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 Replies: 16 / Views: 5,034 |
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Pillar of the Community
United States
589 Posts |
Hi All,
This question I have been meaning to ask so I may get some expert opinions. With all the talk of Canada discontinuing their penny and rumors of other countries following suit, is it worth collecting say the original coin currency and/or like the Euro coins of countries now before this coin mint stoppage takes effect worldwide?
Example would be like Italy Coins prior to changing to the Euro currency. Thank you.
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Pillar of the Community
United States
1391 Posts |
What do you mean by worth it? By 'collect' do you mean 'hoard' in large quanities with the hope they will be worth a lot of money in the future? If that is what you mean then I doubt it will ever be 'worth' it. On the other hand, if you like world coins then go ahead and collect them. I like world coins so I collect them. You will find though that world coins don't usually cost as much as U.S. coins. There is less demand for them. You can purchase very low mintage key date coins for hundreds of dollars, not hundreds of thousands of dollars. Also, those coins aren't going to dissapear over night. Look how long ago Great Britian or Australia went to the base ten system. My dealers junk box is full of their old coins. Lots of them in BU or AU condition for Twenty Cents to a dollar. Half the time they just give me the coins. I am by no means an expert though. |
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Pillar of the Community
Canada
2781 Posts |
as allranger said, world coins are generally cheaper than US or Canadian. you get "more" for your money, but its not like there is any more potential for them to rise in value. if you want to build a nice, large collection then world coins are the way to go. its fun and all, but cheap coins will always be cheap coins. Quote:
Example would be like Italy Coins prior to changing to the Euro collect them if you like them. there are so many available that they are very unlikely to rise in value beyond inflation (if you are lucky). the low mintage and keys dates that are out there are already worth a premimium. the rest (cheap commons) will always be cheap and common. collect what you like and what you can afford. there aren't any modern sleepers out there that you can get cheap that are going to spike in value. |
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Pillar of the Community
 United States
589 Posts |
Ok thanks for the advice. I will continue to collect them because they appeal to me.
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Pillar of the Community
 United States
2448 Posts |
Depends upon the coins. If they have a numismatic and intangible value, precious metals, you'll do okay if you wat h the spots. Many of the speakers at the FUN show recommended many different mints as long as the coin's value was supported by the value of a precious metal.
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Pillar of the Community
United States
2589 Posts |
I imagine key date gold and silver foreign coin prices will rise due to melting, but common base metal stuff generally stays flat. But rarity does not always mean high premiums, I have sold foreign proofs that have mintages in the low thousands for a couple bucks just because no one collects them. Another thing to beware of is that oftentimes the catalog values for foreign coins are way way off. For example several issues of West German 1 Mark coins are listed in krause as being worth in the $400 - $500 range in uncirculated condition yet if you take a look at recent auction sales they rarely bring in as much as half that in the quoted grade.
Sometimes certain countries trend more strongly than others. I regularly collect and sell foreign coins and I find that common date Irish and Italian coins have been trending quite well lately. The one area that I do think has alot of potential for increase is in Nazi German silver coinage. These issues already carry significant premium over melt even in low grade and damaged condition, yet people still melt and destroy them for various reasons while demand will always be strong for them (especially with both militaria and coin collectors buying them).
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Valued Member
United States
144 Posts |
I like collecting foreign coins for the unlimited variety of subjects. Each coin is like a miniature piece of art.
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Bedrock of the Community
Australia
21788 Posts |
I collect foreign coins.
From the invention of coinage, in all cultures, up until about 1965, when silver was no longer issued in circulating currency.
Have been doing this for about 40 years. I have about 100 books and about 200 booklets and papers to support my habit.
I have about 2,500 coins that form the core of the collection in all three main metals, and the whole collection numbers around 5,000 pieces.
My collection is really a statement of the development of World currency systems, expressed in coinage.
There are a few other noted collectors here in the CCF, whose approach to numismatics is generally the same.
