Note that the shown process is for the Euro bimetallic coins. The process for making our 10 rupee bimetallic coins may be somewhat different from the shown procedure.
Showing posts with label Articles. Show all posts
Showing posts with label Articles. Show all posts
Thursday, September 15, 2011
Thursday, September 1, 2011
Coin Collecting Merit Badge
How to Earn Your Coin Collecting Merit Badge
There is more to coin collecting than just keeping coins. There is something at stake for those who make an effort to know what they are collecting: the Coin Collector's Merit Badge.
A person who wants to acquire a merit badge must prove himself to be someone who knows a lot about coins.
Here are some of the things that a coin collector must know in order to earn the Merit Badge.
1. The Grading Scale
Merit badge aspirers must be very knowledgeable about the different grades of coins. They must master how to assess coins and categorize each coin as:
- Poor
- Fair
- Good
- Very good
- Fine
- Very fine
- Extremely fine
- Uncirculated.
They must also present five examples for each of the categories given above.
2. Coin Terminologies
Coin collectors must familiarize themselves to coin terms such as encapsulated coins, proof coins or legal tender to get the merit badge.
They must also show competency in explaining the following:
- Clad
- Date set
- Observe
- Reading
- Reverse
- Type set
3. Coin Storage
For a coin collector to achieve a merit badge, it is important that he knows how to take care, store and preserve coins.
Coin collectors must be able to demonstrate thorough knowledge in coin collecting by showing the councilors different methods of coin storage. It is expected that the advantages and disadvantages of the methods will be provided as well.
4. Coin Anatomy
Knowledge of the parts of the coins will give important information. That is why coin collectors who want a merit badge must know where the mint marks are located in various coins and they must also know where to look for the initials of the coin designer.
5. Miscellaneous things about coins
The councilors will be very pleased to hear stories about what you have learned about coins. These recollections may come from reading coin journals, attending workshops or seminars, joining a coin collectors' club, or visiting mint facilities.
It is also expected that coin collectors know a lot about coins from other countries as well.
6. Counterfeit coins
A coin collector must have a perception of whether a coin is authentic or counterfeit.
Reading coin guides or interviewing personnel from mint facilities will be a help in this situation.
After knowing these things, you are now equipped with the knowledge needed to be worthy of the coin collectors' merit badge.
There is more to coin collecting than just keeping coins. There is something at stake for those who make an effort to know what they are collecting: the Coin Collector's Merit Badge.
A person who wants to acquire a merit badge must prove himself to be someone who knows a lot about coins.
Here are some of the things that a coin collector must know in order to earn the Merit Badge.
1. The Grading Scale
Merit badge aspirers must be very knowledgeable about the different grades of coins. They must master how to assess coins and categorize each coin as:
- Poor
- Fair
- Good
- Very good
- Fine
- Very fine
- Extremely fine
- Uncirculated.
They must also present five examples for each of the categories given above.
2. Coin Terminologies
Coin collectors must familiarize themselves to coin terms such as encapsulated coins, proof coins or legal tender to get the merit badge.
They must also show competency in explaining the following:
- Clad
- Date set
- Observe
- Reading
- Reverse
- Type set
3. Coin Storage
For a coin collector to achieve a merit badge, it is important that he knows how to take care, store and preserve coins.
Coin collectors must be able to demonstrate thorough knowledge in coin collecting by showing the councilors different methods of coin storage. It is expected that the advantages and disadvantages of the methods will be provided as well.
4. Coin Anatomy
Knowledge of the parts of the coins will give important information. That is why coin collectors who want a merit badge must know where the mint marks are located in various coins and they must also know where to look for the initials of the coin designer.
5. Miscellaneous things about coins
The councilors will be very pleased to hear stories about what you have learned about coins. These recollections may come from reading coin journals, attending workshops or seminars, joining a coin collectors' club, or visiting mint facilities.
It is also expected that coin collectors know a lot about coins from other countries as well.
6. Counterfeit coins
A coin collector must have a perception of whether a coin is authentic or counterfeit.
Reading coin guides or interviewing personnel from mint facilities will be a help in this situation.
After knowing these things, you are now equipped with the knowledge needed to be worthy of the coin collectors' merit badge.
Sunday, August 28, 2011
Common european currency
The euro is the official currency of the Eurozone: 16 of the 27 Member States of the European Union (EU) and is the currency used by the EU institutions. The eurozone consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Estonia is due to join the eurozone on 1 January 2011. The currency is also used in a further five European countries, with and without formal agreements, and is consequently used daily by some 327 million Europeans. Over 175 million people worldwide use currencies which are pegged to the euro, including more than 150 million people in Africa.
The euro is the second largest reserve currency (a status it inherited from the German mark) as well as the second most traded currency in the world after the U.S. dollar. As of June 2010, with more than €800 billion in circulation, the euro is the currency with the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. Based on IMF estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world.
