Coin Collecting For Beginners - Intro To Coin Collecting 101: What You Need To Know To Start Coins

hey everybody christian from charger town and today i have a super super important video we're gonna be going over the basics of coin collecting and this video is aimed or i'll be kind of speaking as though the viewer knows pretty much nothing about coins and they want to get a pretty complete introduction kind of laying the groundwork for somebody who can then go and learn a lot and become a big time or a small time you know they can do whatever they want with it coin collector so i've thought about it a fair amount because i do want to cover a lot of the important things this will primarily be focused on us coins but i'll be talking a little bit about world stuff ancient stuff and a tiny bit about paper currency as well but this should hit all of the major points the other thing is i might have forgotten something so i'd appreciate if you leave a comment below if a you have any questions or b you think that there's something that should be added so it's kind of going to be segmented i'll kind of jump around a little bit because i think that there are some important topics that i'll have to go over that aren't necessarily super related so it's not just going to be me talking from a screen some of it will be presentations some of it will be me kind of talking and showing some coins and you you see the coins as i'm speaking and some of it might be just kind of this view but let's get into the first part of the video in the first segment of this video i'm going to talk about some of the differences in our coins but i want to start with the fact that some of our coins are 90 silver those are ones that are dimes quarters and half dollars from 1964 and before so outside of the fact this is a little shinier and is in this graded case which we have a section on later this is a 1993 coin it's made out of copper primarily while this has that extra silver content so again 1964 and back in addition to that we also had nickels with 35 silver from 1942 to 1945 they have this larger mint mark which is going to be the next section um in our presentation but what i also want to show is just a few quick examples of historical coins i should add though that 1965 to 1970 on the half dollar or 50 cent coins those were also 40 silver right here are the previous nickels this is a buffalo nickel named for the bison on the reverse of the coin and then this is a liberty head or v nickel um the v is the roman numeral for five cents after that we had some other older quarters kind of going out of denomination order but this was the design before um the quarter that we know today um they called it a standing liberty and before that um they had these barber quarters and the bar recorders they had this design around the years 1892 some of them were ending in 1915 or 1916 but they had these types of designs some of the most iconic coins that we own include um the 19 21 to 35 piece dollar these are silver dollars and then the 1878 to 1921 morgan dollars which are a little bit older and they did not produce them between 1904 and 1920 but they made a comeback for that final year in terms of some of the cent coins this one is the addition before or i guess it's now two times ago because there's a shield sent in a memorial sent but this is called a wheat penny because it's got the wheat reverse on the back of the coin and before that we had these indian headsets as well now i'm gonna show you a few examples of weird denomination coins like the two and three cent coins as well as some half cents large sense those are just going to be brief informational ones kind of to think that are cool and i wanted to show to you and it's tough to see this one super well but it's a half cent from 1809 back then it was much less inflated so a half cent actually could buy something so they made that denomination then we also have these which are called large scents and they required more copper back then to substitute for ascent because a lot of it was still linked to the metal value though one of these did not even equal the half dime of the era before nickels we made half dimes out of silver and to give you an idea that is a modern sized nickel well that is the size of one of these older scents if we look down here we have a two cent coin that one is from 1964. i'm going to try to get a better angle on it and then we also made three cent coins so lots of different crazy denominations but i'm gonna make a quick note about some paper money as well as world coins so i'm not much of a paper money collector but i have a fair amount of videos on these and honestly most of the topics i'm covering i have tons more detailed videos but i'm just trying to give a wide overview and again not in any particular order but this is an older one dollar bill it's got the same design on the back but on the front it says silver certificate so it was released 1957 was the last series that they made but at that time you could exchange this for one dollar in silver obviously you couldn't get the old ones but there were silver certificates dating back to the beginning of paper currency and in 1883 if you had a silver certificate you could certainly exchange it for one of these coins there are also what are called bullion coins this is a one ounce silver coin produced by the government and you could spend it and you would get one dollar so it's definitely not worth spending but that's definitely a way a lot of people collect and that's more on the silver stacking side of things which i also have an intro video to that i'll post in the description i also do a lot of world coin videos and i just picked out a coin uh to the side of me to show off as an example but this is a 1947 czech 50 karuna coin it is silver and i find these all the time there's lots of fun ways i personally collect using a set that tries to get one from