Numismatics — the collection of currency, including coins, tokens or paper money — has grown dramatically in popularity due the increasing price of gold and silver. Coin collecting has become a popular and profitable hobby that has fascinated people around the world. In fact, coin collecting has existed since ancient times. In 1514, French scholar Guillaume Budé collected coins during the Early Renaissance from European royalty and nobility. He created the first ever book of coins.
Modern numismatists and collectors are drawn to rare coin purchases for their place in history. Others buy old coins for their melt value, seeking vendors who will provide cash for gold or silver. Not all customers who seek coin assessment are hobbyists; some have just happened to come across rare coins and wish to seek their value.
If you have some interesting old or rare coins, bring them in to get valued. Did you know that a quarter from 1964 is worth $3? Thanks to the rising price of metals, we provide cash for gold and silver coins. Doylestown Gold Exchange & Jewelers can evaluate your coins and make fantastic offers. We buy primarily American, Mexican and Canadian currency. After evaluating the value of your coins, we’ll make you a competitive offer based on the day’s metal price. That jar of coins in your closet may be worth much more than you ever thought!
These are a couple of major factors that determine a coin value, or the price of what a dealer will pay you for your coin. Some of the most important aspects involved with buying and selling coins are mintage, demand, melt value and grade. Educating yourself on the coin trade will you help you discover valuable coins in the future.
Mintage is the quantity of a particularly coin produced by the mint. The lower the mintage, the more valuable a coin. Because there is less there of a particularly coin, it typically has a higher demand and value. Coins die at the end of that year and are normally destroyed and never used again. Once the year is over, the existing coin is all that is left.
The rarer your coin, the higher its value. Different factors and trends also determine demand. Recently the United States Mint started its 50 States Quarter Series, which popularized coin collecting across the country. You may remember in 2009, the penny was redesigned and caused a spiked interest in the Lincoln penny. These types of marketing campaigns and current events will factor into your collection’s demand.
Not all collectors are interested in historic or collection value, but rather melt value. Your rare coin purchase may have a higher value due the increasing price of precious metals like gold and silver. Coins dated before 1964 are worth more for their silver value than their collector value, as they have a higher amount of precious metal. This is because in 1965, the United States Mint changed the metal composition of the dime, nickel and half dollar from 90% silver to a less valuable base metal composition.
Collectors are always looking for coins that are in pristine condition. Uncirculated coins are considered to be the best condition for selling. In order to reach this fresh-from-the-mint look, the must have been coin properly stored right after it was pressed. But sometimes collectors hoard uncirculated coins, which degrades their value. There are various grading guides available online for collectors which help determine the coin’s market value, metal composition and damage over time.
These are some basic terms to get acquainted with as you begin your process of selling or buying rare coins. This hobby is fun and with right information can be profitable! Your relative’s old jar of coins might be the best place to start; rare and valuable coins are everywhere, as long as you know what to look for.