The U.S. Constitution (Article I, Section 10) provides for individual states to recognize gold and silver coins as payment for all debts. Last Wednesday, Oklahoma joined Louisiana, Texas, and Utah in exercising their Constitutional right to grant U.S. minted gold and silver coins legal tender status.
Bartering with gold or silver coins is legal in all states. However, states with legal tender recognition make it much easier for citizens to receive payments or pay bills in gold or silver. Legal tender status means no state or local sales or income taxes apply to transactions involving gold and silver American Eagles (and certain other U.S. coins).
At the federal level, capital gains taxes would still apply on coins whose value has appreciated in dollar terms.
What’s needed to allow gold and silver to compete on a level playing field with the U.S. fiat dollar is what Oklahoma has done at the federal level. Until then, we as individuals can help undermine the dollar’s undeserved and highly abused monopoly status by pressuring our state legislatures to declare gold and silver legal tender.
It is never too early or too late to have a hobby. Some people are hobbyists for fun while others see a bigger picture; and that is to make money. Some objects that may seem inexpensive now may become valuable or priceless later.
A few good examples are baseball cards, toys and stamps. Many people have made a fortune by collecting and selling on auction sites like EBay. Another collection that can become profitable is coin collecting.
Getting started is as easy as deciding what kind of collection you want. Coins are made every year and some are introduced years later so focusing on a particular time period and location is important.
Conducting research using reference books or the web can aid in coin collecting. You can learn almost anything about the coins to be collected and will help the collector discover those who want to sell coins.
Another good source of information is subscribing to a coin publication such as Coin World or Coinage Magazine. The local coin shop can also expand the search for those antique coins outside the collector’s city or state.
Being a member of a coin club can build the collector’s network. Some members may want to part with a particular coin in exchange for another, etc.
Coins that are no longer used generally have more value than those that are still active, because coins in the past were made of 100% silver or gold. Since the demand for silver coins increased and they were difficult to produce they are now made of 40% and 60% copper.
After completing the collection, the coins should be stored in a nice folder or album. This will keep them clean and easy for the individual to carry around and display.
Coins can be cleaned by soaking them in any of the following liquids: vinegar, rubbing alcohol, lemon juice or ammonia which will remove any dirt or encrustation that’s on the coin when it was acquired. Afterwards, they should be air-dried or patted dry with a soft cloth. Rubbing or polishing the coins is not advisable since it scratches and will decrease the market value of the coin.
Coin collecting can be a lot of fun. By deciding on a specific period to begin with then searching for it, the collector will have something valuable as an investment.
Coin collecting is not as simple as keeping coins: it may be observed from numismatists or even coin enthusiasts that it is a systematic and somewhat complicated hobby. Certain tools must be employed to ensure both fun, discipline and to some extent, good profit.
Here are some of the essential things that must be included in the coin collecting kit.
1. Coin Guides
Coin guides should be used, not just by beginners, but by professional coin collectors as well.
Coin guides give tips on how to start, as well as special instructions on how to proceed with the hobby of coin collecting.
They also provide information on coins, since different coins have different ways of grading, pricing, etc.
It is recommended you read guides before doing starting the hobby to avoid making wrong decisions caused by lack of information.
2. Coin Inventory Record
All items in your collection must be accounted for properly. Information like year, face value, grade, cost, trend, and remarks must always be available for reference.
Inventory Records also help in organizing coin collections. It eliminates the redundancy of coins in the collection by showing the collectors at a glance the items in his collection.
Coin collectors do have options in the method to be used in recording coin information. They may choose the traditional paper-and-pen method, or may use coin collecting software.
3. Coin Containers
To avoid damaging the coins, it is recommended to invest in holders and containers that will give adequate protection.
Just remember that coins react to certain chemicals such as sulfur present in paper and PVC from plastic it is not advisable to use such materials for long-term storage.
4. Silica Gel
The use of silica gel packets is important to maintain the moderate temperature, low humidity atmosphere conducive to coin preservation.
5. Magnifying Glass
Magnifying glasses are a great help when it comes to coin grading. Most numismatists recommend using a 7x magnification, but generally, magnification between 4x to10x will do the job.
The magnifying glass is a great aid in examining the quality and authenticity of the coins. Details like hairlines or scratches, which are not visible to the naked eye, are “big deals” when it comes to coin collecting as they affect the value of coins.
