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Are your old coins worth money? Find out with this expert-backed guide
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If you aren’t a seasoned coin collector and you stumble across some old or unusual coins, you might be scratching your head trying to figure out how much they’re worth. It's actually fairly easy to find out the value of old coins and who knows…maybe you’re sitting on a gold mine! In this article, we’ll help you figure out what your old coins are worth. We’ll even walk you through how you can get the coins graded and appraised. Read on to learn more about evaluating your recently found coin or a whole coin collection.
How to Know if Your Coins Are Valuable
The value of a coin is based on its date & mintmark, its rarity, and its condition. Run an online search to identify what coin type you have, then contact a local coin dealer to assess your coin value. Alternatively, check recently sold eBay listings to see what people are currently paying for your coin type, date, and condition.
Steps
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Use the year and image on the coin to run a Google search. Look for the year stamped on the coin. Then, inspect the main elements of the coin. Enter your description into Google to see if your coin pops up. Scroll through the images and click around. You should have an easy time finding your specific coin. [1] X Research source- For example, you might search, “1956 silver coin with woman in crown facing left,” or, “old copper coin with cross and eagle on it.”
- If the coin isn’t in English, see if you can identify the language first. Search online to find the specific language on your coin.
- If there is no date on the coin and it has a really rough texture, you might have a an ancient hammered coin. These are generally fairly rare and expensive. Contact an appraiser or a dealer who specializes in ancient coins. Either will probably be able to identify the coin.
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Scroll through a catalogue to find your specific coin. If you have narrowed when or where the coin was minted but still can’t really tell which date and specific mint you’re holding, pull up an online catalogue. Scroll through the images from that era to look for your specific coin. [2] X Research source- These catalogues are easy to find online. Numista offers a comprehensive option .
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Snap a photo of the coin and use Coinoscope to identify it. Coinoscape is a free app that scans coins and searches databases to find the specific mint and price. Download the app to your phone and open it. Hold the camera over the coin and take photos of both sides. The app will pull up your specific coin. [3] X Research source- If you are adverse to downloading an app, you can upload a photo to Coins Catalog to do a reverse image search for the coin.
- Once you have the coin identified, you may want to download the PCGS CoinFacts app . Some coin collectors love this one. It contains information about price, history of the coin, price history, auction results, and other data.
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Do not clean the coin to get a better look. There’s no faster way to ruin the value of a coin than to try and clean it to remove tarnish, dirt, or grime. In fact, a strictly original coin is often worth more than a cleaned (tampered with) version of the same coin. To retain the value of your coin, treat it as a museum piece and properly curate it only when the coin is likely to further degrade because of surface contaminants. [4] X Research source- If you do want to have a coin cleaned, talk to a preservation specialist. Some coins are indeed worth more when contaminants are properly removed.
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Take the condition of the coin into account. The value of a coin is greatly affected by its condition. Higher grade coins are generally more valuable than coins that are worn, blemished, or damaged. Don’t expect to fetch mint state prices if your coin is worn or has detractions. [5] X Research source- Coins that were never circulated are known as mint state or uncirculated coins. These fetch higher prices and should have minimal wear and be "as struck".
- Coins are graded on a numerical scale from MS-70 (Mint State 70– perfect condition) all the way down to AG-3 (About Good– poor, highly worn) and FR-2 (Fair– features barely discernible).
- There are also "details grades" given to coins that have been compromised. Such coins are given a details grade and a reason for issuing the details grade such as F-15 details • environmental damage. These coins are usually worth only a fraction of an uncompromised coin, typically 40% or less. This is because such coins have little or no collector value.
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Check recent eBay recently sold listings for a real-world price in the current market. eBay has a dedicated section of their site for collectible coins and currency. It’s the site many coin collectors use to buy and sell their pieces. Search for your specific coin and then select the “recently sold” tab to see what people are actually willing to pay right now for your coin. [6] X Research source- Some sellers ask wild prices in hopes of getting a windfall profit. For this reason, only look at the actual prices realized in recent auctions. These prices can give you a much better sense of what price your coin commands in today's market. However, if there are just few prices in the sold history, look deeper into the bid history. Two or more collectors may have gotten into a bidding war and pushed the price higher than you can expect to get for your coin.
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Note that a coin’s value is subject to changes in the market. The value of coins can and will go up and down since they are driven by recent supply and demand and this changes over time. When lots of people want to buy a certain type of coin, the value may go up. On the other hand, sometimes the interest in a coin diminishes. [7] X Research source
Note that there are a few different prices at any given time, as well:- The “book” value (a generally accepted value of the coin)
- The “buy” value (what a dealer would pay to buy the coin from you)
- The retail value (what a dealer would sell a coin to a customer for)
- The wholesale value (what a dealer-to-dealer price might be, especially when several coins are sold together)
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Contact your local numismatics society and ask for help. The study of coins and other money is known as numismatics, and many colleges and organizations have numismatic societies where coin experts and aficionados meet. If you have lots of coins that you want to appraise, reach out to one of these clubs. They may be able to. point you in the right direction and help you determine the value of the coins! [8] X Research source- You can find the nearest numismatics club by looking through the American Numismatics Association directory .