Edited by sel_69l
03/14/2013 02:12 am
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Pillar of the Community
United Kingdom
2891 Posts |
I agree with Sel - and my collecting style is quite similar. Anything from cowrie shell to kissi pennies, from ancient Greek to modern £2's I find in change - though I really focus on some key areas like 19th century Europe because I'm interested in the history and like to have coins as the link to that history. That's why I don't really mess around with modern coins that much (post WWII say) nor bother with NCLT much either as people didn't use them as money. I'm sure there is an arguement to be had if NCLT are "coins" or "collectibles". Perhaps some brave soul could start that topic :)
There are as many reasons to collect as there are collectors but nowhere in my equation is financial gain. Sure I like a bargin (who dosen't) but as long as I know I could sell my coins for roughly what I paid for them, I'm happy. Most hobbies cost money, this one has the advantage of, with a bit of knowledge, being at least able to break even.
happy collecting
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Pillar of the Community
Germany
1238 Posts |
Quote:
That's why I don't really mess around with modern coins that much (post WWII say) nor bother with NCLT much either as people didn't use them as money. I'm sure there is an arguement to be had if NCLT are "coins" or "collectibles". The funny thing is that many older silver and gold pieces that get lots of oohs and aahs today (and deservedly so, IMO, based on their designs) were not issued for circulation either. Lots of them were made in order to be given as presents to high rank visitors for example. But I suppose that so much time time has passed since then that people today do not care about this ... I tend to avoid modern NCLT pieces but will make an exception if I find the theme and/or design attractive. Now if a newly issued US commem costs $50 and has the face value of $1, it won't make it into my collection unless it is mighty attractive. ;) As for what to call them, some time ago somebody tried to make the term "medal-coin" popular. I do not use it as it is counterproductive when you want to explain the difference between a coin and a medal to some new (or non-)collector. But among coinnoisseurs ;) it could serve as a joke with a true core ... Christian Edited by chrisild
03/14/2013 6:07 pm
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Pillar of the Community
United States
1391 Posts |
John,
I'll add some more comments now that a few more people have posted.
I just looked at my records and I have 933 world coins. Most of those coins are modern coins. I probably have another 400-500 I haven't cataloged yet. I am slowly starting to work my way back to older coins. I have a general rule regarding my collection: if I like it and can afford it, I will get it.
Every once in a while someone will post about what the difference is between a collection and a hoard. My problem is that their definition of a collection pretty much defines their accumalation of coins as the best definition of a collection. You can do a search and find several of these posts. Some people are pretty sure a collection means buying whatever the mint tells you to each year. I just ignore those people and you should feel free to also.
Including my world coins I also have:
Trade tokens from the Nortwest (mostly Idaho): about 50
Canadian Municipal coinage: about 30.
World bullion coins: a bunch of different ones.
Notgeld: around 20 or so.
I have more interests than a sequential series of numbers on the same types of coins. But I am working on a Canadian silver dollar series. Do what ever makes you happy with your collection.
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Pillar of the Community
United States
1109 Posts |
Quote:
Every once in a while someone will post about what the difference is between a collection and a hoard. My problem is that their definition of a collection pretty much defines their accumalation of coins as the best definition of a collection. You can do a search and find several of these posts. Some people are pretty sure a collection means buying whatever the mint tells you to each year. I just ignore those people and you should feel free to also. I couldn't agree more. A collection is whatever you decide it is. If you want date and mint mark sets, or just a type set, or one coin from every country regardless of year, or only coins that have toning, or whatever, you decide what you want. |
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Valued Member
United States
318 Posts |
I collect foreign silver coins from the coin shop and here on CCF. I buy for less than spot then spend the rest of the night looking them up online and reading about different countries and their histories.
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Pillar of the Community
Canada
2805 Posts |
I don't have much of a budget so I buy generously from bulk world coin boxes. Getting 5 for a dollar is always fun, especially because most stores buy them by weight and don't even sort them, so there's always a chance I'll find something exceptional. After digging through a 25-cent bin, I managed to find a 1957 silver gulden (aka "more than 25 cents of silver") and today I found a kinda rare 1955 20 centavo piece from Mexico (they changed the eagle midway through the year, I got the scarcer old style). It's the best way to collect for me, because it's cheap and you can find some great stuff. But that's just because I'm still in school and have more time than money. It's a great way to get lots of unique coins.
My only advice is to buy lots of stuff during every visit so you don't get a dirty look from the owner after buying nothing but a misfiled silver coin for way below spot...
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Pillar of the Community
Canada
1192 Posts |
It's always worth it to collect what you like if it's within your budget and you are doing it for enjoyment.
If you're looking at it as an investment, then no... I mean yes- please buy the pounds of obsolete 1950s-1990s world coins I have stockpiled :)
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Valued Member
United States
98 Posts |
The variety of world coins is so amazing, that it's hard to imagine anyone not finding an area of interest once they get an understanding of what is out there. I used to collect exclusively US coins, but that got a little boring, and frankly, too expensive. |
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Replies: 16 / Views: 5,034 |
Posted 03/13/2013 8:43 pm