A light source must be placed half a meter away from the workspace. Recommended light for this purpose may be a halogen lamp, or simply a 75-watt incandescent lamp.
7. Handling equipment
Finger marks reduce the grade of the coins. That is why serious collectors invest in surgical gloves and velvet pads to use when handling coins.
Now your basic coin collecting kit is complete. Enjoy!
In order to be economically independent, you have got to be able to take care of yourself without any assistance from anyone else. Sadly, the truth is that our independence is systematically being taken away from us and we are steadily being made serfs of the state. And once you become a serf of the state, it is very hard to resist anything the government is doing in a meaningful way.
The trend right now is the destruction of the middle class. Regardless of your political beliefs, the evidence is obvious, the new Obamacare law is hurting people economically. 74% of small business will fire or cut hours under Obamacare according to the Chamber of Commerce.
Creating an income stream from a home based business might be the answer for you.
Filed under Home Business by
Starting and maintaining a gold coin collection takes a lot of money and it is only reasonable to expect such a collection to increase in value as years go by. If you are seriously thinking of venturing into gold coin collecting it is important to know everything you can about it. This way you can make sure you will find money and not lose it in gold coins.
There are Gold Coins and there are Gold Coins
A gold coin is exactly that – a coin that is made wholly or at least mostly out of gold. There are slight variations in the standard for being able to say that a coin is made mostly of gold. Starting from those for circulation in the year 1526, English gold coins have been 22 karats or 91.7 per cent gold while American gold coins for circulation in 1837 and following were minted at 90 per cent gold or 21.6 karats.
If you are thinking of investing in gold coins, there are two types of coins you may want to purchase. The first type is the bullion whose value rests simply on the weight of its metal content and not on rarity, quality or historical worth. Basically, gold bullion coins are used not as legal tender, but as a hedge against inflation. Gold bullion coins can weigh from a tenth of a Troy ounce to a quarter of an ounce to half an ounce or a full Troy ounce.
The second type of gold coin you can invest in is the coin which has been minted for legal tender. While the gold bullion coin derives its value from its gold content, this second type of coin can be worth much more than its weight in gold. There are other factors such as rarity and coin condition that influence the price of gold coins minted as legal tender.
The safer type to invest in would be the gold bullion coin because its price simply follows the price of gold which has steadily risen through the years. There is more risk, but at the same time more room for speculation when investing in gold coins that are used as currency.
How to Begin Gold Coin Collecting
The first step in collecting gold coins would be deciding what kind of coins you want to collect and what your budget is. There is a wide range of gold coins from you to choose from. Austria, Australia, the United States, member nations of the European Union and many other countries have minted their own gold coins in the past and some continue to do so now.
Assuming that you want to collect gold coins that have been used as legal tender, you might want to test the waters by looking into the availability of Liberty Head or Coronet Head Gold Eagle coins. These were minted from1838 to 1907. They come in three styles and are characterized by the face of Liberty looking to the left with a coronet that bears the word liberty.
These coins are one of the most affordable US gold coins and this has made them a big favorite among collectors.
Or, you might want to invest in British Gold Sovereigns, in Australian Kangaroos, South African Krugerrands or Chinese Gold Pandas. Whichever type of coin you want to start investing in, just remember to do your homework first. Track their prices in the last twenty years and figure out if their increment will allow you a good enough profit for the amount you will be spending when you buy.
The world wide figure for coin collecting is about ten billion dollars a year so. It is a big market so there is room for making money from gold coin collecting. Be aware though that this is not a get-rich-quick business and it may take years for a substantial appreciation in value to take place. Still, in a world where stocks of giant corporations have crashed and investment houses have come face to face with the possibility of collapse, gold coins can offer a form of security that is hard to come by.
Even though that a coin which has little or no value monetarily is not necessarily one would not keep or make part of one’s coin collection.
The following are basic factors which could influence a coin’s value.
How rare or un-rare is it?
Generally, the concept that everyone knows and follows is this: the rarer a coin the higher the coin’s worth. This rule is true in some cases and – fortunately or unfortunately – false on the others.
There was a situation where a Chinese coin, a thousand years old, sold for only a few of dollars because there were many of the thousand-year-old Chinese available. Compare this to a coin made only in 1913, a nickel specifically called a Liberty Head, which could sell for (hold your breath) one million dollars! It is known that only five of these coins exist, consequently the enormous monetary value.
Is the coin in good condition?