- Don’t feel awkward reaching out to one of these clubs. Bringing old coins to a numismatic group is like bringing fresh baked goods to Cookie Monster. They’ll enjoy helping you!
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Get your coin officially appraised by a coin appraiser. Professional coin appraisers and dealers can give you the most accurate, up-to-date values of your coins. They will base their appraisal on their expert opinion of the coin condition and marketability. They will take into account what similar coins have been selling for lately. [9] X Research source- Almost all coin dealers have the skill to appraise coins. Just don’t let them know you want to sell so you get an honest opinion. If you have many coins, be prepared to pay for the appraisal. It is worth it to get a fair and honest opinion.
- If possible, use a PCGS-certified appraiser or one that is a member of several numismatic organizations. These coin dealers tend to be the most reputable. [10] X Trustworthy Source Consumer Reports Nonprofit organization dedicated to consumer advocacy and product testing Go to source
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Send your coin to the PCGS or NGC to have it graded. Visit the PCGS or NGC submission pages to see how much it will cost to have your specific coin appraised. Once you choose a service, you’ll fill out a form and mail your coin to them via registered mail. If the coin merits a grade, they’ll grade it, put it in a plastic slab, and mail it back to you. If not, they will put it in a "body bag" and give it a code which indicates the reason the service could not grade and authenticate your coin.- The PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) are the two most reputable coin grading services. For collectors, there are no alternatives to these two organizations for getting the most money out of your rare coins. [11] X Research source
- PCGS consistently grades more strictly than NGC. Therefore, their slabs usually bring a slightly higher price than the same coin graded by NGC. However, PCGS services tend to be pricier. Each company, though, has its own specialties and NGC tends to value nicely toned coins more highly than PCGS.
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Community Q&A
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QuestionWhat is the value of a one cent Indian head from 1904?Community AnswerAbout 3-5 dollars, depending on the date and condition. Hundreds of millions of those exist, so they're not rare.
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QuestionHow do I sell a penny from 1866?Community AnswerGet it appraised by an expert before selling it and then sell it online. There is a big collectible coin market.
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QuestionHow can I identify where a coin is from?Community AnswerUsually the older the coin is, the more valuable it is. The year the coin was made in is almost always somewhere on the coin. There are exceptions of course.
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Tips
- The material that a coin is made of can have an impact on its value. For example, many older silver coins, like the 1964 Kennedy Half Dollar, are worth a great deal more than their face value today—even if you don’t take into account factors like their condition and collectability. [12] X Research sourceThanks
- A coin’s rarity, condition, overall appearance, and the level of demand in the coin market are important factors in determining how valuable it is. For example, ancient coins that are common and in poor condition may be worth far less than a more recent coin that’s scarce, in mint condition, or is in demand as a collector’s item. [13] X Trustworthy Source Federal Trade Commission Website with up-to-date information for consumers from the Federal Trade Commisson Go to sourceThanks
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References
- ↑ https://www.aarp.org/home-family/personal-technology/info-2021/tips-to-use-search-engines.html
- ↑ https://www.pcgs.com/prices
- ↑ https://youtu.be/nj3rE96ywZ0?t=6
- ↑ https://pgsgoldandcoin.com/2015/08/04/5-great-reasons-not-to-clean-old-coins/
- ↑ https://www.nytimes.com/2022/01/22/business/harvey-g-stack-dead.html
- ↑ https://www.marketplace.org/2022/05/02/coin-collecting-is-big-business-on-social-media/
- ↑ https://www.transparencymarketresearch.com/coin-collecting-market.html
- ↑ https://www.money.org/
- ↑ https://pgsgoldandcoin.com/coin-appraisal-services/preparing-coins-for-appraisal/
- ↑ https://www.consumerreports.org/cro/news/2014/05/appraising-coin-collections/index.htm
- ↑ https://americancoinstash.com/2021/01/06/pcgs-or-ngc-which-company-is-better-for-grading-coins/
- ↑ https://www.ngccoin.com/price-guide/coin-melt-values.aspx
- ↑ https://www.consumer.ftc.gov/articles/0136-investing-collectible-coins
About This Article
Article Summary
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To find the value of an old coin, start by examining the front and back of the coin for a date and country of origin. Next, rate the coin's current condition somewhere between “mint,” which means it's in perfect condition, and “poor," which indicates that it's dirty or damaged. Once you have the date, origin, and condition nailed down, use coin value lists posted online by professional organizations like the Professional Numismatics Guild to check how much it's worth. If you can’t find the value of your coin online, consult a reference book like the Standard Catalog of World Coins. If you still aren't sure about the value or if you can't find the coin listed anywhere, your best bet is to contact an appraiser for a professional opinion. For tips on finding reliable appraisers, read on!
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