franklin halves, and so on. Otherwise you will err when it comes to strike and value.
Start by grading a large coin with generous fields and well-defined devices, such as the Morgan dollar. This is the best beginner grader coin because of the prominent cheek of Lady Liberty on the obverse and eagle breast feathers on the reverse.
Purchase a coin scale and a loupe to detect counterfeits, polish lines, hairlines, bag marks and other conditions and defects. Coin microscopes are not very useful. You have to train your eyes, not compensate for them. After you have achieved some expertise in the hobby, consider a microscope for some varieties and errors.
Compare your coin with the various grades for each denomination as found on the PCGS Photograde website. The process of comparison sharpens your eye and deepens your knowledge.
Invest in a coin grading library, purchasing best-selling books like Official ANA Grading Standards for United States Coins Hardcover by Kenneth Bressett, The Official Guide to Coin Grading and Counterfeit Detection by John Dannreuther and Scott A. Travers, and Photograde: Official Photographic Grading Guide for United States Coins by James F. Ruddy.
Set up your own coin grading room where you can work undisturbed by humans, phones, pets and other distractions.
Invest in lighting. Fluorescent lights are useful if you are inspecting luster and high points of coins. This type of lighting is soft, but works well if you’re using a loupe. In general, many numismatists use a 100W bulb for uncirculated and circulated business strike coins and a 75W bulb for prooflike and proof coins. You can also purchase a LED desk with dimming and brightening levels. Some have USB charging ports and touch control features.
Wear gloves when you handle coins. If you don’t have any handy, grasp coins by the edges so that the oils of your fingers do not taint the fields and devices.
Grade from edges inward. Start the grading process by looking at the edges and rims to make sure there are no dents, bumps or defects. Then in a clockwise motion begin your inspection on the outer fields and gradually go inward toward the center of your coin. Do the same on both sides noting wear, hairlines, bag marks, cleaning, defects and other conditions that affect the value of a coin.
Learn what makes coins valuable (see this article). Join a local or online coin club. Visit Facebook coin groups where experts share their numismatic knowledge.
Choose a reputable holdering company, such as PCGS, NGC, CAC, ANACS and send a submission, realizing that you’re likely paying $40 or more for each coin, after fees, mailing and membership dues. Consult auction values (not retail ones) on PCGS CoinFacts and decide whether the cost is reasonable.
Do not buy AI-powered coin grading apps like CoinSnap. These are unreliable and often inflate prices for face value coins.
Anticipate grading miscalculations. This skill takes time. We all believe our coins are better than they actually are. That’s why third-party grading is important.
If you like posts like this, subscribe so you can be informed whenever there is a new article or column.
Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
This post is about how to be a coin collector. It may be one of the most important articles you will read, if you follow all of these steps. Also, memorize this mantra: The value of the hobby is the hobby.
Stop Searching Minor Errors
A prime example is the 1969-D floating roof cent or get-rich-quick ones that have long been discovered, such as:
Only fools will buy the ridiculous 1969-D floating roof cent below. That is not a mint error. The floating roof mirage only means the U.S. Mint continued to strike coins with a worn die. But hucksters on eBay will sell you one for hundreds of dollars.
Here’s an example of a face value cent:
Here is a hyped value example on eBay. No one will buy this coin for that astronomical price; but newbies will look for one (they aren’t difficult to find) and then believe they have struck it rich.
Buy the Red Book
The Red Book’s official name in A Guide Book of United States Coins. It not only contains all the denominations, errors, varieties, histories, and so much more–it also explains the hobby in much greater detail than this post. See my video about the Red Book:
Choose a Precious Metal
These are coins made of gold, silver, palladium and platinum, all available as bullion from the U.S. Mint:
Yes, these coins can be expensive, especially gold and platinum; but silver is reasonable with spot prices typically rising over time. These are investments that you might collect and leave as legacy for your heirs.
