Early United States Currency

Have you ever wondered what it was like to buy and sell things during the early times of our country? The United States dollar has been around since the Continental Congress of the United States authorized the use of it on September 8, 1786. Early currency went through a couple of different stages in the colonial and post-Revolutionary period of history. However, since the United States was originally only thirteen colonies, there were not a lot of coins being minted, causing foreign coins such as the Spanish dollar to be widely circulated throughout the colonies instead. Paper money was sometimes issued by colonial governments in order to ease the continuation of economic activity.

The Continental Congress issued paper money, known as Continental currency, during the Revolution in order to fund the war, but by the end of the war, it became practically worthless due to the government over-printing paper money in order to sustain the demands of the war.  The three types of money that were in the colonies of British America were commodity money, specie, and paper money. Commodity money was to be used when cash was low and things such as tobacco, beaver skins, and wampum were used as money at different times and places.  Even though each colony had its own value of money, they were all denominated in pounds, shillings, and pence, such as in Great Britain. The colonies began to issue their own paper money to act as an easier way to exchange goods and services.

Robert Morris was appointed to be the Superintendent of Finance of the United States following the collapse of Continental currency, and in 1782, he urged the creation of the Bank of North America, known as the first financial institution of the United States.

Visit us at Coin Galleries of Oyster Bay to shop or sell new and old coins!

The Most Famous Gemstones in the World

The Coin Galleries of Oyster Bay has specialized in the buying of old gold and jewelry for over 40 years and take pride in being an outlet for rare coins and memorabilia. Whether you are trying to sell or buy your gold jewelry, the professional coin dealers are proud of being one of the Long Island’s best coin galleries, and we treat each individual customer with respect and care. We buy an array of items from gold jewelry, silverware, coin collections and estates, gold and silver bullion, sports memorabilia, entertainment memorabilia, and coin collecting supplies.

The most famous gemstones in the world have exclusively been worn by some of the most prestigious and wealthiest individuals around. English royalty such as Queen Elizabeth II, Catherine, Duchess of Cambridge, actresses such as Elizabeth Taylor, and many former First Ladies of the United States are some notable figures who have been known for the extravagant jewelry that they wear. Have you ever stopped to think about where those gemstones came from? Or who made them? Or what they’re even called? The Coin Galleries of Oyster Bay has those answers!

Julie Ma of New York Magazine’s The Cut published an article called The 45 Most Gorgeous, Famous Gems of All Time in which she highlighted 45 of the most notorious gems in the world and gave a brief background history on each one.

Some of the highlights of this list were the Hortensia Diamond, which is named after the queen of Holland. The Koh-I-Noor Diamond, which currently sits on-top of the Queen Mother’s coronation crown from 1937 in the Tower of London. The Hope Diamond, believed to be cursed despite its positive moniker. The Cora-Sun Drop Diamond; at 110 carats, it’s the largest yellow pear shaped diamond in the world. The La Peregrina Pearl, which went from Spanish, French, and English royalty before landing in the possession of Elizabeth Taylor, a gift to her from her husband, Richard Burton. The Cullinan Diamond, which was discovered in South Africa, was cut into more than 100 pieces. The nine largest belong to the british royal family today. Then there is the Dresden Green Diamond, weighing in at 41 carats, it is the largest, naturally green diamond in the world. And lastly there is the Black Orlov Diamond. Supposedly cursed, legend has it a monk plucked it from the eye of a an idol of Brahma. It is alleged to cause violent deaths to its owners.

The Coin Galleries of Oyster Bay has locations in Oyster Bay, Lynbrook, Levittown, Huntington, Manhasset, and Plainview, and are open Monday through Saturday from 10am-5pm, with Sunday hours from from 11am-4pm at their Oyster Bay and Levittown locations. Stop by today, trade in your old gold and silver, take a look at our rare coin collection that you won’t find anywhere else, or see what promotions we have going on today.

Engagement Rings Throughout the Years

A ring or stone is forged and crafted as a symbol of the love and commitment from one partner to another. Did you know that the modern engagement ring has a history of origin dating back to the time of ancient Egyptians? It is said that upon ancient remains, a metal wire is seen to be tied and wrapped around the third finger upon those whom were married to show their tie of love with their partner, and the Middle Ages introduced the ever-so-popular diamond in which we use to display one’s engagement and it is said that the band to the ring played an important role as well.

During the 1600’s, the ring band changed from silver to gold upon proposal to the actual wedding date as it signified the rite of passage and vows as the newly married couple entered their new life together. The engagement ring evolved once again in the 1800’s as clusters of diamonds (shades and sizes) were crafted to set the middle and larger size diamond as a centerpiece.

As we transitioned from the nineteenth century into modern times, we saw the quick evolution and fast-paced trends that were put into motion as the color of wedding rings changed from yellow gold or ruby (often the color and gemstone used to symbolize by love). The rings also changed shape as they weren’t just limited to the diamond shape but became squared and even circular.

As engagement rings have evolved with new styles and trends throughout the years, there is no set type as old is new and new is old, just as the same could be said when it comes to clothes and fashion. However you wish to use as a token or symbol of your love, the perfect engagement ring will symbolize your very own love and commitment.

Why You Get a Better Bang for Your Buck When Selling Gold vs. Diamonds

Diamonds may be a girls best friend, but gold seems to be a better choice for when you are looking to make some quick cash. Gold has stood the test of time for thousands of years and makes for both a better investment and a better selling value as well. The same can not be said for diamonds, however, as diamonds have been artificially marketed and advertised for years to lure the public.

Gold has been considered a safe investment for years. There are some goods that fluctuate prices as the economy changes, such as oil, but gold does not fall under this category. The price of gold (per ounce) is the same globally, and if the market becomes flooded with gold, the price still won’t change. The constant price makes the value predictable and stable through time proves gold to be of more value than diamonds. Diamond prices change with the economy and their value automatically drops once it is purchased and leaves the showroom. Only high stake diamonds will hold value or become more valuable as time passes.

According to Todd Hills, CEO of Pawngo, an online pawn shop, customers will get the most for their money with gold in the pawning world. Hills says diamonds may be a good investment and notes that the value of diamonds change depending on the times but there is more of a demand for gold as the value of gold remains consistently high. Due to global uncertainty, many investors are attracted to gold. The economy is constantly wavering, and with no known expectations, people seek safe havens for their money and investments. It is common for investors to look at metals and more specifically they seek gold more than silver.

Consumers should do research and understand the scales before selling their gold. Although the weight of gold determines its value, jewelers use a different measurement scale called a Troy ounce. You should also know the karats of your gold. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. must describe a karat fineness of the alloy. One karat equals 1/24 of pure gold, by weight. Therefore, if something is 14 karats, the jewelry piece is 14 parts gold and 10 parts other metals. If the piece is less than 10 karats it cannot be labeled as gold jewelry. Selling is about knowledge and you should know the current market price for gold at the time you are selling to get the most amount of money. You should also know what you are selling and how you plan to sell. Some gold items are even worth more if they are melted down.

Research is a necessity when planning to sell. Always keep up on the market value of the item so you are up to date with what it is worth and make sure you know enough before you sell to get the most bang for your buck. The Coin Galleries of Oyster Bay offers to buy or sell your gold, jewelry, and other precious metals and memorabilia.