The better the condition of the coin, the better the price that it would bring on the market, because the grade of the coin would match its condition. A coin that is in mint condition – add to this that it is basically an uncirculated coin – is actually worth one hundred times more than a similar coin that is just in average circulated condition.
Demand and supply
Sometimes, when the demand for a specific coin is high, that coin’s worth – despite the number of them available – is just as high.
Take the example of the coin dated 1916-D, and compare it to the value of a coin dated 1798. Many people prefer to collect coins of the 20th century rather than those that are from the 1700’s. The 1916-D dimes sell higher than the much older 1798 coins. The fact that there are more (approximately four hundred thousand) 1916-D coins than there are dimes from the year 1798 (only about thirty thousand), does little to affect the price of each.
It is best to have a professional coin dealer grade the coin(s) and determine the value of any coin(s) you may own. Who knows, it could be worth more (or less) than what you think.
There is no doubt that during the latter parts of 2008, the United States’ economic condition went down from its former glory. Many investors became worried about the U.S. debt burdens and their possible impact on the currency, stocks, and real estate markets. This lack of confidence made many investors increase their stores of gold. Gold, among all the precious metals, is considered one of the most stable assets even during tough economic times. So, is gold investment good when the economy is down? What about when the economy is doing well? Let’s find out.
Gold would have not been money for hundreds of years if it weren’t for its stable value. The economic issues of “demand and supply” that affect other commodities are not as relevant to gold because this highly-valued metal is inflation-proof. Say you have a ten-dollar “bill” in one hand and a ten-dollar “gold” coin in your other hand. Which of these two has more value? The gold coin has more value, of course. Sure they were of equal value six decades ago. However, due to inflation, the ten-dollar bill has dropped dramatically in terms of buying power while the ten-dollar gold coin has tremendously increased in purchasing power. Is gold investment good? Definitely yes, because the value of gold appreciates over time.
2.) Gold is a highly-valued metal by many countries.
Gold, being one of the most important metals in history, is prized by nearly all nations of the world. Most countries, if not all, continue to trade in gold, making it one of the most liquid financial assets in any investment portfolio. Because of its universal value, investors will not have a hard time using gold in their transactions.
3.) There are several ways to invest in gold.
While buying bullion gold bars has been one of the most traditional ways to invest in gold, this treasured metal offers a variety of other investment opportunities to interested individuals. Some investors prefer gold exchange-traded products such as ETFs, ETNs, and CEFs to avoid the hassle of storing gold bars. Others invest in gold coins for their “safe haven” status. Some prefer gold certificates to avoid the pitfalls and large costs of transferring and storing physical bullion. Is gold investment good? Certainly, because one will definitely not run out of options when it comes to gold investing.
4.) Gold is considered a “safe haven” when the economy is underwater.
This “safe haven” status was again supercharged when Switzerland’s central bank established a limit on how much the Swiss Franc can gain. Severe recession results in weak currency. Interest rates are kept low and people get virtually nothing for their money in bank accounts. So, is gold investment good when the economy is weak? Absolutely. Because gold price increases when currencies weaken.
5.) The demand for gold is expected to surge in emerging-market countries.
The world’s love for gold shows no sign of weakening. Around 2,000 to 3,000 tons of gold are mined every year to meet the world’s demand for the said metal. A lot of developing countries, especially China, Brazil, India, and Russia are having an increased appetite for gold jewelries, watches, and other gold-based products. This growing interest in gold can be a very good advantage to those investors who want to make big profits from this demand.
These are just some of the reasons why this glittering yellow metal is so valuable to many investors around the world. Gold has long been considered a good investment because no matter what the condition of the economy is, gold always remains a highly priced asset.
Filed under Gold Trading by
Coin auctions provide the best ways to obtain coins that have remarkable values. Coin auctions are the primary source of rare coins because most rare coin collectors want to sell their treasures to the highest bidder.
Unlike the typical way of selling and buying coins, coin auctions entail some rules and regulations for both the bidder and the seller that they must adhere to.
Basically, there are three types of coin collecting auctions. These are:
1. Auctions through mail bidding
In this type of coin auction, the seller will advertise and publish coin auctions through the mail. This is highly beneficial for people who want to participate in the activity but cannot attend the event personally.
Usually, the seller has a mailing list available and it is used to send catalogs that contain the descriptions and pictures of the item(s) to be sold. At times it may contain the starting bid amount and other pertinent information.
