How much your coins are worth depends on what they are, what year they are from, and what condition they are in.
It is best to take your coins to a coin dealer to find out exactly what they are worth, although a free valuation might not be a valuation but an offer to buy.
Or, you might want to find a copy of the ‘Standard Catalog of World Coins’ for the correct century which may be found at your local library. Unless you’re a serious coin collector, it’s probably too expensive to buy but is available from Amazon.
Remember that the book price is not the price coin dealers will pay for your coins but what they sell them for. They might offer you around half the book price for them.
If you sell your coins to a collector, you might get something in between the dealer’s offer and the book price. You could try eBay, it would give you some idea of what people are prepared to pay for your particular coins but it isn’t a true reflection of their value. Some items can sell vastly over value or under value on Ebay.
Condition, or grading, is most important. Collectors prefer coins in mint condition rather than worn condition. The better the condition, the higher will be its assigned grade and the more it will be worth. An uncirculated coin that is in flawless mint state might be worth hundreds times more than the same coin in good condition but which has been circulated.
Scarcity or rarity is a major determinant of coin value. The rarer a coin the higher the coin value. Note that rarity has little to do with the age of a coin. Many one thousand year old Chinese coins often sell for no more than a few dollars because there are a lot of them around, whereas a 1913 Liberty Head Nickel may sell for over $1,000,000 because there are only five known specimens in existence.
Serious coin collectors will tell you that you shouldn’t clean your coin collection because they prefer that “natural look.” Unless you have no interest in ever selling the coins, and don’t care about lost value, absolutely do not clean them.
Professional coin dealers and collectors are very adept at spotting coins that have been cleaned. Don’t mistakenly think that the coin will be in better shape after you’ve cleaned it. Cleaning leaves clues on the surface of the coin and may affect the value from 25-75% or even as much as 90%.
However, sometimes pieces that are dug from the ground are in such poor condition that to even identify them they must be cleaned. This often happens with ancient Roman coins. One way to remove the dirt and grime without removing the patina (natural coloring) is to soak the coin in trumpet valve oil for two or three days and then brush them with a firm, yet soft, toothbrush. You may need to repeat this several times.
Coins should be handled by the edges to avoid putting fingerprints on the flat surfaces. Avoid silver and other metal polishes – even jewelry polishes. They are much too harsh and will leave tiny scratches on the coin’s surfaces.
Don’t let anyone handle your coin collection, just handling coins can reduce your coin in valuable. Keep them protected in protective cases.
Verify that your coin is not valuable. You can look the coin up in a coin price guide. For modern coins, you’ll need to know the date and the mint mark, if one is present. If you can’t make out the date, or if the coin is so stained or dirty that you can’t tell what it is, try looking at it with a magnifying glass. If you can’t tell if the coin is valuable, check with a coin dealer (or two, for verification) before cleaning.
Cleaning won’t improve their grading (the standards used by coin collectors and dealers to evaluate a coin), so you should usually let them be. If, however, you’ve just got some old coins around that aren’t worth much more than their face value, but which you would still like to make more presentable, you can usually clean them up pretty nicely without damaging their surfaces too noticeably.
Here are some methods you can use to clean your coins:
Vinegar and Salt
Get a glass of vinegar or lemon juice. Add about a teaspoon of regular table salt and mix.
Place your pennies in the vinegar or the lemon juice. Make sure they are not on top of each other.
Leave the pennies for around five minutes in the glass of vinegar or lemon juice.
Take the pennies out, and wash them off. Let them dry for around five minutes so they will no longer be wet.
Ketchup/Tabasco
Locate a cup and ketchup. This also works with Tabasco sauce.
Put enough ketchup in the cup to cover up the coin.
Put the coin in, and wait three minutes.
Wash pennies off in hot water.
Coca Cola
Get a can or bottle of Coca Cola.
Set pennies in a dish so that they are not sitting on top of each other.
Put just enough Coca Cola in the dish to cover the pennies.
