Gold Coin Collecting

Gold Coin Collecting

Coin collecting is something that dates back to the when coins were first issued for trade. It was only in the Middle Ages that people turned this into a hobby because of the art work and the historical value.

Coin collecting today is still a hobby that many people enjoy. One of the most precious and most expensive collections that anyone can ever have are those of gold coins. The most expensive gold coin ever bought was worth around eight million dollars. This was the American 1933 Gold Eagle. This is why the collecting of gold coins deserves to be called the hobby of kings.

Gold coins were one of the oldest forms of money. This was later followed by silver coins. Gold coins were in circulation in the United States from 1838 to 1933. The design was the Liberty Head bust but this was only made until 1907. The design was then changed to the Indian Head and Saint Gaudens motifs and was used until 1933 when the Great Depression began. This prompted the recall of gold coins which makes them very difficult to find today.

Since these are no longer in circulation, the price for one of this rare commodity is quite high. Gold is now used for other things such as jewelry or bars that people retain as an investment.

South Africa minted its first gold coin called the Krugerrand in 1967. This coin has no face value but merely stands as a symbol. It is made of 1 ounce of gold and can be purchased for investment purposes.

Since then other countries also minted bullion coins. Canada made the Gold Maple Leaf in 1979 and Australia made the Nugget in 1981. These two are much more popular than the South African coin because of its 24 carat purity.

A lot of people retain gold today as an investment because they speculate that the demand will cause its market value to increase. Others hold it as a form of insurance should the financial situation become worse. There was a point in time when the more paper money that was made, the higher the price of gold which maintained gold and cash as equal value. After this standard ended in 1971, this enabled government to produce more paper currency without increasing the price of gold.

Since gold coins can longer be used to purchase merchandise most coin collectors just keep them to remember that people once used them.



Coin Collecting News

  • Coin collecting, then and now
    Since the beginning of time, there needed to be a form of exchange. In early history, before the advent of coinage, other commodities were used. When the first coins were struck, collecting began. I can't imagine having only a few types of coins to collect.

  • Coin show continues to draw wide variety of collectors
    PERRY -- To those who think that coin collecting is a quaint hobby of yesteryear, this weekend’s Middle Georgia Coin and Currency Show at the Georgia National Fairgrounds told a different story. Between 5,000 and 7,000 attended the 50th edition of the show, some to see what was available for purchase and some to see what the value was for the coins they brought in to be evaluated.

  • What Is Legal Tender?
    The topic of legal tender is one of the most misunderstood parts of coin collecting. By definition, legal tenser is money that can be used to: “Pay debts, both private and public.” Please note “can” rather than “must.”

  • Go gold, collector says
    Local Keith Knight believes the day could come when our paper money is worthless. For that reason and more, Knight is a huge proponent of buying gold. Knight has collected gold coins for 40 years and now owns hundreds, which he keeps in a bank vault....

  • Addicted to Collecting: From Malcolm Forbes to Me
    This article appeared in Forbes on January 30, 2012. Last week Sotheby's auctioned off 13 French military paintings from the once legendary Forbes collection. It represents the end of an era.

  • My silver coins mint me money
    AS a teacher, my students often ask me questions when outside the classroom.

  • Rare penny sells for $1 million in Orlando
    ORLANDO, Fla., Jan. 8 (UPI) -- A rare U.S. penny from 1793 was sold for $1 million at an auction during the Florida United Numismatists convention in Orlando, officials said.

  • In the alleys, a bottle-fed economy blooms
    It's a familiar sound: the jangle of a shopping cart filled with empties being pushed down a bumpy back alley. In many parts of the city, bottle pickers are so commonplace that people aren’t surprised if what they leave outside their blue bins is gone within minutes.

  • Rare penny sells for $1 million at Orlando coin show
    Talk about a lucky penny. It was actually worth $1 million. That was the final bid by an unknown buyer for the one-cent copper coin minted in 1793, the first year the United States produced its own coins. Its sale was one of the biggest deals at the coin show and annual convention of the Florida United Numismatics at the Orange County Convention Center. With nearly 600 dealers of coins and ...

  • $14.3 million Hot Lotto prize claim withdrawn
    Maybe it was someone who had a scheme for winning Hot Lotto who would rather walk away this time and try again later rather than expose themselves, their scheme and risk not getting the jackpot too.