The name euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002.
The euro is the second largest reserve currency (a status it inherited from the German mark) as well as the second most traded currency in the world after the U.S. dollar. As of June 2010, with more than €800 billion in circulation, the euro is the currency with the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. Based on IMF estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world.
The name euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002.
Tuesday, August 16, 2011
The coin collector's wife
Dedicated to All Coin Collectors' Wives
Author Unknown.
Shipwrecked people shout it, as they drift upon the sea,"
It sure is bad, but the saddest cry I've heard in my whole life
Is the one you hear, when you lend and ear, to the Coin Collector's Wife.
Money, money everywhere, but not a pice to spend;
If this keeps up, our marriage is coming to an end.
Money in every dresser drawer and money on the shelf;
But there isn't one thin pice to spend upon myself.
Silver rupees and nickel rupees , and golden fivers, too!
Some of them are old and worn, and some of them are new.
I wish my husband cared as much about the way I look. . . .
The paycheck that he gets doesn't seem to mean a thing to me,
'Cause hubby needs a Land Vital two rupee.
As soon as he gets the coin, he'll be looking for some other;
I think I'd be better off if I went on home to mother.
One day in desperation, I took a rupee two;
His yell can shatter the heavens, I tell you that is true!
Another time I took a coin that he said was a "proof;"
When I told him I spent it, I thought he'd raise the roof!
With all that money 'round the house, we're really very poor;
I'm getting sick and tired of it, of that I'm really sure!
So, I advise you, single girls, if you want a happy life;
Don't marry a coin collector and be a Coin Collector's Wife,
Shouting, "Money money everywhere and not a pice to spend;"
Don't ever let a coin collector be more than just a friend.
Author Unknown.
Here are two lines that you have all heard before, I think, from The Rime of the Ancient Mariner by Samuel Taylor Coleridge:
"Water, water everywhere, but not a drop to drink.Shipwrecked people shout it, as they drift upon the sea,"
It sure is bad, but the saddest cry I've heard in my whole life
Is the one you hear, when you lend and ear, to the Coin Collector's Wife.
Money, money everywhere, but not a pice to spend;
If this keeps up, our marriage is coming to an end.
Money in every dresser drawer and money on the shelf;
But there isn't one thin pice to spend upon myself.
Silver rupees and nickel rupees , and golden fivers, too!
Some of them are old and worn, and some of them are new.
I wish my husband cared as much about the way I look. . . .
The paycheck that he gets doesn't seem to mean a thing to me,
'Cause hubby needs a Land Vital two rupee.
As soon as he gets the coin, he'll be looking for some other;
I think I'd be better off if I went on home to mother.
One day in desperation, I took a rupee two;
His yell can shatter the heavens, I tell you that is true!
Another time I took a coin that he said was a "proof;"
When I told him I spent it, I thought he'd raise the roof!
With all that money 'round the house, we're really very poor;
I'm getting sick and tired of it, of that I'm really sure!
So, I advise you, single girls, if you want a happy life;
Don't marry a coin collector and be a Coin Collector's Wife,
Shouting, "Money money everywhere and not a pice to spend;"
Don't ever let a coin collector be more than just a friend.
P.S. The poem was written by some collector in the U.S. ; and I modified it in the Indian context. Like, using rupees instead of dollars and pice in place of dime. BTW, I think your wives will like this one.
:P
:P
Friday, May 6, 2011
Coin Grading
Grade of the coin is what tells us about the quality of a coin. That is, how worn out a coin is or how good a condition is the coin in. Grading has nothing to do with the rarity or antiquity of a coin. Grading is essentially an art, which means that there is no standard or precise demarcation between the different grades, just a general guideline. Grading is done on an intuitive, judgmental basis, and grading done by two individuals may well differ. There is not even a standard accepted set of grades, but again some loosely defined grades with loose ends open for interpretation. I am putting up a list of grades, strating from the poorest, which in my opinion are the basic grades and are used in the terminology 90% of the time:
1)BASAL STATE: This type of coin is completely worn out and is barely recognizable to be a coin. No date, no features,no nothing can be seen. This is also rarely found and its value is the lowest.
2)POOR(PO): A little of the features are visible but again, very poor quality.
3)FAIR(F): With fair coins, you can see enough of the design and inscriptions to determine the coin's type - The coin above is an Edward VII florin. Depending upon the type of wear, the date may or may not be visible. The term "Fair" is sometimes also used to describe coins which are less worn than the coin above, but exhibit serious faults. Other examples of damaged coins include those that are bent, severely discoloured, rusty etc.
4) ABOUT GOOD/ALMOST GOOD(AG): Outlined design. Parts of date and legend worn smooth.This is a used up coin. You should be able to make out the date (possibly with some effort). Often, only parts of the last two digits will be visible.
