How to Find Rare Coins Worth Money and Wanted by Collectors

How to Find Rare Coins Worth Money and Wanted by Collectors

here ’ sulfur everything you need to know about valuable old coins and what you can do with them .

How to Find Rare Coins Worth Money and Wanted by Collectors

Valuable coin possibly you ’ ve read about a single coin that sold for $ 1 million. possibly you found a mint from the 1800s or earlier, or possibly you ’ ve inherited a collection of coins. How can you tell which coins are worth money ? once you ‘ve found a rare mint that ‘s valuable, how do you sell previous coins ? This is not american samoa unmanageable as it may seem. Make a habit of looking at your coins. If you know what an everyday coin looks like, you are more probably to notice when one is a little different. Set apart those that look different until you have time for a closer examen. It ’ south not likely you have a $ 1 million coin in your pocket, but if you were given a collection, some of those coins might have significant respect. ( If you have a complete plant, they may be worth more together. ) To determine this, says Rod Gillis, the education director at the American Numismatic Association, “ You have to look through every one of them. ”

here ’ s how to investigate, learn what coins are wanted by collectors, and what to do if you find a coin of value .

Consult the ‘Coin Bible’

The annual A Guide Book of United States Coins is known in collecting circles as the “ red Book. ” This reserve can give you a ballpark calculate of what your coins are worth. Gillis describes it as “ sort of the bible of United States coins. There ’ s probably no serious collector out there that does not have a imitate, ” adding that it ’ s available in both hardbacked and spiral bound forms, with the latter being less expensive and easier to use. The Red Book, he says, “ lists the average retail monetary value of every United States coin, based on grade. [ It ] gives you a in truth basic theme of how to look for particulars for technical grade, and is written in a direction that you don ’ t have to be numismatically grok to understand it. ” It ’ randomness important to note that the book provides retail values, not wholesale, which is what dealers would typically pay .

Look for Errors

even slight differences can make a coin more valuable than its face value. Look for die cracks and missing elements. Pay special attention to the words and edges of images. Look for strike mistakes such as doubling, cracks or missing sections. Tilting the coin in the alight may pick up errors you don ’ thyroxine see head-on. Flip the mint from top to bottom. The reverse side should be right-side-up. Those that are “ out of rotation ” are slightly more valuable than “ perfective ” coins. Check the edge. Does it have appropriate edges, or for those with words on the edge, are they all there ? There are known errors in coins of certain types and years. Become familiar with these common errors to help you cursorily identify them .

Look at Mint Marks

For most U.S. coins, this will be on the obverse ( or head side ) of the coin, but certain older coins have the batch marks on the reversion. Coins minted in Philadelphia often lack a mint marker. Some coins were produced at some mints but not others, or may have been made in varying quantities. Where a mint was minted sometimes greatly influences its respect. here ’ s an alphabetic breakdown of the U.S. Mint locations, dates and mint marks used :

  • Carson City, Nevada (1870 – 1893). Mint mark: CC
  • Charlotte, North Carolina (1837 – 1861). Mint mark: C
  • Dahlonega, Georgia (1838 – 1861). Mint mark: D
  • Denver (1906 – present). Mint mark: D
  • New Orleans (1838 – 1909). Mint mark: O
  • Philadelphia (1793 – present). Mint mark: P or Nothing
  • San Francisco (1854 – present). Mint mark: S
  • West Point, New York (1984 – present). Mint mark: W

Look for Fakes

For peculiarly rare coins, such as double-headed or double-tailed coins, consider whether it might be a bogus. Look to see if there is any sign that two coins have been joined. While not park ( or legal ), it is possible to grind down one english of a coin and attach it to another to create a double-headed coin. besides known as “ sorcerer ’ randomness coins, ” these are interesting and unique, but not valuable .

Do Your Research

There are no shortcuts. You have to learn about each mint individually. “ The three variables that determine the value of a mint are : how many were minted, the grade or condition of the coin, and the requirement, ” Gillis said. When asked which is most significant, he says, “ credibly the coinage number if I had to choose one of the three. ” Gillis says the organization frequently gets calls from people who are ready to retire and want to sell their coins. “ They have a coin that they think is identical rare, and we by and large have to bring them back to reality, ” he said. “ They ’ re not closely vitamin a glad when they hang up as when they initially call us. ”

Organize Your Collection

First sort your coins by denomination, then by type. Each denomination has had a count of design changes over the past 200 plus years. After sorting them into design types, you can far narrow it down and sort them by class, batch and any variants you may discover. ( For exercise, some 2005 nickels produced at the Denver batch have a dent that runs through the bison ’ s back. These “ speared american bison ” nickels may be worth hundreds of dollars. )

Have Your Coin Appraised

You can take the entire collection to a dealer to appraise, says Gillis, “ but they charge by the hour. ” He suggests you organize your coins and consult the Red Book on your own earlier going to a principal. “ If you can organize the collection in a very basic means, you ’ ll do two things, ” he said. “ You ’ ll lessen the time that an appraiser needs to look at the collection, and you can sort of cross out coins that would be preferably common and not worth the clock of having an appraiser expect at them. ”

Don’t Feel Obligated to Sell

Dealers who are members of the American Numismatic Association promise to abide by a code of ethics. “ If a dealer is will to give you an extend for the collection, you don ’ t have to sell it to that particular dealer, ” Gillis said, “ There ’ second nothing wrong with going about to two or three dealers. ”

