posted on April 30, 2006 07:46:59 PM new
On the surface, this may seem to be a really stupid question...but it's legit about circulated vs. uncirculated coins. Does "uncirculated" basically refer to condition or does it mean that the coin has really NEVER been in circulation? If the latter, how does one know? Does a coin rate "uncirculated" status when a grader sees that there is no wear? Any help or guidance would be appreciated. Thanks in advance...
posted on April 30, 2006 08:42:36 PM new
Not a big coin collector but I do have a small collection and the "uncirculated" ones I have are issued from the US Mint in either sealed hard plastic holders or in sealed plastic bag style. I think if a coin has ever been touched by a hand then it is NOT uncirculated. At least that's my understanding of how it works.
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. - Albert Einstein
posted on May 1, 2006 06:59:43 PM new
Thanks...that's the information I was looking for...appreciate it! One additional follow-up...are ALL "uncirculated" coins issued from the mint in sealed bags/cases?
posted on May 1, 2006 07:37:44 PM new
You can buy rolls of uncirculated coins at any bank. If you open the rolls, and touch the coins they would be considered circulated (oil from fingers, etc). Coin shops sell protective cases for coins.
posted on May 1, 2006 11:00:36 PM new
There are two definitions to consider here, the numismatic (coin collecting) one, and the eBay one. They are:
Numismatic: Two definitions in this category. Uncirculated is both a type of coin and a coin grade. An uncirculated coin is known as a business strike coin, which is the common type of coin you get in your change or from the bank. An uncirculated coin (business strike) is different from a proof coin, proof coins being struck more carefully on polished coin blanks to produce a nicer looking coin. It is also the range of coin grades from mint state 60 to 70. A coin can be scratched and still be uncirculated, only after a coin gets wear from rub, like sliding a coin across a table, is it considered a circulated coin.
eBay: Who knows, eBay does not define it anywhere I could find...
posted on May 1, 2006 11:57:49 PM new
Unceirculated is a grade. The technical definition, while applicable, is not really important. An uncirculated coin EXCLUSIVELY for purposes of selling them means there is no evidence of wear. Now, there are 11 grades of Uncirculated, and price depends on which uncirculated it is. A MS (Mint State) 60 is a borderline coin. It has marks, scratches, perhaps even corrosion, but no evidence of WEAR (the person who said if you touch an unc coin, it is no longer unc was wrong). A great example would be Silver Dollars. Onces the blank was struck, the coin popped out of the collar (the thing that put the reeding on the edges and held it against the dies). it slid down a shute and through a counter. it then went down another shute and into a bag (CLANK). all that sliding and dropping and machine counting means that silver dollars can be UNCirculated, but still have scuffs and scratches. Pennies and dimes have much less because they are much lighter... they are also used much more, so uncirculated pennies, nickles and so on are much rarer. Now, back to grade. They are graded between MS 60 and MS 70 (don't ask why... I could tell you, but you wouldn't belive it). Now, older MS 70 coins are almost unknown. The prices seem to run MS 60-64 (fairly cheap) from 64 to 65 is a big price jump. 66 is a small jump over 65, but 67 is another big jump. I have a 1913 type 1 buffalo nickle. THose who have graded it have said it runs right between the 66 and 67. it has the eye of a 67, but just a few too many marks. If I had it professionally graded, it would be worth about $50 as a 63, $60 as a 64, $100 to $125 as a 65, $150 as a 66, and about $1200 as a 67. '13 type I is well known as having a VERY weak strike and ugly surfaces. This one is Very clean, Very strong strike, and with a super eye (nice tone (tarnish) and reflective surfaces). When it comes to coins, grade is everything. I would STRONGLY suggest going to a MAJOR coin show and get some grading advice from some dealers. If it is a REALLY big show, the ANA and PCGS will have booths where they will sample grade (unofficially grade) some coins. You can then check the "gray sheet" price guide and find out if it is worth getting the coins professionally graded.
posted on May 2, 2006 08:54:30 AM new
First of all...it's not a stupid question.
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There's lots of ways to respond to the question, and there are no easy answers. Coin condition grading is quite complicated.
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.To muddy the picture more, I'll add the following. A coin can be considered uncirculated even if it has been circulated. As an example, a $5 gold coin arrives at a bank directly from the mint in 1885. Some customer asks the teller if they have $5 gold coin. The teller hands over the $5 gold coin and the customer puts it in his pocket. Later that day he spends it at a store, and later the storekeeper spends it at a bar. The bartender keeps it, stores it properly, passes it on to son and so on. The coin today could still be considered uncirculated if it didn't pick up any noticeable wear during it's circulation, which it probably did not. And the coin today probably retains it's original mint lustre. A professional coin grader may consider this an uncirculated coin.
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Conversely, a coin that has never been circulated, one that truly is uncirculated, may in fact be considered circulated! Let's take that same gold coin from 1885. The customer takes it from the teller and carefully places it in a drawer, where it stays until today. Maybe other coins get added to the stack in the drawer. But the bottom coin, the 1885 $5 gold coin, is stored on an improper surface and picks up wear on the high point of the coin, the cheek. A professional coin grader may consider this a circulated coin.
posted on May 2, 2006 07:04:12 PM new
Thanks all...terrific information! Interesting you should mention the $5 gold coin as those are the ones I have and was questioning (actually, they belong to my mother). There are 10 of them and they all look good to me BUT she bought them from a friend years ago and has no idea of their "history". I think the grading idea is a good one so will explore that option. Appreciate all the help!
posted on May 4, 2006 06:04:00 AM new
another good suggestion would be to go to a library and get "the red book." A comprehensive list of coins and their values. The prices are notably inaccurate, but you can get an idea if any of your coins are exceptionally rare. You can also get information about mint marks. In the end, a professional will have to look at them to give them a "proper" grading. You can also take them to one of the large auction houses. They will tell you if they are worth Auctioning and give you a guess what they will bring (If there are any rarer coins in the lot, they should be professionally auctioned. It costs a lot more than Ebay, as much as 15% from each side, but it is worth it in the end. I had a rare coin from when I collected and I put it in the annual ANA auction (the "best" auction every year), and it didn't meet my reserve. When I put it in an auction with similar items, I got 10 times my reserve. My coin was special and needed a specialty auction. $5 gold pieces are common (well, more common), and thus should get their expected prices at a regular auction. You may well find out they are considered bullion coins, worth about 1.25 times gold value.
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. - Albert Einstein