5) GOOD(G): Outlined design. Parts of date and legend worn smooth. A good coin is heavily worn and shows little or no detail, but its design and legend are visible though faint in spots, and its date is legible.
6)VERY GOOD(VG): The design and legends of VG coins display little or none of the fuzziness of Good coins, yet the coins still fail to exhibit much detail. Take a look at the coin below - the king now enjoys the benefit of a full ear, but appears to suffer from extensive baldness.
7) FINE(F): Fine coins show some detail, and the main elements of their design appear clear and bold. Moderate to heavy even wear.
8)VERY FINE(VF): On Very Fine coins, all major features are sharp, but evidence of wear is apparent on the higher surfaces of the coin, and some fine detail will be worn or absent. The coins shown below, for example, has ample but incomplete hair detail, while the facial features of the lions within the shield will appear somewhat imprecise.
8) EXTREMELY FINE(EF/XF): Very light wear on only the highest points.Extremely Fine coins show evidence of handling on only their highest points. If you examine the above coin closely, you will find that some strands of hair appear flat in areas. EF coins that have suffered from little exposure to the elements and managed to retain most of their original mint lustre are often referred to as "Lustrous EF".
9)UNCIRCULATED(UNC): Uncirculated coins exhibit no wear at all, though small marks may be apparent as a result of contact with other coins at the mint and during transportation/packaging. These small marks are referred to as "bag marks" (BM). Coins which retain 100% of their original detail but show evidence of handling or minimal wear can be referred to as "AU" (about/almost uncirculated).
10) BRILLIANT UNCIRCULATED(BU): Uncirculated coins with full original mint lustre are referred to as "Brilliant Uncirculated". The coin shown in the picture is the golden £ 5, minted in 1988. A brilliant uncirculated coin should not show smudge marks even under a 30-point microscope, and is having proof-like characteristics. This one had a price tag of £525, and the bullion version released had a price of £325. So the buyers may have felt cheated as they bought this for more than double its cost in gold. The same coin released in 2008 has a price of euro 1390.
11)PROOF: This is the coin of the highest quality. It is minted under stringent quality norms and strict supervision. The metal for the coin is first carefully selected in which the selection % is barely 20%. Then it is struck at least twice with polished dies to produce an absolute mirror-like surface. You can easily see the reflection of the foreground in this 100 rupee coin.50% of this coin is silver. These proof coins also have an easily identifiable mint mark. This one had 'M' symbol on its reverse. Proof here is used as it is in waterproof and bulletproof, because this coin is proof of dust, smudge or bag marks and even the slightest wear and tear. Even its handling is done much more carefully as compared to an uncirculated coin and there is no chance of this coin getting wear and tear before reaching its intended recipient. I recieved this coin in a CD-mailer type air padded envelope.
How to clean your coins?
Disclaimer: The material posted below has to be considered as my opinion only and if anyone wants to benefit from it, then he or she is free to do so. All the same, I will not be held responsible for any damages incurred to your coins when you are following my advice. I am not liable for any sort of indemnities due to degrading of the coins or any abrasions that occur while cleaning.
Tips:
The first thing to remember while cleaning your coins is that coin cleaning is not something that has to be done on a regular basis, or just to show that you are a clean person. What I mean is, it has to be kept in mind that cleaning may well cause decrease in the value of the coin. So, if the coin is one having high value or you are not sure on how to clean it then it is always preferable not to clean the coin. Anyone would not like to clean a UNC coin for one, even though it may have a coat of dust on it as cleaning it would result in loss of the original mint luster. Many collectors are interested in buying coins in their natural uncleaned state. Never clean any coin with tarnish remover or polish as removing the tarnish can cause small spots or abrasions which reduce the value. Remember that you cannot unclean an improperly cleaned coin.
Take your coins to a professional for cleaning and make it a habit to handle the coin from the edges as otherwise you are liable to leave your fingerprints on the coin. If your coins are so corroded that many details are not visible, then take them to some professional for advice.
If you absolutely must clean your coins then do so in a way which is least harmful to the condition of the coin. Experiment first on low value coins like foreign coins you can get from sellers on pavements before you go forward with cleaning your valuables. DO NOT use any harsh chemicals, metal brush etc which result in a smooth and shiny surface.
If you are selling any cleaned coins, then you must make this information prior knowledge to the buyer.
Silver coins:
Silver coins sometimes acquire a greenish or violet toning over time which can enhance the desirability of the coin. This should not be cleaned. If dirt has accumulated on the coin then you may clean the coin but remember that many collectors don't like to buy a coin that has been cleaned, or looks like it has been cleaned. You can clean silver coin with toothpaste foam and a soft toothbrush. The toothbrush has to be used carefully so that it does not cause any sort of abrasions.
