Choosing Financial Freedom

Important Variables When Considering The Worth Of Your Coin Collection

21 June 2019

Aubree Mccoy

If you are someone who is interested in selling your coin collection, then it is important that you make sure you consider a number of variables. It is never wise to simply sell a rare coin collection without first determining what it is worth. The following outline will provide you with some important things to look at when assessing the value of your coins. Then, with a proper understanding of the coin collection, you will be able to effectively sell your collection for its proper worth. 

The Age Of The Coins

Generally speaking, old coins are worth more than newer coins. So, if you have a collection of coins from the 18th or 17th century, they are likely to be worth more than coins made more recently. The first thing you will need to do is create a spreadsheet and list all of the dates as well as the type of coin (silver dollar, quarter, nickel). This will allow you to look up each coin's value using an online price guide. The year of a coin can dramatically affect the valuation. So, a quarter minted in the early 20th century might look similar to a new quarter, but the former will have a greater valuation. 

The Rarity Of The Coins

Even if a coin is old, it does not necessarily mean it's worth a great deal of money. The second thing you need to do is determine the rarity. How many coins were minted, or how many are currently in circulation, will have a great impact on the coin's value. The rarer the coin, the more it will be worth. So, you need to make sure that you know the rarity of the coin. One simple thing that you need to be aware of is where it was minted. For instance, coins minted at one location might have had a lower production run than those at another mint. There will be subtle markings on the coin to inform you as to where it was located. Use this information to get more precise valuation info regarding the coin. 

The Condition Of The Coins

Finally, it's very important that you understand the condition of the coin. Slight blemishes can mean the difference between an incredibly valuable coin and one that is not worth much at all. So, you should read up on coin grading standards and then examine your coins and make sure you note the approximate grade. When it comes time to sell your coin collection, you should know if your Morgan silver dollar is in "fine" condition or "mint state" condition. It will make a significant difference. 

For more information, reach out to a business like Harlan J. Berk, LTD.

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