Wednesday, June 17, 2009

From Reference.Com The U.S.Mint

Fact of the Day: Mint

The first U.S. mint was established in 1652 - in defiance of English colonial law - by John Hull, a silversmith in Massachusetts. The first coin issued was the Pine Tree Shilling. The initial issue consisted of simple round planchets with NE punched on the obverse and the denomination on the reverse. John Hull's share in the profits of the mint was fifteen pence out of every twenty shillings and he rapidly amassed a fortune. With the exception of Maryland, where Lord Baltimore struck off a few silver coins, Massachusetts is the only one of the 13 colonies that had a mint before the American Revolution. The mint in Philadelphia was founded in 1792 and still makes the majority of the coins used in daily circulation in the United States. The mint in Denver, founded in 1906, also produces general coinage. The mint in San Francisco, founded in 1854, discontinued making general coinage in 1955; but was reestablished in 1965 to make proof sets of coins for collectors. The mint at We st Point, New York, is now used primarily for gold minting.

From Reference.Com

Thursday, June 11, 2009

Commemorative Coins

What are Commemorative Coins?

Commemorative coins have become very popular. Many people want to have different kinds of coins in their collections or for souvenirs. Many times they are used as traditional gifts for special occasions. These coins are not considered to be practical gifts, bur are commemorative items that can be kept for years as special souvenirs when received by a special friend or loved one.

There is a strong demand for these coins among people who are collectors as they may have significant meaning to them. Others will want them to remember an important day or occasion. The mint date and the event celebrated by the coin could be one factor people consider them collectible items. c

Since the 1970s, the individual coins were available in the market every year, but are now available as sets in packages or in special displays. Many collectors say that one reason they are marketed this way was the depreciation of their value starting in 1971. The introduction of the euro may also be a factor.

There are countries that have produce commemorative coins and used these coins for propaganda. There were monarchs who issued coins to commemorate past or current events and/or celebrations that recognized their authority.

The half dollar was produced in 1892 to commemorate the Columbian Exposition in Chicago. This was a celebration to mark the 400th anniversary of the expedition of Christopher Columbus and his discoveries in the world.

During the following year, the first quarter dollar commemorative was introduced to signify the Exposition as well, but it also gave honor to queen Isabella of Spain. She was the one who “back-pedaled” the political agendas on Women Rights.

The first commemorative coins that were made of silver were introduced in the 1900s. The coins were minted in honor of Lafayette and George Washington. In the following years, the half dollar coin was denominated, and the legal tender commemorative coins were created to mark celebrations rather than historical events. These coins are recognized today as classical sets of special coins of historical events between the years1892 - 1954.

It was in 1932 that the Washington quarter dollar was released as the United States’ second commemorative coin in its denomination. It was issued for the 200th birth anniversary of George Washington. The coin also continues its circulation as a commemorative coin because of its popularity.

It was uncharacteristic to circulate a commemorative coin of the 1892 - 1954 era in the United States because the government had not intentionally put them into circulation, (they were not legally approved by the government for public use) so collectors will not pay the premium costs of these coins that are still in the market.

In 1975, that the Bicentennial quarter was introduced. It became the second circulating commemorative coin in the country, while the silver dollars and half dollars (1776 – 1976) were reissued as a special collector’s edition.

Many collectors have different agendas when collecting these coins. Some prefer commemorative coins from 1892 - 1954 while most collectors choose the modern editions. They know that these coins have different values depending on the series and/or editions.

Although there have been different series released, a proposal was submitted to congress that would mark the Lincoln cent for his birth anniversary. No one knows whether or not the 1-cent denomination commemorative coin will be minted.

The confusing part of these commemoratives that are circulating is the pattern of the denomination. The 1776-1976 commemoratives half-dollar and silver dollar may not be included in collections because of their scarcity. Most of the coins that are circulating are the quarter dollar coins. It should be an interesting development for the proposed circulation of the one cent commemorative coin.