Note: using toothpaste is advisable if there are black sulphide deposits on the surface of the coin, but it also takes away the shine of a UNC coin. For cleaning an XF coin it is ok, but to clean a silver coin having grade above XF, that is AUNC or UNC, it is better off cleaned with lemon so as not to lose the mint lustre.
Storage of silver coins is always an issue as they they react with sulfur present in the surroundings and turn black. If you keep the silver coins in plastic pouches or wrapped in paper, then they are bound to react with the sulfur and turn completely black, making them completely undesirable. Tarnished coins may be desirable but blackened coins are not. Silver coins should always be stored in coin holders available with the dealers which have a non-sulfur film.
Copper coins:
Copper is a metal which is probably the most reactive among all metals used to mint coins and it oxidizes very rapidly. Frequent or improper cleaning can very easily cause loss of metal and loss of value. Copper coins can be cleaned with dilute lemon juice and soft toothbrush and then rinsed. Remember that copper coins, though usually having low value and being easily available; are ruined very easily. I do not clean old copper coins which have a brown appearance as they should look that way only. They can be easily stored in plastic pouches. Copper coins start corroding the day after they are cleaned.
Nickel coins:
Nickel coins can be cleaned with soap, water and toothbrush. Let the coin be dipped in the soap for 1-2 hours and then it can be scrubbed with the brush.
Rinsing can be done easily with a piece of cloth.
Expensive artificial cleaners available at shops should be avoided. DO NOT clean gold coins with jewelery cleaner . Neither should you dip silver coins in silver dip or polish them.
The methods and materials that I have listed here are definitely not professional ones, but they are the best possible solution in minimum cost. They are for the rational economic man. I DO NOT have any sort of experience in cleaning any valuable coins. The plus point of my methods is that just about anyone can clean their home very easily with little expertise or effort. I have focused more on providing the guidelines rather than the methods. This article is not copy pasted from somewhere, rather it comes from my own experience. Hope this will prove beneficial for beginners. I may edit this article in the future.
BIG Thanks!
Kulraj Singh
Tips:
The first thing to remember while cleaning your coins is that coin cleaning is not something that has to be done on a regular basis, or just to show that you are a clean person. What I mean is, it has to be kept in mind that cleaning may well cause decrease in the value of the coin. So, if the coin is one having high value or you are not sure on how to clean it then it is always preferable not to clean the coin. Anyone would not like to clean a UNC coin for one, even though it may have a coat of dust on it as cleaning it would result in loss of the original mint luster. Many collectors are interested in buying coins in their natural uncleaned state. Never clean any coin with tarnish remover or polish as removing the tarnish can cause small spots or abrasions which reduce the value. Remember that you cannot unclean an improperly cleaned coin.
Take your coins to a professional for cleaning and make it a habit to handle the coin from the edges as otherwise you are liable to leave your fingerprints on the coin. If your coins are so corroded that many details are not visible, then take them to some professional for advice.
If you absolutely must clean your coins then do so in a way which is least harmful to the condition of the coin. Experiment first on low value coins like foreign coins you can get from sellers on pavements before you go forward with cleaning your valuables. DO NOT use any harsh chemicals, metal brush etc which result in a smooth and shiny surface.
If you are selling any cleaned coins, then you must make this information prior knowledge to the buyer.
Silver coins:
Silver coins sometimes acquire a greenish or violet toning over time which can enhance the desirability of the coin. This should not be cleaned. If dirt has accumulated on the coin then you may clean the coin but remember that many collectors don't like to buy a coin that has been cleaned, or looks like it has been cleaned. You can clean silver coin with toothpaste foam and a soft toothbrush. The toothbrush has to be used carefully so that it does not cause any sort of abrasions.
Note: using toothpaste is advisable if there are black sulphide deposits on the surface of the coin, but it also takes away the shine of a UNC coin. For cleaning an XF coin it is ok, but to clean a silver coin having grade above XF, that is AUNC or UNC, it is better off cleaned with lemon so as not to lose the mint lustre.
Storage of silver coins is always an issue as they they react with sulfur present in the surroundings and turn black. If you keep the silver coins in plastic pouches or wrapped in paper, then they are bound to react with the sulfur and turn completely black, making them completely undesirable. Tarnished coins may be desirable but blackened coins are not. Silver coins should always be stored in coin holders available with the dealers which have a non-sulfur film.
Copper coins:
Copper is a metal which is probably the most reactive among all metals used to mint coins and it oxidizes very rapidly. Frequent or improper cleaning can very easily cause loss of metal and loss of value. Copper coins can be cleaned with dilute lemon juice and soft toothbrush and then rinsed. Remember that copper coins, though usually having low value and being easily available; are ruined very easily. I do not clean old copper coins which have a brown appearance as they should look that way only. They can be easily stored in plastic pouches. Copper coins start corroding the day after they are cleaned.