Leave for about 5-6 hours (for better results turn the coins over halfway through the process).
Take the pennies out and wash them off with warm or hot water.
Eraser
Get a dirty penny.
Next get an eraser.
Rub the penny with the eraser as if you were trying to erase a mark on paper.
Then flip the penny and repeat steps 1-3. This will take about 10 seconds per penny.
Grading a coin is the process by which its value is determined and set. The grade of a coin is important to both sellers and collectors of coins. If you are a coin collector or have coins to sell, you should know how to grade a coin.
The primary purpose of grading a coin is to determine what the coin’s market value is based on how well the coin was originally struck, how well the coin metal itself has been preserved, and how much wear and damage the coin has suffered since it was minted.
A range of grades are used to describe the condition of coins. Valuation of a coin is impossible without a sound knowledge of the grading of coins. For this there is no real substitute for experience. However, the following is a guide to the main grading scheme used for UK coins (please note that the UK standards are higher than for US coins):
Poor: Inscriptions worn off, date illegible, only outline of design visible. (US: AG-3)
Fair: Date, legends and denomination (if any) legible, type recognisable. Very little detail visible. (US: VG-8)
Good (G): (A US grade, better described as Mediocre) Inscriptions and date considerably worn but legible.
Very Good (VG): A US grade, Fair in UK. Considerable wear over the whole coin, and high spots worn through. Coins in this or the previous grades are really only collectable if extremely rare. (US: VG-8)
Fine (F): Worn over whole area, but only the highest spots are worn completely through. (US: VF-20)
Very Fine (VF): Detail clear, but obvious evidence of very limited circulation. High spots worn but detail remains. Traces of mint lustre may linger amongst the letters of the inscription. (US: EF-40)
Extremely Fine (EF): Slight wear on high spots on close inspection, and all other detail clear and sharp. Much mint lustre may remain. May appear uncirculated to the naked eye. (US: MS-60)
Uncirculated (Unc): No wear at all, although it is possible for the design not to be fully struck up in the minting process. There may be bag abrasions. Older coins may be tarnished or toned.(US: MS-62 to 65)
There are two higher grades seen in dealers lists:
Brilliant Uncirculated (BU): Usually implies full mint lustre.(US: MS-67)
FDC (Fleur de Coin): Perfect mint state, with no abrasions or marks, and full lustre. Usually applied to proof coins only, or coins from sealed mint sets. (US: MS-70)
Proof: Not a condition, but the coin has been struck using specially prepared dies and blanks, and the minting process has been carried out usually twice with extra pressure to ensure the die is filled. Normally the fields are highly polished, with the design matte, however matte proofs where the whole coin is matte are known (especially the 1902 GB proofs), and sometimes even the design is polished (especially from the early 1970′s for UK proof sets). Proof coins usually have very sharp edges.
Many coins fall in between grades, and so terms such as ‘nearly VF’, ‘good VF’, ‘gem BU’ are encountered.
Coins should be stored individually. Storing coins together, in a jar perhaps, will cause the coins to scrape against each other. As well as marking the coins, they will also tarnish each other.
The cheapest way to store coins individually is paper envelopes. The envelopes should be made from acid-free paper. The acids in normal paper will discolour the coins over time. Acid-free 2″ x 2″ paper envelopes are available from coin shops.
Better then paper envelopes is plastic is plastic flips or re-sealable plastic bags because these allow you to look at the coins without handling them. If you use plastic envelopes, make sure they are made from mylar or another plastic that does not contain PVC. PVC will discolour or damage the coins over time. Plastic envelopes suitable for coin collectors are available from coin shops. If the top of the envelope is open, not sealed, to allow the coin to be inserted, this is only suitable for temporary storage because air and moisture can get in and corrode the coin.
More expensive are coin albums. These are available from coin shops with plastic album pages but the PVC-free ones can be expensive.
Still more expensive, the serious coin collector with a valuable collection can get their coins slabbed, or encased, in hard plastic. This is done by a professional who also grades the coins at the same time. This is really out of the scope of someone just starting a coin collection unless they happen to have a really valuable coin.