The seller’s mailing list, the catalogs, or brochures are sent out to the potential bidders. These lists may also be sent to those who have purchased from them in the past.
2. Phone auctions
These auctions are conducted by phone. Just like the mail bidding, phone auctions must observe the rules and regulations that are to be followed.
Once the highest bid is identified, the item goes to the winner. However, there are some instances when people may ask the seller for an approximate selling price but the rules still remain the same, no disclosure of previous bids.
3. Online coin auctions
This type of auction is popular because when bidding on a particular coin the bidder is able to see what the coin looks like. Greater interaction between the seller and the buyer may also be achieved as the seller can instantly contact the bidder for important information.
The only drawback to this kind of coin auction is that through the Internet, others can deceive a coin collector into believing that what they see on the screen is exactly the same item that they are bidding on.
All of these things can provide you with the best ways of obtaining the best coins available on the market. Just try to stick to your bidding budget.
Collecting coins is so much fun! It is both a hobby and a source of income for many. One type of coin that you may want to consider collecting is ancient coins. Many collectors hesitate to buy ancient coins to collect because they can be terribly expensive. What is most important is the uniqueness of these coins and the benefits they provide their collectors.
Here are some tips that should be considered when buying ancient coins:
1. Conduct a research of ancient coins. It is important that a collector is aware of what coins are considered ancient. It does not require a collector to go to a library since many websites on the Internet can provide all the information needed to become well-informed about ancient coins.
2. There is a wide variety of ancient coins available for collectors. A collector can choose from different eras and civilizations. He can choose from a Chinese civilization, ancient Rome, Greek, Persian, etc. It is preferable for a collector to focus on a specific group or era when collecting coins.
3. Once a selection has been made, a collector may then focus on the buying of these coins. To start select coins that are least expensive –set a price range such as $20. Once the collection grows, he may then want to start buying the more expensive coins.
4. A collector may also try searching for ancient coins at auction houses or online auctions where ancient coins are available. Always be aware of possible fraud no matter which venue you are using and take extra care in buying coins at online auctions.
5. It is also suggested that the collector make a list of the ancient coins that he would like to buy. He can list them according to his order of preference which will make his search for ancient coins an easier task. Included on his list should be the amount he is willing to spend on a certain type of coin. The list will be helpful whether online or at an auction house, enabling him to manage his budget easily.
6. It is important to have a separate holder for his ancient coin collection or his other collections. Separate holders will help the collector organize and preserve his coins. Ancient coins are generally more expensive than other collectible coins so it is necessary for a collector to know the proper care for them.
Ancient coins should not intimidate coin collectors. They are an exciting way to enjoy the hobby of collecting coins. Not only do they provide fun but they serve as a source of knowledge for many coin collectors.
Today, you will see people having different kinds of hobbies. Some loves to collect doll houses, others love stamp collecting, there are also some who likes collecting different species of butterflies and preserve them, and some people likes to collect toys. However, if you really want a valuable collection, and a collection that will be worth a lot in the near future as well as a hobby that will truly provide you with great satisfaction, then you might want to start a coin collections hobby.
Coin collecting is a hobby that has existed for centuries. Here, you will not only get a piece of history from different countries, but you will also have a chance to invest in a really valuable hobby.
Coin collecting is a multi billion dollar industry. In fact, a single rare coin can amount to as much as a million dollars. If you love history, then coin collecting is definitely a must.
The great thing about coin collecting is that it’s not just a hobby, but also an investment. You have to consider that coin collectors such as yourself travel all over the world in order to participate in forums or events that involves this one of a kind hobby. In fact, some people bid thousands of dollars in auctions for a coin that was worth a single cent during its first release.
As you can see, a coin collection can definitely be a very lucrative investment especially if you have a rare coin in your hands. You have to remember that although coins are currencies, it does appreciate in value especially if the coin is very rare and is not being produced anymore.
For example, try imagining getting a hold of a rare coin that dates back to the Ming Dynasty in ancient China? You can definitely imagine how much this kind of coin is worth nowadays. Even if the coin was worth 5 cents during the time it was first used, you have to consider that this coin will definitely appreciate in value because of its historic significance, its rarity and its age.
There are many ways to start your collection.
First, you have to decide what kind of coins you want to collect. If you want to collect World War II coins, then you can do so. Or, maybe you want to try collecting rare ancient Roman coins? This may be very expensive but is also an investment that will be worth a lot in the future.
