We use coins on a regular basis to make monetary transactions. But what about those special coins that you couldn’t use in the store? Some of these coins are worth a great deal of money, and you should consider selling them. That being said, not all strange coins are worth any money. You can answer the question “are my coins worth money?” by taking a look at the following factors:
The availability of the coin
When it comes to determining the value of any collector’s item, rarity is key. The rarer a coin is, the more difficult it is to obtain; as a result, collectors and investors will be paying much more for the coin in order to make sure that they acquire it and nobody else.
The condition of the coin
The better the condition of your coin, the more it will be worth. This is due to the fact that all of the details are better preserved, and the beauty that makes the coin special are made clearer. Regardless of your coin’s current condition, you should take steps to preserve to optimize its value.
The exception for this would be an event in which any damage or imperfection on the coin adds a specific amount of uniqueness. For example, a rare coin that was hit by a bullet in the civil war to give it a uniquely dented appearance may be worth more than its mint condition counterpart.
The age of the coin
As with any type of item that is produced throughout history, copies of it will be lost, destroyed and damaged as time passes on; preserving any copies as time passes becomes a wonderful accomplishment — especially if the coin is one of a kind. This accomplishment will translate into value for your coin. This effect is amplified when the coin is a part of an early production series.
The uniqueness of the coin
Before you sell your coin, you should do a thorough inspection into the history of its design and creation. This is because the more unique a coin’s design or creation is, the more valuable it will be for a potential buyer. This is especially true for any stories that may be attached to a coin. For example, an already valuable coin that has a unique imperfection, such as backwards numbers could be worth even more than its perfectly stamped counterparts.
The materials that the coin is composed of
This is one of the most obvious factors that can affect the value of your coin. Gold, silver and platinum coins, for example, are obviously more valuable than nickel and copper coins of the same production line. In some cases, the material can even add to the uniqueness of a coin. For example, a coin composed of diamond or ruby will be especially unique.
Sometimes coins worth money are only valuable for a certain amount of time. This is because what is popular can change fairly quickly. Although many coins are immune to such changes, others aren’t. If your coins worth money are mostly valuable because of some fleeting sentiment, then the best time is to cash in right now.
How much are your coins worth?
Make sure that before you sell your coins, you figure out how much they are worth. Otherwise, you could end up losing big by either selling them for much less than what they are worth, or even mistreating — and losing or discarding — them. If you aren’t sure how much your coins are worth, contact a professional coin appraiser. Contact us online, or visit us in person at 2490 Yonge Street, near the intersection of Yonge and Eglinton today!