If you are a coin enthusiast, the chances are that you have a few old coins or some rare coins stashed away somewhere and you would love to know how much they are worth or how much money you can exchange them for.
On the other hand, numismatics may not be your hobby; however, you have inherited some your grandfather. You should ask yourself, now that I inherited a coin collection now what? Where can I sell my coin collection? There are different places where you can sell coins for cash (for example our site!).
Bear it in mind that all coins do not carry the same value; some have more value than others. The amount you will get for a coin can depends:
- on type of the coin,
- the scarcity of the coin,
- year of the coin as well as where or who you are selling it to.
Inherited coin collections are especially rare and carry more value. However, before going out to sell your coin, there are steps you have to take first to get the best value on your coin.
Know your coin first
- The first thing you should know about selling a coin is the type of coin you have. The coin’s denomination, the date and also the mink mark are necessary details you should know about your coin.
- Another important thing to take note is the condition of the coin. The condition of the coin affects the value of the coin. The more damaged a coin is, the lesser its value. Damage can be in form of scratch or dirt. However, don’t attempt to clean your coin because it is dirty, coin collectors like coins that are natural because they are historical artifacts. Cleaning them can even damage the coin further.
- Also, if the coin has printing errors, this will increase its value. Take note of all these small details.
- Also, before taking your coin to coin collector, try to list and group your coins. You can group them based on their year, face value, images and markings, currency and other specifics of each coin.
After this, you should know the value of the coins in your coin collection.
Appraising your coins
The next step is to go to where you will appraise your coins. Appraisers are very important when it’s time for you to sell your valuable coins or a collection of coins. They will help you analyze, verify the authenticity and also give you the value of your coins. The best way to sell coins and get maximum value on it is to get it appraised by experts that are well experienced.
Appraisers sometimes have their area of expertise when it comes to coin appraisal. For example, if you are looking at selling old coin, old coin appraisers will be the ones to give you the real coin collection value. Same thing applies to rare coins; you will most likely get misinformed about the value of your silver coin when you go to rare coin appraisers for a silver coin appraisal. Appraisers may even advice you on how to sell coins or where to sell coins without falling prey of dealers that might want to shortchange you for your coin.
You can get a local coin appraisal by simply carrying out a search online or your local phone directory for local coin appraisers. You can also ask around for where to get coins appraised in your locality. You can meet a reputable appraiser who will show you how to get coins appraised. You should be careful when choosing an appraiser, try to use other people’s references or consult the Better Business Bureau (BBB) to see where to take old coins to get appraised without getting scammed. Some coin appraisers can give you silver coin appraisal for a gold coin, avoid those types of appraisers.
Contact a reputable coin dealer
When selling your coins, only contact reputable coin dealers. There are a lot of coin dealers both in local stores and on the internet. You can also visit coin shows where you will meet coin experts. You can use the opportunity to ask around on the value of the coins you have in your coin collection. Don’t be pressured to sell your coin too quickly, sometimes it’s worth to be patient.
As mentioned earlier, you can also try online coin dealers. There are good numbers of them that pay good prices. You can easily sell your coin faster from the comfort of your home. You can contact Spot4Coins as well – we offer very good rates, and can pay spot price for gold, undamaged coins. Our clients say it’s well worth it! Take good pictures so that the coins will be very clear and all the mint markings and lettering can be seen.
How valuable a coin collection can be? Some industry examples
To have an idea of how valuable your coin collection is, take a look at some coins listed here with their recent value after appraisal. This will give you an estimate of how much money you will likely make if you have any of these coins.
- 1943 LINCOLN HEAD COPPER PENNY: It may seem a little hard to believe that a copper penny is rare. However, this particular copper penny was made in 1943 during the war. The U.S Mint made pennies using steel and coated them with a little zinc so that they can shine. When making these pennies, a few of copper pennies were also made. However, only a few of them were left the facility, the ones that were circulated worth quite a lot of cash. Today, you can get $10,000 for a real 1943 copper pennies.
- 1955 DOUBLED DIE PENNY: It may look unreal at first when you see a double die penny, but it actually exists. Double die penny comes as a result of a slight twist alignment during the minting process. About 20,000 to 24,000 were released to the public. This coin is mostly gotten from cigarette vending machine, and it is worth almost $1800 when in excellent condition.