If you are just starting out, you may want to try collecting different kinds of coins from different countries. Ask your friends who have traveled abroad before to hand you some coins they have from the countries they traveled to before.
This is relatively a cheap way to start your collection.
Once you get the hang of it, then you will opt for rarer coins that can be worth a lot of money. In time, you will be able to see that your coin collection will grow from collection of coins from different counties, to a collection of rare coins that is worth thousands of dollars a piece.
As you can see, coin collections are not just a fun hobby to have, but it is also an investment. With a coin collection, you will be able to have something to do in your spare time as well as invest in something that will be worth a lot in the future.
One thing to consider when collecting coins is how to arrange and take care of the coins. your coins might be antique, ancient, or limited editions coins. They might come from many countries and are usually high in value. A collector must know how to keep and take care of them so that they will retain the same appearance and value.
One way to take care of coins is to purchase s selection of coin accessories. Not only are coin accessories used to make a coin collection presentable and organized; but the primary purpose of coin accessories is to take care and preserve the coins.
When buying coin accessories it is important to choose those accessories that will best satisfy the needs of the collector. Some factors that may be considered are durability, price and usefulness.
Many coin accessories can be found in collectible stores and even online. Here are some coin accessories you might consider:
Coin boxes are the most common sought for coin accessories as they are very convenient to coin collectors and specialists. The compartments of the box provide for easy location of the coins. The compartments are also wide, which provides flexibility in placing the coins. The wide compartments also allow the collector to handle the coins the proper way.
Coin albums are similar to any typical album with the difference being that the coin album is especially designed to hold coins. A coin album has a transparent layer that aids in the protection of the coins. The collector does not need to handle the coins one by one. All he has to do is turn the pages and the coins are all there protected from improper handling.
Coin holders are best for those collectors who collect coins during their travels. They allow portability of the coin collection. In addition, the collector does not need to carry his entire collection. He can simply place a single coin in the coin holder. Coin holders provide safety for the coins and prevent a coin from the many elements that may depreciate its value.
Other coin accessories might be helpful as well. Determine the primary purpose of the accessory and if it can satisfy your needs. Prices will differ depending on the durability of the accessory. It’s recommended you research the many coin accessories that are sold and compare prices before choosing one.
Coin collecting was started only as a hobby for most people, however you can hear what other people say (or you probably have heard yourself) about news of people cashing in on their old coin; and that encouraged more people to go on a coin-collecting streak. If you are one of those people who want to invest in coins, here are several places to start your collection.
Many shop owners are dealers that know a lot of information about coins and are selling coins too. These coin shops are a valuable place to find and gain more information about coins and coin collecting. These coin shops can be costly, though, as they are anticipating selling their coins for a profit. With enough knowledge and/or having someone who know a great deal about coin collecting at your side, you can get great prices for your coins.
There are times when your local mall will have an exhibit from several coin dealers and that will let you see all of the collections and allow you to buy some coins for a lower price due to the competition. You will probably also see several new coins that are available and suitable for your collection.
These coins shows are great not only for sellers and buyers but also for coin enthusiasts who want to see rare and hard to find coins.
Mail Orders/Web Sites:
There are thousands of dealers worldwide and most of them have websites that allow buy coins and pay for them through mail order or through any online payment system such as Paypal. You should do your research on these companies and read their terms carefully to make sure that you can get your money back when you have a problem with the coin you purchased and/or received.
For every legitimate web site, there are may be hundreds of fake web sites that are just attempting to get your money. You should always ask for feedback from previous customers before paying anybody online and remember not to give out any password or pin numbers.
It would be a surprising place to find rare coins at a flea market, but stranger things have happened. These places have different ideas about pricing which is due to their lack of understanding of how a coin should be priced. You will find overpriced coins but if you are lucky you might find a rare coin somewhere in those stacks of coins that will make it worth your while.
Flea markets sellers are usually looking for a quick sell and would probably give you discounts when you buy their items in bulk. Try to buy other items and get your coins added as a bonus.
If you are looking to invest in really, really rare coins, the best place to go would be an auction. Auctions are the only place where you can find people selling their rarest and most expensive coins. Several of these auctions are happening online at the same time and most of the sellers are looking for the highest bidders. You must be aware and warned that some of these sellers are frauds and will not make the price you pay worthwhile. You should try to learn more about these coins and their worth before trying to buy one from an online auction.
