LITMIR.BIZ

Скачать книгу

are by firms that are not part of established professional numismatics. Collectors and investors should investigate the background of a potential seller before making any significant purchases.

      Take your time and go slowly. As is the case with art, securities, and other investments, coins can be bought instantly, but selling them at a profit may be another thing entirely. That said, for the careful buyer the opportunities for successful collecting and investing in quality numismatic items are as great today as at any time in the past. Inexperienced buyers can purchase coins that have been graded and authenticated by third-party services (see “Third-Party Grading and Authentication” on page 10), and services such as CAC (Certified Acceptance Corporation) offer additional professional opinions as to a coin’s grade. There is also more written and digitized information available for beginners than ever before. And the pricing of rare coins is very competitive in today’s widespread market.

      The shift in emphasis from collecting to investing on the part of many buyers in recent decades has created a dynamic market and demand for coins, resulting in more stringent grading methods and in pricing geared to the perceived rarity of coins in various levels of Mint State or Proof perfection. Coins in high grades that have been certified (professionally graded and guaranteed authentic) and encapsulated (“slabbed”) may be valued significantly higher than similar coins that have not been so treated. In this book, values above several hundred dollars are generally for coins certified by a reputable grading service. In today’s marketplace, “raw” or non-certified coins, or coins certified by other services, are usually valued at less, except for modern U.S. Mint and bullion products. Some television promotions, investment pitches, and offers to sell coins to the general public are priced above what a knowledgeable collector would pay. Moreover, it is important to remember that popular coin magazines and newspapers give no guarantee that items advertised in certain grades will merit those grades if submitted to a reputable grading service. “Bargains” are often anything but. A bargain offering might actually be a loss leader designed to gather collector names for future offerings. On the Internet, auction sites do not examine coins offered for sale—and countless offerings range from overgraded to counterfeit.

      Always buy from an established professional dealer or firm—as you would do if you were buying a valuable painting or antique.

      The editors of the Guide Book reiterate and emphasize that buyers must beware of overpriced or overgraded coins that simply are not worth what is charged for them. This is especially true of coins that are offered for sale online or at electronic auctions, where it often is not possible to examine the items carefully enough to determine authenticity or grade. Extreme caution is advised for anyone considering an investment in expensive coins. Investigate the person or firm with whom you are dealing. Seek professional, unbiased help with grading determinations. Satisfy yourself that the coins you select are authentic and are not priced considerably higher than is being charged by other dealers. This takes time. Do not be in a hurry. Most coins that are available today will also be available next month. Take time to track the price history and trends of coins you are most interested in purchasing.

      Protecting valuable coins from deterioration and theft is another important part of investing. The best protection for keeping coins pristine is to store them in inert, airtight plastic holders (the encapsulation slabs of third-party grading services are a good example), and away from paper products, cigarette smoke, wood, natural rubber, paint, and textiles such as wool and felt. Humidity greater than 75% can also be harmful and should be avoided. When you buy coins, take physical possession of them. They should be insured and kept in a secure place such as a bank safe deposit box. There have been many frauds in which sellers of gold, rare coins, and the like have offered to hold them for the buyer and later it was found that the coins did not exist or were other than described.

      It is important to keep invoices and to maintain a listing of your purchases for identification and tax purposes. Digitally capturing the coins is easily enough done with an inexpensive camera or scanner and provides proof of identification should any become lost or stolen. Note that bank storage boxes are not automatically insured. Insurance costs very little and is highly recommended.

      Beyond the financial aspect, collectors and investors alike can profit by investigating the background and history of the coins they buy. Coins are a mirror of history and art, telling the story of mankind over the past 2,600 years and reflecting the economic struggles, wars, prosperity, and creativity of every major nation on earth. Most traditional numismatists acquire coins for their historical, artistic, and similar appeals—as tangible links with early America, ancient Rome and Greece, the British Empire, and other connections. Today, the investigation of the motifs, issuance, and other aspects of a coin can be done easily on the Internet. The lives of presidents, monarchs, and other figures depicted on a coin are interesting to study. Often, a single coin can lead to a pleasant hour or two of research. Building a working library is also strongly recommended. Most popular series such as Morgan and Peace silver dollars, various denominations of gold coins, commemoratives, and the like can be studied and enjoyed by reading books, with the Whitman Publishing list of titles being a fine place to start.

      Purchased with care and over a period of time, nearly all specialized collections have proved to be good financial investments as well—an instance of having your cake and eating it too. More than just a few enthusiasts have called it the world’s greatest hobby.

      We are but the custodians of these historical relics; we must appreciate and care for them while they are in our possession. Those who treat rare coins with the consideration and respect they deserve will profit in many ways, not the least of which can be in the form of a sound financial return on their investments of time and money.

      Enjoy the experience!

       CHECKING YOUR COINS FOR AUTHENTICITY

      Coin collectors occasionally encounter counterfeit coins, or coins that have been altered so that they appear to be something other than what they really are. Any coin that does not seem to fit the description of similar pieces listed in this guide book should be looked upon with suspicion. Experienced coin dealers can usually tell quickly whether a coin is genuine and would never knowingly sell spurious coins to a collector. Coins found in circulation or bought from a nonprofessional source should be examined carefully.

      The risk of purchasing a spurious coin can be minimized through the use of common sense and an elementary knowledge of the techniques used by counterfeiters. It is well to keep in mind that the more popular a coin is among collectors and the public, the more likely it is that counterfeits and replicas will abound. Until recently, collector coins valued at under $100 were rarely replicated because of the high cost of making such items. The same was true of counterfeits made to deceive the public. Few counterfeit coins were made because it was more profitable for the fakers to print paper money. Today, however, counterfeiters in Asia and elsewhere create fakes of a surprising variety of coins, most notably silver dollar types, but also smaller denominations.

       Replicas

      Reproductions of famous and historical coins have been distributed for decades by marketing firms and souvenir vendors. These pieces are often tucked away by the original recipients as curios, and later are found in old furniture by others who believe they have discovered objects of great value. Most replicas are poorly made by the casting method, and are virtually worthless. They can sometimes be identified by a seam that runs around the edge of the piece where the two halves of the casting mold were joined together. Genuine specimens of extremely rare or valuable coins are almost never found in unlikely places.

       Counterfeits

      For many centuries, counterfeiters have produced base-metal forgeries of gold and silver coins to deceive the public in the normal course of trade. These pieces are usually crudely made and easily detected on close examination. Crudely cast counterfeit copies of older coins are the most prevalent. These can usually be detected by the casting bubbles or pimples that can be seen with

Скачать книгу