September 22nd, 2009 — Coin Collecting, Silver Bullion Coins
People buy silver bullion coins for a few different reasons. Some buy them because of the precious metal content as an investment and buffer against inflation. Some people buy them because they fear that one day our popular currency will become worthless, and they want to be prepared with the only kind of money that would likely be worth anything in that case. They know they could use gold and silver coins to barter for goods and services if paper money were repudiated. And some buy bullion coins because they’re coin collectors and they want to add these brilliant pieces to their collections.
If you want to buy silver bullion coins for investment purposes, then your true investment in the silver lies in not how many coins you buy necessarily, but how many ounces of silver you end up owning because of those coins. In this case, it doesn’t matter if the coins can be used as currency, so foreign coins which contain high amounts of silver are as good an investment as United States coins, or vice versa, depending on where you live. The age of the coins is irrelevant, too.
Silver bullion coins minted since 1965 contain stamps showing the purity of the silver within them and the silver coins pre-dating this do not, but that makes them no less valuable as an investment. Many people think the only silver bullion coins used in the US are dollars like the 1 ounce American Eagle, which is a popular collector’s coin. But before 1965, several types of coins contained 90% silver, like dimes, quarters and half-dollars. These and coins like the American Silver Eagle, which contains 1 ounce of pure silver, are a good investment and in a worst-case scenario where the value of paper money dropped substantially, these coins could be used as money.
Survivalists who invest in silver bullion coins typically purchas as many coins dating since 1965 as possible. They believe that it’s likely that one day our money system will collapse and the only real currency that one could survive on would be silver and gold bullion. Since the silver content is stamped on each coin produced since 1965 showing that it’s an ounce of pure silver, they believe that it will be easier to get people to accept those coins as payment in the event of a financial collapse. For these purposes, they’ll typically buy $1000 face value bags, or bags in smaller increments, rather than individual coins.
For collectors, the earlier coins are often considered junk coins, because they have little numismatic worth. Silver bullion coins for collectors are typically silver proofs or coins in Brilliant Uncirculated condition, only if they really want the coin and can’t acquire a mirror-like proof. If you’re looking on eBay for collector coins, a popular place to find them, you’ll need to do some research on the individual silver coins so you can tell the difference between BU and proofs, as often they look similar.
Originally posted 2008-10-27 14:00:50. Republished by Blog Post Promoter
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September 18th, 2009 — Colonial Money, paper money
If you are interested in collecting paper money, Colonial money is one of the hottest tickets going right now. When the first US colonies were formed, the nation and its currency system were still in their infancy. It was decided that paper money would be used, and gradually, currency was printed and distributed for use. Today, colonial money is usually worth much more than its face value, provided that it is original and not a reproduction. Here are some tips on how to tell whether or not you have an authentic piece of colonial history.
1. Check the Signature
Colonial money was always designed to have at least one signature on the note. You may need to look carefully to determine whether or not a signature is present, but if you can’t find even one, chances are you may be dealing with a reproduction. The color of the signature should be in red ink.
2. Is it Numbered?
Colonial money was always numbered to help them keep track of how many bills were in circulation. Once again, if you are dealing with an authentic note the ink color will be red and the number will be very noticeable. Age made have faded the note slightly, but you should be able to tell that the ink was once a red color.
3. Look at the Writing
Typically, colonial money featured a handwritten signature, and some bills may have other handwriting on them as well. This is actually quite important, and is a big clue to the authenticity of the note. If the handwriting is the in the same color as the rest of the bill, there is a very high chance that you are in fact dealing with a reproduction.
4. Look for the Stamp
In most cases, reproductions that are intended merely for home use will carry a stamp that says “facsimile.” This is done to help people get a better idea of the colonial money that was used, but they are not intended to be collector items. While some reproductions may not have this stamp, the majority should.
5. Find the Watermark
Even in the height of the colonial period, when technology still was struggling, watermarks were added to bills to help determine whether or not they were authentic. You can use that same watermark to help you determine whether or not you have authentic colonial money on hand. Hold the bill up to a light source to see if you can spot the watermark. If you can’t chances are you have a reproduction.
