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After receiving many questions about coins on Ebay or just from inquiring collectors looking for some help. I decided to write a short guide on ten helpful topics for the novice. Information I would have needed to read as a beginner, not the obvious but nothing too compelling either.
Coin Lingo: P, D, S, O, CC, Liberty, etc...
The term Liberty has several meanings in US coins. The most obvious is that US modern coins are required to have the word "liberty" but in years past they were a few varieties that lacked this slogan. The second, Liberty symbolizes the figure on the coin and can sometimes appear as a feminine figures bust, full standing/walking figure or in some cases a symbolic figure (many believe the Mercury dime depicts the Goddess Mercury but in fact illustrates a Liberty rendition with Greek influences). Indians/Native Americans were often depicted to replace liberty. This trend began as a new head dress for Lady Liberty and progressed into realistic Indian figures (i.e. Buffalo Nickel & Indian Head Gold). In modern coinage, most coins now depict a president or historical figure, and Bullion & Commemorative coins feature these "motif" designs of the past.
Liberty is a term that is widely used in classic US coinage to refer to the Woman (symbolic figure for freedom i.e. the French gift of the Statue of Liberty) depicted on a coin. For the most part classic US coins depict Liberty (NOT a President or another influential figure) and until the introduction of the Lincoln cent, US coinage was strictly Indians and Lady Liberties. As extensive as US coinage is there are exceptions, the first coins to depict living men were the Lincoln cent then the Early Commemoratives or even further back, Colonial Coinage often featuring George Washington (at the time her was considered nearly a dictator and treated like one in terms of coinage). It wasn't until the 1930's that historial Presidents became quite common. Then as several Presidents passed away during the 20th century, Congress enacted laws to allow for the immediate inception of FDR, JFK & Eisenhower to appear on coins. American coinage began a new era of sophistication. Our country was old enough to have genuine historical figures and our country was soon turning 200!
The word Liberty appears on most US coinage and if not, it appears in symbolic form detailed in a Lady Liberty figure. Also required on modern coinage are the terms "In God We Trust" & E. Pluribus Unum" but often is missing in coinage dating before the 20th Century. Examples; Shield, V & Buffalo Nickels...they contain one phrase but not both, often changing with many design variations.
Presidential Dollars:
I get a lot of questions asking about this coin and since it is so new I suppose it is worthy of going into a little further. To summarize, the coin is commemorating every president (US coin rules prohibit living figures from appearing on currency or those that died less than the time period stated for qualifying). There will be four coins a year going in order of term served. The coins are very unique because they are one of only a handful of coins that feature edge lettering. The last US coin that had the edge lettering was the 1933 Gold Double Eagle, before that it was the early 1800's. You get the idea now that this design feature isn't very common.
The dollars feature several slogans that are congressionally mandated, on the edge of the coin. Such as the In God We Trust & E. Pluribas Unum, as well as the date and mint mark. Some of these coins are showing up without any edge lettering, creating quite a stir and a lot of buzz on ebay in the error coin community. Check out all the error coin listings on ebay here.
The unicirculated coins come in two variations or positions. A and B, with A being able to read the letters with the HEADS UP, and B being able to read the edge letters while the coin is HEADS DOWN. This is NOT the case with the proof coins, all proofs are heads up. the mint must have a more controlled process not allowing the coins flip over in the minting process.
This is an interesting series because of the comprehensive historical value in making these coins public. Many people will learn their past presidents for the first time and some will wonder why Grover Cleveland will be on two seperate coins (for two non-consecutive terms). But more importantly, we will learn more about their wives as the Gold First Spouse coins are released alongside the dollars. These gold coins will be quite limited and perhaps create even more buzz than the dollars. They're a hot item and prices are only going up...check em out here .
