The Gold and Silver Mine - Week of Jan. 4, 2013

Attention: open in a new window. PrintE-mail

Coins Coins

All about coin collecting

A happy New Year to all our readers. I hope everyone received the coin or book they wished for under the Christmas tree. Coins and coin reference books make great gifts, as collectors are always looking to expand their collections or knowledge.

An old saying among collectors is, “Buy the book before you buy the coin (banknote, token or other collectible).” By reading up on the subject, you can feel confident you are making a purchase that will return value, or more importantly, you are not paying more than the item is worth. I know some collectors who so thoroughly research the coins they collect that they are actually more knowledgeable than some dealers, and as such are able to buy coins from those dealers that are underpriced. A book many people use is “A Cherry Pickers Guide to Coins,” which lists varieties of coins that are not well-known but can have high collector interest and value.

Not all collections are created with value in mind. Many times collections are started as a means of entertainment and accomplishment. Some inexpensive examples are collecting foreign coins and currency. With the exception of silver and gold coins, most foreign coins are very inexpensive, and a large collection can be assembled for little cost. Some people collect foreign coins and currency from countries that have changed their name – such as Persia, which is now Iran, or Siam, which is now Thailand. Other collectors try to accumulate coins and currency from as many different countries as possible. Once you start this approach you will realize how many different countries there are. Collecting is about personal enjoyment and accomplishment. There is no right or wrong way to go about it.

Foreign coins are not the only low-cost approach to collecting. Youngsters can get started the way I did by going through their parents’ change (with their permission of course) to complete a series of cents, or if high budget, finding a complete series of the state, territory and national parks series of quarters. In the above example the only out-of-pocket cost is the face value of the coin, with the exception of the album used to display the coins. But it can provide many hours of entertainment because part of collecting is the thrill of the hunt for the coins you need.

2013 will be a year of change and challenge for many of us. Although the damage from Sandy was not as great in Brigantine as it was in other communities, nonetheless many Brigantines residents suffered considerable damage to their homes and businesses. Also, many collections were damaged or destroyed by floodwaters. We can be thankful that there was not greater loss of life, because things can be replaced; people cannot.

Beachcomber Coins will be undergoing considerable change this year. Our Brigantine office at 13th Street had a foot of water in it from Sandy and has been closed since. My hope is that I will be able to reopen either this Saturday or next. But the big change for us will be that after 38 years of doing business in the Shore Mall, will have to move because the mall is to be partially demolished. We are relocating to a building about a quarter of a mile west on the Black Horse Pike into what was the old Wawa building. We have to be out of the mall by Jan. 31 and will reopen in our new location Feb. 1. The new location is much smaller than the store we currently occupy, and as such we will downsize considerably. To do this we are putting select merchandise on sale for 50 percent to 75 percent off list price. But the main thing we will continue to provide is the purchase of gold, silver, coins and currency. We have offered this service ever since we opened our first store in Brigantine in 1970.

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife, Linda, operate Beachcomber Coins and Collectibles in the Shore Mall and satellite offices in Brigantine and Absecon. Between them they have more than 70 years experience in the coin and precious metals business. They are members of The American Numismatic Association, The Industry Council of Tangible Assets, The Numismatic Guarantee Corporation, The Certified Coin Exchange and the Professional Coin Grading Service.

blog comments powered by Disqus