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Thursday, 24 December 2009
The coin-price is right
There are many resources that can help coin collectors, old or new, in determining the value and worth of the coins they have.
There are books out, “The Red Book” (A Guide Book of US Coins), “The Blue Book” (A Handbook of US Coins), as well as coin newsletters and catalogues available at any public or private library, coin dealers/shops anywhere in the US. There are also online guides for the prices of US coins available on the web, specifically the NumisMedia site.
For a synopsis of the price of each coin, the following are the basic values of each cent, penny, or dime in the market.
The United States wheat-cent, the circulated ones
The price of these coins made prior to 1958, or those that are dated 1940, are currently being purchased by coin dealers for two cents each, or less. Those made before 1940 command a much higher price - from a few more cents to a few dollars.
The silver-dollars
Silver-dollars from the US, especially those made before 1935, have almost an ounce of silver in them. These coins are the favorites of coin collectors and could be sold for more than their actual value in silver if they are undamaged or not worn severely.
The dollars of Susan B. Anthony
If by luck you happen to get one of these as a change, the value is more than a dollar and proof Susan B. Anthony dollars command even more. They are not easy to fine as they are not usually being circulated.
Quarters, dollars and halves – the bicentennial kind
There were billions of these coins made out, and because there are so many of them, their worth is usually just face value. There are coin dealers however who pay ten percent of the face value as premium for circulated bicentennial coins, and a few dollars more for those that are uncirculated.
A freak coin
Believe it or not, there are two-headed coins out there. Basically, these are coins with two different designs on each face. These coins were made in error and mistake was not discoverer until the year 2000. This type of coins is usually called “mules”. In 1999, it was found that a cent with Lincoln’s face on one side and Roosevelt’s dime image on the other existed.
It you find a coin of this it must be taken to a legitimate coin dealer and assessed to determine if is genuine. If so, this coin could be put up for auction and command a few dollars more.
It is therefore true that a coin is basically worth more than meets the eye.
There are books out, “The Red Book” (A Guide Book of US Coins), “The Blue Book” (A Handbook of US Coins), as well as coin newsletters and catalogues available at any public or private library, coin dealers/shops anywhere in the US. There are also online guides for the prices of US coins available on the web, specifically the NumisMedia site.
For a synopsis of the price of each coin, the following are the basic values of each cent, penny, or dime in the market.
The United States wheat-cent, the circulated ones
The price of these coins made prior to 1958, or those that are dated 1940, are currently being purchased by coin dealers for two cents each, or less. Those made before 1940 command a much higher price - from a few more cents to a few dollars.
The silver-dollars
Silver-dollars from the US, especially those made before 1935, have almost an ounce of silver in them. These coins are the favorites of coin collectors and could be sold for more than their actual value in silver if they are undamaged or not worn severely.
The dollars of Susan B. Anthony
If by luck you happen to get one of these as a change, the value is more than a dollar and proof Susan B. Anthony dollars command even more. They are not easy to fine as they are not usually being circulated.
Quarters, dollars and halves – the bicentennial kind
There were billions of these coins made out, and because there are so many of them, their worth is usually just face value. There are coin dealers however who pay ten percent of the face value as premium for circulated bicentennial coins, and a few dollars more for those that are uncirculated.
A freak coin
Believe it or not, there are two-headed coins out there. Basically, these are coins with two different designs on each face. These coins were made in error and mistake was not discoverer until the year 2000. This type of coins is usually called “mules”. In 1999, it was found that a cent with Lincoln’s face on one side and Roosevelt’s dime image on the other existed.
It you find a coin of this it must be taken to a legitimate coin dealer and assessed to determine if is genuine. If so, this coin could be put up for auction and command a few dollars more.
It is therefore true that a coin is basically worth more than meets the eye.
Keeping Coins Clean Using a Folder
The price of an antique item goes up if it is kept in good condition. By having it stored in a safe place, one can be sure that it will not be damaged by the elements or by negligence that will reduce its value in the market.
Coins are easy to take care off. For those who have been doing this for years, such collections are usually framed or under glass and are often seen in places such as a large museum. But to individuals who are just starting out, putting it in an old shoe box or jar will do.
Later, when the collection is larger, it is time to invest in a coin folder that would better protect and hold the coins. These folders can be bought in different sizes depending on the type of coins the individual is collecting. The coins can be stored in individual plastic pockets or in sheets that make up the album. They are available at the local coin store or can be ordered from the web. The advantage of using these is that they are handy to carry around make it easy for the person to show. These can be brought to exhibits and other venues where the coins can be traded, sold or exchanged with coins that other people may have.
Keeping the coins in mint condition does not only mean storing them in a folder. Whenever the person adds a new coin to the collection, it is ideal to first have it cleaned before putting it in with the others.
This can be done by taking it to a coin shop and paying for the services, or if you prefer to do it yourself, is by soaking it in a liquid such as vinegar, rubbing alcohol, lemon juice or ammonia which is sure to remove any dirt or encrustation that are present when it was acquired.
They should then be air-dried or patted dry with a soft cloth. It is not a good idea to rub or polish the coins since scratches can occur that may decrease its value in the market.
Serious coin collectors value the importance of storing these valuables in a safe and secure area. By investing in a coin folder, the person can be sure that the value of the coins will go up either when the demand calls for it or when there is a need to part with them.
Coins are easy to take care off. For those who have been doing this for years, such collections are usually framed or under glass and are often seen in places such as a large museum. But to individuals who are just starting out, putting it in an old shoe box or jar will do.
Later, when the collection is larger, it is time to invest in a coin folder that would better protect and hold the coins. These folders can be bought in different sizes depending on the type of coins the individual is collecting. The coins can be stored in individual plastic pockets or in sheets that make up the album. They are available at the local coin store or can be ordered from the web. The advantage of using these is that they are handy to carry around make it easy for the person to show. These can be brought to exhibits and other venues where the coins can be traded, sold or exchanged with coins that other people may have.
Keeping the coins in mint condition does not only mean storing them in a folder. Whenever the person adds a new coin to the collection, it is ideal to first have it cleaned before putting it in with the others.
This can be done by taking it to a coin shop and paying for the services, or if you prefer to do it yourself, is by soaking it in a liquid such as vinegar, rubbing alcohol, lemon juice or ammonia which is sure to remove any dirt or encrustation that are present when it was acquired.
They should then be air-dried or patted dry with a soft cloth. It is not a good idea to rub or polish the coins since scratches can occur that may decrease its value in the market.
Serious coin collectors value the importance of storing these valuables in a safe and secure area. By investing in a coin folder, the person can be sure that the value of the coins will go up either when the demand calls for it or when there is a need to part with them.
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