Numismatics is the study and collecting of all accepted forms of money including coins and paper currency, and can also extend to the collection of medals.
Since precious metals coins have been the main form of money through the majority of monetary history, numismatics is often synonymous with the collection of and study of precious metals coin.
In fact, the word ‘numismatic’ means ‘of coins’, and the usage of the word can be traced back to Latin and Greek, referring to coins and the custom of using such coins. A numismatic coin is a coin whose value or price depends more on its date, condition, rarity value, connection to history, aesthetic attraction and mint mark of the coin, than its face value.
Rare or ancient coins can trade for values far in excess of the value of the metal from which they are made. Numismatic coins therefore trade amongst collectors based on market expectations as to their future value. These coins prices have no bearing at all on the metal they consist of.
Pricing of numismatic coinage depends on several factors. One is the rarity of the coin. The lower the supply of the coin the more valuable it usually is. Condition is the next factor. The higher the grade of the coin the higher the demand will be going forward. An example: an 1893CC Morgan silver dollar graded MS60 was just sold at auction a couple of months ago for just under $6,000. While a MS65 version of this coin sold at auction in November of last year for a staggering $105,000. Another factor is collectability. This one is a tricky one, because while there are hard core collectors that look for the rarest coins out there most collectors are looking for the next best series. This is due to the fact that some truly rare coins will only come up for auction every few decades. So let’s stick with more commonly collected coins. The Morgan Silver dollar is probably the most collected coin in the United States and has a very strong following. Since most of these coins that were struck sat in bank bags in storage for many years there are still many extremely nice condition coins available for purchase in the market place. If you decide that you are interested in collecting the Morgan Silver dollar series my suggestion would be to buy the official Red Books “A Guide Book Of Morgan Silver Dollars” by Whitman. This book is essential to anyone interested, it lists all of the different varieties, known populations and explains how to grade them.
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