Nickel coins:
Nickel coins can be cleaned with soap, water and toothbrush. Let the coin be dipped in the soap for 1-2 hours and then it can be scrubbed with the brush.
Rinsing can be done easily with a piece of cloth.
Expensive artificial cleaners available at shops should be avoided. DO NOT clean gold coins with jewelery cleaner . Neither should you dip silver coins in silver dip or polish them.
The methods and materials that I have listed here are definitely not professional ones, but they are the best possible solution in minimum cost. They are for the rational economic man. I DO NOT have any sort of experience in cleaning any valuable coins. The plus point of my methods is that just about anyone can clean their home very easily with little expertise or effort. I have focused more on providing the guidelines rather than the methods. This article is not copy pasted from somewhere, rather it comes from my own experience. Hope this will prove beneficial for beginners. I may edit this article in the future.
BIG Thanks!
Kulraj Singh
Coin handling and storage
HOLA! On popular demand I am posting this article on coin storage from which collectors can benefit. It is intended for beginners but I hope that seasoned collectors may also find it useful.
coin storage is always a big headache for all collectors. If you only collect casually and you have only a few coins, then it is easy to put them into some bowl or box or something. But as your collection increases, the need for proper storage becomes an issue. On a lighter note, too many coins can cause property disputes as they take to much space. Anyhow, if you have many coins and put them together in a box for a period of time, it is quite easy for the coins to get worn out when they come into contact with each other, and the value of the coin is lost. Casual collectors may not know this fact that coin values depend on the condition, apart from the rarity. So how to store them? Ideally coins should be stored in proper coin holders, and the coins in the holders should be put into coin sheets or albums. The sheets can be put into sheet cover.
coin storage is always a big headache for all collectors. If you only collect casually and you have only a few coins, then it is easy to put them into some bowl or box or something. But as your collection increases, the need for proper storage becomes an issue. On a lighter note, too many coins can cause property disputes as they take to much space. Anyhow, if you have many coins and put them together in a box for a period of time, it is quite easy for the coins to get worn out when they come into contact with each other, and the value of the coin is lost. Casual collectors may not know this fact that coin values depend on the condition, apart from the rarity. So how to store them? Ideally coins should be stored in proper coin holders, and the coins in the holders should be put into coin sheets or albums. The sheets can be put into sheet cover.
Coin Holder
The above figure shows a coin holder. A coin can be placed inside a holder , then folded and stapled. This is a good way to store and preserve coins individually. Care has to be taken to hammer the staples flat or they can rub and tear into some other holder.
Coin sheets and cover
The above figure shows a number of coin sheets with holders put inside the slots for holders. The sheets are bound together by a cover. The holders can also be put in an album. Storing your coins this way makes them look good to anyone you want to showoff your collection.
Resealable plastic pouches
2 pound coin in pouch
1 pound welsh leek coin in pouch
When you have a small collection(less than 100 coins) then you can easily store in an album or sheets. But if your collection is large, then there is an issue of the cost involved in buying all these holders, albums and all. The more the coins, the more the cost. So I have an economical solution also: You can store in plastic pouches as shown above. These plastic pouches come in different sizes, are cheap and are easily available at your neighborhood store. The smallest size is the best fit for coins. They cost me about 10 rupees (or 0.2$) for a packet of 100 pouches, and that makes possible to store one coin in each pouch, no matter how low the value of the coin may be. (Though I can easily put 8-10 coins in one pouch of the second smallest size if I want to). Then I can group together the pouches by country or according to some other classification, and keep them in spare boxes that I may have in my home. But Please DO NOT keep silver coins in these pouches as the silver reacts with sulphur in the plastic and blackens, which decreases the desirability and mars the beauty of the coin. The coin holder shown above are better suited for keeping the silver coins as the film in the holders is some non-sulphur material, so silver coins kept in it do not blacken.Coin collection: Perception vs reality
Coin collection as a hobby has has always been seen as an eccentric one and collectors like myself are thought to be oddballs(not that we are totally normal ;). Like all other collectors would have been looked on as a freak at some or the other time and know what the popular perception regarding collectors is, may understand where I am getting at. This is a little attempt to change the perception of non-collectors, and I believe that there are quite a few regular visitors of this blog who are just having a passive interest and do not collect seriously or do not spend a size able amount on collecting.
Perception: Coin collection is exclusively for the rich baron types who have lots of spare money at their disposal.
Reality: Just about anyone, even a school student can collect, starting from the coins he or she may get in circulation or from perhaps some old coins from some relative. The only matter of concern is that one can only spend as much as the pocket.
Perception: coin collecting is about reckless spending of money.
Reality: Nothing can be farther from the truth. Even if you are as rich as the king of Egypt, you still cannot buy all the coins in the world. So to maximize the collection, the collector looks for the cheapest deal and is aware of the market prices of what he or she is buying. Most collectors are in the habit of a preliminary market survey before buying anything worth money. One may ask a fellow collector or cross check the value with some other dealer before buying.
