While looking thru your pocket change, you may have noticed that some coins have ridges. The term is actually called “reeding”. Although many may think that these reeded edges are there for decoration, this was not their original intent. In earlier times, these ridges were created to prevent clipping and counterfeiting of coins.
Historically, higher denomination coins were made from precious metals, such as silver and gold. Criminals would shave off the sides of the coins and sell the metal flakes. To avoid having to carefully inspect each coin, countries introduced reeded edges. This reduced the risk of shaving and prevented counterfeiting.
It was not cost effective to create ridges on lower denomination coins, since these crooks had little interest in copper and cheap metals.
Today the ridges on coins have remained there and the tradition has too. Since then, many new styles of reeding have been introduced World Wide.
In order to identify fake coins, collectors should make themselves familiar with the ridges of their collection.
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There are several things to look at when determining if your penny is made of zinc or copper.
- Drop Test: If you happen to already have a penny, which you know is made from copper or zinc, and then you will be able to differentiate the sound. Each metal will be distinctive when dropped on a hard surface. Copper has a higher pitch. Compare that sound to the pennies, to determine their metal composition. If you collect pennies, it’s not recommended to do the drop test, since you can damage the coins and diminish their value.
- Date: If your penny has a date bettween1959 and 1981 it will be copper. There are some valuable and rare pennies such as those produce from steel, issued during the war in1943. Also, error copper pennies were minted in 1983. For pennies minted in 1982, the best way to tell the difference is weight.
- Weight: A zinc penny will weigh 2.5 grams, while a copper penny weighs 3.11 grams.
If you are a coin collector, it’s important to familiarize yourself with your pennies. The right information, will help you better ascertain the value of your coin collection.
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Before opting to get a coin authenticated, make sure the coin is worth more than the cost to get it authenticated.
There are many convincing counterfeits in circulation, which are deceiving to the eye. With the number of forgeries on the rise, getting your coins authenticated might prove to be a good decision. In addition, certain coins will be harder to sell, if they have not been professionally authenticated.
You can get your coins authenticated, graded and slabbed by a 3rd party. They will then be placed in a special certified holder for you, so they can be protected from deterioration. Slabbed coins keep their value over time and are a good way of demonstrating your coins are genuine.
Authentication gives your coins market appeal and the ability to sell slabbed coins at a premium. If you have a coin that is rare or a coin that is often thought of as a phony, it might be a good idea to get it authenticated.
When a coin is professionally graded, there will be little disagreement between the buyer and the seller, on the quality of each coin. For investment purposes, slabbing a coin would be a good decision, if you plan on selling it at a high price. Furthermore, authenticating your coins, will give them credibility, and preserve their value.
Regardless, it’s important to find a well-known reputable dealer, when buying your coins. Educate yourself about the coin you plan on authenticating and then determine, if it would be a good investment to pay for the service.
To find out more about authenticating your coins, please visit us at http://www. yellowriverrarecoins.com
There are different gold investment options that are attractive depending on each individual investor.
- Gold Bars: buying gold bars is fairly simple. It can be done online and might be a good choice, for those that want to buy large quantities of gold.
- Gold Jewelry: gold jewelry is an option, but keep in mind you will pay for craftsmanship. Older jewelry pieces carry more value. You can purchase jewelry thru estate sales, pawnshops and auctions. When buying jewelry thru an auction, remember that it’s up to you, to ascertain the real value of each piece. In addition, you will have to factor in shipping and taxes. Always keep a receipt of your purchases.
- Gold Bullion Coins: you can go thru a reputable dealer or even purchase them online.
- Collectible Gold Coins: requires more effort and is not as straightforward, but can also turn into a lucrative hobby.
- Gold Certificates: this is a good alternative for those investors that don’t want to worry about storing their gold.
- Exchange Traded Funds: usually done thru a stockbroker. With this option, you won’t have to worry about storing your gold.
- Gold futures: this is a legal contract to receive gold in the future at a pre-agreed price. This choice is a little more complex and carries a higher degree of risk. It could yield high returns, but it’s not recommended for the novice investor.
To find out more about investing in gold, please visit us at http://www. yellowriverrarecoins.com/
There are many ways you can catalog your coin collection. You can use software, checklists, spreadsheets or even catalog sheets. There are also websites that allow you to record and catalog your collection.
Accurate records will help you stay organized, if you decide to leave your collection for future generations. Itemized notes of your coins, will also be beneficial when selling your coins, and will be easier to keep track of your goals.
We have compiled a list of tips to make it easier to generate your catalog:
- Keep a written record of where you found the coin, date, what you paid for it and what you think it’s worth today.
- Determine the metal it’s made of, mint mark and country of origin.
- Use a scale to weigh your coins and record it in your notes.
- Keep your records separate from your coin collection, in case of theft. In that case, you will have itemized records of each coin.
- Take a look at the IRS guidelines for coin collecting. These records are important for tax purposes.
- Note the color and size as well as any images on the coins.
- Document any inscriptions.
- Arrange each denomination from least to greatest value.
To learn more about coin cataloging, please visit us at http://www. yellowriverrarecoins.com
The United States Congress is contemplating replacing the $1 bill with a coin. By doing so, they hope to save billions of dollar’s in printing costs.
The COINS Act could save taxpayers billions of dollars but has caused some debate among business owners. Although it’s cheaper to produce a $1 bill, the lifespan of a coin averages 30 years; in comparison to a bill, which has to be replaced every few years. Many other countries such as Japan and Spain, have already replaced lower denomination currency with coins.
Although it would save the United States money, there are concerns for small businesses. For example, vending machine companies will have to invest in new equipment. The replacement of equipment to incorporate these new coins might prove to be extremely costly to the private sector.
If the COINS Act were to pass, it is unlikely that it would force businesses into an immediate change. The elimination of dollar bills, would take some time. Many would argue, that by opting to phase-out the dollar bill now, it will allow some room for businesses to take into consideration, when repairing and upgrading equipment.
For more information about coins, please visit us at http://www. yellowriverrarecoins.com
In order to preserve the rich history and value of your coins, you need to be careful on how you store them. When starting a coin collection, it’s important to stay organized.
Coin collecting has become quite common. Most convenience stores today, will carry inexpensive folders to exhibit and store your coins. Unfortunately, folders typically only display one side of a coin. If you decide to upgrade, you can choose to store them in an album. An album will show both sides of each coin. In most cases, as your collection grows, you will be able to add additional pages to the album.
You may also want to use holders, if you think you might need to include more information about your coins. There are many inexpensive holders, which you can use to start coin collecting. You can also use paper envelopes to store rare coins. When using paper envelopes, make sure they are designed for coins or they might react with silver.
It’s important to store coins away from humidity, extreme cold or heat. Ideally, it’s preferable not to expose your coins to air. Air will oxidize coins and could change their color. If you decide to store your coin collection in a bank vault or a safe, make sure you place a silica gel pack inside the box. The gel will absorb any humidity that could damage your coins.
To learn more about coin collecting please visit us at http://www.yellowriverrarecoins.com