by Numismatist Joseph E.
Boling
Federal Way, WA 98063-4718, USA
Phone 253-839-5199 Fax 253-839-5185
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SPECIALIZING IN JAPAN |
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IBNS (Treasurer; Past President; LM 8) |
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ANA (Chief Judge, 1991-93, 1995-; LM 2888) |
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PNNA (Secretary, Treasurer; HLM 26) |
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ANS (Standing Committee on East Asian Coinage; Life Fellow) |
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FRNS, NLG, ONS, NI, SPMC, UCC, SCC |
Revised 7 January 2002
Collectibles money (numismatics)
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Numismatics the collection and study of coins, medals, tokens, decorations, paper money, stocks/bonds, souvenir cards, exonumia |
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Where found circulation, family hoards, treasure, auctions, dealers, coin shows, "mints," museums |
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Sorting and classification general knowledge, examination, reference books |
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Care (with care) and cleaning (dont) |
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Housing and storage working, permanent, short term, long term metallic and paper |
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Authentication contemporary counterfeits, museum counterfeits, commercial counterfeits, collectors counterfeits, "innocent" replicas, the Hobby Protection Act |
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Grading adjectival, numeric, proof, third-party, foreign, paper |
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Evaluation face value, intrinsic (bullion) value, retail sale offerings, auction prices realized, reference books |
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Retail vs. wholesale |
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"Investment" potential short term (none), long term (possibly) |
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Appraisal insurance, probate, sale |
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Disposal gift (family, charity), auction, sale (collector, dealer), consignment for sale |
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Hobby associations national, regional, local, specialized |
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Exhibiting competitive, non-competitive (local, regional, national, international) |
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Sources of information book stores, public libraries, numismatic book sellers, dealers, collectors, hobby association libraries |
The following is a more detailed explanation of the above topics.
Numismatics each of the areas below has a wide following and specialist organizations
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coins US, foreign, commemorative, "non-circulating legal tender," ancient, primitive, errors |
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medals commemorative, award, amuletic, souvenir, elongated coins, love tokens |
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tokens "good for," emergency, transit, sales tax, ration, advertising, gambling, communion, woods |
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decorations orders, decorations, campaign medals, service medals, fraternal badges |
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paper money currency (governments at all levels, banks), scrip, emergency, military |
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scripophily stocks, bonds, autographs, warrants, broadsides, lottery tickets |
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souvenir cards replicas of (usually) banknotes to commemorate coin conventions or other events |
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exonumia political materials, advertising mirrors, ribbons |
Where found
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circulation pocket change or current notes, domestic and foreign |
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family hoards cigar boxes, safe deposit boxes, jars of cents, heirlooms (including jewelry) |
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treasure sunken, buried, metal-detected |
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auctions estate sales, liquidations, collectibles, numismatic |
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dealers vest pocket, full time, storefront, itinerant, national and international houses |
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coin shows local, regional, national, international |
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"mints" national, commercial, mass advertisers, telemarketers |
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museums local historical, banks, universities, numismatic |
Sorting and classification
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general knowledge slang names, daily usage |
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examination legends, devices, dates, mint marks, privy marks |
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reference books general, specialized |
Care and cleaning
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Handle by edges (especially copper/silver, items with proof surfaces) |
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Handle with care (especially paper) |
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DO NOT CLEAN use no abrasives, silver polish, "dip," soap and water, oils, erasers |
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Leave
cleaning to specialists there are safe ways to clean, but only in the hands
of experts |
Housing and storage
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working storage soft plastic holders ("flips"), 2x2 coin holders, paper envelopes, "penny boards" |
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permanent storage archival materials (MylarΤ or polyethylene plastics, acid- and sulfur-free papers/bindings), low humidity, stable temperatures, no coins in contact |
Authentication
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contemporary counterfeits meant to deceive the commercial public in circulation |
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museum counterfeits electrotypes, casts |
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commercial counterfeits (gold coins) created when holding gold was restricted thousands exist |
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collectors counterfeits meant to deceive collectors (now or earlier) (cast, struck, altered) |
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"innocent" replicas advertising promotions, amuletic pieces |
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Hobby Protection Act requires that replicas be marked (since 1973); domestic application only; not well-known or well-observed |
Grading
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adjectival poor, fair, good, very good, fine, very fine, extremely fine, about uncirculated, uncirculated (choice, gem, and so forth); different standards for every coin type |
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numeric AG-3, G-4, VG-8, F-12, VF-20, VF-30, EF-40, EF-45, AU-50, AU-55, AU-58, MS-60 to MS-70 |
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whats a proof? a method of manufacture, not a grade, though proof coins also get graded |
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third-party ANACS, PCGS, NGC, others; "Eagle-Eye"; technical grading vs "market" grading |
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foreign some standards exist for Canada, Britain, but none so detailed as for US coins |