In conclusion, coins should ideally be stored in air-tight containers that are both acid-free and do not contain PVC. Exposure to the air oxidizes metal, changing its color. This might not reduce the value of your coins but does affect their appearance.
Placing packets of silica gel in coin storage areas will also help to control atmospheric moisture.
So why collect coins? Answer is simple really. Coin Collectors, sometimes called Numismatists, enjoy collecting coins on various levels. Some collect coins for their rarity, some collect coins in the hope that one day their collection will be worth a value. Some just do it for the sure pleasure of having a hobby that is easy to do. Doing a little research and starting off small is the greatest way to get started in this hobby. Learn all you can about coin collecting basics. There are many Coin collecting books and websites (like this one) out there, that will try to put a clearer understanding of what coin collecting is all about, and we are hear to teach you what you need to know about coin collecting. Coins have a history about them, when they were struck, why was the design chosen for that time period. There are no reasons etched in stone that says you have to collect coins in any particular way. You collect the way you want to, if you want to only collect pennies, then only collect pennies, if you want to collect complete sets of each of the denominations of coins, then do that, or you can just collect the coins that interest you. You decide what, when, and how to collect.
Coin collecting basics is this, start small. Decide what types of coins you would like to collect. What would you like your collection to consist of? Pennies, Nickels, Dimes, Quarters, Half-Dollars, Dollars, Gold, Silver, Paper Money. It doesn’t matter. Maybe you want to just collect coins from a certain time period that interest you. Whatever your decision, stick with it and work to completing your collection. Also remember that coins that were struck at different places have different mint marks. A mint mark is a letter that tells us where the coin was struck. Each of the coins that you wish to collect will have different mint marks, to complete a set you will want to have each of the mint marks for that coin. Subscribe to a coin magazine, Coin World is a good one. They have a wealth of knowledge pertaining to collecting coins. Also visit a local coin dealer, not only will you be able to look at a variety of coins that the dealer will be selling, they also can answer questions that you may have, they are there to help you build and understand coin collecting basics. Use that to your advantage. I guess you will need a nice place to put your newly acquired coins. Find yourself a coin folder to display your coins. And once you get into the hobby more you can get some coin sleeves to house your collection and store them the way you would want. The possibilities are endless with coin collecting, and learning coin collecting basics is the first real step in the progression of building a great coin collection.
Jon Gammon is the author and webmaster at The Coin Alley Visit http://www.thecoinalley.com/ to view other related information on the wonder Hobby of Kings.
Collecting coins is a hobby that can be enjoyed by anyone of any age. A lot of coin collectors started as children, with the help of their parents or grandparents collecting pennies or dimes. For some coin collecting can become a lifetime hobby.
There are various reasons to collect coins. Some people collect coins from a specific period of time, some collect coins based on perceived future value, some collect coins based on type of metal, some for historical value. Some people happily collect more common everyday coins, going through their pockets at the end of the day for them is fun, checking dates and mintmarks on their change. Some collectors can spend thousands of dollars on rare silver and gold coins from the 1800s and early 1900s. Some collect coins from different countries.
With any new hobby comes the learning. As coin collecting is a hobby involving an outlay of money for coins from the start, its best to join a group to get help from experienced collectors. You will need someone to buy the coins from, and it can be difficult to find a reputable coin dealer. Someone who has been coin collecting for years can help you choose a knowledgeable and honest coin dealer. Youll need to learn about the value of different coins. This can be done by following what coins are being sold for, and what dealers are paying for coins. You will need to be shown how to assess the true value of a coin which can be based on many factors such as age, mintmark, and condition.
The mintmark of the coin can usually be found near the date and on newer coins the mintmarks are as follows: “P” Philadelphia, “D” Denver, “S” San Francisco,”W” West Point New York. Older coins may show the following mintmarks: “C” Charlotte North Carolina, “CC” Carson City Nevada, “D” Dahlonega Georgia, “O” New Orleans. Its interesting to note that from 1793 to 1838 the only mint in operation in the US was in Philadelphia and coins from these years have no mintmark.
