Coin collecting was once a gentle hobby that began for many children with a search through Dad's pocket change for silver dimes and wheat pennies. Today, it's a $5-billion-a- year industry increasingly dominated by auction houses, giant dealers and Wall Street brokerage houses.
In the old days, collectors who wanted to make money from their hobby had to study the fine points of coin grading. Buyers haggled over the condition of a coin, and that often came down to minute differences - a scratch here, a nick there.
All that changed in 1986 with the establishment of the Professional Coin Grading Service, one of a half- dozen companies that grade coins submitted …
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