Other Coin Collectors:
Coin collectors usually have duplicate coins that they are willing to sell for a price lower than its market value. The only problem is it is hard to find another coin collector that collects the same coins as you. The best places to look are online groups, forums and (if you have one) local groups.
Other coin collectors are the best people to turn into when you want to start your own collection. They can offer you tips, discounts and some might even be tempted to give you some of their coins to kick-start your collection.
Coin collecting is like any other investment the value will fluctuate: they may depreciate in value and/or gain value at any time. The best way to profit in coin collecting is keep updated with the news and the prices of the coins. This will not only help you in not being fooled by merchants but by learning how to price a coin even without a price list.
“In 1980, it took 1000oz of silver to buy a single family median price home, that day will come again but it’s probably going to be less than 500oz. This opportunity isn’t going to last for long…there are these brief moments that go by, as far as historic time, they go by in the blink of an eye…where the safest place to be, the place where people run to, to protect their financial well being during economic crisis, gold and silver, they have been the safe haven for your finances for 5000 years. And there are these brief moments in history where they simultaneously become the asset class that has the single greatest potential gains in absolute purchasing power…and we’re in one of those RIGHT NOW.” – Mike Maloney
Coin collection is not just about having as many coins as possible. More important than the number of coins is the quality of those coins. This quality is measured by the coins’ grade and the grade is measured using a scale from zero to seventy (seventy being the highest point grade). Doctor William Shelby introduced this point scale in his work “Penny Whimsy”.
Here are the classifications of coins according to grade.
1. “Mint State” Coins
This is equivalent to a value of 60 to 70 in the Shelby’s grade scale. This means that the coin has no blemishes whatsoever. Most of the coins in this category are uncirculated, shiny, new coins, with absolutely no signs of wear.
2. “Almost Uncirculated” Coins
The “Almost Uncirculated” coins have a point grade of 50, 55, or 58.
It is very important to note that in these coins, coin collectors must know the locations of the high points in a particular coin. By checking the difference of the light reflected in the high points to the other parts of the coin, an “Almost Uncirculated” coin is separated from the Mint State coins.
3. “Fine Coins”
These can further be classified as” Extremely Fine” (40, 45), “Very Fine” (20, 25, 30, and 35) or “Fine” (12) depending on the sharpness of the remaining details on the coins. The coins are observed to have wear but the designs are still intact.
For “Extremely Fine” coins, the mint luster is still present.
“Very Fine” coins can be compared to coins which have been used for 1-3 years. Minor features of the coins are already gone.
4. “Good Coins”
These coins can be specifically defined as “Very Good” (12), “Good” and “Almost Good” coins.
The coins in this category are worn out. Only weak designs can be observed since the details of the coins in the high points are nearly smooth.
Full rims must be observed for the “Very Good” coins category.
In the case of “Good” coins, the mint mark and the date must be visible.
On the other hand, “Almost Good” coins are the most worn of coins in this category.
5. “Fair Coins”
The coins are “worn out”, but can still be distinguished as belonging to one of the types of coins – as long as one can identify a coin, it is a “Fair C”.
6. “Basal Coin”
These metals that can be determined to be coins – but the kind of coin are undeterminable.
With the classifications described, it will be very easy to grade coins. Just remember that knowledge of the coins’ grades gives coin collectors advantages!
Despite all the disasters happening around the world, one thing is certain in my mind… we are headed toward a financial collapse.
The distressed and perhaps permanently damaged economy has legions of deniers in official positions, who knowingly or unwittingly serve as apologists for the vested interests that resist change — energy companies on the one hand, global banks on the other.
It seems there are some out there that do not want us to know what is really going on in the world economy and only want us focused on giving them more of our money.
Read: We face devastating storms, both physical and financial on MarketWatch.
A lot of people are looking for ways to trade their gold and silver. However not everyone is really sure about how to go about it. If you want to get the most money out of your gold and silver all you need to do find out where you can trade for maximum profits. Here are some ideas on your choices as to where you can trade your gold and silver for quick cash.
First off gather all your gold and silver items or jewellery so you can have them evaluated properly. If your jewellery is gold, it should reach the 10k mark and above. Find out what is the current spot gold price in the market. Don’t rely too much on what you see from the news on the television. I like tracking the current gold and silver spot price at kitco.com.
Now that you have a good understanding of how much you can sell your items for, you need to locate and find out what are your options for trading gold and silver. Jewellery shops are one and I’m sure you’ve seen their ads saying they are buying scrap or unwanted gold. This is due to the fact that they are interested in the melting value of your gold, not its resale value. Pawn shops are the same. They will buy your gold and silver and place its value on the melting value. However, these places may not be the best in terms of what they will offer you for your gold and silver.
