It’s the dream of every novice coin collector…rummaging through a handful of change and coming across those one mint condition rare coins.

In reality, rare coins collecting are an exciting hobby that takes many forms.

What makes a coin truly rare? Rare coins are determined by two different criteria.

In some instances, a coin may be fairly common in circulated condition, but there may be very few in “mint” or uncirculated condition.

This is known as “conditional rarity,” since the coin’s rarity is based on the actual condition of the coin.

There are some coins, however, that are rare in any condition, and these are known as “absolute rarity.” Many gold coins fall under this category, and the investment market is fairly hot for these items.

Examples of these kinds of coins are gold pieces from the 18th and 19th centuries, rare silver dimes like the 1894-S Barber dime, and several types of one cent pieces from the last 1700s.

Resources to check the rare coins quality

If you have rare coins, either conditionally or absolutely, there are a number of resources out there to check. You can take your coin to a reputable dealer for an appraisal (you may want to visit more than one to get a second opinion).

History buffs and antiquarians love the thrill of collecting old coins. Whether it’s a 200 year old penny or an ancient Roman coin, collectors of old coins enjoy a fascinating hobby.

With their depictions of world leaders, epic battles and political mascots, coins offer a personal glimpse into the events of a country’s history.

The very idea of a coin being passed from generation to generation infuses collection with a sense of history and heritage that can be quite powerful.

Part of the charm of these antiquities, and much of their value according to some collectors, is the years of accumulated grunge on their surfaces.

While some collectors prefer to trade them in their less-than-pristine condition, others opt for cleaned and polished old coins for their collection.

Be cautious while cleaning old coins

Many experts caution against cleaning coins, saying that exposing the metal to the corrosive agents in the air will cause them to lose value.

They suggest a gentle cleaning with mild soap and water to remove excess ground dirt, but skip the polishing. Of course, it’s up to you to decide if you like the old worn grime, or opt for shiny bits in your collection.

The Boy Scouts of America merit badge program offers a list of requirements and electives that help boys explore things they otherwise may not have had access to.

Merit badge program helps them develop new interests, pursue hobbies they enjoy and learn valuable life-long skills.

Often times what starts out as a boy working towards earning a merit badge ends up with a young man with a passion for something he previously knew nothing about?

Coin collecting is one such merit badge that Boy Scouts can earn. There is a booklet of requirements used to track the boy’s progress as he works towards earning his merit badge.

The latest edition was introduced in January 2003 and reflects several changes that were made to the merit badge program, including joining a coin collecting club and going to a US Mint via the Web.

To earn the coin collecting merit badge, Boy Scouts have 10 steps they must achieve.

1. Discover where and how coins are made in the US, and are able to identify the US Mint’s facilities and know where they are located.

2. Give definitions for coin collecting terms and demonstrate that you know their meaning.

Numismatists have adopted a long list of terms and slang words to effectively communicate with other coins enthusiasts.

Upon entering a coin show or auction, a novice numismatist may become confused by the language frequently used in such environments.

The following words and terms are some of the most important to learn when dealing in the coin-collecting world.

Coins collecting glossary

Actual gold weight: the actual amount of gold in coins

American Numismatic Association: commonly referred to as the ANA, a non-profit organization dedicated to the study of coins and money

Ancient: a coin that was made before 500 A.D.

Auction: an offering made to sell a specific artifact to the highest price bidder; can be online (eBay, etc) or live

Authentic: an original coin, guaranteed to be authentic, not counterfeit, by an expert

Billon: an alloy produced by combining silver and one other medal (less than 50% of which is comprised of the silver)

Blue sheet: common name used to refer to the Certified Coin Dealer newsletter

Brilliant uncirculated: used to refer to any coin that has not been circulated

Business strike: coins produced for regular circulation

Are you interested in meeting other coin enthusiasts, sharing information, and learning the ins and outs of this fascinating hobby? Consider joining an online coins collecting club or forum. There are a number of places to start, including these resources below.

Coins collecting clubs abound on the internet

Coinclub.com is a website that includes directories, event calendars, books and software for sale, message boards and a reference library. The site does accept advertising, so it’s also a good place to find suppliers, appraisers and brokers.

It is open to advertisers. Its directories include: Dealers, physical coin clubs, numismatic news and numismatic links. These links go to auctions, advertisers, and software for sale, pricing information, educational resources and specialty fields such as tokens, medals and elongated coins.

