Are you a coin collector? Whether you are an avid collector or are trying to figure out what to do with your loose change, you might be sitting on a gold mine — no pun intended!
Both national and international coins can have great value. If you have gold coins, they can especially be a lucrative asset.
We’ve prepared this gold coin values guide so you can determine the value of your coins.
Let’s start with the basics:
Organizing Your Coins
When looking at your numismatic coins, you should first organize them by country. You should also look at the different designs on the back of the coin.
Once you’ve done this make a note of the year of issue for each coin. If you have several with differing views, you might want to record this in a notebook.
You also want to keep a note of which of your coins have degradation. If they have stains or tarnishing, keep them aside. Make sure you take the time to clean all of your coins on a regular basis.
When you document your coins in your notebook, you want to keep track of the following:
- The Country of origin
- Year of Issue
- The coin’s mint mark
- Date of Purchase/Date Received
- Cost (if purchased)
- Date Sold
- Sale Price
- An extra space for comments/notes/additional information
Once you’ve organized your coins properly, you can then begin to understand what makes them valuable.
Value of Coins
Ultimately, the value of a coin is determined by its rarity. You might have a gold coin released in 1920, but it might have the same or lesser value than a gold coin made in 2020. You want to know how much of a particular coin was circulated.
Make sure you do your research on valuable gold coins to see if you own any! You also need to make sure you maintain your coins well as mentioned previously. If your coins have any tarnishes or blemishes, this can greatly reduce their value.
Coins from lesser-known jurisdictions or former nations can also be of high value. For example, coins from British India or Confederate America might have more value than current Indian or U.S. coins.
Many European nations have forgone their original currency such as the Franc or Deutschmark in favor of the Euro. This obsolete currency might have value for collectors in the future.
Researching Your Coins
So how do you determine the value of your coin collection? You have to take the time to do extensive research.
Invest in a few good books about coin collecting. You can also find a plethora of online content, including YouTube channels, dedicated to coin collecting. You also want to befriend veteran coin collectors to solicit their advice.
Another way to find if there’s any buzz surrounding your coins are to search for them online. For example, if you own an American Gold Buffalo check out how much it’s selling for at precious metals exchanges.
Differentiate Between Coins
As you look through your coin collection, you have to learn how to differentiate between your coins. For example, if you have two Gold Dollars from 1960 you might presume that they are of the same value.
But coins differentiate in value due to their design. Two different Gold Eagles could have been produced in 1960, with each having a different value today. To determine which of these Gold Eagles is more valuable, you have to research how many of each were minted. You also have to learn how much of each Gold Eagle remains in circulation.
You must also familiarize yourself with coin grading. This is the process by which one can determine the value of a coin’s market value. While it’s not an exact science, there are several factors that contribute to the grade of a coin. A minor defect can lower the grade of a coin. An uncirculated coin can have a higher grade than a circulated coin.
While the grade of a coin ultimately comes down to the grading service that you hire, you want to know the rubric for coin grading. This way, you can make an educated guess on the grades of your coins.
If you get a certification of the grading of your coins, you have a greater chance of selling them for a desirable value.
If a coin has a grade of P-1, it is severely damaged and cannot be verified. If you cannot get it cleaned, then either keep it or dispose of it. You will not be able to sell it. A perfect coin without any blemish is a MS-70; though these are incredibly rare.
Ideally, you coin should be within the range of VG-8 to EF-40. These are coins that are well-maintained and are as good as new.
Selling Your Coins
Now that you know what makes a great coin, you are ready to start selling them. Make sure you do your due diligence in finding a great retailer, such as Crown Gold Exchange: Rancho Santa Margarita.
These coin sellers will have experts who inspect your coin collection. Afterward, they will offer you a price which you can accept or reject. Make sure to only go to an authorized dealer.
While you can find coin collectors on the internet, you cannot be sure of who is serious and who might try to short-sell you.
Before you walk into a coin buyer’s shop, you want to prepare your coins. Give them one more clean to ensure their luster shows.
Bring along photocopies of their vital information (as documented in your notebook) as well as certificates from your grading service. As an extra precaution, you can also consider getting your coins insured.
Share This Gold Coin Values Guide
Now that you’ve read our gold coin values guide, you are ready to start profiting off your coin collection. Make sure to maintain your coins and always be on the lookout to buy new coins for future investments.
Please do share this guide with your fellow numismatists and coin collectors! You can also read more great content on investing on our website.