6. Take it to an Expert
If you plan on investing in a colonial money note, it is best to have it examined by an expert to determine the authenticity of the note. They will be well versed in the different types of ink, the different plates that were used, as well as how real colonial money should look. There is no substitute for getting an expert’s opinion, especially if you will be investing in colonial money.
Originally posted 2008-09-11 14:00:01. Republished by Blog Post Promoter
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September 16th, 2009 — Chinese Paper Money, paper money
The Chinese actually invented paper money, and the process of making it dates back to the early 9th century. Collectors are always seeking Chinese paper money due to its rich history and value, and this is a currency that is very unique. Although it is nearly impossible to find many of these notes outside of a museum, Chinese paper money is very popular and if you can get your hands on a note, you may have a treasure on your hands.
Chinese paper money was originally called “Flying Money” because it was so light, and if the owner did not hold on to it, it could easily blow away. The first notes were made from very delicate paper and they were used almost like IOUs. The owner would write down on the note what they were willing to pay for something, and the recipient could then take that to the bank to cash it. This bank draft system is very similar to our own checking system now.
Chinese paper money changed slightly when the Mongols took over. Instead of paper, the notes were then produced from silk and they were backed by a silk standard, much like the gold standard that would later be used in the Western hemisphere. This was a new idea, and in order to use the notes, the owner would have to actually deposit a set amount of silk yarn in the bank.
The silk form of Chinese paper money endured, and was used throughout the world. It has been discovered in far flung parts of the world by archeologists, but it is very rare to find any that are available to private collectors. After this period in Chinese history, the Ming Dynasty changed the currency, moving back towards paper.
The main problem they faced with this new Chinese paper money was that there was only one set denomination. This forced many to rely on coins since the notes were hard to use for smaller purchases. Due to these problems, paper money actually fell out of use and inflation rose. It wasn’t until modern times that paper money would return and become widespread.
We can thank the Chinese for our current paper money system and their innovations which are centuries old are still in use today. Collectors of Chinese paper money will typically be able to find notes for sale from other private collectors or at auctions. The advent of the internet made it easier to locate many of these notes and business is booming on online auction sites.
For those interested in collecting Chinese paper money, it is best to find notes that are in good condition. The most common are the ones from the Ming Dynasty period, but every once in awhile you can find older notes. The paper is very thin, so these notes should be treated with extreme care and sealed off from air and dust. They are an important part of monetary collectibles and should be treasured as such by collectors.
Originally posted 2008-09-29 14:00:46. Republished by Blog Post Promoter
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September 15th, 2009 — 1896 Silver Dollar, Coin Collecting, US Coins
An 1896 silver dollar is one of the Morgan dollars that were minted from 1868 to 1904, and then later again in 1921. The image on these coins was designed by George T. Morgan, and while his dollar is a collector favorite today, easily found in online auctions, they were virtually ignored when they were created.
By 1873, the American collar coin was discontinued. Paper money was favored over coins. So when the large, Morgan dollar came onto the scene in 1878, few people were interested in using them. After the Comstock lode was discovered in Nevada, America’s richest silver strike to date, it was necessary to use that silver to keep Nevada’s economy from collapsing. Pressure was put on the government to make a silver dollar, so the US Treasury, despite the veto by President Rutherford B. Hayes, purchased a few million dollars worth of the silver for coinmaking. Some of that silver was used in the 1896 silver dollars, as well as other dollars from that era.
Morgan, a native of England, was brought over to be an engraver for the director of the Philadelphia Mint. Morgan’s design competed with the design by the normal designer and Chief Engraver, William Barger. Morgan’s coin was chosen, with its head of Lady Liberty on the front and a small eagle on the back. Soon after, Morgan became Chief Engraver and remained there for over 40 years, then became Chief Engraver for the United States Mint in his 70s. The 1896 silver dollar as well as all Morgan dollars produced, bear the distinction of being the only American coin Morgan ever designed.