As you become a more experienced coin collector your “eye” will mature and youll be looking more closely at details like the lettering on a coin, making sure the letters are still clear and not worn down. Youll pay attention to the general condition of a coin, and you may stray away from coins that have a lot of obvious wear and tear. These are a part of grading a coin. Youll learn to look for minting errors which can make a coin quite collectible. For example a three legged buffalo instead of a four legged one, or perhaps an off-centered image.
As with any hobby, the more you learn about coin collecting the more you’ll be able to enjoy it.
How to Select a Coin Dealer for Your Coin Collection
Why do I Need a Coin Dealer?
It is very difficult to build a collection of rare coins without a connection to a good coin dealer. If you are an investor hoping to make a profit with your collection of rare coins, building relationships with good coin dealers is vital to your success. If you are interested in making the highest profits possible with your coin collection, you will need to find a merchant partner who is experienced in the specific rare coins that interest you, and who will sell them to you at a good price. Most coin dealers will charge a lower premium on the sale of coins to their best customers. After all, it makes good business sense to get the most profit possible from a person who will do business with you only once. If you have a long-term relationship, however, the margin does not need to be as high for the coin dealer to make a good profit.
Because coin dealers are experts in their chosen fields, they will also have better connections than individuals who buy coins on their own will. Finding the right vendor or wholesaler can be a long and difficult task for someone new to the coin collecting trade. Coin dealers will also be more likely to recognize a counterfeit coin, have a higher chance of hearing about the sale of the specific rare coins that interest you, and will recognize an asking price that is over- or undervalued. As an investor, these are all critically important points for your success.
Building a long-term relationship with a knowledgeable coin dealer is the best way to protect the money that you invest into rare coins. All too often, new coin collectors who try to go it on their own without professional help end up being scammed out of hundreds or thousands of dollars.
What Do I Look For in a Coin Dealer?
All coin dealers are not created equal, and it is nearly impossible to specialize in every area when it comes to collecting rare coins. Therefore, it’s important to know what to look for before you select a professional for your coin collecting needs.
The first vital piece of information that you’ll need when considering coin dealers is his or her professional qualifications. Some important questions to ask include, does the coin dealer belong to any professional groups? How long has he or she been in business? Can the coin merchant provide references from other satisfied customers? One of the best indications that a vendor has a high level of professionalism is a membership in the Professional Numismatists Guild (PNG). This group includes the most reputable coin dealers in the business thanks to an emphasis on ethics.
The second most important question to put to a prospective coin dealer is the area in which he or she specializes. There are so many different kinds of rare coins to collect, ranging from gold bullion coins to ancient Roman coins, that it is impossible to be a true expert in all of them. You’ll want to find a merchant that specializes in the particular area that is of interest to you. A trader might be able to recognize every rare American coin at a glance, but that won’t do you a lot of good if you really want to collect legal tender from medieval times.
Finally, you should consider the motivation of the coin dealers you are considering. A highly motivated coin merchant will go to shows and retailer auctions, keep abreast of current prices and trends, and will generally keep up-to-date with the current coin market. Any investor will recognize the impact of current information on profit levels. A coin trader who is highly motivated will also be more likely to provide you with excellent service and the best rare coins.
Once you have selected a coin dealer, it is important to reward him or her with your loyalty. You are likely to get the best prices and service from coin dealers who know that you are working exclusively with them.
It’s usually a small thing that turns regular looking money into valuable rare coins. Last year’s materials used instead of this year’s, a tiny symbol left off a minting die. Collectors covet the unusual and uncommon above all else, and these minor oversights result in a very limited number of coins. This means that supply is much lower than demand, and even something that looks almost exactly like a common penny can actually be a precious rare coin. Even more interesting is that many of these rare coins were released into circulation before anyone realized that a mistake had been made. Because not many people know what distinguishes precious rare coins from run-of-the-mill legal tender, these coins can remain in circulation for decades, until a lucky coin collector recognizes them.