- 2004 WISCONSIN STATE QUARTER WITH EXTRA LEAF: Out of the 453 million Wisconsin quarters that were minted in 2004, a few of them were marked with an extra leaf on a husk of corn. Speculation was that an employee did it on purpose. Nevertheless, this coin is valued about $1499 if it is still very good. About 5000 approximately is in circulation. If you live in the Tucson area, you should take extra note of the coins you get.
- 2009 KEW GARDENS 50P COIN: The royal mint released up to 210,000 50p coins to celebrate their 250th anniversary of the royal botanical gardens in 2009. The coin is designed with the New gardens pagoda and can go for as high as £150 on eBay.
- 2005 “IN GOD WE TRUST” KANSAS STATE QUARTER: This coin came as a result of a grease build up error. It wasn’t meant to be a statement on religion or government, the T in the word ‘Trust’ was filled. This ordinarily does not make any difference, but the mistake was made at a pretty interesting place. However, this coin will not fetch you much, but $100 in your pockets will make a difference.
- 2000 AUSTRALIAN $1/10 MULE: As a result of an error at the Royal Australian Mint in Canberra, quite a number of $1 coins were printed with Queen Elizabeth II that is usually used only in 10-cent pieces (coin numismatists call mule). This mistake resulted in a coin with a double rim on the heads of the coin, and you can change this coin for up to $3000.
- 2008 UNDATED 20P COIN: During the printing of 20p coins, the royal mint made a mistake and misprinted between 50,000 to 250,000 20p coins without adding the date. This particular coin is plenty in circulation, so you may probably not get quite a lot of money from it. However, you can get up to £100 which is a pretty good deal.
- 1982 NO MINT MARK ROOSEVELT DIME: It is a common thing for all U.S coins to have a letter indicating the mint they were made from. S indicates San Francisco, P indicates Philadelphia, etc. However, in 1982, the mint in Philadelphia made a mistake of not adding the letter ‘P,’ and this was the first ever mistake made on a U.S coin. There is not an exact number of how many of these coins were circulated, but up to 10,000 were found in Ohio. Even though they are much in circulation, you can get up to $300 for a Roosevelt dime that has no mint mark.
- 1997 DOUBLE-EAR LINCOLN PENNY: Abraham Lincoln may have a peculiar appearance, ranging from his extreme height to his posthumously diagnosed facial asymmetry, but one thing he doesn’t have is double earlobes. This is why the 1997 penny that has a face of him with double earlobes is worth up to $250.
- 1999-P CONNECTICUT BROADSTRUCK QUARTER: This quarter is worth more than 25 cents because it was not lined up properly with the machine making it ‘broad struck.’ It does not value much, but an extra $25 in your pockets will pay some bills.
- 2005 SPEARED BISON JEFFERSON NICKEL: A 2005 nickel that looks like the buffalo on the nickel was stabbed on the tail side is valued up to $1265, although most of them are of lesser value less. This type of coin comes as a result of a deep scratch or gouge when minting the coin.
- ROOSEVELT SILVER DIMES AND WASHINGTON SILVER QUARTERS: Nowadays, most dimes and quarters are made from copper and nickel. However, before 1965, most of the 10-cent and 25-cent coins were made using silver which makes them worth more in metal markets. These coins are not very rare, but they are worth more than their value because of their composition.
- 1983 “NEW PENCE” 2P COIN: The royal mint made a mistake when making 2-pence coin in 1983. The coin read “New Pence” instead of “Two Pence” from 1971-1981. This mistake makes the coin worth around £700.
- 2007 “GODLESS” PRESIDENTIAL DOLLAR COIN: During the time new George Washington dollar coins were released in the U.S. Some of the coins were minted without the ‘In God We Trust’ inscription. The number of such coins is unknown. They are popularly known as ‘missing edge letter,’ and their value ranges from $29 to $228.
- 1992 “CLOSE AM” PENNY: Coins have to be minted perfectly else, they will be regarded as a deviation, and their value will be different from the other coins. In 1992, the space between A and M in America was too close and the name ‘Close AM was given to those types of coins. There are 5 of these type of coins minted in Philadelphia, and one of them was sold for $24,056.63 on eBay in 2012. There are also 15 of these coins minted in Denver, and one of them was sold for $20,700 in 2012.
Many other coins have value, but these are some of the common ones. However, the value of the coins differs depending on where you go to change your coins. This is why it is essential to go to a place you will get a good value for your coins. Knowing the value of your coin will save you from being cheated. You can also search online and see how much other people have sold a coin similar to yours, or monitor auction sales to know how much your coin are worth.