How to Determine the Value of an Old Coin
Collecting old coins can be fun because they are so unique. Their designs are beautiful, and despite being hundreds or thousands of years old, they’re often surprisingly similar to the designs of coins today. When you hold an old coin in your hand, you feel like you’re connected to the past — and you are. But aside from their historical value, are they actually worth anything?
As with any collection, the value depends entirely on what you have. Old coins can actually be very profitable if you acquire rare ones, but, to the untrained eye, it may be challenging to distinguish rare from ordinary. Here are three simple steps to determine the potential value of your old coins.
Determine Its Authenticity
First and foremost, your old coin will only be worth anything if it is, in fact, a coin. There is always the possibility of finding a counterfeit coin, so you’ll want to ensure it is a real coin. The most important step you can take in ensuring you acquire only authentic coins is purchasing from reliable dealers such as Metals.com.
One of the easiest ways to determine the authenticity of the coin in question is to use a magnet — authentic gold and silver are not magnetic and, therefore, will not react to a magnet. Though, the magnet test is only one way to identify a counterfeit coin.
Quality of the Coin
The most significant impact on the quality of a coin was the degree to which it was circulated. It goes without saying that the less the coin was handled, the better the quality. “Mint condition” is clearly the highest value. Meanwhile, if you have a coin that looks old and worn, that same coin will be worth significantly less. That said, even an old coin in poor condition can be worth a considerable amount if the coin is rare.
Range of Value
Once you determine the authenticity and quality of the coin in question, you can look at a range of values chart for your specific old coins. Knowing the range will give you a better idea of whether you should bother insuring the coin, as well as what kind of price range you should negotiate in the event you choose to sell it.
It’s important to remember that the face value of a coin is not its actual value.
Where to Find Old Coins
As with any coin you’re looking to add to your collection, you must be diligent about purchasing from reputable dealers. Coins purchased from Metals.com, such as the 10 Guilder Gold Coin or the Gold World English Sovereign Queen Victoria Jubilee Coin from our World Coins collection, make great collector pieces and, as with all of our products, are protected by our 100% satisfaction guarantee.
The Metals.com Staff
