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How to Determine the Worth of Coins

Coin collectors know that the value of any coin is subjective. You have to take into account the market for a particular coin, its condition, its scarcity and whether or not it has been "slabbed" by a reputable grading service. Coin prices can fluctuate drastically, so it is important that collectors take the time to familiarize themselves with all that goes into the hobby. Make sure you're prepared with the information you need before entering into any coin transaction.

Things You'll Need

List of current coin prices
Understanding of coin grading systems
Knowledge of precious metal content of coins

Instructions

- 1
  Learn the hobby. Coin collecting is more than just checking your loose change for valuable coins. The United States Mint is constantly releasing new coins, new errors are always being discovered and values of gold and silver are in constant flux. Consider getting a subscription to "Coin World," which is regarded as the "bible" of coin collecting. It's available in print or online and includes a subscription to "Coin Values," which lists current values of coins.
- 2
  Visit reputable coin dealers or attend a coin show. Reading about coins is only half the process; you'll need "hands on" experience to actually understand the hobby. The more coins you examine, the better you'll become at determining the grade of a coin. Talk with as many dealers as possible. Picking the brains of people who make a living in the business can give you a good handle on which coins might be good investments for the future and how to accurately determine the value of a coin.
- 3
  Consider the condition of the coin and whether it has been professionally graded. Professionally graded coins are usually more valuable. "Slabbing" is the process by which a coin is graded and placed in a plastic container for protection. Bear in mind that some grading companies are more reputable than others. A "perfect" coin to one service might be imperfect to another. Remember there are many excellent coins out there that have not been professionally graded. That's where your knowledge of the hobby will come in.
- 4
  Check the precious metal content of the coin. Gold and silver prices are constantly fluctuating, and that can drastically affect the value of a coin made with precious metals. For instance, if you have a one ounce gold coin, the price of the coin will be based on the condition, the scarcity, and the price of gold at the time.
- 5
  Check current sale prices of the coin, taking its condition into account. While "Coin Values" lists prices, it is a good idea to check with dealers to see what the market will bear.

Coin Collecting