every issuing country and that's really fun but there's definitely lots of scopes beyond just us coins or paper money or boolean collecting now you may notice that some of these coins and i already referenced it but have small little letters found somewhere on them in this case it's a p down here you can see a much smaller s but the reason that they do that is it shows what mint issued these coins so they're not all produced in one place in the united states the p stands for philadelphia the s stands for san francisco and there's lots of different ones in addition to these totaling nine we even had one in manila philippines with the m mint mark and one with two letters which stood for carson city cc that's one of the rarest types of mint marks to find in terms of some of the best places to value your coins i'd make use of a lot of the online resources some of those include pcgs coin facts where you can look up individual coins and then discover what people are paying for them at different price points you can also look for some of the lower dollar items on the ebay sold listings because you can see what people are again paying for them in real time and there's also resources like the united states red book that are great for beginners the prices are generally slightly inflated on those but it's definitely not a bad book to buy for a beginner collector and i learned a lot when i was starting out by looking through it now i want to take a little bit of time to think about what makes something valuable in terms of the markers that make coins valuable the first one is pretty obvious which is precious metals content so these are both silver coins but there are some pretty notable differences about them that make one of them worth about three hundred dollars and the other worth just over three dollars so you can probably guess which one's which but um one of them is definitely going to be the condition that coins are in you never want to clean your coins because that kind of ruins it even though it might make them look a little bit shinier but this one definitely has seen some wear and this one has been in a really good well-preserved state the other thing that makes them um different in value is that this is a 1917 coin well this is in 1930. now i'm not saying all 1970 coins are more valuable than 1930 but for this specific issue it's tougher to get the 1917 one and there's things that are called key dates and semi-key dates i don't really own too many key or semi-key coins but those are ones that are much less minted than their regular counterparts and as such they become rare so for example this is an 1884 s coin and it is a relatively rare coin to get um but if it was maybe in the 63 condition that this coin is here instead of being worth about a hundred dollars it would be worth thousands and thousands so this one is considered a key date in condition on top of that some things are just age so this is an 1838 quarter and it's just going to be more rare because it's an older coin generally for u.s coins the prices will start to go up sharply in the 1870s or so this one anything early 1800s is definitely going to have a base value that's reasonably high lastly i'm not going to talk too much about them on this video but i do a lot of other videos on them you can have error coins and these are coins that had some sort of problem with their production at the mint and as such they're collected and generally range from being somewhat valuable to extremely valuable now a lot of people also ask where to buy their coins from and i'd say there's probably four or five different ways to do that first you can get them for free by coin roll hunting that's something i really enjoy doing and you get a box of coins from the bank for face value what you could spend it in change and then look through for any rarer ones it's not a way to make a ton of money but you can definitely get some neat fines from it the second way are online sites specifically ebay is generally the biggest marketplace for coins that are not super super expensive there's some risks sometimes you get sent counterfeit coins or prices are a little bit higher to take advantage of newer coin dealers but it's generally not too bad of an option number three would be from a local coin dealer it's great to have a good relationship with them support a local business they can be super helpful to you as some have been to me fourth you can go to coin shows and those you can see tons of different coins i have a video on why you should go to them but it can be a really cool experience and fifth you can buy it from other people either in person or online in person-to-person trading marketplaces like reddit where sometimes the cost can be a little bit lower but there can be people who scam you because there's less buyer protection than on a site like ebay now we're going to talk a little bit about where on a coin and the grading scale so this is something that is a little bit controversial for some people but basically as you can see here these two coins one is graded a vg10 the other is an ms66 the grading scale called the sheldon scale goes from 1 to 70 with coins closer to one like this one being more worn and ones closer to 70 like this one being a lot nicer 70 is a perfect coin and there's a lot of different grades in between for example this coin is an au 50 meaning that it's about uncirculated 50. uncirculated refers to a coin that has not seen wear in circulation or pocket change like this one a you as you can imagine means it's seen a little bit of it and it's about uncirculated while something like this clearly has made its way around a lot of hands and pockets in addition there are two different classes of coins that are not on that one to 70 scale one of them is cleaned coins like this one if you polish it it immediately loses its number grade and just becomes a clean coin this one has fallen to that