Coin Collecting

Coin Collecting Merit Overview In This Merit “The Red Book” (officially titled A Guide Book of United States Coins), which is published Merit Answer Guide annually, is a commonly used retail price guide Lessons 1–5 with a wealth of other useful information. MLR* 2 “Parts of a Coin” A Handbook of United States Coins, common- MLR 5 “Parts of Paper Currency” ly known as “the Blue Book.” *MLR: Merit Lesson Resource Numerous books on coin collecting in general and specialized books on specific types of coins, are available at libraries, book stores, and coin Teaching This Merit dealers. One such example is Eyewitness Books: Lesson 1 covers Requirements 1, 2, and 3. Money by Joe Cribb, Alfred A Knopf Publisher. Lesson 2 covers Requirements 4, 5, and 6. Another is Money: From Cowrie Shells to Credit Lesson 3 covers Requirement 7. Cards, Joe Cribb editor, British Museum Lesson 4 covers Requirements 8, 9, and 10. Publications. Lesson 5 covers Requirements 11 and 12. Periodicals Possible Field Trips Current retail prices for U.S. coins are avail- Meeting of a local coin club able in Coin World, Coin Prices, Coin Age, and Coin dealer Numismatic News, which may be found at many Coin show newsstands, supermarkets, bookstores, and coin dealers’ stores. Other Sources Internet Books Telesphere The Standard Catalog of World Coins by Money Chester L. Krause and Clifford Mishler. Four PCGS prices volumes, each covering a different century from Limun Ltd. 1601 to the present. Each identifies and lists Money Factory prices for coins from around the world. 1 COIN COLLECTING MERIT ANSWER GUIDE Merit Answer Guide Note: Rare and expensive coins are not required. 1. Choose a theme for your collection from ONE of the following: a. A type set of U.S. coins of a given year or set of years. Have at least one coin from each mint in your type set. b. A set of coins of a particular language, country, or region. c. A time period in history, whether contemporary coins or coins which are out of circulation. Examples might include ancient or biblical coins, colonial coins, crowns, WWII, or any other period of history. d. A set of commemoratives celebrating a special anniversary, the Olympics, the United Nations, Independence Day, coronations or other special events. Recent U.S. examples might include state quarters, Bicentennials or modern U.S. dollars. e. Coins with a particular object on them that is of interest to you such as dinosaurs, famous peo- ple, places, plants, animals, or ships. f. A set of one series of coins starting with your birth year to the present. g. Medals, tokens, or some other special coin that did not actually serve as currency. h. Unusual objects that have served as money in various parts of the world such as shells, tea, money made of wood or plastic, siege money, or postage stamps. In your type set, identify the mintmark on each coin. Describe when each mint first started minting coins. Determine if that mint is currently still producing coins. For each coin in your type set, point out the location of the initials (if any) of each coin’s design- er(s). Check the boy’s collection for fulfillment of this requirement. 2. Describe the several forms of money used today and in the past. Answers will vary. Responses could include coins, tokens, medals, commemoratives, proof sets, shells, tea, salt, wooden or plastic money, siege money. 3. List the different kinds of metals or alloys used to make your coins. Answers will vary. Responses could include silver, gold, copper, nickel, bronze, pewter, steel, plat- inum. 4. Explain the steps necessary to identify a coin of unknown origin. • Note the country of issuance of the coin. This may be in writing or by way of the country’s flag or other emblem. • Note the year of issuance of the coin if you can read it. • Note any pictures or inscriptions on both sides of the coin. • Try to determine the primary metal composition of the coin—copper, silver, zinc, etc. • Determine the approximate diameter of the coin. • Note whether the coin has any ridges on its edge. • Note whether the coin has any unusual qualities such as a hole in the middle or a ring of one metal circled by a ring of another metal. • With the above information, consult a coin catalog and see if you can find an exact match for your coin described in the catalog. 