coin FAQ - 'Part 1 of 3
What's It Worth?
Written by Chuck D'Ambra, Mike Locke, Michael Caver, Andrew Andison, Mike Marotta,
Andrew Tumber, Tony Clayton, Lou Coles and Mike Dworetsky.
Maintained and Hosted by
Last updated 10 April 1998
This FAQ may be copied for noncommercial use provided that this notice
and all credits to the authors are included unmodified.
Links on the Web to the Coin Collecting FAQ are welcome.
The recommended address for links is
telesphere.com
While the FAQ can currently also be accessed by URLs containing sni.net or csn.net,
those addresses will no longer work in the event I change service providers.
Introduction
This FAQ addresses a few of the most commonly asked questions about coin collecting. It is intended only as an
introduction to the hobby. Years of research and even entire careers have been devoted to in depth study of specialized
topics, and many detailed reference works have been published (a few are listed in Part 2). While some of the material
is applicable to other numismatic collectibles, the emphasis here is on coins. In some cases, more complete information
is provided for U.S. coins.
Inclusion of a product, dealer or company in this FAQ does not constitute an endorsement or recommendation.
This material is updated periodically. Feel free to e-mail me with comments or supplemental info. Suggestions for
additional topics are also welcome, especially if you're willing to write a response to the question. Contributors will be
acknowledged in the FAQ.
Table of Contents
What's It Worth?
1. What are my coins worth?
Collecting
2. What is numismatics?
3. What coins do people collect?
4. What's the best way to get started?
5. Where to find collectible coins
6. How to handle coins
7. Grading
8. Pricing
9. What's the best way to clean my coins?
10. How can one tell when a coin has been cleaned, especially if it was cleaned long ago?
11. How should I store my coins?
12. Tools of the trade
13. How can I protect my collection from loss by fire or theft?
Internet Resources
14. Numismatic Newsgroups
15. Numismatic Web sites
16. Other numismatic resources available on computer networks
17. Are lists of coin values available online?
Coins as Investments
18. Risks of investing in coins
19. Bullion coins
20. Rare coins
Miscellaneous Topics
21. Numismatic Publications
22. What are proof coins? What's the difference between the various proof sets offered in recent years by the U.S.
mint?
23. What are slabs?
24. How can coins be removed from slabs?
25. What materials have been used to make coins?
Written and hosted by Tony Clayton (tony@tclayton.demon.co.uk)
26. What's the best way to send coins to someone?
27. Clubs and other collector organizations
Glossary
1. What's Are My Coins Worth?
Because variations of this question are the most common numismatic queries on the Net, and they are not nearly as easy
to answer as you might think, this entire section is devoted to helping you learn the value of your coins. In general, a
coin must be physically examined to determine its authenticity, grade and the presence or absence of
problems before a value can be established.
Like anything else, a coin is "worth" what someone is willing to pay for it. Several factors will be taken into account by a
potential buyer to establish what he or she considers a fair price:
Identification: What country issued the coin? What is the face value, the date and the mintmark (if any)? If more
than one design was used that year, which one is it? Usually, this information can be determined without much
difficulty. Note that if no denomination (face value) is indicated, your coin-like object is, in fact, probably a token
or medal.
Authenticity: Counterfeits and alterations of many, many coins have been made by unscrupulous persons
looking to part collectors from their money. An expert opinion may be needed to determine whether or not a
coin is authentic and is mandatory for more valuable coins.
Grade: A grade summarizes the overall condition of a coin. Fair market value often varies by orders of
magnitude for the same coin in different grades. This topic is covered in detail in Part 2 of this FAQ.
Cleaning and other damage: In general, collectors prefer coins which have not been tampered with, such as by
cleaning or polishing. A coin that is corroded, scratched, holed (drilled through so that it can be hung on a chain),
altered, artificially toned, "dinged" on the edge, or simply unattractive for the grade is less desirable than a
"problem free" specimen. "Problem coins" are still bought and sold but generally at a substantial discount
compared to problem free examples.
Grade and damage may have little or no effect on prices of coins which have little numismatic (collector) value but often
result in major price differences for coins of interest to collectors. Once you have identified a coin and have have some
idea of its grade, you can check a price guide for values. Coin Universe posts prices for many U.S. coins on their web
site. Some of the most commonly used coin price publications for both U.S. and world coins are listed in Part 2. These
publications are available in many libraries and coin shops.
Some of the other topics in this FAQ may bring you closer to finding the value of your coins. Learning more about your
coins may help you get a better offer, should you decide to sell them, and to know when an offer is reasonable or not.
Frequently requested values for coins:
Circulated U.S. wheat cents (1958 and earlier)
Most dated 1940 or later are purchased by dealers for less than 2 cents each. Some of the earlier dates are
worth more (a few cents to several dollars), and checking a price guide is a good idea if you have them.
"Steel pennies"
Zinc plated steel cents, which were minted only in 1943, may be worth under 5 cents to about 50 cents if
circulated, and up to a few dollars if uncirculated. Steel cents that have been "re-processed" (given a new zinc
coating) are not worth uncirculated prices.
Silver dimes, quarters and halves
U.S. dimes, quarters and half dollars dated 1964 or earlier are 90% silver and were made with 0.723 ounce of
silver for each dollar in face value. Even if the coin is a common date (and most dated 1934 or later are), it's still
worth more than face value because of its silver content. The amount varies with the spot price of silver. Precious
metals spot prices are available at Kitco Inc. Multiply the current spot price of silver by 0.723 and by the total
face value. For example, if spot is $6.00 per ounce, the bullion value for $100 face value is
$100 x .723 x 6.00 = $433.80
Note that dealers buy "junk" 90% silver for a bit less than its silver value and/or sell it for a bit more. Many
uncirculated silver coins and some circulated ones may be worth a premium over the silver value. Check a price
guide to see if you have any "better dates."
U.S. half dollars dated 1965 through 1970 are 40% silver.
Silver dollars
U.S. silver dollars (1935 and earlier) were made with 0.77 ounce of silver each. Unless damaged or severely
worn, there is at least a small premium over the silver content, as these coins are widely collected. Some of these
coins are worth considerably more than the most common dates, so it's a good idea to check a price guide to see
if you have one.
Susan B. Anthony dollars
If you received it as change, it's most likely worth one dollar. Proof SBA dollars are worth more, but proof coins
are rarely found in circulation.
Bicentennial quarters, halves and dollars
Billions of these coins were made. A few dealers pay about 10% over face value for rolls of very lightly
circulated bicentennial coins. Special 40% silver bicentennial coins were also minted for sale to collectors (easily
detected by the absense of copper on the edge), but it's unlikely these coins would be found in circulation.
A coin with two heads, two tails or designs of two different coins
These pieces are novelty items sometimes called magician's coins. They are alterations created after leaving the
Mint by hollowing out one coin and trimming down another to fit inside. A seam can be found along the inside
edge of the rim on one side. They have no value to coin collectors.
Coin commemorating the wedding of Prince Charles and Princess Diana
Many millions were made by several British Commonwealth nations. The current price range for most is $5-25.
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