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.
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.
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:
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!
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….
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.
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.
In my opinion, collectible coins and bullion coins (Silver and Gold) can have a place in your retirement strategy, if you want physical wealth that has to be managed. The collectible value is frequently much more than just collecting bullion (bulk precious metal).
For example, I like US Morgan Dollars, each one is one ounce of silver, which is US Currency and (at a minimum) worth the value of the base metal, silver. If you have highly graded coins, they will be worth much more then the value of the the silver. and It can be fun collecting an entire set (years and mintages) of Morgans, or just a few for your modest collection.
Another personal favorite of mine to collect are Silver Strike casino coins, which are a $10 casino chips with a silver center (about .6 ounce of silver). Collecting casino memorabilia is fun to me, since I have been to many of the casinos and enjoy displaying the strikes I have won/collected.
Most casinos are not using Silver Strike slot machines, as they are mechanical machines, making them harder to find. I frequently buy them on ebay and Amazon. You can also visit the Silver Strikers Club, which has the latest news on Silver Strikes.
Some coins have no silver or gold (or any precious metal) in them; They may only have collectible value. Some may have no value at all, making them good for jewelry or as a memento of your visit to a foreign country. If you have some bona fide collectibles, WONDERFUL! If not, well, hold on to them if you enjoy owning them. Your kids may find pleasure in owning Great grandad’s coins from his trip to Havana.
Another favorite of mine is the Silver Eagle (and Gold Eagle) US Coins. Each are 1 ounce of the base metal and are beautifully minted coins! Here again, I frequently buy them on ebay and Amazon. You may also find them at swap meets, flea markets, and yard sales. Coin dealers usually have many in stock, although they buy at wholesale and sell to you at retail. Learn values and grades, and soon you will become a shrewd buyer!
2016 silver and Gold Eagle coins, are available online from eBay and Amazon.
If you enjoy collecting coins, You will need a safe place to keep them. Some people keep them in a safe deposit box at their bank, others in a gun safe, if they have one. Thieves don’t like to run around with hundreds of pounds of metal coins – unless you have rare or extremely valuable coins, crooks may pass them by (or just take the shiny ones).
As a hedge on retirement, coins can be readily converted into cash. You can easily sell most coins to a dealer or on Ebay. Pawn shops will give you a better value on gold coins (usually smelt or base metal value) than on most jewelry. This means you can use your coins like a retirement plan, cashing them out over your anticipated retirement, or saving them as a reserve fund for unexpected bills.
You can give your coins to your heirs while you are still alive, sharing in your enjoyment and teaching the next generation about coin collecting. Why wait until the end? You can even get your children (and Grandchildren) coin collecting sets, and get them in the habit of looking at their pocket change, and putting old and potentially valuable coins in “flips”. I bought my grandson this collecting set on Amazon.
Coins can be part of your retirement strategy. (if you don’t like coins, consider a collectible that you will like).
Consider the value of the coin, Base metal and collectible value.
You will need to track your purchases and store your coins securely. Anticipate taxes.
Coins can be readily exchanged for cash from multiple sources.
You can pass them to your heirs without being deceased (or paying taxes, up to $14,000 in the US). (talk to your accountant).
Most important – you can enjoy them while you are alive!
I can’t tell you what to do, but I can tell you what I do – a small portion of my retirement is in coins that I enjoy. some are listed above (Morgans, strikes, Silver Eagles, etc.) and some are pocket change and circulated coins that have a value – above face value – with the possibility of appreciation over time. I have a modest budget for my eclectic coin collection.
If you are seriously thinking about coin collecting as a retirement option, Talk to your financial advisor, attorney, and accountant – and guys like me – to determine if adding coins to your personal financial assets makes sense. Or you can just start collecting pocket change and the occasional coins you like. That is an easy way to start.
Consider all your options, and enjoy your retirement!
$50,000 may not buy you a money-making property without a substantial mortgage, which limits your profits and increases your risk if the market drops. Stocks also carry a lot of volatility, which could make you nervous.
If you don’t need the money right away, consider investing in coins, which have collectible value and smelt value based on the coins composition. They will never be worth less than the value of the base metal. For silver coins: U.S. Silver Coin Melt Value Calculator.
American Silver Eagle coins are available on Amazon and Ebay, or your local coin dealer.
Coins can also be a great hobby, and you can give them as gifts and pre-inheritance to your heirs. You can also tell people that you are training to be a numismatist (coin collector). Many people carry a “lucky” coin with them, as a talisman of good fortune.
I used silver coins here as an example. You can get gold coins as well. with $50k you can get approx. 2000 1 ounce silver coins, or about 40 one ounce gold coins. If you keep them at home, 2000 coins weigh a lot (approx 125 lbs) and are harder to steal (try running with a pillowcase filled with over a hundred pounds of coins); you can also diversify more with 2000 coins vs. 40 coins. 4 pounds of gold coins are easier to manage than 2000 silver Eagles. In either case you may need a safe -You can get a good one for your collection on Amazon.
You can also display your coins, and take some pleasure in their acquisition.
A type of coin I enjoy collecting is the Silver Strike, a Casino $10 token that is highly collectible – and most casinos no longer distribute them. I get them from casino’s I have visited in Las Vegas, or on EBay. Newer ones ar clad in silver; older ones have a silver center that is .999 silver, weighing approx. .6 troy ounces. There are many available from casinos that have been demolished or bought out, making them even more valuable. Here is the web site of the Silver Strikers Club – Home Page.
Sam’s Town .999 Silver Strike, Many collectors trade them on Ebay. Newer ones are “clad”, and the centers are no longer .999 silver.
Aladdin Casino Silver Strike.
The Aladdin has closed, making this a nice piece of “old” Vegas to have in your collection! (The Aladdin is now Planet Hollywood). Aladdin Strikes on Ebay.
Best of Luck – These are just a few options for you – find coins you enjoy and have fun with it! You can even get coins with Koalas and Elvis! (Links to eBay) Also post a comment letting us know what you did, and how it is working out for you! Repost and share with your investing friends! – Alan