Pocket Change Riches | What's in your pockets?

November 30, 2022November 30, 2022

What to do when you have some old coins

If you find, inherit, or are given some old coins, especially if there are a lot of them, you will want to find out their value, as metal and collectible or sentimental value.

Bringing the coins to the local coin shop, actually more than one, would be a good idea to get the price they would pay for any of the coins that might be valuable or desirable. Do not clean the coins, as this may change their value significantly.

I would go one more step, if you have the time and desire; Get a magnifying glass and examine the coins; look some up on-line, or buy a coin book to see what you have. The coins are most likely circulated and not in pristine condition (like proof coins) but they still may have value to collectors, if you are looking to sell them.

600-Pocket Coin Collection Holder Book Album for Collectors Coin Collection Organizer Storage Box Case Supplies

Resist the temptation to sell to the first person you show them to. Do not sell them by weight. Consider getting flips and an album to preserve and present the seemingly most valuable ones.

And lastly, consider keeping some as a memento or giving a few away as gifts. There are Jewelry holders for coins, as well as displays and gift boxes. Coins are an enduring piece of history that you can hold in your hand. If you keep them, consider getting a basic coin collecting kit to store the coins safely.

Here are some articles that may give you some additional insight:

Appraising Coin Collections, Consumer Reports

Evaluating old coins, Pratt Library.org

Found a Hoard of old Coins? Here’s how to proceed. Dr. Sol Taylor

Coin Collecting for Beginners 2023: The New Updated Guide to Easily Start Your Coin Collection and Learn How to Identify, Value, Preserve and Profit From Your Hobby

I hope this will help guide you in evaluating your coins and what to do with them! Underlined links are to Amazon, and help support my coin collecting habit! Thanks for reading my Blog!

May 10, 2022May 10, 2022

What do you do with a big collection of pennies, most of which are damaged or in poor condition?

Best thing to do is bring them to a bank. But this is not your only option; I will offer one other suggestion; Which will require some effort on your part.

Sort the pennies into two piles, pre-1982 and post 1982. Pennies minted prior to 1982 are solid copper, and worth .03 cents each to a copper stacker, who might be interested in buying them for future sale. (anything severely damaged will have to go to the bank, or possibly be advertised and sold on Craigslist in bulk for face value plus a small premium, if you find a buyer)

buy bulk pennies on Amazon – or sell them if you have a surplus!

Everything newer than 1982 goes to the bank, to be exchanged for cash. (Unless you search for 2009 pennies, which are more valuable because it was a low mintage year, but be aware that only ones in good condition can be worth as much as .30!

If possible, divide the remaining pre-1982 pennies into piles based on their dates. Hopefully you will be able to read the dates and identify Wheat pennies which may have a premium.

At this point, you can sell the pennies – always disclose their less than pristine condition – in a bulk sale on eBay, Facebook marketplace, or Craigslist. If you get .03 cents for them, you will triple the face value based on the value of the copper content in the pennies.

Now remember I suggested you divide the pennies based on date, this is where some work comes in; get a book like “strike it rich with pocket change”

Strike it rich with Pocket Change, available on Amazon

and determine if you have any collectible/valuable years. Pull these out and sell them separately, in a lot or individually depending on how much time you have to invest in the project. You may have to discount them due to condition (never clean them, always disclose that they are damaged and less than pristine). At this point a dealer or serious coin collector might make you an offer.

While This is a lot more work than dropping them off at a bank, you may recoup a decent return on your efforts if you have some key dates on your older coins, or “mint errors”.

If you are fortunate enough to have a teenager available, this will be an excellent way to motivate them to think “outside the box” and earn some pocket change in the process. (this may not work on some teenagers).

In any case, best of luck sorting and hopefully selling your pennies at a profit!

October 30, 2020October 30, 2020

Where can I sell my 1943 steel penny?

The 1943 Penny is a steel wartime cent (penny). You can read a detailed description on Wikipedia. The 1943-D penny had 217 thousand minted, while 1944 and 1945, back to the traditional copper design, each had well over a billion minted.