Wednesday, June 10, 2009

Design Types Of US Coins And Coin Collecting

Design Types of US Coins and Coin Collecting

Coin collecting is a fun hobby that anyone who has the time can do. A coin’s history and its development can be learned by collecting them.

At one point in time, between 1838 and1933, the United States issued gold coins for circulation. The Liberty Head bust was used as the design until 1907. The design was then changed to the Indian Head and Saint Gaudens motifs until 1933 when the “Great Depression” started. This prompted the recall of the coins which makes it very rare to find any of them today.

The most valuable coin in the world is the 1933 Double Eagle. This was a $20 gold coin that was made in the 1800’s after the California gold rush. This coin was not allowed to be used in the 1930’s and when this coin was auctioned in 2002, it sold for nearly eight million dollars.

Since gold coins are hard to find, most collectors select other coins.

One type of collection you might consider is the one made up of coins that are flawed when the coin was minted. If you can find a coin with a misspelled word, a wrong date, off-center characteristics, or double-punched marks, these coins are valuable. Such mistakes can increase a coin’s value from $50 to a $1000.

Coins that were only issued or circulated for short period of time also make good collectibles.

A coin collection is at its best if it is focused on a certain coin. A collector can choose from pennies, nickels, dimes, quarters and dollars.

Another way of collecting is disregarding the types of coins but concentrating on a certain time period. Coins have different mint marks and collecting those that were struck in the same location can also be interesting. The important thing for hobbyists is to stick to the collection until it has been completed.

For a good start subscribe to a coin publication such as Coin World or Coinage Magazine for information on the types of coins that you might want to collect. The internet or a local coin shop can also help expand the search for those coins that can’t be found in your locale or out of state.

Building a coin collection will take a long time - months or even years. The United States has produced so many coins that it is hard to keep track of them. By deciding on the coin(s) you want to collect, the challenge to complete that collection begins.

Tuesday, June 2, 2009

The Basics Of Coin Collecting

The Basics of Coin Collecting

Coin collecting is said to be the “Hobby of the Kings.” Coin collecting is different from money hoarding. Collecting coins as an art form can be traced back to the 14th century. Today, people all over the world are collecting coins. Some collect it for their value, some just like the sheer fun that they get from getting their hands on different coins.

If one is interested in making coin collecting a hobby, he can very well do so. It is a hobby which does not require a certain skill and it can be done by almost everyone.

There are many different kinds of coin collectors. There are those who do it for fun, and others do in a more serious manner.

Informal coin collecting

Most coin collectors, especially the children, start out as informal coin collectors. They are laid-back collectors which do not have a specific goal in collecting coins. They might collect coins from different countries or from different time periods without any intention of being serious about it.

Inquisitive coin collecting

Once the informal coin collector starts noticing the details of the coins, he becomes an inquisitive coin collector. This kind of coin collector won’t bother much into spending money to get coins. He merely wants to appreciate the coins. Soon, he will start to put them in containers or albums.

Advanced coin collecting

An advanced coin collector will collect coins with a specific target in mind. He may want to collect coins from a certain nation, or a certain time period.

There are many tracks which coin collectors pursue when engaging in their hobby. Here are some of the ways one can use in collecting coins:

Coin collection according to nation

Many coin collectors would want to collect coins from a certain nation during a certain period of time. This kind of coin collection lets the collector travel the globe through the coins. People may want to collect coins from countries they had visited.

Historical coin collection

Another way of collecting coins is by taking in mind history. Many coin collectors engage in collecting coins during a certain period in history like wars or declarations of independence.

Error coins

There are people who find collecting coins with errors exciting because these kinds of coins are rare nowadays.

There are many ways to collect coins and each way is as fun as the other. One must feel the hobby first before he decides whether to stick with it or not. Coin collecting can require certain amounts of money and the collector must be wise in engaging in such a hobby.