Numismatics has been described as the "favorite pastime of kings". People collect coins for fun, for a quick profit from a quick resale, or for a long-term investment. Regardless of the reason, knowing how to find out the value of old coins is a useful skill, whether you're looking to make money or just learning how to take care of your collection. The following steps will tell you what you need to know.
Steps
Method 1 of 2: Factors that Determine the Value of a Coin
Step 1. Look at the date on the coin
In general, the older the coin, the higher its value will be.
- Not all coins have the date stamped. Modern dating for European coins dates back only to the early 17th century.
- Of the coins showing the date, not all follow the Gregorian calendar. Israel and India follow different calendars, and much of the Arab world uses the Islamic calendar. If the coin is from a country that uses a calendar other than Gregorian, you will need to use a converter - such as the one on CalendarHome.com - to find the corresponding Gregorian year.
- Also, be aware that not all coins are minted in the year they show. The American silver dollars that show 1804 as the date actually were minted in 1834 and 1835 as proof coins, while the 1804 silver dollars actually show 1803 as the date, because the molds were still in good shape. conditions.
Step 2. Know the issuing country
The country that issued the coin can have an impact on the value of the coin, if it was historically prominent or if it was able to mint money. Many countries show their name on one side, although it can be written in the native language or in Latin, or use an alphabet other than the Latin one.
You can search for a country's local name on Nations Online to find the name it is known by in English (the site only shows names in Latin script)
Step 3. Note if the coin is rare
How many examples of a particular type of coin exist also determines its value, in many cases more than the age of the coin itself. The rarity of a coin depends on several related factors:
- How many coins have been produced, to begin with. The 1914D Lincoln penny ("D" stands for the Denver Mint) is a sought after coin due to the fact that only 1,193,000 were minted. Test coins are equally rare, as only a small amount was needed to test the molds. Today there are only 6 specimens of 1930 Australian test cents; the total number produced was probably not much greater.
- Where the coin was minted. While some mints produce coins for general circulation, others may only produce commemorative coins or be in effect for convenience. The Carson City Mint in Nevada was established in 1870 to be close to silver produced in that state's mines, and ceased operation in 1893 when silver mines stopped producing silver in quantity. This produced fewer coins than other U. S. mints, peaking at 2,212,000 Morgan silver dollars in 1878.
- If the design of the coin has changed. In its first year of production, in 1913, the design on the back of the nickel with the Indian chief (buffalo) was changed from the bison on a raised knoll to the bison with a hollow line in the prairie. Few of these latter coins were produced that year, and therefore are more valuable than those with the bison embossed, even though they were used during the remainder of the coin's 25-year production cycle.
- If the composition of the coin changes. The Lincoln penny of 1943 was minted with steel because copper was in short supply due to the Second World War; the coins of the following two years were minted from the shells of the bullets (some pennies of 1944 would have been minted in steel, but never put into circulation). The United States abandoned silver minting in 1965 due to the rise in the price of silver, replacing silver coins, quarters and half dollars with copper-nickel-plated coins, although a few half-dollars and silver-plated dollars were produced between 1960 and 1970.
- If the coin has been withdrawn. A coin can be withdrawn if it was produced by mistake, such as the 1913 nickel with the face of Liberty: there are only 5. It could also have been withdrawn for other reasons, such as when the United States withdrew gold coins from circulation. to blend them; there is only a $ 20 double eagle piece from 1933.
- If the coin shows errors. Generally coins with surprising errors, such as the matrix hitting the round of the coin off-center or the coin design not completely transferred, are discarded by inspectors and destroyed, but some are still put into circulation. These coins are valued by some collectors.
Step 4. Look at the demand for the coin
The interest of collectors is related to the rarity of a coin. As mentioned earlier for the 1913 Indian Chief Nickel, although these coins produced from 1914 to 1938 bear the recessed line design, making the raised design rarer, collectors are more interested in the 1913 A line nickel. collection because fewer coins with that design were produced that year.
The demand for a certain coin can also vary based on where a given coin collector lives, or vary over time as the coin's popularity with collectors varies
Step 5. Examine the condition of the coin
The shape of a coin affects its value; the better the look, the more a collector is willing to pay for it. The condition of the coin is evaluated in one of two ways, by the Sheldon scale or by standard descriptive adjectives.
- The Sheldon scale rates coins from 1 to 70 (with 1 being the lowest and 70 being the highest). Although it is used around the world, some coin experts prefer the use of descriptive adjectives.
- Descriptive adjectives range from the lowest grade of "Poor" to the highest grade of "Brand new", with intermediate grades ascending from "Fair" to "Fairly good", "Good", "Very good", "Nice", "Very beautiful", "Extremely beautiful" and "Almost out of circle". The transition from Poor to Fair on the Sheldon scale is small, 1-2, while Good ranks no higher than 6, Nice no more than 15, and very Nice no more than 35.
Method 2 of 2: Ways to Find the Value of a Coin
Step 1. Consult a catalog of coins
In addition to helping you identify old coins, many catalogs also list their value. You will need to consult a catalog that is as up-to-date as possible, as coin values change from year to year.
- A good reference for US coins is R. S. Yeoman, better known as the "Red Book" for its cover.
- A good reference for world coins is Krause's World Coin Catalog.
Step 2. Have the coin appraised by a qualified appraiser
Some numismatists (collectors) have been formally trained to evaluate coins and determine their condition and value. You can find these appraisers by contacting a local coin dealer, using the Numismatic Association directories, or using the American Society of Appraisers (ASA) or International Society of Appraisers (ISA) websites.
- Familiarize yourself with the terms a group of appraisers use for membership. The ISA divides its membership into members, who are accredited experts, and associate members, who are not. Members are further divided according to their level of training and experience, with certified members ranking higher than accredited members.
- You may have to pay a tax for the services of an appraiser.
Advice
- Coins with the rank of Poor or too damaged to grade may still have a "base" value, depending on their metal content. To find this value, multiply the coin's weight by the percentage of its most precious metal to that metal's current price (you'll likely need to convert the coin's weight to troy ounces).
- To learn more about numismatics, you can read books such as Philip Grierson's Introduction to Numismatics or visit the American Numismatic Association's FAQ section.
Warnings
- Be aware that some less rare coins have been manipulated to resemble rarer coins. Counterfeits of Lincoln's 1914D penny were made by adding a "D" mark to the Philadelphia minted 1914 pennies (which did not use a mint mark at the time) or by shaving the first "4" in the 1944D penny Lincoln to make it look like a "1". You can spot the counterfeit by looking for the initials "VDB" (which stands for designer Victor David Brenner) on the coin. If they are present, the coin is not an actual 1914D Lincoln penny.
- Be aware that the quoted or appraised value of a coin, its selling value, does not necessarily indicate how much money you will make if you sell the coin. In many cases, someone who wants to buy your coin intends to resell it to someone else for a profit.