Read more: About Witter Coin

You may be offered different prices, but that doesn ’ deoxythymidine monophosphate hateful anyone is trying to cheat you. “ If you have a peculiarly rare mint and you take it to a dealer [ who ] just happens to have four of those exact coins that he ’ mho hoping to sell, and a second principal is looking for that coin because he doesn ’ t have any in store and two of his best customers happen to be looking for that coin, which one is credibly going to give you the better price ? ” he said. “ It ’ s going to be the second one. There are variables in play that sometimes have nothing to do with a dealer trying to lowball you. ”

‘Dirty’ Coins May Be More Valuable

Don ’ triiodothyronine clean your coins ! In fact, this can reduce their value. New coins have a “ luster ” or shininess that can be seen when you tilt the coin into the luminosity. Cleaning removes that luster and reduces a coin ’ s measure .

Store Coins Properly

Coins are most valuable when they are in mint or near-mint condition. Storing them so they do not touch each early at all prevents scratches and helps to keep them looking their best. There are a number of coin holders you can purchase such as mint flips, coin folders or albums. The monetary value can vary from pennies for a basic coin flip to hundreds of dollars to have a mint professionally graded and “ slabbed. ” Like other valuable collectible items, make sure these holders are made of materials that will not damage the mint, such as mylar and acid-free cardboard. Greater manage should be taken with rare and expensive coins. It ’ mho recommended that these be encapsulated by a third-party grade service .

Consider Having Coins ‘Graded’

“ NCG and PCGS are third party grade companies, ” said Gillis. “ They grade, authenticate and slab ( or encapsulate ) coins. not all coins are candidates for that. There ’ south an built-in monetary value in doing that and sometimes the rate of the coins good doesn ’ thymine justify you doing that. ” however, he adds, “ For some people, that ’ s how they want to have their coin stored, regardless of the value. In general, it ’ second wise to know the measure of a finical coin before you send it to those companies. ” In certain instances you ’ ll never be able to recoup that fee .

Handle With Care

special manage should be taken in handling valuable coins. Experts recommend placing a pad or fabric on the table to cushion the fall if you happen to drop a mint and prevent it from far damage. Wash your hands and keep food and drink aside from your coins. ( Some people recommend wearing gloves, while others say they increase the risk of dropping your coin. ) Handle them on the edges quite than the front and back. If you keep your coins in holders, try to minimize taking them in or out to reduce the risk of scratching them .

Old Doesn’t Necessarily Mean Valuable

“ Age doesn ’ metric ton have a enormous impact on the prize of coins, ” said Gillis. He uses ancient Roman coins as an model. Though they are over a thousand years old, many were made, so they are fairly easily to find., “ You can buy some of the ancient Roman coins for 20 or 30 dollars each, ” he said. United States ’ Indian Head pennies are another example. Though they haven ’ thymine been minted since 1909, many are deserving less than $ 10. Hundreds of millions of these coins were produced and they are silent very common. In astute contrast, only five examples of the 1913 Liberty Head Nickel exist, making it one of the most valuable U.S. coins ever .

Selling to a Dealer

The advantage of selling your coin to a dealer, says Gillis, is that “ it ’ s the clean and fastest way to dispose of a collection. ” Of course, he adds, “ They won ’ deoxythymidine monophosphate give you retail price because they have a patronize to run and they have to earn a living. Another drawback to selling to a principal is sometimes there are coins that are in a solicitation that are just so coarse that they won ’ metric ton be interested in purchasing the entire collection. ”

Selling Coins on Your Own

While eBay is an attractive option to many, Gillis cautions people to consider this option cautiously before acting. “ If you ’ re sell coins on eBay, ” he said, “ you should know everything about the coins because people are going to want to ask you questions, and you truly want to have the answers. [ besides ], you need to take a photograph of the coin to present it on eBay. sometimes people [ unwittingly ] take a photograph that may hide something about the mint that person may want to know. Unless you very know a lot about the particular coin, I in truth advise people against doing that. ” rather, he says, contact your local anesthetic mint baseball club and tell them you may have coins for sale. The American Numismatic Association provides a list of coin clubs by location .

Selling at an Auction

While auction prices are typically the highest, there are drawbacks deoxyadenosine monophosphate good. Gillis points out, “ There ’ s a fee involved in producing the auction catalogs. besides, the auction companies that deal strictly with numismatic items truly only are looking for rare items. They don ’ t want coarse coins to take up space so they will decidedly cherry pick a collection. They ’ rhenium not going to be matter to in all of them. ” Selling your coins at auction besides takes time. “ It could be respective months between the time the person contacts the auction theater and before their coins actually go up for sale. ” Since sellers fees can be 15 percentage of the measure or even more, auctions may not be worth the time for lower value coins.

“ If you have a complete put of coins, ” said Gillis, “ generally that set sells for more than individual coins on their own. To be able to tell if you have a accomplished set, it ’ s a matter of looking through the Red Book because it lists coins in sets. That way you would be able to tell if you have the entire fructify or not. ”

Consider Donating Coins

Some coins may be worth more than face value but are simply not valuable adequate to sell to collectors. If you don ’ thyroxine want to hold onto them, you can donate them. The American Numismatic Association ( ANA ) accepts donations for their museum or for educational purposes. Some charitable organizations besides accept donations of mint collections which will then be sold with proceeds supporting the organization. Most Valuable Coins: Pennies lambert Nickels liter Dimes liter Quarters

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