Less than two weeks after Congress authorized the minting, the first Morgan dollars were struck, on March 11, 1878. Philadelphia produced most of the Morgan dollars, but a small mint in Carson City near the silver Comstock lode produced some dollars of that era. Though that mint closed in 1893, after the mine was essentially emptied of silver. The 1896 silver dollars was one of the 500 million Morgan dollars minted between 1878 and 1904. Despite their numbers, the coins weren’t popular with consumers. There were many used coins, in fact, that in 1918, over 270 million were melted to provide Great Britain with silver during the war. Morgan dollars were produced again in 1921, to the tune of 86 million, but stopped the following year so that the Peace dollar, which became popular, could be produced to commemorate the end of World War I.
Millions more Morgan dollars, including the 1896 silver dollar, were melted down for their silver content in the following years. In fact, it wasn’t until 1972, when the General Services Administration auctioned 2.9 million Morgan dollars, the rare ones produced by the Carson City mint that closed in 1893, that the Morgan dollar interested collectors at all. Then LaVere Redfield, a stock investor who had hoarded 400 bags of Morgan dollars, died in 1974 and his 11 tons of Morgan dollars were auctioned for $7.3 million dollars, giving the Morgan dollar real status in the coin world.
Originally posted 2008-10-14 14:00:58. Republished by Blog Post Promoter
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September 13th, 2009 — Coin Collecting, paper money
Paper money has a long and varied history that dates back centuries. Although we are used to dealing with paper money on a constant basis it was not too long ago that it wasn’t even used. Let’s take a look at the history of paper money so that you can gain a better appreciation of the money you use today. It’s one of the easiest ways of spending, but it wasn’t always that way.
Originally, paper money was developed by the Chinese, who called it “flying money.” This was due to the fact that the paper used was incredibly frail and light weight. If you didn’t have a good grip on it, it could easily be blown out of your hand by a strong gust of wind, hence the nickname. It can be dated back to around the ninth century, but there are some instances and some evidence that point to paper money being around as early as the eighth century.
Instead of having an actual standard, like today’s money, the first paper money was backed just by your signature and how much you had in the bank. In that way, it was very much like a check that we would use today. This is also where the term bank drafts came into play, even back hundreds of years ago. It wasn’t until many centuries later that a standard was developed in Asia for paper money and at that time, it’s worth was solidified by silk.
Eventually, the use of paper money dwindled, especially during the Ming period in China, when the notes became worth a set amount of money, making them harder to spend, especially on the daily necessities of life. It wasn’t until the middle ages that it would again be put into use, and even then, it took until the late 1800’s for paper money to become standard.
Today, we don’t think twice about whipping out a bill here or there, but in ancient times, paper money was quite rare. There are records of paper money being used in the colonies of the United States, but coins were generally used more and of course, gold and silver were quite common. That is now flipped, with the vast majority of people all over the world using paper instead of coins.
However, the introduction of credit and debit cards has hit the paper money market hard. Fewer people are using it and as a result, we may be going backwards in time a bit. While coin money may never become quite popular again, it is clear that our reliance on paper money is definitely dwindling. This has created quite a market for collectors interested in finding unique notes.
While you may not be able to get your hands on a paper note made in China from the 900’s, you can certainly find European, American and Russian notes that are quite valuable. The best place to find collectible paper money is at a coin shop or at an online auction.
Originally posted 2008-10-05 00:27:08. Republished by Blog Post Promoter
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September 11th, 2009 — Federal Reserve Notes, Large Size Notes, paper money
One of the most interesting collectibles in the field of coins and paper money are federal reserve notes. However, there is quite a bit of confusion out there about what these notes really are. If you are serious about getting into collecting federal reserve notes, there are a few things you need to know before you get started.