1943 Lincoln Steel Penny, available on Amazon

The value of a 1943 Steel cent is listed on the cointrackers website.

You can post it on eBay, or take it to your local coin shop.

Steel Pennies for sale on eBay

This site is for dealers registered with the American Numismatic Association:

Search Coin Dealers By Location | Find Coin Dealers Near You

You can also bring your coin to a local coin show or coin club, they may be able to advise where to sell it or give you and educated idea of it’s value.

If your penny is not worth a lot, consider keeping it as a keepsake or making it into a piece of jewelry. While it may not enrich you financially, it can be a pretty keepsake or necklace for someone you care about.

If the penny is dull, there are plenty of YouTube videos and guides on how to polish a penny.

And if you are ambitious, it may be worth more as a jewelry piece than as a penny! Look at this one on Amazon!

Take a look at this:

These coin bezels are available on Amazon. You don’t need to be a jeweler to make your coin into a novelty jewelry item! (you will need a chain too – and they have rings as well! (Don’t forget to get a matching necklace too).

When you are creative, even a penny can become a fun project, and potentially profitable!

Oh, If you believe in Luck, you can buy this bezel:

October 29, 2020October 29, 2020

Is it worth it to check your paper money to see if they are collectible or valuable?

While it can be time consuming, I always check my bills to see if they are “star” bills. When bills are printed, it is not uncommon to have one in a set that is spoiled or unacceptable for circulation. It is usually cut out of the page of bills and a “star” bill is substituted as a replacement banknote.

Star bills have an asterisk(*) at the end of the serial number.

Replacement banknote – Wikipedia

Here is a typical star note (image from Wikipedia)

My Favorite Casino Bonus!

My favorite Bonus is the Silver Strike collectible casino coin.

This is one from my collection

They come from Silver Strike slot machines, that look like this:

Most modern casinos don’t have these machines (anymore) because they are mechanical machines, not digital, and the souvenir coins cost more than many casino’s are willing to pay for a “give-a-way”. Paper chits are less expensive, because they have to inventory strikes and reload the machines frequently. The mechanical machines have more moving parts, and tend to need maintenance more often than electronic (digital)machines.

Personally, I love them, they are a cool souvenir! There is even a “Silver Strikers Club” that has meets at the 4Queens Casino on Fremont Street in Las Vegas every year (the 4 Queens has several machines still in service, and mints event and seasonal coins throughout the year). Most of the newer strikes have silver clad center disks (older ones are usually marked .999 silver). the 4Queens also has a lot of colorized strikes, which are visually exciting, even if they don’t have the silver value of the strikes with solid centers. Newer strikes usually are $10 casino tokens, worth $10 at the cashiers cage in the casino. eBay and amazon prices are usually higher, since there is no risk of losing your money when buying a coin directly.

Silver Strike coins from closed, sold, and re-named casinos are available on Ebay and Amazon. It’s an inexpensive way to have a unique and historical souvenir from Old Las Vegas. With higher silver prices and solid Silver centers (.8 of an ounce of silver) these older .999 silver strikes have both the value of the base metal and collectible value!

A Silver Strike Comeback

Silver Strikes – what to do with them

silver strike tokens | Pocket Change Riches

November 14, 2019September 17, 2020

Is it worth it to sort through the coins you get as change in the hope you will find one that’s rare and valuable?

Sorting through your change is a good practice, because you never know what kind of coins you will find. I make it a habit to put my change on my dresser, and sort through it to find any “treasure”.

I also take the surplus coins to the local coinstar machine, and exchange them for gift cards (no upcharge – so I can feed my Starbucks habit with my excess change)!

While I don’t have any expectation that I will find a rare million dollar coin, I do find many nice pieces for my collection, some of which I give to my grandson. Mostly all are in circulated or worn condition:

strike it rich with pocket change, from Amazon Books

Wheat pennies, of all ages
Old nickels, and occasionally old buffalo nickels
solid silver dimes, quarters, and the occasional Half dollar.
assorted foreign coins, of all ages and denominations.
I also look at my bills, as I often find error bills, two dollar bills, and some really old bills.