One of the smarter moves by the mint within this series is the First Day Coin Covers. These were popular with the quarters at first, but then everyone found out they made thousands of them and you can still buy many of them directly from the mint. There was no valuable limit to these sets and do not go for much on ebay. The presidential dollar however, is limited to only 50,000 per president, not very many considering that several million people actively collect coins in the US alone. The Statehood quarter system got many involved, not the dollar series will keep them going for life.
Third Party Grading Services:
Modern vs. Early Coinage:
Variety, Type, Set, Pattern:
Variety refers to a variation in a design. For example the new Westward Journey Nickels have 4 different varieties and TWO different obverse design making creating TWO type coins and FOUR varieties in the two years of design change. If you include 2006 Return to Monticello in the series, that makes 3 and 5, respectively. Variety is the spice of life... so collect a little bit of everything so you enjoy your collection more when admiring.
Type refers to specific characteristic of a particular coin variety. It can range greatly from an error coin to a new design of a coin. Collectors often search for types in order to have one of "every" coin possible within the coins denomination or design. Type collecting can be searching for an extremely worn coin that is very valuable but would complete all the types in that set (i.e. buying a 1918/7-S Standing Liberty Quarter in Good to finish off a SLQ collection). However, type collecting can also be of coins that are not rare but fit the description for that design. Its the rare varieties that are always the hardest to collect in type sets.
Pattern coins are those that are only used for one year or never officially released into circulation on a wide scale. A very popular pattern coin is the Flying Eagle Small Cent.
Mint State vs. Proof vs. Satin Finish:
Proof is a special finish of a coin the US Mint performs especially for collectors. Most modern coins have frosty device (the object of craftsmenship on the coin) and mirror field (background) most early coins do not have a frosty look but have a shiny mirror finish. Proof coins are created by a special process and the quality is of utmost importance.
Brilliant Uncirculated vs. About Uncirculated:
AU is a term that is officially used in grading for coins that have preservation levels below mint state. These coins are almost uncirculated and have a slight wear on the surface. Coins at this level may appear to be mint state, but a careful eye can see the difference from the original design.
Ebay Seller Grading:
I have written a review on steps to take if you have been scammed or have felt mislead on ebay.
If you would like consistent help on grading buy a Photograde or ANA Grading Standards book for pictures of nearly all coins in the major grade points, with descriptions for all grades. This way, all you need is quality photos to grade, always be weary of fuzzy or distant photos.
Required Reading:
The Red Book - spend the $15 and it will be the only book on coins you need for a long time.
This would be the most reliable source to recieve help in collecting - The most common and reliable source of information would be what is known as the RED BOOK. Many even trust the BLUE BOOK, which is very similar but has a slightly different setup and less pricing for each coin. These books now have a ton of helpful information about collecting, history, grading and all that is discussed in this guide. It is a great place for any collector to start and many professionals buy these books as a reference. They are solid on pricing, offering a conservative and realistic view on pricing. Some publications either inflate a coins price or do not show what the market is demanding for it. Example; the Commemorative Buffalo Silver Dollar, it is being sold on Ebay for $200 to $300 even when pictures are vague. It is a very popular coin and many price guides still list it at around $170, a reasonable price well before the Gold Buffalo was introduced. Yet, many of the prices given for coins with high mintage are very hard to fully realize there listed price.
Any book written by Q. David Bowers...
His books are well written. There are books for the beginner as well as the coin aficionado.
Second, Scott A. Travers. His books are geared more to the beginner...but his contributions to the coin industry and immeasurable. He is very honest about the coin dealer/collector relationship and exposes industry secrets in making money.
Point is, buy these books to start and then, as a solid investment and good reading material, look for new material every year. Yes, the Red Book is reading material. I find new information all the time. Its like reading an Almanac, heavy in information but can be interesting to find the changes.
And now to make it TEN topics!
Silver vs. Clad:
The new PROOF Statehood quarters come in 90% silver and nickel-cupro CLAD. The clad is the same composition as every day quarters, only these coins are specially prepared proofs. The silver are often worth much more so you must be aware of their composition. If it doesn't say silver directly...its NOT silver.
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