Perception: Are you out of your mind?! What sort of a fool would spend 2000 rupees on a 100 rupee coin? You cannot get more than 100 rupees of worth if you give 100 rupees at a shop.
Reality: As a collector, I find this to be the silliest notion that I have ever encountered. If the face value of a coin is 10 rupees, then obviously one won't give it away for a worth of less than 10 rupees. But that's not all. Any coin can have value greater than its face value. In the case of 100 rupee coins, the coin is made of silver and easily has a value of 600 rupees on metal value alone, and the manufacturing cost to the government or mint is an estimated 1000 rupees, or about 10 times the face value. By the time the coin comes into the market, its value crosses 2000 rupees.(These are the estimates at the time when I post this, and values only increase over time). The value of a rare coin can be hundreds or even thousands of times its face value, based on the demand alone. Say if 4000 Tilakji coins are minted, and there are millions of collectors in India, then obviously the value of such a coin is going to be very high.
Perception: Spending on coins is blocking your money. Its a waste of money.
Reality: Buying coins a very good investment, the only prerequisite is that you need to have sufficient knowledge on the item and be aware of the market values. The prices go up more than prices of silver, gold or crude oil. The resale value of coins is unlike any other. People buy electronic items like blackberry for 40k and no one bats an eyelid, but when a collector spends 2500 on a 100 rupee coin he is said to be an idiot. The blackberry's value will be less than half in a few years and after use it has no resale value, whereas the value of coin will more than double in the same time. It has to be kept in mind that a collector invests in coins the money which he would otherwise have spent on movies, pizzas or electronic items and the like.
Perception: I heard that some coin was sold for lakhs of rupees. The buyer must be loaded with tons of spare money and he must be a real idiot. No one is going to buy for a higher price as the price is already too high.
Reality: The buyer would be having lots of money if he buys a single coin for over one lakh, that is undeniable. Personally I won't think of buying any item having cost more than 20 grand. But the catch is, any item which is fetching that high would definitely be a very very rare item, and prices of rare items go up very quickly indeed. Every time we think that the price won't go higher, we are proven wrong. The land resource 2 rupee was originally sold at 500 rupees, and that was thought to be high at that time. Now the price is 80-90k, and going up fast. The 1 rupee of 1960 was recently sold for 2.25 lakh, so you may dismiss the buyer as a complete idiot, but whenever it is sold next time, I believe the price would be in excess of 4 lakh. The 1913 liberty head nickel was sold for the first time in 1920 for 500$ apiece, or about 10,000 times the face value. Many may have dismissed the buyers as idiots, but its current value has risen to 5 million $ after changing hands many times over. Who would have thought the value would rise this much? And that the value would rise even further is inevitable.
Perception: I have over 100 rare coins which I would like to sell for thousands of rupees, East India Company coins with Indian deities which I want to sell for a couple of lakhs and also one 100 rupee coin which I want to sell for one crore. Any buyer please contact me @ 9899573xyz.
Reality: The only person you are fooling is yourself. Firstly, if you have 100 coins, then how can they be rare? The East India company coins with Indian deities are fake and have zero value. A 100 rupee coin is made of silver and the cost is a few thousand, but that is the case if the coin is in a set, and not a loose coin. A loose 100 rupee coin has value around the metal value, and there is no way the value of the set can go up to a crore. If you think that the value of any coin not found in circulation would be of the order of thousands or a few hundreds, then you are sorely mistaken. A coin not being in circulation does not mean it is rare; and if every coin had that sort of value, then no one would be able to collect because then the cost of collection would be too high.
Perception: coins are a way to earn quick bucks. I can simply find some valuable coin in circulation and sell it for thousands, or perhaps I can buy a coin at low cost and sell to some wealthy collector at really high cost.
Reality: Another delusion. As far as my experience goes, there is no such thing as quick money. Even if there is, it will never give you satisfaction. An iron clad rule of life: "Anything that comes easy is worthless". As far as coins go, if you can find something in circulation, then it won't be rare and not having high value. Collectors are always sharp at getting things in circulation. So if you are not a collector, forget about finding something valuable in circulation. Still, it is not uncommon to find items having value as something above face value in circulation. You canNOT make a valuable collection without buying, and for that sufficient knowledge is needed in the first place. The only way to make money through coins is through long term investments, and not any frivolous stupid activity.
P.S. An idiot once said to me that he had bought some East India company coins with Indian deities for thousands, thinking that he would sell them for a crore or so, and then he would marry Katrina Kaif. Such delusions! A modern day Shiekh Chilli, nevertheless.
"The only thing known to be limitless is the human capacity for stupidity."
Perception: Coin collection is exclusively for the rich baron types who have lots of spare money at their disposal.
