Your Coin Collection: How To Find Its True Worth

21 June 2016
 Categories: Finance & Money, Blog

Whether you collect coins as a fun hobby or as an investment, you want to know what you collection is worth. The value of your collection has likely changed since you started since silver and gold prices fluctuate and coin rarity changes value. Here are ways you can better determine what your coin collection is worth today.

Coin grading

A coin grading services company is responsible for evaluating the worth of your coins on an individual basis. This is done by 2 or more professionals who examine your coins on a 70 point scale. The higher the points your coins can achieve, the greater their potential worth. For example, a coin in your collection that has not been circulated and is in mint condition will likely gather greater point value than a coin that shows obvious wear and is hardly decipherable. If you have a rare coin that has not been circulated but has ample wear due to being poorly stored, then it can still rank higher on the point scale for its rarity over coins in better condition that are easier to find. Coin grading is a fine art, and should be performed by a licensed coin grading specialist.

Current gold and silver values

Like all precious metals, the value of silver and gold can fluctuate on a daily basis. If you are collecting coins for their metal content, you want to follow gold and silver stocks regularly. It's a good idea to follow a website that updates the current value of gold and silver on the market often so if you are planning on cashing out on your collection or selling a few pieces, you can understand what the correct value would be on each coin.

Completed coin folders

If you collect coins in a set or folder, you may be surprised to find out that your investment isn't as profitable as you may think, especially if the coins you collect are still in circulation. You can expect to pay up to 10 times the face value of your coins if you buy them in a prearranged folder. Value varies depending on the condition of each coin in your folder, whether they come with proof, and the type of coins you collect in a set. If you plan on selling your collection at an auction or to a dealer, selling your folders first can net you the best return on your investment.

Before selling any coins in a complete set, have your coin grading specialist evaluate each coin individually to see if they are worth more separately or as a collection. This is the best way to get the true value of their worth.

Collecting coins is a great investment. A coin grading specialist can evaluate your collection to help you decide the best way to cash in on your efforts.