Choose a Denomination
Here are the most popular coins to collect:
Morgan Dollar (1878-1904/1921): 90% silver and 10% copper. Large coin reminiscent of American culture and history, weighing 26.73 grams.
Franklin Half Dollar (1948-63): 90% silver and 10% copper. An easy series to collect with affordable key dates, challenging hobbyists to replace coins with ever higher uncirculated ones.
Washington Quarter (1932-64): 90% silver and 10% copper. Like the Franklin Half Dollar, a relatively easy series to collect with only one affordable key date (1955), all still available across the Sheldon grading spectrum. Moreover, this denomination has an additional designation, full bell lines, knowledge of which can bring substantial values.
American Silver Eagle: (1986-): 99.9% silver. Among the most beautiful of designs by Adolph A. Weinman, portraying the the Liberty Goddess on the obverse originally used on Walking Liberty Half Dollars (1916-1947).
Browse the Red Book for a series that speaks to you, looking at first for easy ones to assemble, such as the Kennedy Half dollar (1964-) and then more challenging ones, such as the Mercury Dime (1916-45).
This Mercury Dime series has expensive key dates and desirable varieties and errors. For instance, the 1916-D has a mintage of a mere 264,000. Even lower mint state examples command values above $1000. And then there are these valuable errors, 1942 over 41 and 1942 over 41-D, and regular/micro mint mark varieties in the 1945-S example, also depicted below:
Collect Year, Mint Mark and Varieties Sets
After you choose a denomination, or several, start collecting by year (year date set). For instance, it is relatively easy to collect every year of the Mercury dime, substituting the easily found 1916 dime for the rare 1916-D dime. If you are more ambitious, try for the entire set (all years, mint marks). Then go for the entire set with major varieties (1942/1 error, 1945-S/micro S).
The beauty here is that once you have a set, or nearly one, you can begin replacing lower grade examples with higher ones, selling the lower ones to finance the higher ones. That is the joy of collecting.
Key Date Sets
These key dates are among the most difficult to collect because prices, such as the aforementioned 1916-D Mercury Dime, are so expensive. But over time you can amass a collection of the most desirable key dates and varieties, such as these:
Indian Head Cent: 1877, 1888/7
Lincoln Cent: 1909-S VDB, 1914-D, 1922-D Missing D Strong Reverse, 1955 Doubled Die Obverse
Two-Cent: 1864 Small Motto, 1867 Doubled Die Obverse
Three-Cent Silver: 1855
Three-Cent Copper Nickel: 1883, 1884, 1885
Shield Nickel: 1880, 1883/2
Liberty Head Nickel: 1885, 1886, 1912-S
Buffalo Nickel: 1914/3, 1916 Doubled Die Obverse, 1918/7-D, 1926-S, 1935 Doubled Die Reverse, 1937-D 3 Legs.
Washington Quarter Dollar: 1932-D, 1932-S, 1937 Doubled Die Obverse, 1950-D/S
Morgan Dollar: 1889-CC, 1893-S, 1895-S, 1903-O (not to mention VAMs, varieties and major errors).
Peace Dollar: 1928, 1934-S (not to mention VAMs and varieties.
You can strive for key dates across one denomination or one of the dates from each of the above series. In any case, these will always be in demand and you can collect ever higher grades, creating a substantial investment.
Know Numismatic Terms
If you are planning a trip abroad to a country with a different language, you buy a tour guide book, use AI for translations, or just memorize the operative phrases before you travel. You need to do the same with coin collecting.
How many of these numismatic terms do you know?
If you do not know terms, please consult this illustrated glossary so that you not only know the definitions but also can identify them because of photos.
Other Features
There is so much more to the hobby than what I have suggested here. You have to learn how to grade, understanding the Sheldon scale (beyond the scope of this article). Also, many coins are condition rarities, common in lower grades and rare in higher ones, such as the 1884-S Morgan Dollar. Some coins have destinations that increase value, such as full bell lines, full bands, full steps, etc.
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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
