As most know prior to moving to Rome I sold the majority of my collection to fund my startup cost of the move. I did keep a few choice pieces that I could not part with and a small hoard of Italian Centimes and Lira. The plan was to build a complete set of the Centimes/Lira from 1900 up to the introduction of the euro.

Coin collecting in Italy is a lot of work and it helps to be retired. Coin shops exist but share the majority of their space with stamps. In Rome most of the shops you discover cater to the tourist industry and act as a currency exchange. Coins are displayed in cases along the wall, stacked in the windows or tossed in boxes. Open air stalls have bins of old Lira selling 2 for 1 euro when their true book value may only be 5 to 10 cents each.

I am still shocked at many of the shops that are in the tourist areas and the way coins are displayed and handled. One in particular I noticed US coins in the window. Stacks of Franklins, Eagles and a few Morgan’s all calling take me home.

I had to look over the Franklins. I think my jaw almost hit the floor when he picked them up and just dropped them on the counter spreading them out with his hand.

The Franklins were returned to the window in a stack when I realized that they would make nice fillers. Pricing was in the range you would expect to pay for a coin that graded MS63-65.

I have found graded coins are few and far between. I have learned that condition is important, however, not a driving force in the market. I am no longer shocked finding a dealer set up at an open air market with coins just tossed in boxes with a sign pricing the coins by date range. A few may have books with pages of coins or in holders but nothing in any kind of order.

I figured it would be a snap to put together sets by year. Something I did it all the time in the USA. I soon discovered things did not make any sense to me.

There is no guarantee that a coin would carry from year to year. Some coins based on market needs might be skipped all together in a minting cycle. Italy also likes to mint commemoratives that are circulated as every day coinage.

I started with purchasing coins by the kilo. My hoard was limited and I figured to start by spending time sorting and stacking. I jumped in picking up five – one kilo packages at various shops. Seeing some of the coins minted were aluminums the counts were good. I paid an average of €10 per kilo, (about $14 in US dollars).

The conditions of the coins were acceptable. Most would be in the range of 50 to 55 in the grading world. There were some that would get closer to the 60 to 65 range. I choose this method as a starting point knowing that unlike US coins they held no value as spendable money and I might find a few gems.

Dates from 1950 to 2000 were about 65% of the mix. The remainder would span prior to 1950 with a few dating back to the formation of the Republic in 1862. It was a good way to build a base to the series. (And now I have a bag with about 10 pounds of coins to use as trade or a door stop.)

The first few months were spent gaining an education. I learned one does not just look at mint dates but the numbers minted. A 10 Lira coin may have two separate designs. The cooper will span 1936 – 1943 and the bronze 1939 – 1943. Only looking at the numbers minted will tell you if they really reached circulation. One year may have millions struck while the rest of the years only 50. Saves a ton of time chasing a coin you will never find. Still you have one year, two designs, two metals and same face value.

With the bulk purchases now in the past I finally found a shop similar to those in the USA. The owner is happy to discuss coins. Pricing was not set in stone, deals could be made and you even got served coffee. He is happy to dig out one or two of the harder to find coins in a year when leaving a want list to fill. Nothing like getting a text saying I found the coin you wanted. He did note that most of his business and profit comes from the stamp collectors.

This is where I learned about condition. Most collectors in Italy were happy to complete a set not based on condition but by coin. A lower grade coin was acceptable and once added was considered a keeper. There are a few customers that will only purchase high grade coins and price is not an issue. He called them investors, not collectors. The majority of collectors are very price sensitive in this market.

I now use this local shop as a place to pick up knowledge, supplies and coins. I have added a few of the Vatican red card sets as he is very reasonable on the price.

The shop does have Morgan dollars in several books along with silver Eagles and various US coins. He does have a few mint sets from the 1970’s and 80’s. In looking at the Morgan’s I found that most would grade in the MS55-60 range, common dates and all priced from €65 and up. Many have condition issues most US collectors would pass on at the price point set. It would appear at first glance all US coins carry a premium in pricing.

With one shop that will fill any collecting needs I have now moved to visiting some of the small villages outside of Rome. I tag along with friends who visit their family homes on weekends whenever possible.

I have found a new avenue for coins to fill in the blanks spots on the list. Folks in the villages are a treasure trove with old coins found and tossed in a jar for safe keeping. Some will trade for current American coins, sell at prices more than fair and some will tell you to just take the ones you need for nothing more than a cup of coffee and to practice their English.

Coin collecting has opened a way to make new friends and get a chance to experience life in a village where by the time you leave everyone knows your name.

To keep things interesting I started adding paper to the mix. Currency issued prior to the Euro between 1970 -2000 is easy to find, it is the issues from 1900 to 1950 that is a challenge in a reasonable condition. If figured if the coins are going to drive me crazy I might as well let currency add to the insanity.