5. List and describe the various grades of coins. Include four examples. Answers will vary. They could include some of the following. • Uncirculated: (Unc.) Appears to have never been used. No scratches, wear, marks or finger- prints of any kind. Looks new but not necessarily shiny. • Extremely Fine: (EF) Close to uncirculated but shows slight wear. 2 • Very Fine: (VF) Signs of wear, but still has clear design and lettering. COIN COLLECTING MERIT ANSWER GUIDE • Fine: (F) Shows wear, but the basic outline is clear. Some details and lettering are worn smooth. • Very Good: (VG) well worn, but still somewhat attractive. Some minor scratches or discoloration. • Good: (G) Worn coin with date, mintmark, and major features clear. Might have scratches or discoloration. • Fair: (F) Badly worn, partial dates or mintmark. Off-color or major scratches. • Poor: (P) Barely recognizable. Mostly worn smooth. Seriously scratched, defaced, or discol- ored. Could be bent, gouged, or corroded. 6. Make expanded views of both sides of four different kinds of coins minted at any time. Check the boy’s work. 7. Describe three things to look for in detecting counterfeit coins. 1. Check for die marks, cracks, or pimples of metal. 2. Compare it to a genuine coin. 3. Look for the reeding, or corrugated outer edges, of coins above five cents. Check to see if the reeding is uneven, crooked, or missing. 8. Explain how to clean coins in a way that won’t damage them. • Consult with a coin dealer or another expert when deciding whether to clean a coin or not. Don’t clean a coin if you’re unsure. • Gently remove dirt and grime from a coin by applying a thin layer of petroleum jelly to its surfaces and then gently rubbing these surfaces with a very soft cloth. • Soak the coin in olive oil, alcohol, or mild soapy water. • Rinse the coin with distilled water after cleaning. Tap water contains minerals that may cause spots on the surface of the coin. • Let the coin air dry. Never rub a coin dry. • Tarnished coins should be cleaned professionally by an expert in a process known as “drip- ping.” • Don’t use commercial jewelry or metal polishes. Don’t use baking soda. These methods will affect the natural tone of the coin, which will decrease the coin’s value. 9. Describe why polishing, dipping, or defacing a coin decreases its value. Cleaning coins in this way damages the coin and alters it from its original form, which makes the coin less valuable than it was before. 10. Explain how to store coins in a way that will keep them safe from damage or theft. • Inexpensive coins may be stored in boxes, jars, bags, and plastic tubes. • An inexpensive method of storing single individual coins is to place them in envelopes made with acid free paper. • Another good and inexpensive method is to place single individual coins in a see-through plastic resealable bag, or “flip.” • Store a coin series in a cardboard or plastic coin album. • Place valuable coins in hard plastic holders because they provide the greatest protection. 11. Describe the special advantages and disadvantages of collecting paper currency. Describe the special care needed for preserving paper money. There are not many advantages to collecting paper currency. The disadvantages are many. They include • Notes have a greater ease of damage to folding, tearing, wrinkling or fire than coins. • Notes generally have a lower collectible value than coins because of inflation and the fact that they are generally less scarce than coins. The exception to this would be older notes that are both scarce and in good condition. • Because of the higher denomination of currency notes they are traded on an international 3 COIN COLLECTING MERIT ANSWER GUIDE market with floating values that change daily. • They also have a much shorter useful life than coins, so they are more likely to be destroyed sooner than coins. The factors combine to mean that there are fewer collectors of paper money than there are of coins. • Special care in handling paper money includes not tearing or folding the currency and ever cleaning it since that will cause more damage. • There are many devices used to protect and store paper currency such as folders, envelopes, books with windows, etc. 12. Identify three measures used to discourage the attempt to counterfeit U.S. paper currency. 1. Hidden plastic strip 2. Watermarks 3. Fine engraving and other printing techniques to fool color copiers 4 COIN COLLECTING MERIT ANSWER KEY 83 5 LESSON1 Coin Collecting Objectives Materials 1. The boys will be able to list metals and alloys ❏ Merit Answer Guide used in making coins. ❏ Samples or photographs of different types of 2. The boys will be able to list several forms of coins money used today and in the past. ❏ Coin books or magazines such as Eyewitness Books: Money by Joe Cribb, Alfred A Knopf Publisher; or Money: From Cowrie Shells to Credit Cards, Joe Cribb editor, British Museum Publications. Preliminary Information Coin collections are as unique as the individu- thousand dollars. What has been considered als who collect them.

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