You know all about the coins?

A coin is a piece of a strong material, of uniform weight and composition, usually of a metal coined in the form of a disk and with the markings chosen by the issuing authority, which is used as a measure of exchange (money) for its legal or intrinsic value and as a unit of account. The legal tender of a state is also called a coin. Its name in Romance languages comes from the Latin moneta, because the house where they were minted in Rome was attached to the temple of Juno Moneta, goddess of memory, and this activity was under her protection. The science that studies and classifies physical coins, metallic or of similar material, is called numismatics.

The place where coins are minted is known as a mint or mint. The name comes from a voice in classical Arabic (sikkah), which means die.

By extension, a banknote or legal tender is also considered to be currency.

First coins

The first coins officially minted were made in Lydia, (today Turkey), a town in Asia Minor, approximately between 680 and 560 B.C. It was probably during the reign of Ardis of Lydia that the Lydians began to mint coins, although some numismatists have proposed earlier or later dates, such as the reign of Giges of Lydia or that of Croesus “The Opulent”. These coins have as a heraldic symbol a lion representing the Mermnada Dynasty to which the kings belonged. The piece was coined in electrum (natural alloy of gold and silver) and weighs 4.75 grams and has a value of one third of Statera.

After Lydia’s experience, coins began to be minted by order of Darius of Persia, after the conquest of Lydia, and later in Greece.

The American historian Will Durant states that “Sennacherib King of Assyria (around 700 BC) minted coins of half a shekel”.

Subsequently, coins proliferated rapidly in all developed countries of the world. Both monarchs and aristocrats, cities and institutions began to mint money with their identifying seal to certify the authenticity of the metal value of the coin.

Some of the early coins had a very stable composition, such as the drachma issued in Athens in the 6th century BC, containing about 65-67 grams of fine silver, or as the round Chinese coin, qian, of copper. However, the coins were always filed or cut to remove the precious metal they contained so the issuing authorities were tempted to lower the mintage by ensuring short-term profits by reducing the precious metal content. Low quality bronze or copper coins were in fact fiat money whose value depended mainly on the number of gold or copper coins for which they could be exchanged. Gold and silver coins used to circulate outside the country that issued them because of their intrinsic value; thus, the weight of Spanish silver, whose material came from the mines of Peru and Mexico, became a common currency in China from the 16th century onwards .

Currency Functions

The functions of coins are closely related to the functions of money (which is what it represents) which are then detailed:

Value measure: it is the measure of value since the value of things can be represented by the units it represents.

Direct acquisition instrument: since it allows the acquisition of any good according to its value.

Debt relief instrument: since it has a debt cancellation power by becoming a legally recognized means of payment.

Means of hoarding wealth: it can be hoarded for future needs because it retains its value indefinitely.

Currency as a means of payment

The characteristics of currency as a means of payment can be summarized in the following:

The great value it represents in relation to its weight and volume.

Unanimous recognition as a means of payment that prevents judging about its quality.

Its divisibility that allows to divide its value in an unlimited way.

The difficulty in its falsification that prevents the circulation of a means of payment that is not properly controlled, since in each country only one currency is approved at a time.

Curiosities about coins

The smallest coin that has ever circulated is the quarter of the Nepalese jawa, minted in silver in 1740. It was quite tiny, measuring no more than two millimeters in diameter and weighing only 0.010 grams.

Between 1997 and 2002, the $1000 (Colombian peso) coin circulated legally in Colombia, although curiously its life was short (a little over five years), since it was withdrawn due to its massive counterfeiting; in the end, more false coins circulated than real ones.

The German Thaler, called Daaler by the population, was a large silver coin that circulated in Central Europe at the end of the 15th century. Although it originated in the Tyrol, its use was quite popular and even other countries minted coins inspired by the Thaler. Interestingly, Americans used the name Thaler to refer to Spanish currency.

