Classic Rare Coins FAQs
Bullion coins and numismatic (or classic rare) coins serve different purposes in the world of coin collecting and investment.
Numismatic or Classic Rare Coins are collected primarily for their historical significance, rarity, design, and other collectible attributes.
Their value is determined by factors like rarity, condition (grade), historical significance, and demand among collectors. The metal content is often secondary to their numismatic value, while for the bullion coins it plays the main role in determining their value.
The value of a classic rare coin is influenced by a combination of intrinsic and extrinsic factors. Here are the primary determinants: rarity, condition or grade,
historical significance, demand, metal content, aesthetic appeal, provenance, mint marks, errors and varietiese, age, market trends, promotion and publicity.
Proper storage and care are essential to maintain the condition and value of your classic rare coins. Here are some guidelines to help you preserve them:
Always handle coins by their edges, never by the obverse (front) or reverse (back) surfaces.
Before handling coins, wash your hands to remove oils and dirt. Consider wearing soft, lint-free cotton gloves.
Store coins in individual holders like coin flips, capsules, or air-tites to prevent them from touching each other.
Opt for holders made from archival-quality, non-PVC materials to prevent chemical reactions that can damage coins.
For collections, use coin albums or folders made of archival-quality materials.
Store bulk coins in specialized coin storage boxes or tubes.
Keep coins away from direct sunlight, which can fade or discolor them.
Store coins in a cool, dry place. Humidity can lead to corrosion, especially for copper coins.
Avoid areas with significant temperature fluctuations.
Keep coins away from chemicals, cleaning agents, and PVC-containing plastics.
Do Not Clean Coins. If you believe a coin needs cleaning, consult with a professional first.
Never use abrasive materials or commercial cleaning solutions on coins.
For valuable collections, consider using a safe or safety deposit box to protect against theft or fire.
The rarity of a coin is determined by a combination of factors that contribute to its scarcity and desirability. Here's what generally makes a coin "rare": low mintage, surviving population, historical significance, errors, condition, provenance, age, metal content.
Coin grading is a systematic process used to determine the condition or state of preservation of a coin. The grade of a coin plays a crucial role in determining its value, as coins in better condition are generally more sought after by collectors and investors.
The most widely accepted grading scale in the U.S. is the Sheldon Numeric Scale, which ranges from 1 to 70. A grade of 1 represents a coin that is barely identifiable, while a grade of 70 represents a coin in perfect mint condition.
The scale includes designations like Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF/XF), Almost Uncirculated (AU), and Mint State (MS), with Mint State coins graded from MS-60 to MS-70.
The executive order in 1933 that led to the majority of gold being turned in specifically exempted "rare and unusual" coins. This means that Pre-1933 Gold Coins, especially those of numismatic significance, are not subject to potential gold confiscation laws, making them attractive to certain investors.
The world of numismatics is vast, and the most sought-after classic rare coins can vary based on region, historical significance, rarity, and personal collector preferences. However, in the context of U.S. coinage, several coins are particularly renowned for their desirability among collectors:
1804 Silver Dollar ("The King of American Coins"): Only 15 known examples exist, and it's one of the most famous and desired coins in U.S. numismatics.
1913 Liberty Head Nickel: Only five specimens are known to exist, making it one of the rarest and most valuable coins.
1909-S VDB Lincoln Cent: This coin is sought after due to the "VDB" initials of the designer, Victor David Brenner, on the reverse. The initials were removed later in 1909, making the initial version more valuable.
1894-S Barber Dime: Only 24 were minted, and fewer are known to exist today, making it one of the rarest and most valuable dimes.
1933 Saint-Gaudens Double Eagle: Originally, 445,500 were minted, but most were melted down due to the Gold Confiscation Act. Only a few are known to exist legally, and they command high prices at auctions.
1877 Indian Head Cent: This coin is known for its low mintage and is the key rarity in the Indian Head cent series.
1822 Half Eagle: Only three specimens are known to exist, with two of them in the Smithsonian Institution's National Numismatic Collection.
1943 Copper Lincoln Cent: In 1943, pennies were made of steel due to wartime copper shortages. However, a few were mistakenly struck on copper planchets, making them extremely rare.
1794 Flowing Hair Dollar: Believed to be among the first dollars minted by the U.S. Mint, it's highly sought after for its historical significance.
1955 Double Die Lincoln Cent: This coin is famous for a noticeable doubling in the date and lettering, making it a favorite error coin among collectors.
1787 Brasher Doubloon: Minted by goldsmith Ephraim Brasher, this gold coin is one of the most valuable and iconic coins from the pre-federal U.S. era.
1885 Trade Dollar: With a mintage of only 5,000, it's the rarest of the Trade Dollar series.