Coin collecting is a popular pastime. Some people choose to collect coins as a hobby, and some as an investment.
As we move into the digital banking age, cryptocurrency and card readers, coins and notes may well become obsolete in the near future. What was once lose change, could be a valuable collectible some day.
Coin collecting, part of the wider subject of Numismatics, which is the study and collection of items that are used as money – coins, tokens, and paper bills.
Mint Dates and special features
We all use coins and mostly overlook the detail on them. Under a magnifying glass, you can really get up close and appreciate the design and detail.
Once you start your collection, you will be looking out for mint dates, artist and learn about history and metals.
Circulation Coins
You can start off by looking out for commemorative coins that are currently in circulation. Rare 50p and £2 coins are sold on ebay. The famous Kew Gardens 50p sells for over £100 in good condition. Or you can keep an eye out for the Shakespere £2, which is part of a set of three coins to commemorate Shakespeare, which people like to collect.
Other coins include, Paddington bear, Olympic Games 50ps, and commemorative £2 cons.
Even the humble 20p coin has some value, if you find one without without a date.
Types of British Coins
- Circulation coins
- British predecimal coins
- British Hammered coins
British Pre decimal Coins
British pre-decimal coins were demonetised in 1971. Pre-decimal coins are the farthing, halfpenny, penny, threepence, sixpence, shilling, florin, half-crown, crown.
British Hammered Coins
British Pre-Decimal Coins are coins produced by striking a blank ‘planchet’ between two ‘dies’. The imprint created when struck with a hammer. These are very collectible and some fetch large prices.
Which Coins to collect?
Once you start understanding more about coin collecting you will find yourself choosing to collect wthin a particular type or denomination.
Typically collectors choose to specialise in one specific area.
First, decide on your focus. You might collect one coin from each monarch’s reign. Or you could focus on a specific period. Some collectors try to get one type of coin from each year they were minted.
Quality or quantity? That’s a choice every collector faces. High-quality coins are more expensive but can be better investments. Collecting a wider range of dates and types can be more affordable and educational.
Condition Matters: Coins in better condition are generally more valuable. Look for coins that are well-preserved without significant wear.
When buying coins, always check for authenticity. Learn to spot signs of cleaning or damage. These can significantly reduce a coin’s value.
Proper storage is crucial. Use acid-free holders or albums. Avoid touching the surface of the coins. The oils on your skin can damage them over time.
Join a numismatic society or online community. You’ll learn from experienced collectors and might find coins for your collection.
Remember, collecting should be fun. Don’t feel pressured to buy expensive coins. Even common coins have fascinating histories.
Keep learning about your coins. Each one is a window into a specific time and place. It’s more than just a coin. It’s a tangible link to the past. The more you know, the more you’ll appreciate your collection.
Look out for
- Low mintage numbers
- Historical significance
- Preservation condition
- Mint errors or variations
Error Coins, Proof Coins and BU Coins
In addition to the dates and types of coins, there are other things to look out for too. Even modern error coins can be worth a lot of money.
Error coins are a coin with a flaw it it made during the minting process. These have names including double strike, a cud or some sort of irregularity.
These are often extremely rare, difficult to acquire and carry a high price tag.
Common errors include:
1. Off-centre strikes: The design isn’t centred on the coin.
2. Double strikes: The coin is struck twice, creating a ghostly double image.
3. Clipped planchets: Part of the coin’s edge is missing.
Proof coins are specially minted for collectors. They have immaculate design and finish made to the highest quality. The pinnacle of coin collecting.
Commemorative coins are issued in the UK to mark special events or tribute to an important person. Commemorative Coins are popular to collect.
Brilliant Uncirculated coins are coins in perfect condition. They have never been in circulated, so no scratches or imperfections.
Valuation and Grading: What’s It Worth?
Condition is key. Coin collectors use a grading scale from Poor (P) to Uncirculated (UNC). The better the condition, the higher the value. Even small differences in condition can mean big differences in price.
Rarity is another crucial factor. Some sixpences are much rarer than others. The year of minting, the mint location, and the number produced all affect rarity. A rare sixpence in good condition can be quite valuable.
Historical significance matters too. Coins from important years or with unique stories often fetch higher prices. For example, sixpences from the first year of a monarch’s reign are usually more valuable.
Gold and Bullion Coins
Bullion coins are coins made from precious metals including gold, platinum and silver. These coins have a numismatic value (depending on their age, condition and rarity) as well as a bullion value.
Where to Buy Coins
You can buy coins online, from specialist dealers and you may even find some at boot fairs and markets.
The Royal Mint Museum
Opened in 2016, this purpose-built visitor attraction, based on the Royal Mint site in Llantrisant South Wales, has a guided tour of the circulating coin factory where you can see thousands of freshly minted coins tumble from coining presses and have the opportunity to ‘strike your own coin’.
The Royal Mint Museum has one of the finest collections of coins, medals, artwork and minting equipment in the world. A living and working collection, it reflects the changing practical needs of the Royal Mint and is widely respected for the knowledge of its staff and the quality of its research.
British Commemorative Medals and Their Values
British Commemorative Medals and their Values is a fabulous gift for anyone interested in coins, tokens and medals. The book was awarded the IAPN Book Prize by the International Association of Professional Numimstists.
Click here to visit Christopher Eimers website to buy a copy.
