Hobbies And Interests
Home  >> Collecting >> Coin Collecting

How Can I Determine the Worth of Old Currency?

If you've found, inherited or collected old currency, it's not unusual to want to know their value. There are two annual guides you can use to appraise your collection, Whitman's Red Book of U.S. Coins and Krause Publications' Standard Catalogs of World Coins, United States Paper Money and World Money. These guides can help you estimate the value of your collection, but until you've trained your eye to understand all of the subtle nuances that determine the grade of a coin or bill, you should seek a second opinion from a professional currency appraiser.

Things You'll Need

  • The Official Whitman Red Book
  • Standard Catalog of World Coins
  • Standard Catalog of United States Paper Money
  • Standard Catalog of World Paper Money
Show More

Instructions

  1. Coins

    • 1

      Buy recent copies of The Official Whitman Red Book of U.S. Coins and The Standard Catalog of World Coins. There are a few editions of the latter book, all divided up by by century, so buy the appropriate edition or editions for your collection. Both books are considered indispensable for coin collectors and contain thousands of pictures of coins and information regarding pricing, metals used and grades. Prices change constantly, so you'll need to buy new editions each year, but these guides are a good first step toward appraising your collection.

    • 2

      Study your collection and determine the grade of each coin. You may also consider cleaning some of your coins but be very careful when doing so. Some coins are actually worth more with some discoloration and cleaning them can decrease their value; this varies from coin to coin, so consult your guides or a professional coin appraiser before cleaning anything in your collection. There are many subtle grades used to determine the value of a coin, ranging from perfect, mint condition to very worn and scratched, but still identifiable. The differences between some grades can be very minute, so determining grade will take some practice before you can do so with accuracy.

    • 3

      Take your collection to a professional appraiser. Most appraisers will charge a fee for a full appraisal of a collection but if you're sure of the worth of your collection, it will be worth getting a professional opinion to verify your own findings. It is unfortunate, but if you plan on selling your collection to a dealer, it's easy to get scammed if you're unsure of the value of your collection. If you can find a coin show near you, you will be able to have several professionals look over your collection, but take their advice with a grain of salt, particularly if you plan on selling to them.

    Paper Money

    • 4

      Buy current copies of the Standard Catalog of United States Money and the appropriate edition or editions of the Standard Catalog of World Money from Krause Publications. These, like their coin-centered counterparts, are considered indispensable by serious paper money collectors. You should buy the newest edition each year to keep up with any changes in pricing. These catalogs contain thousands of pictures of common and rare paper monies from the United States and around the world, respectively.

    • 5

      Review the Heritage Auctions Gallery Currency Grading Tutorial and your books to learn how to grade your paper money. Like with coins, there are many subtle nuances between each grade and determining the grade can be difficult until you train your eye to recognize all of the subtleties and tiny imperfections that can depreciate the value of old currency by hundreds and sometimes thousands of dollars.

    • 6

      Have your collection appraised by a professional currency appraiser. Be prepared to pay a nominal fee for the appraiser's services. Many coin shows will have dealers that work with paper money, so you should plan on attending if one happens to be going on near you. Like with coins, it can be easy to get scammed by unscrupulous dealers at these shows so do not take their appraisals at face value. Be firm in your own appraisal of your collection and get several opinions before making any final decisions.


https://www.htfbw.com © Hobbies And Interests