You also develop a healthy interest in coin collecting, as you learn which coins may have value, and which ones to toss in the coinstar Jar. For example, almost any coin minted in 2009 is worth more than face value, as 2009 was a “low mintage” year – so Coins don’t have to be ancient to have value!

2 lbs of coins on Amazon — Not getting any pocket change during the pandemic? Don’t Despair – you can buy old coins on Amazon and eBay!

If you are a visual person, take a look at this board on Pinterest, To get an idea of what coins to look for.

Sometimes I wonder what coins have passed through my hands that might have been exciting, had I looked….

November 10, 2019November 10, 2019

Is it worth having a coin collection?

If you get some pleasure from it, yes! Otherwise, you need to question why you have a coin collection. Many people inherit coins, save them as souvenirs, or keep them as lucky talismans, or are given them by relatives and friends. If your collection has meaning or sentimental value, then it most definitely will be “worth it” to keep.

Strike It Rich with Pocket Change: Error Coins Bring Big Money — Books on Coin collecting, from Amazon

Some collections will appreciate in value, especially if you add to them. (like owning every coin in a series, as opposed to owning one or two). Other coins may be common and not have much value-at the present time, but possibly in the future.

Coin Collecting: Learn How to Start Your Very Own Coin Collection Including Gold, Silver and Rare Coins — Another Title on How to Collect Coins, From Amazon Books.

If your goal is to profit from your coin collection, that takes some research into the coin values of your coins, and the hope that they may increase in value over time.

Coin collections can also be a part of your retirement plan and your estate, and can be left to your heirs as part of your legacy.

There are several books on the subject, if you are planning on leaving your coins to your heirs, It might be smart to leave a copy of this book with it. (Book from Amazon)

You can get display cases for your coins, and hang them on the wall or on a tabletop.

Coins can be real conversation pieces, so enjoy them (if you have not sold them or used them to buy your hatpin collection or Pez dispensers).

Thanks for the Question!

You can get Coin collecting supplies on eBay, and Amazon!

April 23, 2019April 23, 2019

Is it possible to make money collecting coins?

Collecting coins can be considered an investment as well as a hobby. Coins appreciate in two ways; The value of the base metal of the coin (silver-gold-platinum) and the condition, rarity, or collectible value.

You can make money buying and selling coins, but you need to familiarize yourself with the coins you want to collect, coin condition and grading standards, and coin values. Based on the amount of capital you want to invest, you may want to look at popular coins like Morgan Dollars (silver), and American Eagles (silver and gold). Don’t rush, follow values on popular coin sites and eBay, and accumulate coins when you see a good deal. Coins graded (by PCGS or NGC) and sealed in clear cases have value that is verifiable. You also should develop a relationship with a coin shop, their advice could be valuable, and they may be a good source of investment grade coins as well.

This is a good article on Coin grading – Wikipedia.

My answer is straightforward; if you are interested in investment or actively building a coin business, you can make money – as long as you take the time to learn how to value the coins to buy shrewdly or make a profit selling.

Shameless self promotion – I write about coins in my blog, Pocket Change Riches

Thanks for the A2A.

April 11, 2019April 23, 2019

How can I make money as a coin collector with no experience or knowledge?

Coin collectors don’t make money by collecting coins – they make money when selling all or part of their coins; sometimes to profit, sometimes to liquidate part of a collection, sometimes to pay bills.

Collectible coins are an accumulated or acquired asset. You are in a position to make money with coins when you can sell them for more than what you paid.

Most collectors (myself included) have a fondness for coins and collect for fun. If you approach coin collecting as a business, You can make money, but you need to learn the market. Your coin collection becomes inventory, you need to manage it, track your costs, advertise, and buy and sell to build up your business. Some coins may have value but not sell well; a downturn in the market may cause a downturn in your business.

