What To Do With Old Coins?
What To Do With Old Coins?
Did you recently find a chest full of old coins in your grandmother's basement? Unsure if they are worth money? Below is a list of quick to-do items to make sure you know exactly what to do with your old coin collection:
Why Collect Old Coins?
Coins are so prevalent in the average human's life that they are often overlooked and relegated to jars, laundry room shelves, piggy banks and the ashtrays in vehicles. But some of these coins could be worth something.
When finding a large stash of coins in an attic or parents' home, make sure to examine each coin, before cashing in at the bank. Chances are you will run across something valuable - especially if the coins are from before the 1950's. Also, don't necessarily neglect modern rare coins which can include coins from as recently as 2014, as there are many which have significant value. There are a lot of strategies you can take in order to find old coins. Read our guide to finding old coins here!
How Do I Find The Value Of Old Coins?
To determine if the coin is an official U.S. Mint product, search for an engraving that reads “In God We Trust” if the coin was issued in 1866 or after. Coins minted after 1820 bear the engraving “E Pluribus Unum.” Though most regular issue pennies, nickels, dimes, quarters and half dollars are valued close to the value printed on the coin, many regular issue coins are considered rare based on age or scarcity. Search for the mint mark on the coin. This is a small letter on the coin denoting where it was minted. Coins without a mint mark may be very old and valuable.
To determine the condition of a coin requires grading, a process performed by professionals. Take your coins to a local dealer to have them graded. This is not something that can be done by the untrained eye. Old coins worth money is a serious subject, and if you find the right coin in your collection, you can make some serious money. To find prices associated with old coins, use the price guide at the PCGS site.
How To Sell Old Coins
Before selling your old coins, make sure you are fully apprised of the value of what you possess. International Precious Metals, one of only two dozen companies recognized as a National Dealer in official United States Mint literature, can assist you with an appraisal. American Numismatic Association members on their staff can provide expert advice in evaluating the worth of your coins. You can also sell your coins to IPM, which has the advantage of offering you face to face and immediate transactions.
Melting Old Coins
Sometimes a box of old pennies is just that – a box of old pennies. If you find a large quantity of coins that are not worth any more than their face value, it may be worth it to melt it down and sell it as junk metal. The larger the amount, the better.
The US Mint Annual Report, which was released in 2014, stated that it costs the U.S. Mint 1.83 cents to produce each penny, primarily due to the high overall and combined cost of materials, production, and distribution. Though the 1.83 cents seems like a lot, it should be noted that in 2011, it cost 2.41 cents. The US loses approximately $55 million a year on Penny production, leading to calls by many for the abolishment of the Penny.
Investing In Coins For Profit
It is possible that by keeping old coins, you may benefit more in the long run. Coins possess value beyond their face value in their artwork and the history they convey. If you find some particularly valuable old U.S. Mint issues, you may want to keep them as the basis of a personal collection, one that you can add to and diversify over the years.
Feel free to learn more about precious metals and valuable coins by checking out our other unique blog posts, including Is Copper A Precious Metal, Gold Surging As The Corona Virus Spreads & Is it Safe to Buy Gold Online.