Anyone with old coins lying around at home could be sitting on a fortune. Chris Yang, co-founder of Coins Value, has revealed three key indicators that your neglected change might be worth a pretty penny and where to get the best price for them.
It’s perhaps hard to believe that the most valuable coin ever fetched a staggering £13,334,400 ($18,872,250) at Sotheby’s in New York, according to Guinness World Records. Other slightly less rare varieties may command anything from a couple of pounds to thousands, too.
Chris said: With some research, you may find that old coins lying around your house have a monetary worth so much higher than their face value. […] To determine if your coins are worth a lot of money, look for the following key factors.”
Grade
To boil it down, the ‘grade’ of a coin is essentially its condition. Even in cases where a coin is especially uncommon, it won’t fetch much money if it’s damaged or worn down.
“Coins in perfect ‘mint’ condition are worth far more than their well-worn, damaged, and poor-condition counterparts,” Chris said. “Sometimes a minor difference in grade translates to hundreds, maybe thousands in value.”
As of now, there are numerous different ways of assessing grade across the world. Establishing whether a coin is counterfeit is a big part of this too, as fraudsters use various sneaky techniques to make fake money look as authentic as possible.
Coins that are discoloured, unclean or damaged make it challenging to determine a coin’s realness. However, auctioneers at Warwick & Warwick assert that cleaning a coin yourself isn’t the answer, as it could make things worse.
“You may be surprised to know that cleaning a coin can often reduce its value – so don’t do it,” its specialists claim. “Consult a numismatic expert and, if appropriate, they will clean the coin on your behalf.”
Date and mintmark
Next, it is crucial to find out when your coins were minted, or made, which is usually indicated by a mintmark. It might seem obvious, but the oldest coins are typically the most valuable – particularly if they’re from before 1900.
This isn’t always a hard and fast rule, though. Just recently, a 1933 coin reportedly fetched a whopping £140,000 as only seven are known to exist worldwide, according to the Daily Record.
In reference to US currency, Chris added: “Also, there are some mintmarks like CC and S for Carson City and San Francisco. These coins are rarer. Mintage—the lower the original number, the more valuable they tend to be.
“For instance, the 1794 Flowing Hair Silver Dollar had a mintage under 1,800 and can sell for millions.”
Errors and varieties
Although you may assume that errors would devalue a coin, the opposite is often true. Chris spotlighted the Double Die Penny as one example of this – a 1955 US cent that shows two images instead of one due to manufacturing issues.
These are worth more than £1,413 ($1,800). Besides this, an undated 20p is also popular among UK collectors. It was produced in 2008 but no date is shown on either side, adding to its appeal.
Specialists at the Britannia Coin Company explain: “The holy grail of change collecting: the rare undated 20p. An interesting error occurred at The Royal Mint in November 2008: a small number of Twenty Pence pieces were struck without the year.
“These British coins were the first in more than three hundred years to enter circulation with no date. The Mint reports that of the 136 million Twenty Pence pieces minted that month, only about 250,000 coins were minted with this unique error.”
How can I sell my coins?
When it comes to selling, after unearthing valuable rare coins, you might be tempted to cash in at once. Nonetheless, Chris advises patience, suggesting that holding on to them could prove even more lucrative over time as their market value tends to increase.
He went on: “If the coin you own is highly important, the best practice is to hold onto it unless the need to raise money is urgent. The better issues of these important coins gain in value over time. The prices of these scarce coins are subject to some uncertainty based on alterations in the overall market and economy.
“When selling, shop around various dealers and obtain the best price. An auction house is considered to achieve the maximum value for really spectacular pieces. Be prepared to pay a 10-20% commission on the selling price.
“In sum, scrutinise your coins, have them identified and graded professionally, and work with experienced numismatists to determine the real value of your coins so that you can sell them for the best price.
“Remember, the thrill of coin collecting isn’t always about striking gold; it’s about connecting with history and uncovering hidden treasures. Your old coin jar might hold more than just spare change – it could be a portal to a fascinating past.”