If you’re like me, maybe you’re asking how I know if my coins are valuable. Not all coins will be valuable for eternity; sometimes, it’s hard to tell if a coin is worth anything just by looking at it.
That’s why I’m going to give you some tips on how you can determine if your coins are valuable or not!
How Do I Know If My Coins Are Valuable?
Determine the Type of Coin You Have
Well, the first thing you need to do is to know what kind of coin you have! Suppose you have a penny and wonder if it holds any value.
You need to look at the date to identify which penny you have. On U.S. cents, you can find the date on the coin’s obverse side, also known as the heads side.
The main identifier you’ll use when looking up the values of your coins is that date. I have a small guide for coin collecting beginners here.
1. Condition
Next, you’ll want to assess the condition of your coin and try to estimate its grade.
To accomplish that, you’ll need to search for pictures and tutorials that show the typical appearance of coins in various states and grades.
I highly recommend visiting Coinstudy as they showcase exceptional examples of coins in various grades. It’s important to note that coins are typically graded on a 70-point grading scale, where 70 is considered the highest grade, and 1 is considered the lowest.
Additionally, there are names to distinguish the various number groups. Once you’ve determined the general grade of your coin, you’ll have to decide what to do next.
If it’s a lower grade, you probably won’t need to get it officially graded unless it’s a rare coin. Well, if you happen to come across a higher grade and rare coin, or perhaps an antique coin from the early 1900s or earlier, it would be wise to consider having it graded by a reputable third-party grading service like PCGS or NGC.
2. Get Your Coin Graded and Authenticated
Well, getting your coin graded and authenticated means having a professional coin grading service evaluate and certify the condition and authenticity of your coin.
When do you need to do it? Let’s have a discussion! In the world of numismatics, we have professional grading services like PCGS or NGC that can grade your coins for a fee.
Grading by these services can prove that your coin is authentic and has been evaluated by an unbiased expert who won’t falsely claim that it is of higher quality than it is.
So what happens is that these companies will carefully inspect your coin to assess its quality.
After that, they will encase it in a protective plastic case, also known as a slab, and attach an authentication sticker to confirm its legitimacy.
3. Research Prices of Similar Coins
Now that you have determined the estimated grade of your coin or have had it graded, you can now determine the value of your coin!
To determine the value of your coin, you’ll need to conduct some research. The good news is that you have tons of resources available to help you find the price value of a coin.
One of the best resources for finding the worth of a coin is The Official Red Book, also known as “A Guide Book of United States Coins.”
If you’re collecting coins, this book is invaluable. It’ll give you all the necessary information, including mintages, grade values, auction records, and other useful facts about the coin’s history.
After consulting The Red Book, you should check out marketplace sites such as eBay or Coinsforsale.com, dealer sites, and auction sites like Heritage Auctions to see what coins like yours are selling for.
Make sure you look at what a coin has sold for instead of relying on its listed price. This will provide a more precise understanding of its price history.
Before you go…
When you discover a particular coin is valuable, it can be exciting to know that people out there want them as much as you do! And now that you’re more about the value of your coins, it’s time to decide whether to keep them or sell it!
Check out my next article: “What Makes a Coin So Valuable?“
Related Articles: