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Money -> Coins: World

Collecting world coins is a rewarding and fascinating hobby. The first official coins were struck around the 6th century BC in Lydia, though metals used as a type of currency far pre-dates that, to Mesopotamia somewhere between 1500 and 2000 BC. Ancient coinage is fascinating, with most avid collectors doing a great deal of research into the origin and history of each type of coin. Because the coins are ancient, most highly sought after specimens are rare enough to be difficult and even impossible to find.

While some still concentrate on collecting ancient coins, many choose to collect modern coinage. World coins minted in modern times are not only much more readily available to collectors than ancient coins, there’s also a much wider variety available. And while one might think that a truly ancient coin would be valuable, collectors have apparently decided that the most valuable coin in the world was minted as recently as 1933.

The 1933 Saint-Gaudens Gold Double Eagle, with a face value of $20, was sold at auction in 2002 for over 7 million dollars. Obviously such a coin is out of the reach of collectors, but it serves as an example of how collecting modern world coins can be an intriguing hobby. In the case of this coin, its history played a huge part in its value.

Over 450,000 1933 gold double eagle coins were minted, but none were ever issued because before the coins could be distributed, President Roosevelt changed laws in response to the Great Depression. Citizens were required to turn in any gold coins they had, and no more gold currency was to be created or issued. The gold double eagles were melted down and used to make gold bullion. Some, however, began turning up. Two were legally preserved, but occasionally others surfaced in small numbers, usually a few or 9 or 10 at a time. All that were discovered were confiscated by the Secret Service, but King Farouk of Egypt had already exported one. This coin is the one that sold for millions of dollars, making it the most valuable world coin ever created.

Some collectors choose one area to collect from while other world coin collectors aim to find one coin from every country or region of the world. Some collectors even choose to trace their ancestry through coins from those countries. The history of a coin, its scarcity, and whether or not there were errors during minting all figure into a coin’s value. It’s a good idea to read about world coins, to discover the interesting histories of some valuable coins, like that of the 1933 double eagle.

World coins are described in collector shops and auctions according to a standard grading system, from best to worst: mint, uncirculated, proof, extremely fine, very fine, fine, very good, good and about good. Look for these words in auction descriptions and carefully examine the scan or photo of a coin you wish to purchase to see the obvious wear.

Originally posted 2008-10-09 14:00:21. Republished by Blog Post Promoter

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Coin Collecting, world coins