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How to See the Value of Old Money

Sometimes the coins in your pocket are just loose change, but sometimes they are treasures that are worth much more than their face value. Old money is a popular area of collecting, but finding the truly valuable pieces can be challenging. Taking the time to educate yourself on how to spot collectible currency and how to tell what it is worth will let you know when a penny is just a penny or when it is worth a whole lot more.

Instructions

- 1
  Study collecting and valuation guides. There are many guidebooks available on collecting coins and paper money. Go to your local bookstore or library and research how to start a collection that has real value. Some examples of currency collecting books are "Warman's Coins And Paper Money: Identification and Price Guide" by Allen G. Berman, "Collecting Paper Money" by Colin Narbeth and Simon Narbeth, "The Official Blackbook Price Guide to U.S. Paper Money" by Thomas E. Hudgeons Jr., and "The Expert's Guide to Collecting &Investing in Rare Coins: Secrets Of Success" by Q. David Bowers.
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  Learn to grade old currency. Much of the value of antique money rests on its condition. Books such as "A Guide Book Of United States Paper Money: Complete Source for History, Grading, and Prices (Official Red Book)" by Arthur L. Friedberg and "The Official American Numismatic Association Grading Standards of United States Coins" by Kenneth Bressett and Q. David Bowers explain the grading system and give illustrated examples of different grades of currency. The website American Coin gives detailed explanations of the various grades for coins.
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  Learn from other collectors. Joining a collector's club allows you to network with other collectors, learn more about avenues for collecting old money, and access information on grading and valuing coins and paper money. For example, the PCGS Currency Collectors Club allows its members to submit paper money to be graded by experts, while the American Numismatic Association offers collecting conventions twice a year to works to educate money collectors and sponsors.
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  Start looking for bargains. Once you have studied the grading system and seen examples of how different forms of currency are graded, you can test your knowledge in the real world. Antique stores and coin dealers are good places to see a variety of money for sale and to test your grading skills against those of the seller. However, it is very difficult to find a good deal at these venues. Garage sales, estate sales and auctions are better places to find undervalued treasures. Look in your local classifieds for garage sales. For estate sales and auctions, check online at sites such as EstateSales.net and AuctionZip.com. If you are interested in virtual auctions, eBay has a wide selection and offers the potential for a bargain.

Coin Collecting