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paper
same adjectival grades, common across issues, but to different standards (IBNS
for world notes, US commercial (more lenient)); numeric grading of paper just
starting to be accepted |
Evaluation
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face value if still valid (often worth more than face value for older issues in high grades) |
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intrinsic (bullion) value value of silver or gold (in troy ounces) at market rate, less smelting charges |
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retail sale offerings must be for same grade and variety; can vary widely |
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auction prices realized must have several examples, and must also be same grade/variety |
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reference books can be outdated, are only estimates in any event (or worse can be self-serving) |
Retail vs wholesale
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Spread can be as low as 10% for high value pieces with an immediate turnover; material can be non-salable if common or in low grade (or if offered to the wrong buyer). Figure on being offered 40%-60% of retail for desirable material; much less for low-end material. |
"Investment" potential
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short term virtually none; the spreads are too large, the material not very liquid; exception could be bullion coins in a volatile precious metals market (with equal potential for loss) |
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long term only if collected with an objective in mind and with knowledge born of studying the series; if the best quality material is acquired, then held for years (or decades); and if disposed of properly |
Appraisal
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for insurance appraise at replacement cost (must describe the material explicitly) |
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for probate appraise at low wholesale |
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for sale appraise at "best wholesale" or auction expectation (and be prepared to take the time to achieve this result see disposal below) |
Disposal
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gift (family) bequeath or give to a family member who will appreciate the material or who will know how to dispose of it advantageously if retention is not desired |
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gift (charity) similar to above, but with knowledgeable tax advice (this can be tricky) |
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auction find the company that specializes in your material (divide it if necessary); be prepared to wait for several months to be paid; expect some results to be disappointing |
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sale (to collector) find a collector who specializes in and needs the material (not someone planning to turn it over) |
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sale (to dealer) find a dealer who specializes in your material (divide it if necessary); get several offers; negotiate |
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consignment (to dealer) expect some pieces to not sell (and thus be nearly
unsalable if you selected the proper dealer to handle the material); expect to
wait many months for final disposition |
Hobby associations
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national American Numismatic Association; American Numismatic Society (ANS); similar organizations in many countries |
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regional Pacific Northwest Numismatic Association (this web site!) |
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local see local club list |
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specialized many, dealing with individual series or issuers of coins, or with paper money, tokens, medals, exonumia, and so forth; see the listing following |
Exhibiting a means of sharing knowledge (or bragging about what you have)
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competitive for trophies, occasionally for valuable coins, at local to national levels |
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non-competitive for the experience, or to educate, at local to national levels |
Sources of information
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book stores for the most common general-purpose books on US and foreign coins or notes |
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public libraries for the same books, and the occasional specialized book |
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numismatic book sellers sell at retail or auction, and can be the only source for obscure or out of print books and journals |
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dealers will often share their knowledge and libraries, but not always, and nobody knows everything |
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collectors will often share their knowledge, and write many articles/books for specialty societies |
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hobby association libraries have depth of resources found in few places; some loan books by mail |
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Editor's choice: This web site and the many other numismatic sites on the Internet! |
National, regional, and specialty societies
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American
Numismatic Association |
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American
Numismatic Society |
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Canadian
Numismatic Association |
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International Bank Note Society |
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Society
of Paper Money Collectors |
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Token
and Medal Society |
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Numismatics International |
Regional societies
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Pacific
Northwest Numismatic Association |
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Northwest Token and Medal Society |
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Blue Ridge Numismatic Association |
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Central States Numismatic Society |
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Colorado-Wyoming Numismatic Association |
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Eastern States Numismatic Association |
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New England Numismatic Association |
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Penn-Ohio Coin Clubs |
plus state associations for most states, several each for the very populous states
Specialty societies
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American British Numismatic Association |
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American Israel Numismatic Association |
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American Medallic Sculpture Assn |
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American Political Items Collectors |
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American Society for Portuguese Numismatics |
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American Society of Check Collectors |
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American Tax Token Society |
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American Vecturist Association (for transit token collectors) |
