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How to Look for Cheap & Old U.S. Coins and Paper Money

Collecting coins can be an expensive hobby to break into if you are not lucky enough to have a collection passed down to you. It is possible, however, to find cheap, old United States coins and paper currency that can help you break into the hobby of collecting coins as well as teach you a little about the country's history.

Things You'll Need

  • US coin and paper money price guide
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Instructions

  1. Coin Shops

    • 1

      Purchase a price guide for US coins and paper money. These guides can be purchased at most book stores and coin shops. A good price guide will tell you not only the values of coins, but also essential coin collecting information.

    • 2

      Choose a type of coin or paper money that you are most interested in and look up their values in your price guide. Most coin and paper money types (but not all) have some years that are worth less than others, and therefore are cheaper to buy. Make a note of these years.

    • 3

      Visit a coin shop. The larger the store, the more likely you are to find the coin or paper money type you are looking for. Take your price guide with you to make sure you don't pay too much. Oftentimes, coin stores will sell common year-old coins at relatively inexpensive prices, but older paper money may be harder to come across.

    Pocket Change

    • 4

      Look at every coin and bill before you spend them.

    • 5

      Remove any old currency from your collection. Keep pennies with wheat stalks on the back. With dimes, quarters and half dollars, keep anything from 1964 or before (when they contained silver). Generally with paper money, you'll want to keep anything older than 1970.

    • 6

      Repeat this process until it is second nature. This is the best way to find cheap old US money. You may not come across many pieces, but the ones you do find cost you nothing.

    Auctions

    • 7

      Look for old US coins and paper money in the inventory at local auctions. Coin auctions (auctions that sell primary old US currency) often have many interesting pieces, but it is sometimes difficult to find deals at these types of auctions because they are populated with coin collectors. Auctions with a small amount of currency tend to be better places to find great deals.

    • 8

      Purchase an up-to-date US coin and paper money price guide. This is particularly important when going to auctions, because while great deals can be had, you may also end up paying too much for a coin if you are not prepared.

    • 9

      Visit the auction beforehand if at all possible and take a look at the coins and bills that they are selling. Decide how much money you are willing to spend on the old money before actually sitting down and bidding on it.

    • 10

      Go to the auction and bid on the old money. Do not let yourself get too disappointed if you do not end up buying anything. You never know if you are going to get a deal at an auction or not, but on the right night they are a great place to find deals on old US currency.


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