Brief Introduction To Numismatics
Numismatics is the study of money, medallions, banknotes, token coins, and stock certificates. It is believed to have been instituted in the time of Julius Caesar who published the first book on the topic. It is a very interesting subject because every medal or coin stands for a different epoch, culture, economy and/or politics.
Numismatists or the people who study the history and over all appearance of the above referred forms of currency are distinct from coin collectors. Different than numismatists, coin collectors are only concerned in collecting coins and the prestige that goes along with it; a numismatist can as well be a coin collector and vise versa.
Across the years, coin collecting has been very popular. The most common designs are notable people and animals to describe the era when the specific coin was released.
Numismatists are in general interested in the use of money, its origin, visual aspect, diversity and production. They aim to research the use of the different forms of currency in our history using mint info. Mint refers to the local or installation where the coins are manufactured. They as well grade or authenticate coins to set their market value. To simplify this, coin grading system facilities were constituted.
At this time there are three major 3rd party facilities that authenticate coins and/or paper money. These are: the PCGS or Professional Coin grading system located in Newport Beach, CA; the NGC or Numismatic Guaranty Corporation in Sarasota, Florida; and Paper Money Grading (PMG).
PCGS is a third party institution that was instituted in 1986, which grades and authenticates coins mainly for commercial purposes. They are an independent body supplying expert opinion in rating a coin. NGC is also a 3rd party institution providing services exclusively to numismatists. It was constituted in 1987. On the other hand, PMG is exclusively for certification of paper money and a smaller department of PCGS.
While coin collecting was not as common as it is now, there were just three classes into which a coin could fall: 1. Good – which signifies that the coin has all of the details intact; 2. Fine – which implies that the coin has all the details intact and still has a bit of luster visible; and 3. Uncirculated – which signifies that the coin was never put on the market thus preserving its original appearance.
However, today coin grading has evolved and is becoming more defined. They employ a combination of letters and numbers that corresponds to the quality of a coin. The coin grading system of United States is the most comprehensive and recommended for beginners. An example of U.S.A. grading system: MS-60 to MS-70 which signifies that the coin is blemish-free and has good color and strike. In brief it’s perfect!
Knowing how to grade a coin the right way is not only a endowment, it’s an art. It needs knowledge, exposure and evidently skills. For coin collectors, ability to grade a coin is a must since the value of a coin mostly depends its grade.
Here are some factors Numismatists use in coin grading
1. Luster - it is a determining factor whether or not a particular coin has been circulated. To have a higher grade, a coin must be technically intact and free from any kind of imperfection or defect.
2. Surface conservation. Abrasion on the surface of the coin and its localisation is a huge factor in grading a coin but it doesn't inevitably mean that abrasion can lower the grade of a coin. For example, if a fine-looking coin has a severe abrasion on the back that is unnoticeable it will not count against the coin, but the result may not be the same if the abrasion is situated on the front or focal point.
3. Strike. It concerns to the coin designing method wherein the coin is being stamped onto a planchet. In overall grading, strike does not count a great deal.
4. Coloration. For some coin collectors, conservation of original color of the coin has a large impact on its value particularly if it is a copper or silver coin.
5. Eye appeal. Some coins may not be perfect but collectors can[2] find them attractive, even so, it still requires expert opinion to conclude that a certain coin is excellent in all aspects referred.
If you have no background in grading coins, you have no business in coin collecting and numismatics without using help from the experts. Coins have been playing essential roles, not just in the lives of people who love collecting and studying them, but in society as they represent different epochs in history. Whether you are selling, buying or collecting coins, you must gain the indispensable basic knowledge or information; so that you can be guaranteed that it is accomplished properly.