Coin Collecting: How to Start & Spot Valuable Coins

Coin Collecting: The preservation of the old relics that record the economic history of a region must be entrusted to professionals. These professionals are called coin collectors. So what exactly is coin collecting, and how do you become one? Our article tells you more on the subject.

What Is Coin Collecting?

In general terms, anyone whose role is to collect a wide variety of rare coins is called a numismatist. A numismatist gathers coins in order to complete sets of coins, according to their own goals and their own guidelines. Coin collectors appraise a coin mainly on its date, its condition and its place of origin. Coins bearing minting errors also carry great value for collectors.

What Does a Coin Collector Do?

• Coin values: coin collectors can value a rare coin anywhere from a few cents to more than 9.818 euros. The rare coins produced in small numbers are generally worth more than coins intended purely for circulation. Older coins are worth more than more recent ones.
• Coin grading: collectors of old coins assess the condition of their coins on a scale. The most valuable coins are graded as uncirculated and are worth a small fortune. Worn or damaged coins are cheaper. However, even though these terms are used to describe the same person, a few telling differences remain between them.

Numismatist vs. Coin Collector: What’s the Difference?

A coin collector aims to complete sets of coins in line with a personal goal. They judge the condition of the coins and rank them. Numismatists, by contrast, are people who study coins and currency.

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Their approach to the world of money goes beyond the historical, social or artistic angle. They can spend many hours every week, or even every day, devoting time to researching everything they can learn about coins and currency.

Numismatics for Beginners: Learning the Terminology of Old Coins

Like any specialty and any field, numismatics has its own jargon and vocabulary. You therefore need to master the specific terms of the field — the first lesson of numismatics for beginners. These include, among others:

• Intrinsic value
• Face value
• Uncirculated coin
• Circulated coin

The same goes for expressions such as numismatic proof-quality coin, mintage, rim, relief, reverse, field, obverse, edge and so on…

How to Start Coin Collecting

To do this, you can choose between two main methods:

• First method: it consists in opting for coins that appeal to you on the visual and emotional level. These may be gold coins or silver coins.
• Second method: it allows you to build up sets of coins.

As for the coins that attract you, bear in mind that they can be special to a coin collector for different reasons. It may be because of their intrinsic value, or the richness of the materials they are made of (pure silver or gold, platinum).

Identify the Type of Rare Coins to Collect

As soon as you notice similarities between your collectible coins, you can do two things.

• First: you must notice them, which will strengthen your sense of what you want to collect.
• Second: this will help you create sets based on the type of coin.

Get the Right Accessories and Learn How to Use Them

Basic instruments are indispensable. These tools will be useful for storing and handling your coins with care. To begin with, you will need:

• A magnifying glass to see the details of the coins clearly. One with 7x magnification is ideally recommended;
• A notebook, index cards or software to catalog your growing collection;
• Storage to protect the collection and keep it dry;
• Cotton gloves for handling the coins;
• A general reference work on coin collecting.

How to Store Your Coin Collection Properly

To keep your coins from losing value, always wear cotton gloves and never touch them with bare hands. Indeed, dirt and grease on the fingers damage the finish of coins and reduce their value. You should avoid latex or plastic gloves, as they contain powders and lubricants that may damage the coins.

As for handling, always pick up a coin by its edges, between thumb and index finger. Never hold a coin while touching the obverse or the reverse. Avoid talking while you hold a valuable coin too — that advice is worth following, because tiny droplets of saliva can form stains that are impossible to clean. Preserving coins also involves storing and displaying the collection in line with best practice.

Where Can You Find Coin Values?

• Appraising a coin yourself: to find the value of a coin on your own, start by identifying precisely the type of coin you own as well as its condition. Identify and list every aspect of the coin: its metal, its weight, its thickness, its legend and possibly its date. Nor should you forget the portrait and the symbols shown on the coin.
• Calling on experts: it is also possible to consult a professional numismatist directly. Such a person is a specialist in collectible coins and can give you an estimate of your coin. This expert, the coin collector, uses various means to help you, namely several catalogs — the Leuchtturm catalog, Gadoury and Le Franc, and Gadoury Blanc.
• Websites: beyond collectors of silver, gold or other metals, you can estimate the value of your gold or silver coin through websites. These coin collector websites are devoted to currency and provide free information on the value of coins. The site specializing in Gold & Silver for the sale and purchase of old coins will also let you check the value of your coins.

Which 2 € Coin Is Worth 600 €?

It is the Monaco 2 € coin. Indeed, this Monegasque monetary relic bears the engraved image of the actress Grace Kelly, who became Princess of Monaco. It was struck in a mintage of 20 000 copies on the occasion of the 25th anniversary of her death. This coin is worth between 600 and 1 200 €.

However, this is not the only coin worth an equivalent, or even higher, amount. You can also find the Spanish 2 € coin. Issued in 2012, this coin marks the tenth anniversary of the euro. It was struck in a mintage of 8 million copies, and these can fetch around 2 000 €. The German 2 € coin can also be listed. Created in 2008 and struck in a mintage of 30 000 copies, the latter is worth between 200 and 3 000 €.

What Coins Are Worth Money?

• Hybrid 2-centime coin: this monetary relic is popular because of its flaw. Indeed, this coin carries the design of a 10-centime euro coin on its reverse. This very rare coin, struck in 2011, can fetch a sum approaching 1200 euros.
• Double-sided 20-centime coin: as its nickname suggests, this coin has two head sides, which is out of the ordinary in the field. That rarity lifts its price, which currently stands at 695 euros.
• San Marino 2 € coin: created in 2004, the San Marino 2 € coin is the most sought-after when you visit this city. It is a special relic commemorating an Italian historian and numismatist named Bartolomeo Borghesi. Depending on its condition, this coin can be worth between 200 and 300 euros.
• Monaco 1 € coin: one-euro coins from the Principality of Monaco are often quite expensive. But two of them are highly sought after, namely the one struck in 2006 and the one issued in 2011. Their value now exceeds one hundred euros. Thus, the 2011 coin is worth 120 euros and the 2006 coin 115 euros.
• Other coins with value: the Monaco 1-centime coin, the Vatican 2-centime coin, the Monaco 2-centime coin and the Vatican 2 € coin. All of these coins have been appraised at sums approaching hundreds of euros.