Coin collecting raises a lot of questions and concerns for many, especially beginners. Here are some general answers to the top five questions staff at Bellevue Rare Coins is asked most frequently.
1. What Makes A Coin Valuable?
Simply put, supply and demand. A coin's value is determined by how many are readily available and the demand for said coin. If a particular coin has a high mintage and not many people are after the item, its market worth will decrease.
2. Why Is Coin Collecting So Popular?
Coin collecting has become even more popular than in the recent past due to the fact that there are many more coins existing today that are connected to historical moments. Many collectors are often history teachers or history enthusiasts, seeking tangible items from a time long ago. The thrill of finding such items provides immense joy and fulfillment in one's self, and an impressive coin collection.
3. How Do I Start Coin Collecting?
Starting a coin collection can feel as though one is embarking on a never-ending journey without a clear path. For beginners, it does not have to feel that way. Many experts and seasoned collectors advise new comers to dedicate their time and efforts towards a particular type of coin, region or era once a budget has been set.
4. Overall, How Many Denominations Are There?
With regard to American coins, the United States Mint currently produces six denominations: one cent, nickel, dime, quarter, half dollar, and one dollar. However, in the past The Mint also struck various denominations such as half cents, two cents, three cents, half dimes, and 20 cent pieces.
5. What Are The Best Resources For Coin Collectors?
By far, one of the best resources for coin collectors is the coveted Red Book. This book is considered to be "The Bible" for numismatists. Utilize your local library by consulting other coin collecting books and expand your knowledge of your new hobby. Lastly, possibly one of the most important suggestions for aspiring coin collectors is to make friends or find a mentor at your local coin club. These experts have years upon years of experience that will provide you with a wealth of knowledge for your new endeavor.
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Since 1979, Bellevue Rare Coins has been a trusted, family-owned business serving the Greater Seattle Area with locations in Bellevue, Lynnwood, Issaquah, and West Seattle. Specializing in gold, silver, diamond, and jewelry purchasing, in addition to dealing in rare coins. We now offer a vast selection of fine, vintage and custom designed jewelry. Visit anyone of our four friendly locations for the best deals selling or buying.