Ever been curious to see what kind of coins you have jingling in your pocket change? Has your son or daughter ever found a Wheat-back penny or an old nickel and asked you about it? Ever been interested to see the plethora of fascinating designs on US state and national park quarters from the last 13 years? If you answered yes to any of these questions, you may have been bitten by the coin bug.
The allure of collecting coins has intrigued many people through past centuries. I became interested in coin collecting through my grandfather, Mr. John W. Kormos, Jr., at the age of 5 years old. He taught me very little about the hobby, but just enough that my interest in coins has stayed with me. Later I inherited his collection that he put together from loose change that was left at his bar in Wilkes-Barre, PA. Sorting through it and learning about the different coins, there designs and historical significance, has been enjoyable in two ways: of course I have learned much about coins and it’s a way for me to remember the man who initiated me in this pass-time.
After having collected coins for about a year on my own, I realized that it can become tough on the wallet. I then started to learn about precious metals, mainly silver and gold, and to a lesser extent platinum and palladium. I was curious to learn how I could dabble in the purchase and sale of precious metals to earn enough profit so that I could continue collecting coins. Rather than learning to deal in bullion, I chose to buy and sell common date silver coins. My reasoning behind my choice is that the coins I buy and sell for profit are not just silver; they have historical significance and, depending on the spot price of silver, may have numismatic value. So, in essence, if the silver market bottoms out, the coins I possess still have value to collectors aside from their silver content.
To be able to buy and sell silver or gold coins, rounds, or bars in an informed manner, I found myself needing access to the spot price of silver – the current trading price of silver by the ounce in US dollars. This has been very handy to know, as the precious metals markets are quite dynamic. So as the spot price of silver changes, I can determine how my prices for the coins I’m selling changes.This information can be easily accessed online at many different sites. I have found a new site – the US Money Reserve; I am excited to see what new numismatic and/or investment information can be accessed through it.
So, like any smart business man, I cannot divulge all the secrets I have discovered in my coin collecting adventures. That’s all for now folks. Perhaps I’ll be back to discuss the hobby of coin collecting and silver dabbling from my perspective in the near future.
(This post was written by Cory, Alison’s husband.)