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Amusement Token Collectors Association |
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Armenian Numismatic Society |
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Barber Coin Collectors Society (named for coin designer Charles Barber) |
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Bust Half Nut Club |
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Casino Chip and Gaming Token Colls Club |
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Civil War Token Society |
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Colonial Coin Club |
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Combined Organizations of Numismatic Error Collectors of America (CONECA) |
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Currency Club of Chester County, Penna. |
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Currency Club of New England |
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Dedicated Wooden Money Collectors |
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Early American Coppers, Inc. |
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The Elongated Collectors |
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Indiana-Kentucky-Ohio Token and Medal Soc |
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Intl Assn of Professional Numismatists |
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Intl Association of Silver Art Collectors |
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Intl Association of Wooden Money Collectors |
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International Primitive Money Society |
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International Society of Jeton Collectors |
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John Reich Collectors Society |
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Latin American Paper Money Society |
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Liberty Seated Collectors Club |
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Lithuanian Numismatic Society |
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Love Token Society |
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Medal Collectors of America |
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National Scrip Collectors Association |
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National Silver Dollar Roundtable |
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Numismatic Bibliomania Society |
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Numismatic Literary Guild (for authors and editors) |
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Old Time Assay Commission Society |
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Oriental Numismatic Society |
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PAK Jefferson Full Step Nickel Club |
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Paper Money Collectors of Michigan |
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Polish-American Numismatic Society |
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Professional Currency Dealers Association |
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Professional Numismatists Guild (for dealers) |
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Russian Numismatic Society |
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Societe Americaine pour lEtude de la Numismatique Franηaise |
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Society for Ancient Numismatics |
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Society for Medieval Numismatics |
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Society for U.S. Commemorative Coins |
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Society of Lincoln Cent Collectors |
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Society of Philatelists and Numismatists |
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Society of Private and Pioneer Numismatics |
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Society of Ration Token Collectors |
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Souvenir Card Collectors Society |
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Worlds Fair Collectors Society |
Reference list
U.S. coins
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Yeoman, R.S., A Guide Book of United States Coins. Western Publishing Co., annual, "The Redbook" (retail values) |
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Yeoman, R.S., A Handbook of United States Coins. Western Publishing Co., annual, "The Blue Book" (wholesale values) |
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American Numismatic Assn., Official American Numismatic Association Grading Standards for United States Coins, 5th ed. American Numismatic Association, 1996. |
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Ruddy, James F. New Photograde. Bowers and Merena Galleries, 1988. |
U.S. paper money
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Hessler, Gene. The Comprehensive Catalog of U. S. Paper Money. BNR Press, 1997. |
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Friedberg, Robert. Paper Money of the United States. Krause Publications, 199?. |
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Krause, Chester L., and Robert F. Lemke. Standard Catalog of United States Paper Money, Krause Publications, annual. |
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Newman, Eric P. The Early Paper Money of America, Krause Publications, 1997. |
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Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. BNR Press 1996. |
World coins
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Krause, Chester L., and Clifford Mishler. 2002 Standard Catalog of World Coins: 1901-present, 29th ed, Krause Publications, 2001. |
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. Standard Catalog of World Coins: 1601-1700, 2nd ed, Krause Publications, 1999. |
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. Standard Catalog of World Coins: 1701-1800, 2nd ed, Krause Publications, 1997. |
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. Standard Catalog of World Coins: 1801-1900, 3rd ed, Krause Publications, 2001. |
World paper money
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Shafer, Neil, and Colin R. Bruce II, eds. Standard Catalog of World Paper Money: vol 1, specialized issues, 8th ed, Krause Publications, 1998. |
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. Standard Catalog of World Paper Money: vol 2, general issues 1368-1960, 9th ed, Krause Publications, 2000. |
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Bruce, Colin R. II and Neil Shafer, eds. Standard Catalog of World Paper Money: vol 3, modern issues, 1961-2000, 7th ed, Krause Publications, 2001. |
Military
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Schwan, Fred. Comprehensive Catalog of Military Payment Certificates, BNR Press, 1997. |
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Schwan, C. Frederick, and Joseph E. Boling. World War II Remembered: history in your hands, a numismatic study, BNR Press, 1995. |
Periodicals
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Coin World, PO Box 150, Sidney, OH 45365-0150, 800-673-8311 FAX 937-498-0812 subscriptions 800-253-4555 |
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Numismatic News; World Coin News; Banknote Reporter, Krause Publications, 700 E. State St., Iola, WI 54990-0001, subscriptions 800-258-0929 FAX 715-445-4087 |
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The Numismatist, American Numismatic Association, 818 North Cascade, Colorado Springs, CO 80903-3279 800-467-5725 (member services) |
plus hundreds of other titles (I have twelve bookcases of numismatic books and periodicals)!
