Coins - General

Coins are loosely defined as circular, flat pieces of metal or metal alloy used as currency to facilitate transactions, although coins that defy this definition exist. Historically, most coins have been made out of either silver or gold, as these precious metals provided inherent value to the coin regardless of the political entity that minted them. However, coins have been created in materials ranging from porcelain and aluminum to platinum and palladium.

The collecting of coins is referred to as numismatics, originating from Greek by way of Latin and French. While coin collecting did not reach mainstream society until the 19th century, historical records of fledgling numismatics date back to the time of Caesar Augustus. Many kings and emperors have been involved in numismatics throughout history. In recent history, King Farouk of Egypt amassed a truly impressive coin collection before being deposed in 1952. Several coins from Farouk's hoard have since been sold for record sums at auction.

Grading of collectible coins mainly considers the wear on an individual coin. Each coin has specific wear points in locations where fingers typically rub against the coin, causing slight erosion. Over hundreds of transactions, this contact, no matter how minor, will add up and dull the details present on the coin. The most commonly used coin grading system ranges from proofs and mint at the top down to damaged and poor at the bottom.

Quick Facts

• The most expensive coin ever sold is a 1794 Flowing Hair dollar, the first dollar coin issued by the federal United States. This dollar sold for just over $10 million in 2013
• One of the coins from King Farouk's collection was a 1933 United States golden double eagle. Never officially released to the public, the Egyptian double eagle is the only one of its kind legal for private ownership today
• One of the strangest-shaped coins in existence is a 2002 AU$10 silver proof issued by the Republic of Nauru. The coin was minted to celebrate the adoption of the euro and is shaped like the outline of Europe