and it's a reason uh or a way i should say that some people can buy better looking coins that when they realize they're cleaned the value generally evaporates there's also damage that can occur to a coin so this would not earn a grade because of you know potentially a bullet hole probably some sort of marker but it's been damaged that could also include a big chunk out of the rim or something like that but yeah this would not grade um despite you know not likely having been cleaned a quick word on something called strike type so on my left i have a business strike coin which means that's just regular struck for circulation for people to use while on my right i have something called a proof and the grading designation shows that but it doesn't need to be graded for you to know that it's a proof it's been struck with a specially prepared equipment or specially prepared dies that leave this surface it's a really mirrory surface you can see some of the outlines of my face there and it's clearly different from these the proof coins are solely made for collectors so these are not released to be used in circulation though i guess there's nothing holding you back from doing so there are also things called proof like strikes and special strikes but i don't have any examples of those offhand so i'll put some up for you to see now going along with that i just wanted to talk about what our mint produces the united states mint so yeah you can see just as a review the p mint mark right there for philadelphia this one has the s meaning that it's struck in san francisco i mean i think most of these are produced at west point actually but the three types are generally the circulation coins the proof sets and mint sets and then any bullion coinage now this could be a topic for another video but there's lots of different ways to collect some of those include doing a typeset like the one that we have here where you're trying to get one type of every coin you can do that for world coins or u.s coins you can also just assemble kind of a loose collection of different coins that you might own that you enjoy looking at there's nothing telling you that you have to do it in a really organized way there's also ancient coins i don't really own any of those but they can have a lot of cool super old history and then as i said before and kind of mentioned you can also collect bank notes you can do a typeset of those just own ones that you like whatever you want to do one other product that some people like to collect with are these things they're called folders and they have every date and mint mark for a specific set of coins so this one is a separate series that i'm conducting where i'm doing something called nikka date restoration this is not the video for that but i'm trying to get one from each mint and mint mark and fill up these folders before i let you go i do want to give you some really important tips one of them concerns grading right here is a pcgs graded coin and right there it says ngc those are the two primary grading companies but right here we have something called sgs it gave this coin a 70 but if you look at it it's far from a perfect coin it's important to know which companies to go with and sgs is not one of them so i'd recommend ngc or pcgs and the second tier ones are generally a n a c s and i c so a few of the tips i want to mention before you go include one don't buy grab bags off of ebay there's a few private sellers that do a pretty good job and there are one or two good ones floating around out there on ebay but the majority of them are ones to stay away from two is that there's a lot of fake coins coming out of specifically china as well as russia so i'd avoid kind of buying coins from those countries doesn't mean you should avoid chinese and russian coins like of the country just ones that are being sold from those locations there's tons of fakes coming out of there number three is that i'd avoid buying super expensive non-graded coins off of ebay unless it's from a really really well known store there's just too many fakes again floating out there and especially if you're not super experienced you might pick up a fake and not really realize it until it's too late to return it or something like that number four is that i would learn a lot there's lots of good stuff on youtube lots of cool books so it's probably better to do a lot of learning before you go throwing hundreds or thousands of dollars into the hobby and number five is just kind of keep it on a low that you're buying a lot of rare coins it's just better not to have everybody out there know because there is a risk to being robbed or something along those lines with that being said enjoy coin collecting i have tons and tons of content on pretty much most topics out there so if you just look through the videos that i've made or my website um there's probably going to be something that would interest you thanks so much and make sure to leave a comment if you have any questions thanks for watching the video i'd encourage you to like comment your thoughts and subscribe for more content and get in touch with me or contact on treasuretownyt.com my website my facebook treasure town my twitter at treasurestown underscore yt or my instagram treasure town yt looking forward to seeing you on some of my other videos

Channel: Treasure Town

Views: 27,188

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Keywords: coin collecting, coin collecting 101, coin collecting tips, coin collecting intro, intro to coin collecting, starting a coin collection, how to coin collect, coin collecting for beginners, how to start a coin collection, collecting coins, coin collection, buying coins, investing in coins, how to invest in coins, how to start coins, rare coins to start with, grading coins, mint mark, coin mint mark, ngc, pcgs

Id: mwXvvh6XXa0

Length: 18min 1sec (1081 seconds)

Published: Thu Jun 25 2020