01. INTRODUCTION
Coin collecting is a
relatively new hobby, which I recently picked up and I would like to share my
experience as a beginner in coin collecting. While growing up, I did initially
jumped into the frenzy of keeping coins and banknotes that literally rolled my
way. I never really put much thought into the details and methods involved in
coin collecting.
To me back then, coin
collecting involves getting a bunch of coins and tucking them away into a cheap
coin or bank note album readily available at the nearest stationery shop and
that was it. When the album was full, a cheap Tupperware box became my little
“treasure” chest where I will dump all the remaining coins in. Then there were days
when I merely sieved out all my local coins and made off merrily to the nearby
shop to spend them.
Lacking proper
guidance and reference sources of the day was partly to blame for my ignorance.
Well the Internet was not so commonly available to every household back then in the 1980's as compared to today.
For most of us,
unfamiliar to this hobby, the depth, detail and dedication required in
maintaining an interest in this hobby is unfathomable. Yet in actuality, when
this hobby is fully understood, can be a very self-fulfilling and equally
self-satisfying pastime.
As with any other
hobbies, interest is a pre-requisite that drives the desire and fuels the
passion. A hobby cannot propel without interest. This article at the point of
writing was written with the intention of arousing that interest.
Most of us may have
heard of this hobby or perhaps may even know of someone who turned this hobby
into a lucrative source for income. How much do we really know of this
interesting hobby if anything at all?
In this article, I shall share with you;
everything a beginner would need to know about coin collecting in Singapore. I
am a Singaporean after all and I would love to see younger Singaporeans develop
an interest in this exciting hobby. I hope this article serves as a valid
reference point for anyone exploring this new hobby.
02. DEFINITION: WHAT IS COIN COLLECTING TO ME?
Coin collecting is somewhat
synonymous with numismatics. It is the in-depth study and collecting of
currency coins, banknotes, tokens and even medals.
Most coin
collectors, evolved from just being a coin collector; he who just collects and
keeps coins for the sake of collecting perhaps for sentimental reasons; to a
numismatist. It all begins with a specific coin that a collector becomes
interested in and curiosity led the collector to find out more about that coin.
Through sleuthing, the collector then discovers further information about
the coin and eventually becomes somewhat of an expert about that coin as the collector strive to collect and complete that series of coins in a single themed collection. Meaning he collects every available years that the coin was minted.
As an example, say our second series Singapore "One Dollar" coin, first minted in 1985 and final mintage in 2013. A full fledged collector will get all the years this coin was ever minted in an attempt to complete the collection. Why? Each mintage year is unique and there might even be times whereby in a particular year, the quantity of coins minted might be very low thus increasing the intrinsic value of the coin.
To me that is the
core essence of coin collecting. It keeps your mind active. Keeps you organised and meticulous and most important of all, you learn something from it. The best
part of it, coin collecting can be viewed as a form of long-term investment.
Your investment, in
my opinion, is not monetary in nature, but in essence, in the following areas:
1) Time And Money on Yourself
– You are not wasting time and money on
others.
2) Increases Your Knowledge Base
–
You will touch subjects related to History, Arts, Science, Politics, etc.
3) The Intrinsic Value of Your Coins Will
Outmatch The Face Value On It. – A “One Dollar” Coin Today, will definitely
worth more in years to come.
03. WHEN AND HOW I BECAME A COIN COLLECTOR
I became a full-fledged
coin collector sometime in October 2013. It all began when I came across this
coin:
In honesty, this was
the first time I laid eyes on such a coin - A British Trade Dollar. Contains 0.90 Silver. I never
knew that this trade dollar was once used in this region prior to 1903. I am
aware of the Straits Settlements Dollars though as I’ve seen them before but
not enticing enough to stop me in my tracks, but this coin totally left me
love-struck. It was love at first sight indeed. The portrayal of Lady Britannia
in full gear, standing on the shores overlooking a ship and the sea, is so
regal magnificent. I just couldn’t resist getting my hands on her.
Prior to this, I am
more of a physical Gold and Silver bullion coin investor. I invest heavily in
physical metals for their “store of value” and not really for the design of the
bullion coins, but I shall leave that topic for another article. For now let’s
just focus on coin collecting shall we.
So that is how I got into coin collecting. In my
opinion, I believe as a collector, you decide on what you want to collect. Do
not allow yourself to fall prey to peer pressure, though you may take into
consideration advise when consulting with fellow coin collectors. Coin
collecting requires patience and as you progress into the rare coins variety,
will definitely require you to tap into your financial resources. Yes. Rare
coins are indeed expensive. My advise as a beginner, start with something
simple and within your affordability, and then work your way up from there.
04. BEFORE YOU GET STARTED - THE PRE-REQUISITES
PRE-REQUISITE NUMBER
ONE: INTEREST, INTEREST AND INTEREST.
