Glen Cove, New York
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Popular Terms in Coin Dealing
Coin dealers are known around the world and collect, trade, or exchange various types of coins or medals. There is a certain lingo that comes with coin dealing. Whether you collect as a hobby or an old pro, you can fine tune your knowledge for popular coin dealer terms.
Antique - Struck before 500 AD. A dealer knowing the market very well is able to appraise these rare coins or medals and their various prices. They may be gold or silver.
Bullion - Refers to coins made from precious metals. A bullion coin can be produced from silver, gold, or platinum. The bullion value states what the coin could be worth in currency and dollar amount.
Commemorative - Special coin or medal that is used to honor a person, place, occasion, or event. They are not circulated for the general population and are usually a one-time production. Certified dealers usually put them up for sale to certain collectors.
Condition - Physical state of the piece. This guides you to the wear and tear. The condition shouldn’t affect the price or the cause potential buyers not to buy. Scrap metal is not determined by condition as it usually does not come in the form or coins or medals.
Eagle - A nickname for old gold worth ten dollars in paper money. They were produced until 1932 and were made with 50 percent of gold with an eagle design on the back.
Album - Displays various types of coins or medals. These could include copper or nickel pieces. The album has holes or openings so that the pieces can be easily displayed for potential bidders.
Coins have been around as early as 700 to 650 B.C. They were frequently made from metals like copper or silver. Some currency was even made from platinum. Prices of these antiques depend on many factors, including condition and demand. The age isn't always the main factor in the price. The market conditions are more important. Paper and metal dollars that are hard to find are usually in high demand and easy to sell.
The United States Gold Double Eagle was minted from 1907 to the early 1930s. In 1933, the Eagles that were minted were never released into the public and ordered scrapped and destroyed. However, many of these Double Eagles were taken home instead. One sold for more than $7 million in 2002. If you have one lying around a basement or attic, it's extremely rare and very valuable.
Buyers, hobbyists, and collectors frequent estate sales hoping to find rare and valuable money from around the world. Before putting money up for auction bids or selling at a yard sale seek a professional appraisal or purchase a coin value guide. Sellers should not guess at the value. Only an expert can judge the condition, current value, and demand.
Dealer trade shows, exchanges, and auctions are popular ways to add coins to your collection. Look for copper pennies to start. Gold and silver bullion are also worthwhile additions. Commemorative nickels, quarters, and dollars can have some value, but purchase them carefully. Some of these commemorative items are mass marketed and therefore are worth very little.
If you're new to the hobby, talk to a certified appraiser. Dealers offer tips on starting a collection and can show you how to buy quality antiques.