I prefer selling my scrap gold and silver to a coin shop where they seem to pay a bit more than other places.
Another avenue on where to trade gold and silver is through the internet. Online precious metal buyers have been around for awhile now and they claim to offer a much better value for your unwanted gold and silver. They evaluate your items and once evaluated, they offer premium payment. If you are unsatisfied with what you are getting from them, they offer a free return policy. Aside from the fact that it offers you more comfort and hassle free in finding brick and mortar businesses to trade your gold and silver to, online trading involves no awkwardness when negotiating.
These are your options on where to trade gold and silver for a quick buck. Remember that it all boils down to your choice and which of these options presented will offer a greater deal for your unwanted gold and silver.
There are books out, “The Red Book” (A Guide Book of US Coins), “The Blue Book” (A Handbook of US Coins), as well as coin newsletters and catalogues available at any public or private library, coin dealers/shops anywhere in the US. There are also online guides for the prices of US coins available on the web.
For a synopsis of the price of each coin, the following are the basic values of each cent, penny, or dime in the market.
The United States wheat-cent, the circulated ones
The price of these coins made prior to 1958, or those that are dated 1940, are currently being purchased by coin dealers for two cents each, or less. Those made before 1940 command a much higher price – from a few more cents to a few dollars.
Silver-dollars from the US, especially those made before 1935, have almost an ounce of silver in them. These coins are the favorites of coin collectors and could be sold for more than their actual value in silver if they are undamaged or not worn severely.
The dollars of Susan B. Anthony
If by luck you happen to get one of these as a change, the value is more than a dollar and proof Susan B. Anthony dollars command even more. They are not easy to fine as they are not usually being circulated.
Quarters, dollars and halves – the bicentennial kind
There were billions of these coins made out, and because there are so many of them, their worth is usually just face value. There are coin dealers however who pay ten percent of the face value as premium for circulated bicentennial coins, and a few dollars more for those that are uncirculated.
A freak coin
Believe it or not, there are two-headed coins out there. Basically, these are coins with two different designs on each face. These coins were made in error and mistake was not discoverer until the year 2000. This type of coins is usually called “mules”. In 1999, it was found that a cent with Lincoln’s face on one side and Roosevelt’s dime image on the other existed.
It you find a coin of this it must be taken to a legitimate coin dealer and assessed to determine if is genuine. If so, this coin could be put up for auction and command a few dollars more.
It is therefore true that a coin is basically worth more than meets the eye.
The condition of the coin means everything in coin collecting. In the world of coin collecting, the coins themselves are considered as gold, this is why there is a need to protect them from damage. Having the right supplies will allow a collector to preserve the integrity of his coin collection. The slightest hint of damage can diminish the value of a coin significantly.
Here are some of the supplies which are used in properly handling coin collections:
In handling coins, you must be careful not to scratch the coins. The use of gloves (preferably white) will prevent scratches and other kinds of damage to the coin’s surface. Gloves should be made of cotton or plastic.
If you not comfortable using gloves, you can use coin tweezers. These are not your ordinary tweezers because their tips are protected with plastic that prevents the tweezers from scratching the coins.
In examining coins, you must be able to take a closer look at them. This is where the magnifying glass is most useful. You must be careful in using a magnifying glass when examining the coins. There are magnifying glasses available today that have stands attached to them and the stands allow the collector to use both hands in coin examination to avoid accidents.
A mild soap and a soft high-integrity fiber cloth can be used in cleaning coins.
When examining or cleaning coins, you must remember to put a soft cloth or a mat on the table where you are working. An accidental dropping of the coin can damage it significantly and reduce its value to literally nothing. A mat or a cloth will absorb the impact of the drop and will prevent the coin from being damaged.
You must be extra careful in displaying your coin collection. Coin boards are used by many to display their coin collections. In the U.S., the map of the United States of America is very popular among coin collectors to display the different quarters of the different states.
When transporting coins, the use of coin envelopes is very practical. The use of these paper envelopes allows a collector to safely transport his coin and put some information about it in or on the envelope itself.
There are other coin collecting supplies such as boxes, holders, folders, but everything points to the preservation of the coins’ condition. The right kind of supplies will determine whether a coin is priceless or price-less.