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The Does and Don’ts of Collecting Coins
Coin collecting as pieces of art was an after thought, while realizing their value was the start of collecting them. Known as the “Hobby of Kings”, modern coin collecting is generally believed to have begun in the fourteenth century with Petrarch. Notes of Roman emperors having coin collections are also known, but it remains somewhat unclear whether these coins were studied, considered curiosities or were merely hoarded.
SPECIALTIES IN COIN COLLECTING
Coin collectors often begin by saving coins they have received in circulation, but found interesting. These may be the remnants of change from an international trip, or an old coin found in circulation. Over time, if their interests increase, chance will not be sufficient to satisfy the demands for new specimens, and a potentially expensive hobby is born. Some become dedicated generalists, looking for a few examples of everything. If they have enough resources, this can result in an astounding collection, as that of King Farouk of Egypt, who collected everything (and not just coins either). Some are completists, wanting an example of everything within a certain set. For example, Louis Eliasberg was the only collector thus far to assemble a complete set of known coins of the United States.
At the very highest levels of coin collecting, it can become a highly competitive sport. Recently, this has exhibited itself in registry sets, where the most complete set of coins with the highest numerical grades assigned by grading services are published by the grading service. This can lead to astronomical prices as dedicated collectors strive for the very best examples of each date and mint mark combination.
Most collectors determine that they must focus their limited financial resources on a narrower interest. Some focus on coins of a certain nation or historic period, some collect coins from various nations, some settle on error coins or exonumia, such as currency, tokens or military challenge coins.
Every collector collects what interests them, and there are as many ways of collecting as there are collectors. However a few themes are common and are often combined to a goal for a collection.
Common collection themes
Country Collections
Lots of collectors attempt to obtain an example from every country which has issued a coin. In contrast to those who collect coins from all countries, many collect coins from only one country, often their own.
Type Collections
A mint will often keep the design of a coin the same for several years, with the only difference from one year to the next being the date. An example of a coin type is the United States Lincoln cent (pictured). In a Type Set the collector typically does not care what the date or mint mark of a coin is as long as it represents the design of that type of coin.
Year Collections
Rather than collecting one example of a type, some collectors prefer to collect by year, and thus collect one lincoln cent for every year from 1909 to the present.
Variety Collections
As the mint issues many thousands or millions of any given coin, there are generally multiple sets of dies used. Occasionally these dies will be slightly different, generally in a very small detail, such as the number of rows of corn on the recent US Wisconsin state quarter. Varieties are more common on older coins, when the dies were hand carved.
Mintmark Collections
Many collectors consider that different mint marks give sufficient differentiation to justify separate representation in their collection. This increases the number of examples needed to complete a collection from one per year to several per year. Some mintmarks are more rare than others and harder to find. This is what makes collecting different mintmarks exciting for collectors.
Error Collections
The automation of coin manufacturing processes during the 19th century has decreased the number of error coins produced, and somewhat perversely, increased their collectability. Collectors of modern coins find errors desirable because modern processes make the likelihood of their production very limited. Examples of coin errors include doubled dies, repunched mint marks, overdates, double strikes, off metal coins, displaced or off center coins, clipped coins, and mules (different denominations on two sides of one coin).
Composition Collections
For some, the composition of the coin itself is interesting, for example there are a number of collectors of only bimetallic coins.
Subject Collections
Collectors with an interest in, for example, ships or dogs may collect only coins depicting the subject they are interested in.
Period Collections
Many collectors restrict themselves to coins issues after the 18th or 19th century, while others collect ancient and medieval coins. Coins of Roman, Byzantine, Greek, Indian, Celtic, Parthian, Merovingian, Ostrogothic and ancient Israelite origin are amongst the more popular ancient coins collected. Specialties tend to vary greatly, but one approaches include the collection of coins minted during a particular emperor’s reign, or a representative coin from each emperor.
Coins are often a reflection of the events of the time in which they are produced, so coins issued during historically important periods are especially interesting to collectors.
While many of these themes appear simple at first glance, the more serious the collector becomes, more problems surface. Where someone collects coins from every country, eventually the issue of what is a country will arise, especially in areas beset by civil war. When a collectors aim is every year and mintmark of a particular type, then there will often be one coin which is significantly more rare and expensive than the others.
THE DETAILS OF COIN COLLECTING
In coin collecting the condition of a coin is paramount to its value; a high-quality example is often worth many times as much as a poor example—although there are always exceptions to this general rule. Collectors have created systems to describe the overall condition of coins. One older system describes a coin as falling within a range from “poor” to “uncirculated”. The newer Sheldon system, used primarily in the US, has been adopted by the American Numismatic Association. It uses a 1–70 numbering scale, where 70 represents a perfect specimen and 1 represents a coin barely identifiable as to its type.