There is a link to independent coin grading experts. There is a link to the closing prices of precious metals. There are links to message boards, chat rooms and forums. They have a reading room, a magazine “rack” and a coin reference library.

Their link to coin pricing is free; one just needs to register a valid email address. There are also links to purchase materials you will need to safely store your coins.

Coin shows are fun, exciting events, but they can also be overwhelming, especially for a beginner.

There are some things you can do to maximize the time you spend at a coin event.

Coins shows are the best way to buy or sell coins. Well before the show, you should take some time to get organized. Know what you’ve got, what you need and what you’d like to sell.

This is something that a surprising number of collectors don’t do. The best way to always be prepared is to keep a running inventory list. Do your homework beforehand, so you know what you want to purchase and have a good understanding of its fair market value.

Of course, always leave room in your budget for that spur of the moment purchase, but don’t let yourself be overwhelmed by all the choices available.

Before you go, be sure to pack comfortable clothing and good walking shoes. Most coin shows floors are huge, and you’ll soon lose your steam if you are overheating or have aching feet.

Coin shows are the best way to buy or sell coins. Well before the coin shows, you should take some time to get organized. Know what you’ve got, what you need and what you’d like to sell.

This is something that a surprising number of collectors don’t do. The best way to always be prepared is to keep a running inventory list.

Do your homework beforehand, so you know what you want to purchase and have a good understanding of its fair market value.

Of course, always leave room in your budget for that spur of the moment purchase, but don’t let yourself be overwhelmed by all the choices available.

Plans to make coin shows

It pays to prepare you before heading to a coin shows. The rows of vendors and buyers can be overwhelming if you go in without a plan. The most important thing to bring to coin shows is a list of the coins you have and the ones you need.

Learn what prices are considered reasonable for the coins you need and think about how much you’re willing to spend on them. Educate yourself on the correct names of your coins and the ones you desire and learn what features to look for in collectible coins.

In the coin-collecting world, the value of individual coins is in constant flux.

There are various guides online that are updated regularly to help coin collectors keep up with the ever-changing market.

These coin prices guides generally decide upon the worth of specific coins by consulting dealer advertisements in trade papers, dealer fixed coin prices lists, auctions, and activity at coin shows. Some guides focus on coins from a certain country, while others are more comprehensive.

Coins have a wholesale and Fair Market Value. Generally dealers are the only buyers able to purchase coins at wholesale coin prices. The Fair Market Value is the price a dealer asks for a coin.

On what the coin prices depends

This value depends upon the rarity of the coin. The more coins available within a certain grade that are available, the more competitive and thus lower a dealer’s coin prices will be.

Dr. William Shelby developed the coin grading scale used in the United States. It is based on 70 points, with 70 being the perfect coin. In addition to the numeric grade, there is also a letter designation assigned to each coin.

Collectors must be vigilant when choosing what coins to invest in and add to their collections.

Just as in the tradition of rare art and antiques, the coin-collecting business is well acquainted with fraud.

While the Internet is providing a new breeding ground for numismatic fraud, it has long been common in other venues from mail-order establishments to flea markets.

In addition to fraud, counterfeiting is a huge problem in the world of coin collecting. If you doubt the integrity of a coin, have it valued by a reputable coin grading service.

But even that route can spell trouble. Unless you use a highly respected grading firm, the fraud may be perpetuated. Some less than savory coin graders have been known to authenticate clear forgeries, leaving the owner with an even bigger mess on their hands.

Another type of coin fraud involved re-engraving a coin to hide the wear the coin has received. These are easiest to spot when you look at the finest details of coin compared to a high condition version of the same denomination.

Pocket change may be the easiest way to start a coin collection, but where do you go when you are ready to move on to more specific collections or when you are in search of a rare particular coin?

After searching through change boxes and hitting up friends and neighbors for spare coins, at some point you’ll want to add to your collection by buying coins.

But as the saying goes, let the buyer beware. There are literally thousands of places to purchase collectible coins, and knowing how to find a reputable dealer is of the utmost importance. Here are some good places to start.

The good news is there are plenty of options for the more advanced coin collector.

Some examples on how to find certain coins dealers are:

• Search for online coin dealers.
• Search EBay for special or rare coins.
• Visit coin shops/ your local mom and pop coin dealers.
• Visit national coin dealers that have shops and online services.
• Seek out individual coin dealers through personal Web sites, newspaper ads and posts on coin massage boards
• Join a club for coin collectors.