How would you feel if you knew that you had handed over a penny worth $2,000 or more as change for a dollar? This guide will help you recognize a few exceptional American rare coins that you just might have lying around your house, shoved in a change jar, or tucked away into a pocket.
Rare Coins with Mistakes in the Printing
One of the most common mistakes that turn normal coins into limited rare coins is a mistake in the printing. In the case of a nickel minted in 1964, the problem happened when a plate was cleaned too often, and a part of one letter was worn away, leaving the Jefferson nickel with the inscription “E PLURIDUS UNUM.” It took collectors quite some time to catch on to the misspelling of the word “PLURIBUS,” but now these limited nickels are highly sought after. A similar problem resulted in the 1970-S Atheist Cent, when the motto “In God We Trust” was covered with a blob of metal, causing it to read only “In God.”
Another common oversight is when the mint mark, the tiny letter on most American coins that indicates which mint created the coin, is missing or incorrect. Some rare coins with this mistake include the The 1982 no-P Roosevelt dime. The Philadelphia mint used no mint mark until 1980, when it started stamping coins with tiny P’s. Yet somehow, a small number of dimes minted in 1982 were a throwback to the time before the mint mark, and bear no letter P. There were only a few coins with this error, and their scarce nature has made them valuable to collectors. A similar problem happened in Philadelphia a few years later, when the P on the die of some 1989 quarters was clogged with dirt, preventing the coins from being properly stamped.
Rare Coins with Double Printing
Minting problems don’t only involve the writing on the coin. Sometimes a problem with the die causes a coin to be double stamped accidentally, resulting in a very unusual form of rare coins. Some precious coins with double stamping include doubled-die Lincoln cents from 1972, 1983, and 1984, and a doubled quarter minted in New York in 2001.
Rare Coins with the Wrong Metals
Other than printing problems, another reason why rare coins can be minted is when the wrong precious metals are used to make the coins. American coins have undergone several changes in material. For example, during World War II, pennies were made out of steel, because copper was needed for the war effort. Nevertheless, a very few pennies were minted in 1943 out of copper instead. These rare coins are worth upwards of $200,000 today, and they look exactly like any other penny.
As you can see, sharp-eyed coin collectors can really make a profit by keeping their eyes for rare coins in everyday transactions. Most people wouldn’t look twice at a unique find like a 1943 copper penny or a dime that’s missing a letter nearly too small to see. By knowing what coins are limited and rare, you could make an exceptional find just sorting through your household change.
Why Gold American Eagle Coins are Popular among Collectors:
Gold coins are a favorite of coin collectors with an eye toward investment. Not only are golden coins lovely to behold, but they also have a value that is guaranteed, due to their precious metal content. The value of gold coins is usually higher than the value of their weight in gold bullion, making them a better investment than the gold market alone.
Many countries produce gold coins for collectors or for commemorative purposes. These coins oftentimes emphasize unique aspects of the country’s culture. Australia reveres its national animal with the Gold Kangaroo, for example, while China has a Gold Panda with a lovely design that changes every year. Canada’s coin features a powerful national symbol with the golden Maple Leaf, and South Africa mints the Krugerrand. One of the world’s best selling coins, the Krugerrand features the South African national animal, the Springbok. Taking its place as one of the most popular gold coins among investors and collectors, however, is the American Gold Eagle. The American Gold Eagle stands out among other bullion coins because of its lovely design, and because its value is backed by the full strength of the United States government.
The Beauty of American Eagle Gold Coins:
The Gold Eagle features a representation of Lady Liberty striding with torch in hand through a field of light rays on its front side. This image is inspired by a golden coin designed by Augustus Saint-Gauden and minted from 1907 to 1933. The Augustus Saint-Gauden Double Eagle is widely considered to be one of the most beautiful coins America has ever produced. On the flip side of the American Eagle gold coins is a nest full of bald eagles, the national bird of the United States. The nest represents the American dedication to unity and family. Furthermore, a special die is used when minting these coins, to bring the gold to an especially high shine and to make it easier to see small details in the design.
