As a coin collectors, we must know how to look at rare coins. Rare coins can be precious, so knowing if they are genuine help us avoid getting ripped off. Here are some tips on how to look at rare coins:
How to Look at Rare Coins
The first thing I do when looking at rare coins is check the grade, which is a coin’s condition. The higher the grade and condition, the more valuable it will be.
For example, an uncirculated coin (one that hasn’t been circulated) with a proof look and luster will fetch more money than one that has been circulated and has lost its luster because of wear and tear.
Next, I check the demand for the coin: How popular is this coin? If there are lots of collectors looking for this type of coin or if they’re all going after one particular type of coin right now—like Morgan Silver Dollars.
If the demand exceeds the supply, the rarer the coin will be! This goes for all collectible items! If an item is sought-after by collectors despite the low supply, the rarer the item will be, and it will have a higher price!
Research for the Demand of the Coins
I do this to understand how to look at rare coins is to research the demand for the coin. You can do this by checking coin price guides, checking coin auction results online, and looking at eBay auctions.
Next, you will want to see whether the coin is popular and high in demand. You want to do this because if it has low demand, its value will be lower than other more popular coins and in higher demand.
Check for Coin Errors
Coin errors are a big part of why rare coins exist. Coin collectors love to collect error coins because they’re unique, and only some have access.
Regarding coin collecting, it’s better for you (and me) if you have an error in your collection than not having one.
If you’re interested in finding out more about coin errors, here’s a quick breakdown:
- Mint Errors
- These errors happen during manufacturing at one of many mints around the world where coins are made. For example, it would be considered a mint error if something went wrong at the U.S. Mint while making dimes or quarters and they didn’t strike a perfect image on the coin.
- Die Errors
- Occur when another piece of metal gets stuck between two dies before striking a coin and only causes permanent damage on one side (usually). It can also happen if too much pressure is on one side when stamping out images so that only some parts get stamped correctly. In contrast, others don’t get stamped at all, resulting in “ghost” images where only half of what should be there appears instead, leaving behind either space or incomplete features like part of an animal’s face missing its eyes or nose altogether!
Check the Condition of the Coin
Now that we know how to identify a rare coin, it’s time to look at the condition of the coin. The condition of a coin is necessary because it will determine whether or not it’s worth anything.
First, check if you see a scratch on your coin’s surface. Then it might be considered “damaged.” If there are any nicks or dents on your coin’s surface, that would be considered “worn.”
A discolored area on the surface can mean that there was some chemical reaction with something else, such as water or acid.
You may also see signs of wear and damage if there are scratches or dents in areas besides where they were minted (for example: around an edge).
I always try to check my coin’s condition using a loupe to see easily hairline scratches on my coins or to check if there are any damages to the coin I’m going to buy. It’s better to be sure what you’re getting!
Check Coin’s Grade
Check the coin’s grade. This is the most important factor when looking at a rare coin. Of course, the grading criteria will vary from collector to collector.
Still, generally speaking, a coin in “mint condition” (also known as “uncirculated” or “mint state”) will have no wear or signs of wear on its surface and will have been stored in an environment free of environmental contaminants like dirt and chemicals.
Another standard grading system uses a scale from 1 to 70, with one being the lowest and 70 being the highest.
If you are new to collecting coins, it may be helpful to consult some guidebook describing how each category relates to other grades so that you can understand their value based on more than their appearance!
Tips for Taking Care of Rare Coins
If you have rare coins, you must know that these are more than just pieces of metal. These are valuable pieces of history and culture.
They deserve to be treated with care, especially if you want them to stay in mint condition for years.
Here are some tips on how you should go about taking care of your rare coins:
- This is one of the things I always do! Keeping my collection in a safe place! You first need to find one or more places where they can be stored safely. I put my collection away from moisture and sunlight as much as possible so they don’t get damaged by moisture or light exposure over time. If there is no other option, try putting them in boxes and storing them someplace where it’s not exposed to too much light (like under your bed).
- Also, I avoid touching the coin with my fingers! That’s why I always use cotton gloves when looking at my coins. Even though this may seem like an obvious tip for those who need to learn more about collectible items like coins, there are still plenty who would forget this basic principle because everyone does it sometimes–accidentally touching something valuable with our fingertips before realizing what happened. It doesn’t take long for dirt or oils from our skin before coming into contact with something like this could ruin its condition over time, so always remember not to touch any collectibles unless necessary!
- Lastly, this is a must! Use a coin holder instead of handling each coin individually while inspecting their details–doing so will make sure nothing happens accidentally while handling these precious items, which could result in damage during transport; moreover, removing fingerprints left behind after handling would make things even worse since those tiny smudges won’t go away quickly like regular dust particles do when wiped off gently using tissue paper beforehand.
Before you go…
If you have been considering getting into coin collecting, now is the time! You can start by looking at your local coin shop and seeing what rare coins are available. You will be surprised how much fun this hobby can be. So there you have it; I hope this article helped you in your journey into coin collecting.
Check out my next article: “How To Learn More About Rare Coins?“