Identify the Value of Old Coins: 5 Tips and Tricks You Should Know
Antique coins can represent a few different things to people. Collecting them can be a fun hobby. They can be attractive to look at and compare to other old, rare coins. They may hold sentimental value if they once belonged to a family member or friend. They are, first and foremost a form of currency. If you have any antique coins in your possession there naturally arises a question of the value. If you inherited the collection, you may not know much about antique coins. Regardless of whether you are a serious collector you should know the value of your coins. In this article we will explore 5 tips and tricks you should know for identifying the value of old coins.
Tip #1 Type of Metal is Key to the Value of Coins
Antique coin buyers know that the type of metal that a coin is made from plays a key role in their value. That is why you should first acquaint yourself with the types of metal that coins are made of. The metals that are most frequently used for coins include gold, silver, platinum, nickel, and copper. Not surprisingly, gold and silver are the most valuable, nickel and copper less so. Antique coin dealers make an effort to keep on top of the current value of precious metals, like gold. You should too. There are a number of online sites like https://www.moneymetals.com/precious-metals-charts where you can check the price of these precious metals. There are also a number of books and guides that can help you.
Tip #2 Coin Buyers Prize Rare Coins
Sometimes people assume that any antique coins must be valuable. That just isn’t true. The fact is that antique coin dealers aren’t just looking for old coins. They are looking to own rare coins. Ones that give them bragging rights and will allow them to own coins that other people don’t have. There is still a fairly large stock of some very old coins and that makes them less valuable. Then there are coins of a more recent vintage, such as the 1913 Liberty penny that have only a very few left in circulation. Those end up being worth much more. Old coin buyers don’t just want old, they want rare too.
Tip #3- Supply and Demand Determines the Price of Antique Coins
The market for antique coins is driven by the law of supply and demand, the same as any other market. Prices change based on the popularity of certain coins. Some coins become less popular with coin buyers and collectors. Their value falls. We talked about how a coin will increase in value if it rare. The fact is, it is also possible for a less rare coin to increase in value if that type of coin becomes popular with antique coin buyers. Knowing the market helps you determine the demand for your coins.
Tip #4- The Value of Antique Coins is Determined by Their Condition
Collectors of all types value items that are in pristine condition. Antique collectibles that have kept that brand-new look are typically more valuable than ones that have a lot of wear and tear. That is where the term mint condition comes from. It refers to the shiny, immaculate appearance of a freshly minted coin. Two coins can be the exact same type but the one in mint or near mint condition will always be more valuable than the one in poor condition. Pro tip- Cleaning a coin can detract from its value because it dulls the surface. Just as a diamond is rated for factors like clarity and color, the true value of coins is determined by the strike, toning and original luster.
Tip #5 Consult the Same Trusted Sources Used by Antique Coin Buyers
You can do some research and consult some of the same references used by coin buyers when they determine the value of coins they are interested in buying. Grading services like PCGS or NGC are well-established and trusted by buyers, sellers, and dealers. You can turn to established coin dealers who have good reputations. They have knowledge of both the qualities of coins and the marketplace. There are number of highly informative and trusted price guides out there. Coin auctions and eBay are also a great source of information on the value of your coins. If you want to get the best price from antique coin buyers you educate yourself in the same way they do.
At AntiqueCoinBuyers.com we are reputable coin dealers with the knowledge and skill to help you evaluate the true value of coins and get the best possible price for them. Our highly-trained professionals are here to help you. Contact us today!