American Eagle Gold Coins have Guaranteed Value:
American Eagle gold coins are valuable not only for their lovely appearance, but also because they are the only bullion coin whose gold content is guaranteed by the United States government. Each American Gold Eagle is stamped with its exact gold weight, as well as its face value. They are minted from 22-karat gold, which by law must be pure gold bullion mined from within the United States. This guarantee of the authenticity of the precious metals used to make American Eagle gold coins is highly valuable to investors.
Buying American Eagle Gold Coins:
Golden American Eagles were first produced in 1985 and come in a variety of sizes and values, ranging from the 1/10th oz American Eagle coin with a face value of $5, all the way up to full ounce gold coins with a face value of $50. Remember that most gold coins are worth more than their legal tender amount. Although they re not available for purchase directly from the U.S. Mint, American Eagle can be commonly found for sale in coin shops, on the internet, by gold dealers, and at coin shows. There are also variations on the American Eagle that are minted from silver or platinum instead of gold.
A Beginner’s Guide to Collecting Inexpensive Old Coins
Collecting old coins is like holding a piece of history right in your hand. It is common to find affordable ancient Roman coins that are 1600 years old, and many are even 2000 years old or more. Imagine that the ancient Roman denarius in your collection might once have bought admission to the gladiator fights in the Coliseum or chariot races at the Circus Maximum. The best thing about collecting old coins is that, unlike other antiquities, ancient coins are remarkably affordable. Because so many ancient coins have been discovered, and more are being unearthed every day, it is possible to buy millennia-old coins for only a few dollars apiece. For less than the cost of a movie ticket, you could own a link to olden times.
Things You Should Look For While Buying Old Coins
Unless you are looking to spend some serious money on your collection, the old coins that you buy will probably not be extremely valuable as an investment. However, that should not undermine the thrill of being able to own a genuine aged coin on a shoestring budget. There are numerous places, both online and off, that sell inexpensive old coins. The important thing to look for when buying these ancient coins is that the coin is identifiable. It is disappointing to buy an aged coin, only to realize that there is no way of telling what it actually is. The best way to ensure that an ancient coin is identifiable is to be certain that the writing and inscriptions on it are legible.
Buying Uncleaned Lots of Old Coins
Of course, there is another bargain option when buying ancient coins, and that is to buy a lot of uncleaned coins. These are old coins that have been unearthed in archaeologically rich areas like Italy or Greece, but have not had the dirt and buildup of the centuries cleaned from them. Uncleaned lots of elderly coins are exciting because you never know if the coins will be so worn that there is nothing left but a smooth piece of metal, or whether you will uncover a genuine rare coin. You should be aware, however, that the likelihood of finding a high-value gold or silver coin among uncleaned lots is extremely slim. Furthermore, the reason why uncleaned lots are sold to begin with is that cleaning old coins is a difficult endeavor in the best of circumstances. Removing large amounts of dirt and debris from ancient coins carries the risk of spoiling the coin.
How to Store Old Coins
Elderly coins, like elderly people, require tender handling. It is important to remember that one of the vital factors regarding the value of an old-time coin is the patina, or the sheen that builds up on the surface of a coin over time. The last thing you want to do is to polish an ancient silver coin so that it is bright and shining! When dealing with old coins, you should only hold them by the edges, since the oil on your hands can ruin the patina. Do not attempt to clean old coins on your own without learning a lot about the proper techniques. Only a veteran should attempt to clean a potentially valuable aged coin.
When storing old coins, always use acid-free materials; any other kind of storage could damage the coin. You’ll need a safe place to keep your ancient coins. Some options include mylar flips, acid-free plastic sheets that go into three-ring binders, and even special collector’s cases, if you want a particularly elegant look for your collection.