Several coin grading services will grade and encapsulate coins in a labeled, air-tight plastic holder. This process is commonly known as “slabbing”, and is most prevalent in the US market. Two highly respected grading services are the Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Service (PCGS). However, professional grading services are the subject of controversy because grading is subjective—a coin may receive a different grade by a different service, or even upon resubmission to the same service. Due to potentially large differences in value over slight differences in a coin’s condition, some commercial coin dealers will repeatedly resubmit a coin to a grading service in the hopes of a higher grade.
Buyers are encouraged to look into the quality and features of the various grading services before deciding to purchase a coin based solely on the grade given by a service. The grading services came into being (PCGS being first) in an effort to bring more safety to investors in rare coins. While they have reduced the number of counterfeits foisted upon unsuspecting investors, and have improved matters substantially, because of the differences in market grading (which determines the price) and technical grading, the goal of creating a sight-unseen market for coins remains somewhat elusive.
Damage of any sort, such as holes, edge dents, repairs, cleaning, re-engraving or gouges, can substantially reduce the value of a coin. Specimens are occasionally “whizzed”–cleaned or polished in an attempt to pass them off as being higher grades or as proof strikes. In general, the buyer is cautioned to be careful of any unknown seller’s claims. Because of the substantially lower prices for cleaned or damaged coins, some specialize in their collection. There is a market for almost any rare or obsolete coin.
AN INVESTMENT IN COINAGE
A common reason given for purchasing coins is as an investment. As with any investment, careful research is required. As discussed in the numismatics entry, prices cycle and can drop, particular for coins that are not in great long-term collector demand. Condition, surviving population and demand determine price. Surviving population can be initially estimated from mintage figures. Specialists learn the exceptions due to melting and other circumstances with experience and study. Age, as such, is not a relevant factor. Claims made by advertisers using popular media outlets should be treated with great skepticism.
In contrast to investments in the classical financial sense (such as stocks and bonds), a coin collection does not produce income until it is sold, and may even incur costs (storage costs etc) until then.
Many of the reasons given for, and factors influencing investing, in coins are similar to investing in stamps or gold.
Does the word SCAM have its roots in the Numismatic coin industry?
Accumulate & Collect True Wealth with Numis
This article may be a different than some you’ve read reviewing the Numis Network opportunity.You are most likely reading this article and you are interested in making some extra dollars on the internet. You are doing a smart thing mostly because the internet is a billion dollar industry. Do not be discouraged by the those saying you can’t make money online. Don’t listen! They have no idea what they are doing. Most marketers lack some basic training and marketing strategies hindering them from succeeding. You probably ran across the Numis opportunity and want to know if it’s a scam, here’s my input on it.
Coins are fun to collect! This is the operating slogan of Numis Network, an MLM business that deals with coin collectibles. Coin collector hobbiests are sure to take notice of this business. Here’s a Numis Network review taking you through the all of the good and bad of the MLM opportunity.
Introduction
Gold and silver are resistant to recession, types of commodities in our economy. You’d have noticed the up in prices of precious metals even when the global economy was reeling under financial crisis. The idea behind creating the Numis network is to create a business that deals in numismatic coins.
The Numis Network was started by Ian Cordell, Jake Kevorkian and Christopher Kent with support from Mr. Mike Mezack, a noted numismatist. The three founders have lots of experience in Network Marketing and their dynamic leadership is one of the major assets of this company.
What Is It About?
Collecting coins has been a treasured hobby for many people who know that the value of such coins keep increasing with time. The Numis Network has started the system of grading to authenticate collectible coins and assist in ascertaining their value. The merchandise in this business is current gold and silver coins issued by various Govn’t mints from all over the world.
Since the innate value of these precious metals keep increasing, these coins are said to be valuable assets to hold. The coins are marketed as an excellent investment to hold as well as to gift.
The Opportunity
There are two ways to make money in this business. They are to invest in graded coins and wait till they appreciate in value. The 2nd is to become a partner and spread the word to other coin collectors.
Costs
You can become a distributor and pay an initial cost of $75 and thereafter $10 per month. In this category, you’ll need to generate minimum sales of $100 each month to qualify for commissions. You can also start as a Fast Track representative by paying initial fee of $299 and $99 per month. This package entitles you to a beginner pack, a Silver Eagle collectible coin, training videos, lead management and marketing programs and email marketing campaign.
A Binary commission system is followed; this allows even new beginners to make money in the same way as experienced distributors.
Why Join Numis Network?
This is an MLM business with a planned difference. While most other network marketers sell all manner of health drinks or cosmetics; you’d be increasing the financial health of your customers by selling coins. While stocking up on health products may prove disadvantageous to some businesses, you’d only gaining by keeping a nice stock of coins as these appreciate in value.
