Coin collectors need tools to determine the value of the coins they have in their possession or coins they want to acquire. Although you want to asses the coins correctly, the following tools are used not just to find the defects the coins have but more importantly, they are used to discover the coin’s intrinsic beauty and value. As you discover their worth, you will derive profit not only financially from them as an investment, but also give you personal satisfaction as a coin collector.
When it comes to tools, the least numismatists should have are a magnifier and the right reference books. It would also help if an adequate light source to be used for coin examination is available. There are other miscellaneous tools that you can avail of to give more options when admiring and examining a coin.
Magnifying Glass
A high-quality magnifying glass is essential so you can examine a coin’s tiny details. A magnifier to be used for grading should have 4-10 times magnification. Most coin collectors would say 7 times magnification is ideal. For those who are collecting different dies, a magnifier with 10 times magnification is normally recommended. Some smaller coins and especially proof coins are best examined using a low power magnifier to see hairline or other tiny imperfections. Using an excessively high magnification power overemphasizes defects which can lead the grader to incorrect and inconsistent grading opinions.
Many professional coin graders initially use the naked eye for a quick examination of a coin. They then follow this by a closer examination of problem areas with a low-power magnifying glass to validate or refute their initial findings. They will often have another look at the coin without the use of a magnifier. “Naked eye” as understood here assumes 20/20 vision. For those with less-than-perfect eyesight, corrective eyewear of some type is allowed.
According to the Professional Coin Grading Service (PCGS) standards, mintstate 70 coins cannot show any defects under examination with a 5 times magnifying glass.
I recommend a magnifying glass with LED light and 20x magnification, and a pocket magnifying glass with 10x magnification. Both have very good customer reviews at Amazon and should suit you fine.
General Reference Books
We have a full article devoted to coin collecting books. Right click this link and open it on a new window, so you finish this article and hop to the next.
Storage
We also have an article especially devoted to coin collecting albums.
Lighting
You may have the most expensive magnifying glass available but it certainly will not work without the aid of the proper light source. For lighting purposes, an incandescent light of about 75 watts or higher is recommended. However the actual brightness will depend also on the available ambient light. The light source should be located within half a meter of where you will examine the coins.
Some coin collectors prefer the more expensive halogen lamps. Halogen light, according to some of those who have used it, is excellent for detecting hairlines on coins, especially if used in examining proof coins. However, it may put a strain on your eyes if used too long.
The white light emitted by fluorescent lights is not good because they don’t bring out the details of a coin. Under this type of light, the coin will seem to be flatter; it tends to minimize slight marks and small defects. For this reason, you have to avoid this type of light and use incandescent light instead.
Some professional coin dealers and avid collectors nowadays use a more expensive type of light. They use fiber optic lights that produce a more focused beam of light and give off a consistent color. These types of light results in a more precise rendering of the coin, whether it is examined under a magnifying glass or with the naked eye.
You can also consider getting a magnifier lamp that combines the convenience of having a light source and a magnifier built into one appliance. This is also useful if you have a very small working space. However, most of these magnifiers are not optically corrected and the light that comes with the units is not as dependable as an independent light source.
Proper Place
A comfortable location, free from any outside distraction is the ideal set up when doing your coin examination. This is important so you can focus on the task you are about to do. Distractions can make you miss the details needed to correctly assess the coin you are examining.
Make sure also that there are electrical outlets nearby where you can plug your light source. Do not let the cords get entangled as this might lead to accidents that can cause harm not only to you but to your coin collection as well.
A Logbook or Journal
Coin collecting software can help you with that.
Other Tools
For the meticulous and conscientious collectors who have deeper and wider interests about the value of the coins in their collection, other important and useful tools include a microscope, which can be used for authentication like confirming if a mint mark is real and part of the coin or has been soldered to make it appear as part of a coin. A microscope can also reveal certain features peculiar to known counterfeits.
You also need masks so you can avoid spraying the coins with moisture that can ruin the coin.
Putting on surgical or cotton gloves is critically important as this will help you avoid leaving your fingerprint in the coin which can cause corrosion of the surface.
Having a jeweler’s tray padded with velvet material, and plush towel, or some other soft cloth to set coins on when viewing them is also indispensable. This is also needed to protect the coins so that if you were to drop one it would land on a soft surface, preventing it from being damaged and losing its value.
For measuring a coin dimension, a simple plastic ruler in inches and millimeters is needed. Avoid hard, metal rulers that may scratch your coins.
You may need scales if you are examining a coin that you suspect to be a counterfeit or fake. Using a scale, a fake gold coin can be detected by its incorrect density or weight. A fake coin will almost definitely be made with a much lighter metal.