Many people have old coins lying around their homes that they’ve completely forgotten about until they noticed a coin that looks similar to the one their great-grandfather passed down to them sold for $10,000. Now, they are digging out their old coin and wondering how much they could get from selling it.
If this is the position you find yourself in today, we want to give you a word of caution. Just because a similar coin to yours sold for thousands of dollars does not mean yours will, too. However, it may be possible that the coin will sell for even more. To have an idea of what your coin may be worth before taking it into a coin dealer or coin buyer in Boston, read over this guide on the seven factors that determine the prices and values for coins.
The most significant determining factor in a coin’s value is its mintage. The mintage represents the number of that particular coin of that specific grade that the United States Mint produced. A lower mintage means fewer of those coins were made, which often means they are more sought after.
While the mintage is important, it is not the only factor determining the value of a coin because it represents the total number of coins produced rather than the number of coins still in circulation.
Over time, coins are removed from circulation because they are damaged or overly worn. Some coins are melted down because their metal value is greater than their coin face value. Other coins are simply lost.
Because so many coins are never to be seen again for various reasons, people need to consider their coin’s surviving population status when determining its value. The surviving population represents the number of particular coins that people and collectors saved.
Just like with any product, the price is dependent on supply and demand. A rare coin isn’t going to do you much good if it’s not heavily sought after. Therefore, a coin’s price is also decided by how big a demand there is for it. The more Loan Collectors demand the coin in your hand, the higher it will be priced.
When figuring out if you have a collection of valuable coins, you will need to consider what metal the coins’ are made of — or their bullion content. Copper coins will be worth less than gold and silver coins because copper is a less expensive metal.
Unfortunately, you cannot simply look at the color of the coin to determine its metallic composition. Many coins are plated in an outer layer of gold or silver. You will likely have to have the coin tested to decide whether or not it is gold, silver, or platinum.
Of course, the coin’s overall condition plays a vital role in determining the coin’s price. If the coin shows only slight wear or damage and has a bright color or tone, the old coin will be worth more.
A coin’s price can also be dependent on the design. Because the designs have historical and cultural significance, some designs are in higher demand than others among Loan Collectors. These old coins are like little pieces of art, and the more aesthetically pleasing the designs are, the more people will be willing to pay for them.
Old coins are often more valuable than newly minted coins. However, this is not simply because they’ve been around longer. In fact, a coin made within the past 100 years may be worth more than a 200-year old coin if the 100-year old coin is in better condition and of lower mintage.
An old Loan Could be valuable if:
- It is scarce because of a shrinking population
- It is in a well-preserved state
- It is not widely found in circulation
How to Find the Value of Your Old Coins
Now that you know what factors play a role in assigning your coins’ value, you may be wondering how you can find an estimate of the price for which you could sell your coins. Here is a quick guide to finding the value of your old coins:
Pricing Your Collection of Old Coins
With so many different factors to consider, it can be challenging to determine the price of your gold or silver coins on your own. Enlist the help of a coin dealer to get an estimate on the value of your Loan Collection. When you are ready to sell, we will buy your coins at top dollar! Get in touch with us today to schedule an appointment.