Drawbacks
The company lays a lot of emphasis on grading coins to authenticate their value; however experts feel graded coins should be placed at par in value with non-graded coins. The fact that they are graded alone does not make these coins greater in value.
Competition
XAG Network – This is an upcoming network marketing company that deals in silver Bullion coins. The cost of joining this company is much cheaper than Numis since it’s very new. The MLM Company has a 5 x 8 matrix which offers good scope of income for distributors. Being in prelaunch until June 2010 there is not much to say until the company goes live. With bullion there is little room for markup and if the market crashes so does the company.
SilverCoinReserve – This is a gold and silver coins acquisition program that allows members to invest in silver bullion coins on a monthly basis. Bullion type coins fluctuate with the price of the market. Network marketing is based on word of mouth and having a built in charge to pay for sales and team development. When one can exactly see what the silver and gold is valued at there is very little room to price products to pay reps.
JR Mayer Collections is another large numismatic dealer that’s in partnership with GoldQuest International Ltd. The latter is an MLM company that operates in several countries. JR Mayer has been around for more than ten years and known throughout the world for its numismatic business. Looking at the website one gets the feeling it’s an international based company that doesn’t exactly scream value.
The company claims to give you a winning business by offering you a free replica website. This might help you get some orders when people click on your site; but it may not help you when all distributors have a similar site. You’d need to know how to differentiate your site from others. There are several tools online that you can employ to give your website a unique reach.
Caryn Elizabeth has brought the best out of hundreds of Internet Marketers by helping them create wealth for their own Network Marketing Business. Success in any network marketing business is built with knowing the secrets to online marketing like Blogging, Article Writing, Facebook, Myspace, Twitter, Classifieds and many more. Get your F-R-E-E training mastering these marketing methods and many others at: MY FREE ONLINE Marketing System.
What Can You Do To Break Free and Start Making Money
While you too may be sick of the many internet lies, it can be hard to tell the difference between fact and fiction.
Unless you’ve invested in pretty much every product out there and found out the expensive way, it can be hard to know.
How do you know which information is slightly misleading and which information is outright fabrication?
How do you know if the information you purchase is preventing you from achieving success or will enable you to finally create sustainable income?
And how long will it take you to realize the facts?
It took me far too long.
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When I finally understood and saw through the deliberately engineered porkies, I didn’t get mad…
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In October 2009 (in the height of the recession) I had no JV contacts, no name and no list. A month later I couldn’t believe how quickly my success came.
Just 32 days later I had generated 7 figures from a single product in 7 days.
How?
My success can be attributed to one crucial factor. I saw the truth.
And through The Myth Report, I want you to see it too.
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After you’ve read this report you may never look at Internet Marketing in the same way again. Your eyes will be opened and you’ll see things from a new perspective.
Before I saw the truth, I used to believe many of the illusions of the Internet Marketing world.
Like many other first-time marketers, I fell prey to one of the most common Internet Marketing myths out there.
The first myth I expose is perhaps the biggest thing that prevented me from becoming successful at Affiliate Marketing. And I have have already said, now I can easily make between $50,000-$100,000+ in commissions (not sales) from a single product promotion.
Looking back affiliate marketing wasn’t as easy as the “big boys” made it out to be. And I could never understand why.
I worked long and hard to promote affiliate products, trying every strategy that was recommended to me. I worked longer hours than in my day job.
I had made some money through affiliate marketing. But after I broke free of this one simple myth (obvious really, you’ll kick yourself when you see it - I did) I finally started making the real money..
The truth is, affiliate marketing didn’t work properly because I had gotten it all backwards.
Once you have read The Myth Report you will know what I am talking about. You too will feel that sigh of relief as the aha moment hits.
The problem is, these myths are everywhere.
And they’ve become so ingrained in the Internet Marketing world that it’s hard to separate the lies from the truth. (Especially if you don’t know what you’re looking for.)
The sad thing is many people don’t even realise they are lies. They’re just passing on the same information that they were taught.
By then you’ve wasted so much time, money and energy that it could be too late to turn things around.
The Myth Report has been designed not only to help break many of these myths, but to show you how to avoid falling for other misguided information in the future.
Let’s face it…
You’re powerless against an enemy that you cannot see. There’s no point trying to avoid something when you have absolutely no idea what you’re avoiding.
You need to know what you’re up against, so that you can take the necessary steps to make sure you don’t become just another victim.
Keeping your head buried in the sand will always prevent you from seeing where you need to be going.
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Your journey to realizing the truth begins with a simple click.
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The rapid pace of the Internet revolution has completely revolutionized the concept of Net Meeting. Today, Web downloads of the meeting are offered by several companies that are feature rich. Multipoint data conferencing, text chat, video and audio conferencing, exchange programs, exchange remote desktop, whiteboard and file transfer are some of the important features.
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