Important Factors for Determining a Coin’s True Worth
They say that all that glitters are not gold. That can certainly be true if you have a rare coin collection. On the one hand, collecting coins can be a fun hobby. On the other hand, coins are meant to be the currency. They are meant to be worth something. Anyone who has rare coins in their possession must naturally wonder what they are worth. If you are just starting a coin collection or if you have just inherited a coin collection you are probably wondering how to figure out its true value. There are a number of factors that determine the true value of coins. In this article, we will explore how to determine the true worth of your coins.
Start With the Metal
Coins can be made from a wide variety of metals, including gold, silver, platinum, nickel, and copper. What makes a coin valuable starts with the type of metal that it is made from. Obviously, some precious metals, like gold and silver, are worth more than others, like nickel and copper. Rare coin dealers know that is important to stay current on the value of precious metals, like gold. There are a number of online sites like https://www.moneymetals.com/precious-metals-charts where you can check the price of precious metals. There are also a number of books and guides that can help you.
How Rare are Your Coins?
Valuable coin collections contain rare coins. It isn’t always enough for the coins to be old. Rare coin dealers pay top dollar to buy coins that few other people have. There are ancient coins that aren’t as valuable as you might think because there are still so many around. Then there are coins of more recent vintage, like the 1913 Liberty penny, that are worth a great deal because there are only a handful of them in existence. An experienced and knowledgeable coin dealer knows which coins are truly rare and worth more.
How Popular is a Coin With Collectors?
As with age, even rarity might not be the only factor that determines the true value of coins. Every marketplace has prices that change based on the law of supply and demand. If certain coins become more popular then their price goes up, even if there a lot of them around. Savvy coin buyers and sellers understand this. They know the market and can anticipate the demand for certain coins.
What is the Coin’s Condition?
Everyone has heard the term mint condition. That term refers to the shiny, pristine condition of a coin right after it is minted. The true value of coins is determined by what type of condition it is in. Differences in the condition of two similar coins are a bit part of what makes a coin valuable. Oddly, 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.
Sources Trusted by Rare Coin Collectors
When it comes time to establish the true value of coins in your collection there are a number of places you can look. You can have your coin graded by a top-tier grading service like PCGS or NGC. Reputable coin dealers have the knowledge of both the qualities of coins and the marketplace necessary to determine what makes valuable coin collections. 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.
At Antique Coin Buyers we are rare 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!