Are Your Vintage Coins Worth Their Weight In Gold?

| January 19, 2016 | 0 Comments


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Rare coins have become one of the hottest commodities for collectors around the world. They have made it their life’s mission to uncover as many of these vintage coins as they can. The hope, for many of them, is that they might strike lucky. That one little coin, no matter how worthless as a currency now, could be worth a mint.

There are a few factors that are considered when determining whether your rare coins are worth any money. And, with many people choosing now to be the time to cash out, how can you tell if you’re sitting on a goldmine?

Whether you’re an avid collector, or you happen to have stumbled on a relative’s old coins, identifying their worth is crucial. You could unwittingly be set to make a fortune. Well, to work that out, it isn’t so different to any other collectible. The first thing you need to understand is that coins are very much the same as rare toys. It’s all about condition and rarity.

Not a lot of thought is given to the condition of coins. They’re seen as largely indestructible. I mean, how many people have you encountered that are able to destroy a coin? Not many. In fact, to buy gold, the old telltale way of verifying the authenticity of coins was by attempting to bend it with your teeth.

Coins are, however, more susceptible to wear and tear than you might think. And given that rare coins are often vintage, they’ve been around for a lot longer than they were intended to be. That means that they’ve had decades – or, in some cases, centuries – to become damaged.

The less optimal the condition of your coin, the less it’s going to be worth. It’s common logic to suggest that, I know, but it’s a factor that shouldn’t be overlooked. A lot of the onus is on design when it comes to coin collectors. If the design is faded or distorted, it isn’t going to be worth all that much, no matter how rare it might be.

Speaking of rare, how many versions of your coin are in circulation will do a lot to determine its worth. As you might expect, those that are scarce will naturally be worth more. Yep, saturation even applies here in coinage. Who knew?

The rarer the coin, the more story is has behind it, generally speaking. And people are willing to pay a premium for coins that have a history behind them. If you’ve been lucky enough to find yourself the owner of an uncirculated coin, you are in pretty good shape. Likewise, limited edition coins will go for larger sums too. Supply and demand.

Some people try to make their coins worth more by giving them a good clean before taking them to be valued. Big mistake. You’re actually doing more harm than good. Especially in the case if old coins, that have bore the brunt of wear and tear. By cleaning it, however, you’re actually compromising its integrity. Leave your coin as it is, and take its worth at face value.

Category: Investment

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