What My Rare Coin Collection is Worth?

Many people inherit rare coin collections or have been collecting for years and do not know how to properly determine the value of their collections. This could often lead someone to sell rare coins too cheap. Below, you will find some of the best practices that astute coin collectors follow to determine the value of their rare coin collections. Continue reading to learn how to tell what your coin value is and how to tell what your rare coin collection is worth.

Looking to Sell Certified & Rare Coins?

At Bullion Shark, we're passionate about numismatics, and we're always on the lookout for unique and valuable coins to add to our collection. If you have certified and rare coins that you're considering selling, you've come to the right place! Fill out the form: https://bullionsharks.com/sell-to-us/

Rare Coin Resources

A plethora of resources exist to help you determine the value of your rare coin collection. However, the most common and trusted source is the Red Book. This is known as "A Guide Book of United States Coins." 2020 marks the 73rd Edition of the book. It is written and edited by some of the most trusted names in the rare coin industry. The book provides a brief history, mintage numbers and a price guide based on specific grades. NGC and PCGS, two of the most trusted rare coin grading companies, have also published price guides on their websites to help you determine the value of your rare coins. It is important to note, that the price guides should be considered a guide. The pricing is often a good indication of the value, but keep in mind that some coins are exceptional and carry a premium and some are not so exceptional and may be sold at a discount. 

Rare Coin Grading

One of the best ways to make sure that you know what you are looking at is to get your coins graded. This process will assign a numerical grade to your coin. The grading scale is called the "Sheldon Scale," which rates coins from 1-70. Coins can vary wildly from one grade to the next, so it is important that you know the exact grade of your coin. This does not always hold true. It is important to note that some coins are simply not worth getting graded. For example, to pay $20 to get a Peace Silver Dollar graded that is worth $17 would not be worth it if it only increased the value by $20 or less. Nonetheless, third party coin grading has brought much integrity to the rare coin market and helps coin collectors get a better grasp on the value of their rare coin collections. 

Rare Coin Companies and Trusted Dealers

Coin dealers are experts in their field. When you have a medical question, you ask a doctor for advice. When you have a question about a $20 Saint Gaudens, you ask a coin dealer for his or her advice. Many coin dealers offer free appraisals, with not strings attached. They may even make you an offer on what you brought in to show them. It is important to make sure that they are a trusted dealer to make sure you get a fair offer for your coin collection. You can do this by reading online reviews, researching how long they have been in business and checking out if they have any affiliations with major entities within the industry. It is also helpful to get multiple appraisals to determine the value of your pieces. It is also important to note that coin dealers often have a "specialty." Some coin dealers specialize in Pre-1933 Gold Coins, some in Silver Dollars, some in Modern Coins and some in ancient rare coins. It makes the most sense to get an appraisal from a dealer who specializes in the particular type of rare coins you may have. They often have the best resale market for those types of coins and get get you top dollar.

Spot Price of Gold, Silver and Platinum

It is important to be aware of the current spot prices of gold, silver and platinum. Most of your coins are composed of these precious metals. Pre-1965 United States coins are composed of 90% silver and Pre-1933 gold is made of 90% gold. Modern rare coins are often composed of .999+ purity. Knowing the precious metal content of your coins may also help give you an indication of their value. Of course, many coins are worth much more than just their melt value, but this is a starting point. 

Conclusion

Determining the value of your rare coins can be tough. Bullion Shark is trying to make this more simple for you. If you have any questions, don't hesitate to call us at 516-739-5822 to speak with one of our rare coin specialists. You can also browse our site www.bullionsharks.com to see what the retail value of your coins might be.

*These are solely the opinions of Bullion Shark, LLC and are not intended to be used as investment advice. Please consult an investment adviser before investing.

FAQ

How can I determine the value of my rare coin collection?

You can determine the value of your collection by researching coin catalogs, consulting with coin dealers or numismatic experts, and using online resources like price guides or auction results.

What factors affect the value of a rare coin?

Factors that affect a coin's value include its rarity, condition (grade), demand, historical significance, and current market trends.

Are there any online resources or tools I can use to estimate the value of my coins?

