Trustworthy Sources of Information
Our technological growth is occurring at an alarmingly fast rate, and it effects everything in our world—including coin collecting. Just as you would keep your guard up when it comes to anything online, treat your numismatic sources in much the same way. There is a wealth of information available, but it is not all good. Always consider the trustworthiness of your sources. This can save you time, money and aggravation.
Do your best to explore trustworthy coin websites—the ones provided by great numismatic clubs like theAmerican Numismatic Association, theAmerican Numismatic Society,Florida United Numismatists, theGreater Houston Coin Club, thePennsylvania Association of Numismatists, theTexas Numismatic Association, and many others. The websites of publications like Coin World or Numismatic News also provide a wealth of information, and a subscription to either one or both of these magazines will keep you up to date with the current trends in the hobby. Membership in CONECA also includes a subscription to their bi-monthly magazine, ErrorScope, which contains great photos and articles about recent happenings in errors and varieties. Prominent coin grading companies have key numismatic information available online, including data about certain coins.
The following list contains some of the best websites available to numismatists. Use these websites in conjunction with the recommended books listed below. Reading only a couple of books or relying only on internet sources will not provide sufficient knowledge to do well as a coin treasure hunter. And while there are other helpful, educational numismatic websites to assist you, the sites listed here will start you out in the right direction.
• www.money.org (ANA—American Numismatic Association)
• www.numismatics.org (ANS—American Numismatic Society)
• www.whitman.com (Numismatic book company, publisher of the Red Book and CPG)
• www.coinworld.com (Coin World magazine)
• www.shopnumismaster.com/shop-by-product/magazines (Various periodicals, including Numismatic News and Coins, as well as others about banknotes and world coins)
• www.coinagemag.com (COINage magazine)
• www.usmint.gov (The United States Mint)
• www.usmint.gov/circulating_coins/index.cfm?action=coins (U.S. Mint: How coins are made.)
• www.moneyfactory.gov (The BEP—The United States Bureau of Engraving and Printing—for paper money)
• www.conecaonline.org (CONECA—Combined Organizations of Numismatic Error Collectors of America)
• www.varietyvista.com (Variety Vista—home of the CONECA Master Listing of Die Varieties)
• www.lincolncentresource.com (Lincoln Cent Resource—reference specifically for Lincoln Cent die varieties)
• www.ngccoin.com/coin-explorer (Reference of US Coins from Numismatic Guaranty Corporation)
• www.pcgscoinfacts.com (Encyclopedia of US Coins from Professional Coin Grading Service)
• www.wildwinds.com (Information about Ancient Coins)
• forums.collectors.com (PCGS online collector forum/social media exchange)
• www.cointalk.com (CoinTalk—an online social media forum for numismatists)
There are numerous websites where coins are bought and sold, and these can be helpful in that they provide fair market valuations. (These are prices resulting from recent auctions and are often the most accurate representations of current coin values because they reflect the prices people actually paid for certain items.) For more information regarding reputable dealers and local coin clubs, use www.money.org and go to “Find A Dealer” through the Dealer Directory or “Find A Club” in the Club Directory.
Some of the books mentioned throughout this work are listed here for your convenience.
• A Guide Book of United States Coins (the Red Book) by R.S. Yeoman; Ken Bressett, Senior Editor.
• A Guide Book of United States Coins: Mega Red, Expanded Deluxe Edition by R.S. Yeoman; Ken Bressett, Senior Editor; Q. David Bowers, Research Editor; Jeff Garrett, Valuations Editor.
• The Error Coin Encyclopedia by Arnold Margolis and Fred Weinberg.
• Cherrypickers’ Guide to Rare Varieties of United States Coins (6th Ed., Vol. I and II) by Bill Fivaz and J.T. Stanton.
• Strike It Rich with Pocket Change (4th Edition) by Ken Potter and Brian Allen.
• The Coin Collector’s Survival Manual (Revised 7th Edition) by Scott A. Travers.
The Sad Reality of Price Guides
Keep in mind that a price guide is only that—a guide to help navigate your way through the challenging process of arriving at realistic coin prices. The figures in a price guide like the Red Book are retail prices. A dealer cannot pay full retail price; they pay wholesale prices to earn some profit. Dealers also have business expenses (overhead), such as traveling to shows and table fees. The guy at your local flea market may have some great deals, but can you be certain of his knowledge? Chances are that he is not obliged to follow a code of ethics like an ANA member. Dealing with reputable dealers may cost a little more but will pay off in the long run.
Selling coins to dealers is more difficult than buying them and is something you probably won’t feel comfortable doing until you are knowledgeable. Coins don’t always go up in value; you might buy certain die varieties cheaply but may have to sell them cheaply! Die variety collectors learn this hard lesson because even the figures listed in the Cherrypickers’ Guide are retail prices, and many dealers are not concerned with most die varieties. It is important to know relative rarity, collector demand and basic pricing. The saying caveat emptor (Latin for “let the buyer beware”) also applies to sellers—know your values so you don’t sell too cheaply.
Checking auction records is a fantastic
way to help establish fair market valuations for collectible coins. Use this information in conjunction with retail price guides. By doing this, you can become savvy enough to know when a coin is priced too high and should be avoided or priced too low and should be picked up immediately. This is another form of coin treasure hunting that can take years of dedication to reach.
Conclusion
This resource provides information to anyone embarking on a numismatic treasure hunt, regardless of age. You may experience highs and lows, but don’t give up! Study every coin that crosses your path. Prices for collectible coins rise and fall like the tides, and there is no numismatic crystal ball that will foretell the future, so no one can say with perfect accuracy what something might be worth years from now. Remember to use all of the resources you have—especially this one, Treasures in Your Pocket. Balance information online with research from trusted sources, books, and periodicals. Take advantage of the vast wealth of knowledge accumulated by our fellow collectors, researchers, and specialists with years of experience who have paved the way. Share your newfound knowledge with other collectors to help them broaden their experiences. Above all else, please enjoy our hobby. Happy treasure hunting!