The name of the word “dollar” is frankly fanciful and to some extent hilarious, with more than obvious connections to the Thaler. In 1535 the Spanish monarchs minted silver coins using the metal from a newly discovered mine in Mexico. Following the European fashion of the time, they called this coin “thaler”, although the Spaniards living in Mexican lands made a serious mistake when minting the coins, as they replaced the letters T and H with a D following the phonetic pronunciation. Later, on April 4, 1792, George Washington adopted the Mexican “daler” as the official currency of the United States, although it soon began to be called “dollar” according to the phonetics of the English language.

On Easter Island, Chile, original coins have been minted with the famous golden Moai statues, which are raised by a hinge incorporated into the coin itself.

In Japan there is a law that limits the number of coins that can be given at the time of payment to twenty. Otherwise, the establishment has the right to refuse them.

Learn how to Sell your Antique Coins

Although there are many places that sell antique coins, not all of them are the same. Discover in this guide the best online and physical sites to not waste your money.

Where they sell old coins

Buying coins online is sometimes problematic:

Problems with returns.

Scams and lack of clarity in descriptions.

They do not offer any guarantee in case you do not agree with the purchase.

If you are considering buying old coins, you should know that the more information you have about what you are buying, the better. For many years the classic way to buy old coins has been through specialized numismatic shops.

Even though the boom has passed, there are still many shops that do an excellent job of spreading the word about numismatics and that offer very competitive prices.

Many coin collection shops already sell online and offer the same guarantees as always with much more competitive prices.

VCoins, a great place to buy old coins online where coin collections are sold

This well-known coin store aggregator offers an easy way to buy old coins online, while looking for the best prices.

Buy collectible coins at reasonable prices

It is precisely the competition between the stores that are integrated into this portal (in the style of Amazon or Ebay) that causes prices not to shoot up as much as in some numismatic auctions.

The best thing…

Adjusted Prices: The reason is that there are many different stores where you can buy the same type of currency.

The worst part…

The shops cannot be valued by the customers, so the first time you buy without knowing the reputation of the seller.

There are some other good options, such as Foronum, or Catawiki. For more information click on our section of the best sites to sell old coins.

Where to buy gold coins where they sell silver coins.

Whenever we talk about gold coins we have to differentiate between:

gold bullion coins, such as the Mexican centenaries, and gold coins with numismatic value, such as some valuable collector coins, see the Spanish centenaries or some Mexican columnar gold coins

Where to buy silver coins

Although the decision is not easy, the criteria for choosing one option or another are. Find the ones that fit your profile and buy coins accordingly.

IMPORTANT: Before buying this type of coins visit our article Gold or Bullion coins? – The Ultimate Buying and Selling Guide

Where they sell chinese coins

In recent years the purchase of Chinese bullion coins, such as Chinese silver pandas or Chinese lunar year coins, has become popular.

Where they sell silver coins

How to get the most benefit from Silver Coins

If you decide to buy investment coins or gold or silver bullion as an investment, choosing a good local store can be very advantageous (if you live in the US you have a selection of them at the end of the article). If you prefer to buy silver coins online, Goldsilver.com offers many guarantees when it comes to buying precious investment metals in the form of coins, bars or bullion.

Buying Foreign Coins

Without a doubt the cheapest way to buy foreign currencies from your country is to do it online. Of all the options we have tried probably the cheapest and easiest is Vcoins.

Buy Spanish coins

If you are interested in a place to buy Spanish currency, in Vcoins you have at your disposal dozens of online shops where you can compare prices of Spanish coins such as pesetas, duras or reales.

At goldsilver.com you can find good shopping prices, and they also serve you in Spanish.