Yes, websites like PCGS Price Guide, NGC Price Guide, and CoinStats offer valuable information and tools for estimating coin values.

Should I get my coins appraised to determine their value?

Getting your coins professionally appraised can provide a more accurate assessment of their value, especially for high-value or rare coins.

How often should I check the value of my coin collection?

It's a good idea to periodically check the value of your collection, especially if you're considering selling or insuring it.

Are there any specific markings or characteristics that can indicate a coin's value?

Yes, coins with mint errors, varieties, or certain historical significance can often command higher values among collectors.

Can I sell my coins for their face value?

Rare coins are typically worth more than their face value due to factors like metal content, rarity, and collector demand.

What should I do if I suspect I have a valuable coin in my collection?

If you believe you have a valuable coin, it's advisable to have it authenticated and graded by a professional grading service to determine its worth accurately.

How do I know if my coin is in good condition and will fetch a higher price?

Coins in higher grades, such as Mint State (MS) or Proof (PR) grades, generally command higher prices due to their better condition and appearance.

Are there any specific trends or events in the coin collecting market that can impact the value of my collection?

Yes, factors like market demand, economic conditions, and collector trends can all influence the value of rare coins over time.

What is the difference between the value of a rare coin and its bullion value?

The value of a rare coin is based on its rarity, demand, and condition, while its bullion value is determined by the value of the metal it contains.

How can I find a reputable coin dealer to help me determine the value of my collection?

You can find reputable coin dealers by checking online reviews, asking for recommendations from other collectors, and verifying their credentials with professional organizations like the Professional Numismatists Guild (PNG).

Are there any specific coins that are known for being highly valuable?

Yes, coins like the 1804 Silver Dollar, 1913 Liberty Head Nickel, and 1933 Double Eagle are known for being extremely valuable due to their rarity and historical significance.

How can I protect my rare coin collection from theft or damage?

You can protect your collection by storing it in a secure location, such as a safe or safety deposit box, and insuring it against theft or damage.

Are there any tax implications of owning a rare coin collection?

In some cases, owning a rare coin collection may have tax implications, such as capital gains tax when selling coins for a profit. It's advisable to consult with a tax professional for specific advice.

What should I do if I inherit a rare coin collection and want to know its value?

If you inherit a coin collection, you can determine its value by having it appraised by a professional or using online resources to research the coins.

How can I tell if a coin has been cleaned or altered, and how does this affect its value?

A cleaned or altered coin may have a different appearance than a natural coin, and this can significantly affect its value, often decreasing it.

What is the difference between a coin's "book value" and its actual market value?

A coin's book value is an estimated value based on published price guides, while its actual market value is the price it would likely sell for in the current market.

Are there any specific resources or books I can use to learn more about coin collecting and coin values?

Yes, there are many books and resources available for coin collectors, including "The Red Book" (A Guide Book of United States Coins) and various online forums and websites dedicated to numismatics.

How can I determine the rarity of a coin and how does rarity affect its value?

The rarity of a coin can be determined by factors such as its mintage numbers and survival rate. Coins that are more rare are often more valuable to collectors.

What should I do if I want to sell my rare coin collection?

If you want to sell your collection, you can do so through a reputable coin dealer, an auction house, or online marketplace. It's important to research your options and get multiple offers to ensure you're getting a fair price.

How can I avoid scams or fraud when buying or selling rare coins?

To avoid scams, it's important to deal with reputable dealers, authenticate coins before purchasing, and be wary of deals that seem too good to be true.

Can I insure my rare coin collection and how much does it cost?

Yes, you can insure your collection against theft, loss, or damage. The cost of insurance will depend on the value of your collection and the coverage options you choose.

Are there any specific coins that are currently in high demand or seeing an increase in value?

Coins like the American Silver Eagle, certain Morgan Dollars, and key date coins from various series are often in high demand among collectors and investors.

What should I do if I suspect my rare coin collection has been stolen?

If you suspect your collection has been stolen, you should report it to the authorities immediately and provide them with any relevant information, such as serial numbers or unique markings on the coins.