Coin Collection
At Pacific Coin and Currency, located in the bustling Pacific Mall in Markham, Ontario, we are always thrilled when people enter our store eager to start collecting coins for the first time. A family-owned and operated business we are experts in all aspects of coin and currency collecting. Often people who drop by our store have never collected before, but they soon learn the fascinating world of coin collecting and they become valued regular patrons!
If you are brand new to collecting coins, there are some tips to get you started.
Why Should I Collect Coins?
We find a lot of people who enjoy collecting coins have previously enjoyed collecting something earlier in their life, whether it be toys or baseball cards as a kid many collectors have a ‘bug’ for collecting! The first thing we advise people who are interested in collecting is that they should find a sense of enjoyment and fulfillment in it. The personal enjoyment that can be gained from collecting coins can last a lifetime. The second reason many people collect coins is as an investment project. With careful research and some guidance, people can create collections of great value.
Do I Need a Lot of Money to Collect Coins?
No! While each coin does have a cost associated you can start your collection with minimal investment. We have coins on sale for as little as $20.00. Serious coin collectors can, in time, end up investing thousands to millions of dollars in their collection. How much you spend is entirely up to the individual – at Pacific Coin and Currency our experts love working with collectors across the spectrum.
How do Coins get their Worth?
There are many factors that go into valuing a coin. While coins have their face value, collector coins often cost more (sometimes much more) than their face value. When determining the value of a coin dealers consider the original face value of the coin, its historic value, features, mint year and its availability. Dealers will also know the market and be able to determine if there is a desire for particular coins; the more a coin is wanted the higher the corresponding price.
What’s With all the Weird Words?
Coin collecting, like many hobbies, has its own vocabulary. It’s important (and interesting!) that you know the words associated with coin collecting. Here’s a quick review of the basics:
Numismatist – Congratulations! Once you start your coin collection you are a Numismatist! This word means a student or collector of coins or paper money. The origin of the word Numismatic is from the ancient Greek word nomisma which means current coin or custom. Over time the word nomisma was translated into the French term numismatiques, then into English with numismatics. The related word Numismatics is the word to describe the study or collection of coins or currency.
Circulation coins – These are coins that have been used in commerce and circulated for use previously.
Uncirculated coins – A coin that was made for, but never circulated for use.
Commemorative coins – These are coins that have been minted to commemorate a particular historical event or a person. The first commemorative coin in North American was minted by the U.S. Mint in 1848, it was the ‘CAL’ quarter eagle which commemorated the finding of gold in California. These coins have a monetary value and could technically be used as currency, but they are often not meant for wide circulation.
Mint – A facility that makes coins. Often these are described in association with a nationality, for example: The Royal Canadian Mint. Not all countries have their own minting facility – Canada, for example, produces coin and currency for several other countries.
Mintage – This is the number of coins issued of a particular design.
Face Value – This is the nominal value displayed on the coin. This is not what you pay for the coin.
Intrinsic Value – Based on numerous factors, the intrinsic value denotes the actual value of the coin.
Coin set – This is a set of uncirculated coins released by a mint.
Bullion – Bars, plates, ingots, wafers and coins made from precious metals, usually gold or silver.
Engraving – The process of how an artist’s design is adapted and transferred to a coin.
What do I Store and Care for my Coin Collection?
Fortunately getting started with your coin collection isn’t too costly. We recommend to our clients just starting out that they gather the following materials:
- Cotton gloves – you should never touch your coins with bare hands, cotton gloves will help keep your coins clean and in good condition.
- Storage holder – many of our clients purchase simple binders with clear plastic pocket holders, this will enable you to view your coins without removing them from the plastic.
- Notebook/Software – to help keep track of your collection it’s always a good idea to set up your records using a notebook or even software.
- Magnifying glass – the details on many coins can be challenging to see, a magnifying glass can help you see the fascinating details on your coins.
How on Earth do I Start?
That is a great question that we get all the time at Pacific Coin and Currency. First, we always tell people that it helps to find the kind of coin you like. Some people base their collections around a specific historic period, others want to grow their collections quickly – for them we recommend starting with coin sets which are relatively inexpensive and provide a good starting point. Some clients want to collect coins from a specific country. With coin design becoming more and more innovative many people are drawn to coins that use new design techniques.
Come in and See Us!
At Pacific Coin and Currency, we are always available to answer any questions you may have – we enjoy passing on our expertise to our customers and introducing them to the world of coin collecting. We always recommend that people pop into our store, located in the bustling Pacific Mall in Markham, Ontario. We are in Unit #A55 and are open daily from noon to 7 pm. You can of course purchase coins from our store, but we also have a large selection of coins online; we also hold online auctions.
So, pop in today or give us a call to get your coin collection started!
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