Enough said. You
need to be interested in coins to begin with; else you are just wasting your
time.
PRE-REQUISITE NUMBER
TWO: COINS, COINS, AND COINS.
This is a no
brainer. You can’t begin a collection without coins obviously. Fret not, start
with your own local currency coins. If you are in the habit of keeping your
coins in “Piggy Banks” which I do, then that is the first place you should look
at.
PRE-REQUISITE NUMBER
THREE: REFERENCE BOOK – CATALOGUE OF COINS
This is the third
and final pre-requisite, in my opinion is a “must have”. You need to get
yourself a copy of your local coin catalogue then you might want to consider
getting foreign coin catalogues; if you are going to expand to foreign coins.
This is an invaluable resource, which will enrich your start into this hobby.
As a Singaporean coin collector, I got myself the following catalogue:
This catalogue no
doubt enlightened me on the vast variety of the coins of this region and
enabled me to plan out my collection accordingly.
05. GETTING STARTED - THE TOOLS YOU WILL NEED
If you have decided that
you will be taking coin collecting seriously after meeting the three
pre-requisites which I have mentioned earlier, then you should proceed to get
the following items.
THE TOOLS:
1. WHITE COTTON GLOVES
Where
To Buy In Singapore?
You
can get this at any neighborhood household store.
Purpose:
When you are getting
serious into coin collecting, you should observe this important rule. Try to
minimize touching your coins with your bare hands. Your bare hands contain oils
and sweat that will react to your coin over time, thus it is highly recommended
that you put on your cotton gloves when you need to handle your coins which are
not protected in coin holders.
2. 10X MAGNIFICATION LOUPE
Where
To Buy In Singapore?
I
got mine at a gem shop in Golden Landmark many years ago (Yes I collect
gemstones too).
Purpose:
This
is essential in looking up close at the details on your coins. Even more
helpful in identifying fake coins.
3. DIGITAL WEIGHING SCALE
Where
To Buy In Singapore?
I
got mine at a gem shop in Golden Landmark many years ago (Yes I collect
gemstones too).
Purpose:
If
you progress into collecting Silver Coins such as silver trade dollars
pre-dating 1965, weight will play an integral part in identifying fakes. Fake
“silver” coins will never match those of the originals. They are either too
heavy or too light.
4. VERNIER CALIPERS
Where
To Buy In Singapore?
I
got mine at Home Fix Store.
Purpose:
This tool not only
helps you confirm the diameter size of your coin but it will eventually help
you decide on the ideal coin holder to place your coin into.
5. 2” BY 2” CARDBOARD COIN HOLDER
Where
To Buy In Singapore?
Any
reputable coin dealer in Singapore will have this. I will be writing a separate
article on the coin dealers I frequent in a
separate article.
Purpose:
2-inch
by 2-inch square cardboard type coin holders with a protective Mylar film not
only protects your coins from the elements and prevents your coins from rubbing
against each other but also makes your coin presentable. Comes in various coin
diameter sizes. My advice is to keep the following diameter windows ready:
40mm
35mm
30mm
25mm
22mm
18mm
6. PLIER TYPE STAPLER
Where
To Buy In Singapore?
I got
mine from Popular Bookstore.
Purpose:
This
will be much more practical as compared to conventional staplers. Believe me
when you have a whole bunch of coins to keep in you 2” by 2” coin holder, this pliers type of stapler will be very helpful to prevent fatigue of your hands.
7. FLAT NOSED PLIERS
Where
To Buy In Singapore?
I
got mine from Home Fix Store.
Purpose:
To
accompany the plier type stapler, is the flat nosed plier. The purpose is to
flatten down the staples after you’ve stapled the coin holders into place.
Reason for this is to prevent the staples from scratching other coins and also
for easy removal of the coin holders from the album.
8. A MAGNET
Where To Buy In Singapore?
Any stationery shop in Singapore.
Purpose:
When you venture deeper into coin collecting, you might want to verify the magnetism of your coins. Most known silver coins are not supposed to be magnetic. If it is, its' a high chance that the coin in query is a fake.
9. COIN ALBUM
Where
To Buy In Singapore?
Any
reputable coin dealer in Singapore will have this. I will be writing a separate
article on the coin dealers I frequent in a
separate article.
Purpose:
Last but not least, once you’ve sorted the coins
into their respective coin holders, you will definitely want a nice album to
slot them in to make your coins presentable.
06. CONCLUSION
I hope this article
has been useful to kick start an interest in coins and coin collecting. I
emphasize this point again, as a collector, you decide the type of coins you
collect and you determine the pace in your collection. There is no hard and
fast rule to collecting coins. Stick with the basics and you will discover that
over time, you as a collector have progressed by leaps and bounds and so will
your collection.
Until my next article on coin collecting, I
welcome feedback, suggestions and corrections from you fellow readers.
Yours Truly,
JoFedora