1. Knowing the Difference
There is a big difference between federal reserve notes and federal reserve bank notes. The first term refers to actual paper money, while the second is a specific type of banknote that is only produced by the Federal Reserve. Each one has a different collectible value, and it’s important to be able to tell the difference when you are collecting them. Some will be worth more than others, but generally, regular federal reserve notes are quite collectible.
2. Understanding the Fiat
The fiat, or agreement with a federal reserve note is that the reserve is not obligated to pay the face value of the note in gold or silver. In other words, this type of currency is not backed by a gold or silver standard. This works in both ways for collectors. For example, a $5 note may be worth much more than that, while a $100 note that is not collectible may only be worth $100.
3. The Two Dollar Bill
Surprisingly enough, one of the most collectible federal reserve notes is the $2 bill. All joking aside, these are a lot of fun to collect and many kids get their start with one of these bills. These actually can be spent just like regular money, but if you do find one of these, it’s best to put aside since the overall value may exceed the face value.
4. Condition Matters
As with most collectibles, the overall condition of a federal reserve note will determine its actual value. Ideally, you should look for notes that have not been circulated, but these may be hard to find. You should be able to come across notes that are referred to as “crisp” however. These are in perfect condition and are considered to be the best collectibles.
5. The Older the Better
Anytime you can find a federal reserve note that is at least fifty years old and still in good condition, there is the potential that it could be very valuable. At the very least, it will be worth more than the face value of the note. For example, a $10 federal reserve note that was printed in 1950 in great condition may be worth three times the face value. As notes age, they will become more valuable in many cases, so it is a good idea to keep looking.
If you do decide to collect federal reserve notes, it is important to do your research and stay on top of current trends. You never know – you may just be sitting on a gold mine, even if the note isn’t backed by the gold standard.
Originally posted 2008-09-18 14:00:00. Republished by Blog Post Promoter
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September 10th, 2009 — Ancient Coins, Coin Collecting, Roman Coins
When it comes to collecting coins or paper money, many prefer to go straight to roman coins. These are highly historic collectibles that may actually be worth a good deal of money and many are quite rare. When you consider the fact that the coin had to survive for thousands of years, it’s easy to see why they are so popular, and why many can fetch such a high price at auction.
Roman coins were originally made in either silver, bronze or gold. Golden coins are considered to be the most rare, and are very hard to find today. However, a few collectors have managed to create quite a private collection of these rare coins. Silver was the most commonly used metal for coins in the period and during 200 B.C., the majority of coins produced were made of this material.
Interestingly enough, many Roman coins are actually made in the Greek style. This has been attributed to the fact that many Romans were doing business with Greeks, especially in certain parts of Italy, and they needed to have coins that would be acceptable to those that they were doing business with. Whatever the real reason might have been, it is obvious when you look at Roman coins that Greek designs did have a big influence on the finished products.
There are many different denominations of Roman coins, but drachmae are the most common. These were used by even the every day people in the city and for many workers, this was their daily wage. Many thousands of these coins were produced, and if you do find a Roman coin today, it will most likely be a drachmae since they were the ones that were the most mass produced. They were usually made of silver.
Bronze Roman coins are quite popular among collectors and while they are rarer than silver coins, they are not worth quite as much as their golden counterparts. Bronze coins were typically used for smaller denominations and were very common during the height of the Roman empire.
If you are looking to collect Roman coins, it is important to make sure that you are dealing with authentic pieces. The coins should not be perfect, in fact, they will have some oddities with their shape. This is due to the fact that the coins were all made by hand during this time period and it was natural that they would not be perfectly round. Most Roman coins will have the relief of an emperor, and this is a great way to tell just how old the coin may be.
Once again, the relief will not be perfect, and you should be able to tell that the coin was handmade. Roman coins that have survived throughout the years may be a bit dull in appearance, which is a good indicator of their authenticity. If you come across a coin that is simply too shiny, you may be dealing with a counterfeit.
To protect yourself when collecting Roman coins, it is always best to get an appraisal before you buy to ensure that they are authentic.
Originally posted 2008-09-05 05:00:05. Republished by Blog Post Promoter
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