Introduction To Collecting
Publication date: 20 November 2024
Condition
One of the more difficult problems for the beginner is to assess accurately the condition of a coin. A common fault among collectors is to overgrade and, consequently, to overvalue their coins. Collectors normally require coins in the best condition they can afford and, except in the case of a really rare coin, a piece that is considerably worn is not wanted and has little value.
Condition in numismatics follows a recognised grading system from mint condition (FDC, fleur de coin), through extremely fine (EF), very fine (VF), fine (F), fair, and poor. A ‘fine’ (F) coin may be worth anything between one quarter and a half of the price in ‘very fine’ (VF); on the other hand, a piece in really mint condition will be valued substantially higher than the price quoted for ‘extremely fine’ (EF). The value of coins depend on the exact state of preservation and the demand for it in the market at any given time. Most dealers will gladly spare a few minutes to help new collectors. Many dealers issue price lists with illustrations, enabling collectors to see exactly what the coins look like and how they have been graded.
Coins cannot always be graded according to precise rules. Hammered coins often look weak or worn on the high parts of the portrait and the tops of the letters; this can be due to weak striking or worn dies and is not always attributable to wear through long use in circulation. Milled coins usually leave the Mint sharply struck so that genuine wear is easier to detect. However a x5 or x10 magnifying glass is essential, especially when grading coins of Edward VII and GeorgeV where the relief is very low on the portraits and some skill is required to distinguish between an uncirculated coin and one in EF condition.
The condition or grade of preservation of a coin is usually of greater importance than its rarity. By this we mean that a common coin in superb condition is often more desirable and more highly priced than a rarity in poor condition. Coins that have been pierced or mounted as a piece of jewellery generally have little interest to collectors. One must also be on the lookout for coins that have been ‘plugged’, i.e. that have been pierced at some time and have had the hole filled in, sometimes with the missing design or letters re-engraved.
Badly cleaned coins will often display a complexity of fine interlaced lines and such coins have a greatly reduced value. It is also known for coins to be tooled or re-engraved on the high parts of the hair, in order to ‘increase’ the grade of coin and its value. In general it is better to have a slightly more worn coin than a better example with such damage.
Cleaning coins
Speaking generally, do not clean coins. More coins are ruined by injudicious cleaning than through any other cause, and a badly cleaned coin loses much of its value. A nicely toned piece is usually considered desirable. Really dirty gold and silver can, however, be carefully washed in soap and water. Copper coins should never be cleaned or washed, they may be lightly brushed with a brush that is not too harsh.
Buying and selling coins
Exchanging coins with other collectors, searching around the antique shops, telling your relatives and friends that you are interested in coins, or even trying to find your own with a metal detector, are all ways of adding to your collection. However, the time will come when the serious collector needs to acquire specific coins or requires advice on the authenticity or value of a coin. At this point an expert is needed, and the services of a reputable coin dealer are necessary.
The B.N.T.A. (The British Numismatic Trade Association) have members all over the UK and buying or selling to B.N.T.A. members assures you of an established dealer working within the strict code of conduct of the organisation. Many dealers publish their own lists of coins. Studying these lists is a good way for a collector to learn about coins and to classify and catalogue their own collections.
Numismatic Clubs & Societies
There are well over one hundred numismatic societies and clubs in the British Isles. Joining one is the best way to meet fellow enthusiasts, learn about your coins and other series and acquire coins in a friendly and informative way.
Useful suggestions
Security and insurance: The careful collector should not keep valuable coins at home unless they are insured and have adequate protection. Local police and insurance companies will give advice on what precautions may be necessary. Most insurance companies will accept a valuation based on The Standard Catalogue. It’s usually possible to have the amount added to a householder’s contents policy but particularly valuable individual coins may have to be separately listed. A ‘Fire, Burglary and Theft’ policy will cover loss only from the insured’s address, but an ‘All Risks’ policy will usually cover accidental damage and loss anywhere within the UK. For coins deposited with a bank or placed in a safe-deposit box a lower insurance premium is usually payable.
Keeping a record
All collectors are advised to have an up-to date record of their collection and, if possible, photographs of the more important and more easily identifiable coins. This should be kept in a separate place from the collection so that a list and photographs can be given to the police should loss occur. Note the price paid, from whom purchased, the date of acquisition and the condition of the coin.
Storage and handling: New collectors should get into the habit of handling coins by the edge. This is especially important as far as highly polished proof coins are concerned. Collectors may initially keep their coins in paper or plastic envelopes housed in boxes, albums or special containers. Many collectors will eventually wish to own a hardwood coin cabinet in which the collection can be properly arranged and displayed. If a home-made cabinet is being constructed avoid using oak and cedar wood; mahogany, walnut and rosewood are ideal. It is important that coins are not kept in a humid atmosphere; especial care must be taken with copper and bronze coins which are very susceptible to damp or condensation which may result in a green verdigris forming on them.
From beginner to numismatist
The new collector can best advance to becoming an experienced numismatist by examining as many coins as possible, noting their distinctive features and by learning to use the many books of reference that are available. It will be an advantage to join a local numismatic society, as this will provide an opportunity for meeting other enthusiasts and obtaining advice from more experienced collectors. Most societies have a varied programme of lectures, exhibitions and occasional auctions of members’ duplicates.
Those who become members of one or both of the national societies, the Royal Numismatic Society and the British Numismatic Society, receive an annual journal containing authoritative papers and have access to the societies’ library and programme of lectures. Many museums have coin collections available for study, although they may not always be displayed, and a number of museum curators are qualified numismatist.