Collecting or investing in rare or old coins, called “numismatic” coins, can be a delightful hobby or investment, if you know how to buy and how to certify, or grade, coins. Research and studying coins is the only way to learn how to grade and certify them. Unless you have considerable time and resources to learn certifying, you will need to find a coin expert you can trust, to help you with this process. In the past, coins were simply classified as circulated or uncirculated. As time went on, distinctions began to be made in the amount of wear or circulation in various coins, until now there is an entire scale used in certifying coins.
The best way to have your coins certified is to find a reputable grading or certification service that is independent of dealers. That is, the grading service should not also sell the coins to you. Check out the grading or certification service’s industry reputation. Because grading standards is not an exact science but rather represents the opinion of the certifier, you may need to use more than one service, and get second opinions. Many periodicals are on the market and list coin prices by several different services.
Learning Coin Certifying
Every serious collector, however, should know something about grading or certifying coins, so that he or she will know if a dealer is stating the condition of coins accurately. Obtain a copy of the Sheldon Scale, which is the industry standard scale to determine the range of wear and detail of coins, or at least the scale most often used by professionals. The scale range runs from P-1, Poor, to MS-70, Mint State Perfect, and it can be found online, in a library, or from a reputable coin dealer. You will need a strong light and a magnifying glass. Check the condition of your coin with the scale to see where it falls in the range given. The higher the number, the more the coin should be worth. If you’re a beginner, you will probably have circulated coins, and these are the easiest to grade, so start with them.
The object of coin certifying or grading is to determine its market value. Many collectors, however, do not wish to sell their coins and just want to know the approximate grade of a coin. In grading, look for the quality of the characteristics, striking and coin die. Check the type and amount of wear. For example, does the coin have dents, scrapes, is it bent, or otherwise damaged, and how much detail is still visible.
There is also a grading system called net grading, for giving coins that are out of the normal range or scale. If the coin has a problem that is not allowed for on the regular scale, it is graded as it would have been without the particular damage or problem. Along with the grade, however, is an explanation, such as VG-8 – Bent, meaning the coin would be graded VG-8 on the Sheldon Scale, but has been bent. Learning coin certifying is not hard, and with a little practice, a collector can become quite good at recognizing the various grades of new and old coins. When in doubt, of course, or before making a large purchase, check with a professional certifier, preferably one who is a member of the PNG, or Professional Numismatists Guild.
Photo Credits: s58y
Originally posted 2010-08-08 03:40:14. Republished by Blog Post Promoter
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