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Grading of a coin is also based on the material used for its making. Obviously gold tops in this context followed by silver and bronze in that order The appraisal of these currencies though is not as high as the melt value of the material. The rare coins are worth more than the common coins. Ones made from other metals, too, could be more expensive than ones made from gold. It depends on other factors like scarcity and age.

In the past, rare numismatic coins were in great demand. But, today thay are considered outdated. There are coins that are made of precious metals often bearing a value printed less than the metal value Obviuosly, the value printed on such coins is not taken seriously for settling it price. Ceratin rare coins fetch higher value as they are an archeological sign of the change in trading trends of some nation. The 1913 Libert head nickel coin is an example of an expensive piece of coin. There are only five known to be in existence. As a result its appraisal can go as high as $1,000,000.

Demand also determines its appraisal. Demand is determined by the number of collectors that want that type of currency. Consequently, the availability of it can lower its appraisal, since it is so common. The quality is the greatest factor that determines its collectible and pricing appraisal. The only problem is that quality determination can be very hard to ascertain. Amateur collectors can have difficulty in discerning between grades, as the difference between one grade to another can be quite subtle. Quality is determined based on a combination of other characteristics and this includes other properties like the mint location and its obverse and reverse design. Polish and luster as well as its evenness are other critical aesthetic features.

Coin values are set to compensate the holder of the currency. There are industry who look at a grading submission and then give it a grade and associated price range.

Coin collection is not just about having as many coins as possible. More important than the number of coins is the quality of those coins. This quality is measured by the coins’ grade and the grade is measured using a scale from zero to seventy (seventy being the highest point grade). Doctor William Shelby introduced this point scale in his work “Penny Whimsy”.

Here are the classifications of coins according to grade.

1. “Mint State” Coins

This is equivalent to a value of 60 to 70 in the Shelby’s grade scale. This means that the coin has no blemishes whatsoever. Most of the coins in this category are uncirculated, shiny, new coins, with absolutely no signs of wear.

2. “Almost Uncirculated” Coins

The “Almost Uncirculated” coins have a point grade of 50, 55, or 58.

It is very important to note that in these coins, coin collectors must know the locations of the high points in a particular coin. By checking the difference of the light reflected in the high points to the other parts of the coin, an “Almost Uncirculated” coin is separated from the Mint State coins.

3. “Fine Coins”

These can further be classified as” Extremely Fine” (40, 45), “Very Fine” (20, 25, 30, and 35) or “Fine” (12) depending on the sharpness of the remaining details on the coins. The coins are observed to have wear but the designs are still intact.

For “Extremely Fine” coins, the mint luster is still present.

“Very Fine” coins can be compared to coins which have been used for 1-3 years. Minor features of the coins are already gone.

4. “Good Coins”

These coins can be specifically defined as “Very Good” (12), “Good” and “Almost Good” coins.

The coins in this category are worn out. Only weak designs can be observed since the details of the coins in the high points are nearly smooth.

Full rims must be observed for the “Very Good” coins category.

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When the focus of coin collecting delves more into the monetary value of the coins than the gratification the collector obtains, it is no longer deemed a hobby but an investment.

History tells us that the main reason other generations collected coins was the value that coins would someday attain. The ancient form of coin collecting was even labeled a hobby “fit for the kings” because ancient coins were so valuable that only the kings were capable of collecting them.

Today’s coin collection is no longer limited to the “kings” or the affluent. Anyone can now consider coin collecting as his or her hobby. The popularity of coin collecting continues to flourish as more and more people collect coins. That is why it is now known as the “King of Hobbies”.

Why Such Popularity

One of the many reasons coin collecting is considered by many as one of the most popular hobbies in the world is based on its ease of access.

When somebody wants to start coin collecting, he can start any time, anywhere. Some people start coin collecting with the coins that they have in their pockets. This phase of coin collecting is known as the “accumulator” stage, where collectors try to accumulate as many coins as they can often using their “pocket change”.

After the collector gets the “hang of” accumulating coins, the hobby becomes more expensive. This is because true hobbyists are willing to pay the price as long as a particular coin will enhance their collection and will beauty to their “masterpiece”. And the rest, as they say, is history.

Coin collecting has reached a level where it can't simply remain a pastime any more. People spend hours and days searching coins patiently that could form a part of their unique collection of precious coins both in aesthetic and monetary value that should pay back all their efforts and expenses in collecting them.