Reality: Just about anyone, even a school student can collect, starting from the coins he or she may get in circulation or from perhaps some old coins from some relative. The only matter of concern is that one can only spend as much as the pocket.
Perception: coin collecting is about reckless spending of money.
Reality: Nothing can be farther from the truth. Even if you are as rich as the king of Egypt, you still cannot buy all the coins in the world. So to maximize the collection, the collector looks for the cheapest deal and is aware of the market prices of what he or she is buying. Most collectors are in the habit of a preliminary market survey before buying anything worth money. One may ask a fellow collector or cross check the value with some other dealer before buying.
Perception: Are you out of your mind?! What sort of a fool would spend 2000 rupees on a 100 rupee coin? You cannot get more than 100 rupees of worth if you give 100 rupees at a shop.
Reality: As a collector, I find this to be the silliest notion that I have ever encountered. If the face value of a coin is 10 rupees, then obviously one won't give it away for a worth of less than 10 rupees. But that's not all. Any coin can have value greater than its face value. In the case of 100 rupee coins, the coin is made of silver and easily has a value of 600 rupees on metal value alone, and the manufacturing cost to the government or mint is an estimated 1000 rupees, or about 10 times the face value. By the time the coin comes into the market, its value crosses 2000 rupees.(These are the estimates at the time when I post this, and values only increase over time). The value of a rare coin can be hundreds or even thousands of times its face value, based on the demand alone. Say if 4000 Tilakji coins are minted, and there are millions of collectors in India, then obviously the value of such a coin is going to be very high.
Perception: Spending on coins is blocking your money. Its a waste of money.
Reality: Buying coins a very good investment, the only prerequisite is that you need to have sufficient knowledge on the item and be aware of the market values. The prices go up more than prices of silver, gold or crude oil. The resale value of coins is unlike any other. People buy electronic items like blackberry for 40k and no one bats an eyelid, but when a collector spends 2500 on a 100 rupee coin he is said to be an idiot. The blackberry's value will be less than half in a few years and after use it has no resale value, whereas the value of coin will more than double in the same time. It has to be kept in mind that a collector invests in coins the money which he would otherwise have spent on movies, pizzas or electronic items and the like.
Perception: I heard that some coin was sold for lakhs of rupees. The buyer must be loaded with tons of spare money and he must be a real idiot. No one is going to buy for a higher price as the price is already too high.
Reality: The buyer would be having lots of money if he buys a single coin for over one lakh, that is undeniable. Personally I won't think of buying any item having cost more than 20 grand. But the catch is, any item which is fetching that high would definitely be a very very rare item, and prices of rare items go up very quickly indeed. Every time we think that the price won't go higher, we are proven wrong. The land resource 2 rupee was originally sold at 500 rupees, and that was thought to be high at that time. Now the price is 80-90k, and going up fast. The 1 rupee of 1960 was recently sold for 2.25 lakh, so you may dismiss the buyer as a complete idiot, but whenever it is sold next time, I believe the price would be in excess of 4 lakh. The 1913 liberty head nickel was sold for the first time in 1920 for 500$ apiece, or about 10,000 times the face value. Many may have dismissed the buyers as idiots, but its current value has risen to 5 million $ after changing hands many times over. Who would have thought the value would rise this much? And that the value would rise even further is inevitable.
Perception: I have over 100 rare coins which I would like to sell for thousands of rupees, East India Company coins with Indian deities which I want to sell for a couple of lakhs and also one 100 rupee coin which I want to sell for one crore. Any buyer please contact me @ 9899573xyz.
Reality: The only person you are fooling is yourself. Firstly, if you have 100 coins, then how can they be rare? The East India company coins with Indian deities are fake and have zero value. A 100 rupee coin is made of silver and the cost is a few thousand, but that is the case if the coin is in a set, and not a loose coin. A loose 100 rupee coin has value around the metal value, and there is no way the value of the set can go up to a crore. If you think that the value of any coin not found in circulation would be of the order of thousands or a few hundreds, then you are sorely mistaken. A coin not being in circulation does not mean it is rare; and if every coin had that sort of value, then no one would be able to collect because then the cost of collection would be too high.
Perception: coins are a way to earn quick bucks. I can simply find some valuable coin in circulation and sell it for thousands, or perhaps I can buy a coin at low cost and sell to some wealthy collector at really high cost.
Reality: Another delusion. As far as my experience goes, there is no such thing as quick money. Even if there is, it will never give you satisfaction. An iron clad rule of life: "Anything that comes easy is worthless". As far as coins go, if you can find something in circulation, then it won't be rare and not having high value. Collectors are always sharp at getting things in circulation. So if you are not a collector, forget about finding something valuable in circulation. Still, it is not uncommon to find items having value as something above face value in circulation. You canNOT make a valuable collection without buying, and for that sufficient knowledge is needed in the first place. The only way to make money through coins is through long term investments, and not any frivolous stupid activity.
