May 2016 Archives

Types or Specialties of Coin Collectors

If you are a coin collector, how do you categorize yourself?

There are various ways to collect coins as well as the specialties of collectors. Here is how to differentiate the variety of coin collectors.

coin collectorThe Casual Coin Collector: The Most Common One

You will know that you are a coin collector if…

  • you collect coins no matter what your age
  • you collect coins randomly just for the fun of it
  • you do not pay much money for the preservation and purchase of coins
  • you will collect some coins that are already obsolete, those that have been modified and are used my magicians, commemorative coins, those with errors, or those that are out of circulation
  • your collection is made more interesting because of the coins given to you as gifts

The Curious Collector: The Second Level

You will be able to recognize yourself as a curious collector if…

  • you are more interested in coin collecting than simply collecting them because you received them as gifts
  • you don’t mind buying coins, especially if they are inexpensive
  • you are more interested in browsing coin shops than a casual collector
  • you spend time surfing the net looking at coins sold on eBay or other coin sites
  • you collect coins without a clear-cut objective
  • you are inclined to increase your knowledge of coins and might soon contemplate becoming an advanced coin collector as you establish contact with more serious collectors who might inspire you

The Advanced Collector: The Extreme Collector

You can categorize yourself as an advanced collector if…

  • you find yourself smitten by the “Hobby of Kings”
  • you are either a “generalist” (a collector who wants to obtain a wide variety of coins) if you can to obtain an amazing collection you’re your available resource; a “completist” (a collector who wants to collect a complete set of a specific type)
  • you lack resources and will opt for a smaller number of coins to complete a set, if you are a “completist”
  • as a “completist”, you prefer collecting coins from a certain historic period, nation, or you prefer collecting tokens or coins with errors.

No matter what level of coin collecting specialty you choose, it is your choice. What is important is that you find it rewarding and fulfilling.

So, have you found your category yet?

What The Gold Price Means To A Nation

Gold coinNowadays, it is possible to obtain the latest gold price by reading the financial press as well as from network news programs, though for more than two decades this was something that hardly elicited any interest, leave alone being reported. Mostly, the gold price was either quite steady or it kept falling; things have changed since then, and since 2001, there has been quite a lot of interest been shown in gold price which has been heading north resulting in the price reaching more than one thousand dollars per ounce, and many more people are finding it an attractive investment to make.

Depends On The Strength Or Weakness Of The Dollar

The gold price is directly related to how strong or weak is the US dollar, and the steady upward movement of gold price from around two hundred fifty dollars in 2001 to the present levels of more than one thousand dollars has made gold very attractive to investors as well as speculators. However, even though many people have made money through this means, it should not be taken for granted that gold, when purchased, will definitely be a sound investment because you won’t earn interest on it and the quality is fixed as well making it static and not like other good investments.

What you can be sure of is that the gold price will only change according to how cheap or expensive is the paper money that we use which is in this instance the US dollar. Thus, purchasing gold is more to do with having some form of protection against a currency that is going to depreciate rather than being a great investment.

Dollar CollapseSo, it is safe to say that when the gold price shoots up, there is reason to be concerned about the future of the major currency, and if the gold price is especially high, then there is even more reason for concern about the paper money’s value. At present valuation, the gold price fetches over one thousand dollars per ounce as compared to the twenty dollars it took to buy the same amount of gold way back in 1934.

Also, the gold price which is going upwards really shows a lack of confidence in the central bank as well as the paper currency, and the gold price that we are witnessing today reflects a certain uneasiness with the increased supply of money and also the deficits in budgets as well as in trade as too for liabilities that are not funded, and most of all, the inability of the country’s governing bodies to bring runaway spending back to control.