Those who are interested in taking up the exciting hobby of coin collecting may be a little confused about some of the terminology used in the industry. Although every collector’s preferences and unique interests are different, there are some basic coin collecting terms that are helpful to be familiar with.
What is the difference between circulated and uncirculated coins?
Circulated coin is that which is produced by the United States Mint for everyday transactions. Once a coin is put into circulation, it is classified as “circulated”. All coins become uncirculated when they are struck into the mint, and they remain uncirculated until they enter the stream of commerce or are damaged.
An uncirculated coin should not have any marks of being in circulation, it should also have mint luster and no signs of wear. Uncirculated coins usually have a much higher value than circulated coins in similar condition.
What is the difference between uncirculated and proof coins?
Proof coins are never intended for circulation and are made only for collectors. Unlike regular coins, which are struck once under normal pressure, proof coins are struck at least twice to bring out design details. Proof coins are made in small quantities using a special die, and have a polished, mirror-like finish. Almost all proof coins remain uncirculated, as they are generally only in the hands of collectors, who would never dream of accidentally putting them into circulation.
What is the difference between graded and ungraded coins?
If a coin is graded, it means that it has been evaluated to determine its condition using the following five criteria:
- strike
- Protection
- aura
- Colour
- Attraction
Graded coins have a set value based on their grade, while the value of ungraded coins is more subjective. Graded coins are generally worth slightly more, and are often encased in protective plastic cases. Coins can be graded from 1 to 70 and grades include fair, almost good, good, very fine, fine, very fine and extremely fine.
coin collecting in portland
If you are interested in starting your own coin collection or simply want to expand your existing collection, visit Liberty Coin & Currency at one of our three convenient locations in Vancouver, East Portland and West Portland.
Liberty Coin & Currency is happy to answer any questions you have about coin collecting terminology and has a large selection Rare and collectible coins For your selection. If you prefer investing in coins you can also trade diamonds or jewellery. Contact Contact us today for more information.
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