P.S. An idiot once said to me that he had bought some East India company coins with Indian deities for thousands, thinking that he would sell them for a crore or so, and then he would marry Katrina Kaif. Such delusions! A modern day Shiekh Chilli, nevertheless.
"The only thing known to be limitless is the human capacity for stupidity."
A checklist of sets
Here is a checklist of UNC/proof sets. I have not put 2 coin and 4 coin sets of the same theme or personality as different sets, like there is a two coin set and a four coin set of Nehru, or a one coin and four coin set of quit India movement. This will be updated with the release of new sets.
#
|
Year
|
Set
|
UNC
|
Proof
|
VIP
|
VVIP
|
1
|
1950
|
Republic of India
|
X
| |||
2
|
1954
|
Republic of India
|
X
| |||
3
|
1962
|
Strip
| ||||
4
|
1969
|
Mahatma Gandhi
| ||||
5
|
1970
|
Strip
| ||||
6
|
1970
|
FAO
| ||||
7
|
1971
|
FAO
| ||||
8
|
1972
|
Silver jubilee of independence
| ||||
9
|
1973
|
Grow more food
| ||||
10
|
1974
|
Planned family food for all
| ||||
11
|
1975
|
Women’s year
| ||||
12
|
1976
|
Food and work for all (tractor)
| ||||
13
|
1977
|
Save for development
| ||||
14
|
1978
|
Food and shelter for all
| ||||
15
|
1979
|
International year of the child
| ||||
16
|
1980
|
Rural womens advancement
| ||||
17
|
1981
|
International year of the child
| ||||
18
|
1981
|
World food day
| ||||
19
|
1982
|
Asian games
| ||||
20
|
1982
|
National integration
| ||||
21
|
1985
|
Indira Gandhi
| ||||
22
|
1985
|
International youth year
| ||||
23
|
1985
|
RBI golden jubilee
| ||||
24
|
1986
|
Fisheries
| ||||
25
|
1987
|
Small farmers
| ||||
26
|
1989
|
Jawaharlal Nehru centenary
| ||||
27
|
1991
|
Commonwealth parliamentary conference
| ||||
28
|
1991
|
India tourism year
| ||||
29
|
1993
|
89th inter-parliamentary union conference
| ||||
30
|
1993
|
Golden jubilee quit india movement
| ||||
31
|
1994
|
ILO
| ||||
32
|
1996
|
Vallabh Bhai Patel
| ||||
33
|
1997
|
50 years of independence
| ||||
34
|
1997
|
Subhash Chandra Bose centenary
| ||||
35
|
1998
|
Sri Aurobindo
| ||||
36
|
1998
|
Deshbandhu Chittaranjan Das
| ||||
37
|
1999
|
Chhatrapati Sivaji
| ||||
38
|
1999
|
Sant Dnyaneshwar
| ||||
39
|
2000
|
Golden jubilee supreme court of india
| ||||
40
|
2001
|
Syama Prasad Mukerjee
| ||||
41
|
2001
|
Bhagwan Mahavir 2600th Janm Kalyanak
| ||||
42
|
2002
|
Veer Durgadas
| ||||
43
|
2002
|
150 years of railway
| ||||
44
|
2002
|
Jay Prakash Narayan
| ||||
45
|
2002
|
Tukaram
| ||||
46
|
2003
|
Maharana Pratap
| ||||
47
|
2004
|
150 years of post
| ||||
48
|
2004
|
Kamaraj
| ||||
49
|
2004
|
150 years of telecommunication
| ||||
50
|
2004
|
Mahatma Basaveshwara
| ||||
51
|
2005
|
75 years of Dandi March
| ||||
52
|
2005
|
Shastri centenary
| ||||
53
|
2006
|
50 years of ONGC
| ||||
54
|
2006
|
200 years of SBI
| ||||
55
|
2006
|
Jagat Guru Narayan Gurudev
| ||||
56
|
2007
|
Airforce platinum jubilee
| ||||
57
|
2007
|
150th anniversary Lokmanya Bal Gangadhar Tilak
| ||||
58
|
2007
|
50 years Khadi and village industries commission
| ||||
59
|
2007
|
150 years first war of independence
| ||||
60
|
2008
|
Ter-centenary of Guru Granth Sahab gur-ta-gaddi
| ||||
61
|
2009
|
Louis Braille
| ||||
62
|
2009
|
Bhagat Singh
| ||||
63
|
2009
|
Sagat Singh
| ||||
64
|
2009
|
Saint Alphonsa
| ||||
65
|
2010
|
Homi Bhabha
| ||||
66
|
2010
|
Rajendra Prasad
| ||||
67
|
2010
|
RBI
| ||||
68
|
2010
|
60 years of commonwealth
| ||||
69
|
2010
|
Commonwealth Games
|
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