Did you know coins are worth more than their face value?
Coins are small round pieces of metal, minted to make change on your dollar. We have all seen them, most have faces on them and almost every person has some in their purse, wallet or pockets. There is nothing new about them but that is what can make them valuable at times.
Old coins that are limited can hold more value than what they were originally worth. Similarly, rare coins that are limited or almost nonexistent, can be worth an astounding amount of money. Pickers and collectors know this, and they are always on the lookout for rare coins to get rich picking.
Let’s discuss what makes a coin valuable and some rare and valuable coins that you should look out for as a picker or collector.
What Makes a Coin Valuable?
There are a number of factors that can affect the value of a coin, making it rare or expensive, these include:
1. Mintage
Mintage is an important factor to determine a coin’s value. The mint number will tell you how many of a certain coin were originally minted at the United States Mint. A coin with a lower mintage number means that there are fewer of them and they have more demand from markets, pickers and collectors.
2. Population Estimates
Population estimates of coins are an estimated number of a certain coin, currently in existence. This number tells pickers and collectors how many of a certain coin are available in all marketplaces, holdings, collections and circulation.
The population of a coin may matter more than its mintage number when it comes to value. For example, there were 180,000 1927-D Saint-Gaudens double eagle minted originally but less than 24 remain today due to the federal government melting most of them in 1930.
If a normal number survived today, a single coin would be valued at around $3000 because very few were originally minted. Although, this is not the case and because the population estimate is less than 24, they are currently valued at around $500,000 or more.
3. Condition
The condition of a coin, its color, tone or signs of damage, all add to its history and are similar to population estimates or mintage when it comes to rarity. This is because well preserved coins become rarer over time, and this increases their value.
Pro tip: Never clean old or rare coins. Similar to antiques, the rule of thumb is to never clean or remove the original patina of a piece until you know for sure how it might affect its value. You may inadvertently be removing much of the history that makes it appealing and valuable.
4. Age
Age is another factor that determines the value of a coin but an older coin will not always be a more valuable coin. Other factors are important as well, like demand. Age increases value because of all the things associated with it:
- Older coins have smaller remaining examples because most get lost or destroyed overtime
- Older coins are rarer because they are not widely available from mints or general circulation
- Older coins get more damaged overtime, reducing the number of remaining well preserved examples
These age-related factors affect the value of a coin, making age one of the many factors that determine the value of rare coins but not the only factor or even the most important one.
5. Demand
Even a rare coin can only be as valuable as someone is willing to pay for it, which is why demand is a major factor in determining a coin’s value.
A rare coin can be relatively older, well preserved or have a low mintage number and a population estimate of only a dozen – but if it is not in demand, like many international rare coins, it is not valuable.
The opposite can be true as well. Even if a relatively younger coin in decent condition has a high mintage number and population estimate but its demand is high, like for many American rare coins, it can be worth 6 figures.
This separates rarity from demand – whether a coin is rare or not, demand play a major role in determining its value. Pickers and collectors understand this too well and are aware of the market demands of rare coins and not so rare coins alike.
6. Contents
The contents, or bullion contents, of a coin are the material used to make a coin. The metal composition of a coin matters simply because of its intrinsic value or melt value. A base metal coin made from copper is relatively less expensive than a precious metal coin made from gold or silver.
As always, other factors play a major role as well and the bullion content is not the only thing that matters.
7. Design
Design matters because it relates to a coins patriotic, historic or cultural theme. They signify a piece of history or a historic event. Pickers and collectors may often pay more for a specific coin design because it may complete their collection.
Design may make a coin more collectible, as is often the case with limited edition coins that have unique and intriguing designs. The design has more to do with demand than anything else.
8. Errors
Error coins are rare coins that have errors during the minting process. Pickers and collectors may have to do research in order to understand the authenticity of errors as they could also be caused on regular coins due to damage or wear and tear.
True error coins are typically far more valuable and rarer than regular coins and this increases their demand as well.
Examples of Rare Coins
Here are a few examples of rare coins with the highest value for pickers and collectors.
Pennies
- 1944-S Lincoln Wheat Cent – Steel Cent- Approx $1 million
- 1958 Lincoln Wheat Cent – Doubled-Die Obverse – Approx $200,000
- 1998-S Lincoln Memorial Cent – Close AM – Approx $500
Nickels
- 1913 Liberty – Approx $4.5 million
- 1926-S Buffalo – Approx $10,000
- 1949-D Jefferson – D Over S – Approx $500
Dimes
- 1894-S Barber – Approx $1.5 million
- 1801 Draped Bust – Approx $50,000
- 1896-O Barber – Approx $2,500
Quarters
- 1866 Seated Liberty – Unique – Approx $1 million
- 1901-S Barber – Approx $50,000
- 1834 Capped Bust – Approx $5,000
Half Dollar Coins
- 1838-O Capped Bust – Approx $800,000
- 1801 Draped Bust – Approx $50,000
- 1808 Capped Bust – Approx $5,000
Dollar Coins
- 1794 Flowing Hair Silver – Silver Plug (Unique and Extremely Rare) – Approx $11 million
- 1794 Flowing Hair Silver – Approx $1.5 million
- 1800 Draped Bust Silver – All Varieties – Approx $25,000
Gold Coins
- 1933 Saint Gaudens $20 Double Eagle – Approx $8.5 million
- 1879 Stella $4 – Flowing Hair – Approx $100,000
- 1871 Coronet Head $20 Double Eagle – Approx $50,000
These are very few examples from among hundreds of different U.S. rare coins that are worth a lot of money. If you have inherited, found or purchased such coins as a picker or collector, you are in luck because some of these rare coins can be sold for millions of dollars.
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We have vast expertise in picking, buying, collecting and reselling items and antiques from estate, thrift or garage sales. Our company has grown from scratch to now making 6-figures per year in profits, all through picking and reselling.
For more information on rare coins and how to get rich picking, visit our website today.