Tips for buying coins at a good price

Find out about the value of the coins you are buying. If you want to learn how to know the value of the old coins don’t stop reading Know the value of your Old Coins in 5 minutes

Don’t throw your money away: buy only when you see it clearly. In numismatics the rush is not good.

buy only when you see it clearly. In numismatics the rush is not good. Beware of scammers and counterfeits: keep in mind that no one sells anything too cheaply. If you are offered a good collector’s coin at a very low price, don’t buy it. It will almost certainly be a counterfeit.

keep in mind that no one sells anything too cheaply. If you are offered a good collector’s coin at a very low price, don’t buy it. It will almost certainly be a counterfeit. Look for reliable expert appraisers who will offer you approximate valuations. Also explore online auction sites with similar coins. This way you will know the price range you are moving in. If you want to be on the safe side, we recommend that you read Online Coin Appraisal: the whole truth

The state of conservation is sometimes unclear. Since this parameter is very important for determining the value of an old coin, you should be careful. Identifying the state of conservation correctly will save you some unpleasantness.

Buying coins online: other options

other options Catawiki or Foronum

Learn How to Buy Gold Below Its Market Price

Buying old coins online is neither better nor worse than physically doing it in a store. You can still do well if you meet honest people who are true professionals, which can go badly if you have the misfortune to meet a con artist.

If you are thinking of buying old coins or banknotes online, you should know that in addition to the sites we have indicated there are several web portals that can also be interesting to buy old coins:

Buying directly from a private individual: sites like Todocoleccion or Foronum.

Online auction companies such as Catawiki or Heritage Auctions are good options.

The disadvantage that may exist is that you need to have a minimum knowledge of numismatics to know if the price you are paying to expand your collection of antique coins will allow you a return on investment in the medium or long term.

Where they sell chinese coins

If you prefer to be advised…

In case you have important doubts, it is best to find a physical store where you can buy your coins.

Do you live in the USA?

Find out at coleccionistasdemonedas.com which are the best shops to buy old coins in the United States.

Both for selling and buying old coins, there are a lot of places, each with its own particular characteristics. When we talk about characteristics we are referring to the buying and selling of coins, that is to say their price, condition and other important aspects. Remember that even if you have an old coin and you can sell it, you must take into account its condition.

As we mentioned before, the places where you can sell old coins are many in fact only on the internet we can find an infinite number of pages intended for this purpose, obviously there are also pages that apart from selling coins sell other products, being these also a good way to make money from the sale of old coins.

One of the main sites of this kind is the world of coins which has been auctioned for about 33 years and a lot of really valuable coins have been sold. In fact, you can find all the necessary products to take care of your coin collection. Obviously this is not the only option there is, as we also have Edid a site with a history of selling coins.

The latter works as a major online auction platform, where you are the one who sets the price of the product you are going to sell. Something that stands out from this site is that they do not have commissions for advertising, apart from the maximum sale rate is placed at 3%.

GovDeals is another good option for selling old coins, especially when it comes to official products. It is an official platform for the US government auctions, with this in mind many of the products that we can find in this medium have a high historical value for the US nation.

Beyond GovDeals we have Auction Zip a platform where you can find auctions that are live, ie in real time. As in the previous portals you have the option to both sell and buy a product. One point that stands out quite a bit from this site is that it has a section where you can see your collections, which is quite useful to know what we have.

Beyond the typical conventional bidding sites we must mention ShopGoodWill which is a non-profit organization that has relationships with retail stores. It works by selling a wide variety of numismatics related products, and its goal is to raise funds for people with disabilities.

At this point it is important to note that beyond the online portals there are applications that we can also use to deliver old coins. Although it may sound a little strange, these Apps are excellent for this purpose and being on your phone you can easily check your products at any time.

A good example of this is Wallapop which we have probably already heard about, being one of the most used Apps nowadays for buying and selling not only old coins, but a great amount of products. Something that stands out quite a bit from this App is that it has a special section for collecting and antique objects, so if you have an old coin and you want to sell it this is an excellent option to choose from.

With all this in mind, it is important for you to know that for the sale of travel coins, you must take into account various factors to determine the price. To begin with, you must take into account the time, since if the coin is quite old it will have a higher value.

The history of the coin is also important, as well as the condition of the coin. Remember that a coin can be old but if it is in bad condition it can affect its price. We recommend you to look for more ancient coins in monedasantiguas.net to have a better understanding of the subject.