Collecting rare coins is an exciting hobby that can occasionally be very lucrative. Rare coins are often worth thousands of dollars, and in most cases their value will only go up over time. Knowing how to value your own coins is a very useful skill for any coin collector. While you’ll need to check with a professional to determine the exact value of your coins, you can estimate the value of your coins at home. With a little research and education, you can get a good idea of what your rare coins might be worth. Here are some tips to help you get an idea of your coins’ worth.
Look up the base value of your coin.
Every coin has its own unique history. The best starting point when valuing your own coin is to look them up in a reputable database. The Professional Coin Grading Services and Professional Numismatics Guild both publish lists of coins and their approximate value. There are also physical guidebooks you can consult, such as the Guide Book of US Coins or the Standard Catalog of World Coins. Keep in mind that these are base values - the value of your coin may vary depending on what condition it is in.
If you have a particularly rare coin, you may need to spend some extra time to figure out what it is and where it came from. The imagery on the coin is particularly helpful for determining value, but factors like the color and date of production can also serve as clues. With US coins, it’s fairly easy to determine when the coin was minted, as there are production dates clearly listed on the face of the coin. Older coins are often worth more, especially if they are in good condition, because of their rarity.
Where the coin was minted can also affect its value. In the US, there are currently four active mints, which are located in Denver, San Francisco, Philadelphia, and West Point, New York. In the past, the US minted coins in New Orleans, Charlotte, Carson City, Nevada, and Dahlonega, Georgia. US coins typically have a small mark of one or two letters than indicates where they were made. Some coins made in Philadelphia do not have any mint mark. Coins that come from now-discontinued mints could be worth more than those from mints that are still in operation. Some mints produced more or less of certain coins than others, and this can also affect their value. For example, some Denver wheat pennies are worth more than San Francisco wheat pennies. Many foreign countries also use mint marks on their coins, although they may be in the form of a specific symbol instead of a letter.
Unfortunately, there aren’t any shortcuts when it comes to valuing coins. You’ll need to take the time to research each specific coin to get an idea of their general value. Knowing where and when the coin was made as well as what series it is makes a great starting point when it comes to finding your coin’s value.
Learn how to assess the quality of a coin.
A coin’s value is only partially determined by its origin. In the end, the quality of a coin will have a huge effect on its final valuation. Study up on how appraisers look at coin quality - this will help you value your coins more accurately on your own.
Appraisers grade coins using a numerical scale from one to 70. Coins with a grade between 60 and 70 are considered to be mint state, with a 70 indicating a perfect coin. Mint state coins vary in value depending on how well they were struck and how many imperfections they have. With mint state coins, you will need a magnifying device to see their imperfections, which are typically very small hairlines.
Coins with a grade below 60 are not mint state and are often worth significantly less money than they would be if they were in good condition. At these grades, the coin’s features are visibly worn down, and with grades under 20, the coin may start to look soft. Coins with grades under 10 may not be legible and will often have worn-down rims. You can send your coins to professional organizations to have them graded if they have not been already. However, you should have an approximate idea of how much your coins are worth before you do this. Since there are fees associated with professional coin grading, you’ll only want to invest in this service if you’re fairly sure the coin could be valuable. If the coin is valuable, having it professionally graded can make it much easier to sell.
Alternatively, there are certain imperfections that can actually make a coin more valuable. One of the best examples of this is a double die coin. Coins are struck twice to create an image when they are minted. With a double die coin, the plate moves slightly between the first and second strike. This creates a coin with two images that are slightly offset from each other. Double die coins are extremely rare, so they’re actually very valuable even though they are imperfect.
With particularly rare coins, grades may not be much of a problem, as their rarity can make them desirable regardless of their current quality. However, a coin that’s slightly more common can lose a significant amount of financial value due to imperfections. It can take some practice to spot imperfections on coins, but when you do, it can help you make better decisions about which coins to invest in.
It’s important to note that you shouldn’t attempt to clean coins on your own without help from an expert. Many people inadvertently damage their coins and lower their value in an attempt to clean them. As you build your coin collection, it’s worth the extra time to talk to an expert in the field about how to maintain your coins. Someone with a background in rare coin appraisal can show you how to do this safely, without damaging your coins.
Learn to spot fakes.
Because rare coins are so valuable, it’s no surprise that many people have tried to create fakes over the years. These fakes won’t be worth much, so it’s important to learn how to spot them as you’re building your rare coin collection. One of the best ways to tell if a coin is fake is to look at the relief of the design. This is very difficult to replicate correctly, and will often be too high or too low.
Another way to spot a fake is to look for seams on the coin. Real coins will not have these seams. Many people have attempted to replicate rare double sided coins by joining two real coins together. Look closely at the rim of the coin to see if this is the case with any double sided coin you come across. Finally, you’ll want to keep an eye on the mint markings - they might be slightly different on counterfeit coins than they would be on real ones.
Why It’s Helpful To Value Your Own Coins
If you plan on building a full collection of rare coins, there are many benefits to learning how to value them on your own. Of course, you’ll eventually need to go to an appraiser to get a more exact value. However, knowing the approximate value of your own coins can help you make much better decisions as you buy and sell your own rare coins.
It can be expensive to have your coins appraised by a professional, especially if you have a large collection. Knowing the approximate value of your own coins can help you narrow down your collection, so you’ll only spend money on appraisals for coins that could potentially be very valuable.
Being able to value your own coins can also be helpful if you are trying to sell them. You should always get offers from a few different dealers, as their pricing may vary depending on the current demand for coins. If you have a good idea of how much your coin is worth, it can help you ensure you’re getting a fair price for your coins. If you have a basic understanding of how coins are graded and valued, this can also help you have more productive conversations with dealers when buying and selling coins.
Valuing your own coins takes time and practice - unfortunately, there aren’t any easy shortcuts. Invest in guidebooks that have approximate values for both US and international coins, and spend time studying them. Over time, you’ll be able to apply this information to your own collection.
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