If you are truly interested in coins as a business (and you need to treat it as such) I would suggest educating yourself as to what coins can make a profit, which coins sell quickly vs. sit on a shelf, and what kind of investment you want to make in your coin business.

Making friends with a local coin dealer, and going to shows is also helpful – their experience and advice can be invaluable.

To recap:

Decide whether you want to be a collector or coin dealer/trader
Treat coin collecting like a business, not a hobby
Learn as much as you can about grading and coin values
Track prices in the coins you want to inventory and sell
Make friends in the business, you will benefit by knowing them

Books that may help:

A Guide to Coin Collecting: A Guide to Buying, Selling and Finding Coins Online (Amazon)

Pleasure & Profit: 100 Lessons for Building and Selling a Collection of Rare Coins (Amazon)

Websites:

Dumb People Can Make Money in Coins

How to Make Money as a Coin Collector

Get the Inside Scoop on Buying and Selling Coins

YouTube video (one of many):

Thanks for the A2A! (This question originally appeared on Quora)

I wish you the best of luck in your numismatic endeavors!

Disclaimer: I blog about coins on my site, Pocket Change Riches

March 30, 2019April 23, 2019

How do you find out how much old coins are worth without getting ripped off?

If you have a substantial amount of coins, you should get them appraised. Some coin dealers routinely do this, for estates and insurance valuation/verification. since they are there to set the market value, and not purchase the coins, you should get a legitimate value.

Flips and coin collecting supplies are Available on Amazon and eBay.

Once you have an appraisal (or 2), you have to understand the market. Many people and dealers are looking to buy coins BELOW MARKET VALUE. Their business model is based on being able to sell their coins at a profit, and absorb minimal loss if the base metal prices drop or the market for specific coins changes. For example, if a coin dealer offers you $60 for a coin appraised at $100, he is factoring in the risk of losing money on the coin, if he cannot resell it at an attractive price between cost and appraised value. No coin dealer will give you market value for your coins; many may only be worth the base metal price, if they are silver or gold. Circulated and damaged coins are considered “culls”, and are worth base metal value, at best. They are usually too worn or damaged to have a premium to a collector. One caveat is if you have a unique or rare coin; a coin dealer may make a higher offer for it – especially if he wants to inventory it until it comes up in value.

Your fear is that you will be taken advantage of by a sharp dealer who will offer you a price that is (10–20%) of the actual value, based on your lack of knowledge. This is often done with Gold buyers, who often give very low valuations on gold to people who “just want to turn it into cash”.

Unless you have a collection of old and desirable coins, like Morgan Silver Dollars, Silver and Gold coins, and others – your collection may be a lot of circulated pocket change with some old or unique coins in the mix. Circulated coins do not carry the value of mint state or proof coins; Coins are graded based on wear, appearance, and overall condition. See How are coins graded? Graded coins have verifiable value and are usually sealed by the grading organization, PGS or NGC.

If you don’t want to be bothered, you could put the collection up for auction, but auctioneers take a portion of the profit to promote their auctions and get your coins sold. Same with eBay, etsy, and Craigslist sellers. The Auctioneers and other sellers need to appraise the coins as well; that cost is included in their fee, as they need to set the minimum value for auction or resale.

There are books on how to sell your coins, on Amazon and eBay.

If you have a teenager in the family, you could offer him/her a stipend or commission to sort and estimate the value of the coins, based on eBay and internet values, from sites like Coin Trackers. They will learn a valuable skill, and you will have a much better idea what the coins are actually worth. You will also keep the costs in the family.

To recap:

Get an appraisal (especially if you have a lot of coins you suspect are valuable/collectible)
Determine actual price, as a negotiating tool with buyers or coin dealers making offers.
Consider engaging an auction house, eBay seller, or etsy coin shop to market your coins. Since they make a set commission, they are motivated to get you the maximum price

Thanks for the A2A! (this question originally appeared on Quora.

Disclaimer: I write about coins on my blog, Pocket Change Riches, and collect coins I find interesting. I am also an eBay top rated seller, although most of my sales are not coins or bullion.

Best of Luck with selling your collection!