November 17, 2014, Assess Your Coin’s Value, Then Protect and Display Them Accordingly
November 17, 2014, Assess Your Coin’s Value, Then Protect and Display Them Accordingly
Coins and currency are huge investments, and coins are valued and judged based on a wide variety of criterion. Assessing a coin collection and determining coin value is important towards being a great coin collector with a stunning collection.
Everybody starts somewhere, and even the most grizzled, veteran coin collector can use some advice now and then. That being said, here are some ways to determine coin value and boost the organization and presentation of your collection.
Know Your Materials
The market prices of precious metals like silver and gold are volatile, dynamic numbers that can literally change every minute. That being said, it’s important to know the materials that your coin is comprised of. This can have a huge bearing on the value. Silver and gold coins are becoming scarce in America, and even small antique three-cent coins can be worth more than 2000% of their original value. It should go without saying that a silver nickel will be worth more than zinc or nickel one based on the intrinsic value of the metals alone.
Understand Mintage and Numismatic Value
“Mintage” simply refers to the insignia that refers to the mint that a coin was stamped in. Often, mintage is confirmed by small markings on the backside of a coin. These markings can be subtle and hard to find, often requiring magnification and visual aids that can be purchased on our website. But having the right mintage credentials will increase a coin’s value by multiples. And once you know which mintage you have, you will need to evaluate the grade of the coin, determining what kind of shape the coin is in. Unfortunately this can be very subjective, but many dealers can help you with that. And you can learn more about how to determine a coin’s grade by educating yourself. The mintage and the grade will determine the coin’s numismatic value, rather than simply its bullion value.
Know the Value of Gold
There’s more to collecting gold coins than their uncirculated shiny luster, though that is a plus. Buying gold has become a great way to invest your money and receive a great return on investment. The price tends to fluctuate, but it will always retain a high value; much higher than silver or copper, and much more plentiful than platinum.
That being said, collectors holding onto gold coins should preserve the value of their coins. This can be done with a wide variety of methods, including specialty coin holders and hard plastic coin capsules. Protecting gold coins from wear and tear greatly enhances their value and ensures that the money you invest in them will grow, or at least not deteriorate to the point of worthlessness.
Also, beware that there are a lot of places out there that will try and “buy” your gold for much less than it’s worth. Figure out the value of your coins by checking several sites and sources, instead of simply trusting the first one, especially if that first one is someone trying to purchase your collection.
If you check a website such as goldprice.org, you may notice that some of the highest rated gold products on that site are coins. One good example of a coin with rich, high-quality gold content would be the Liberty Twenty Dollar Gold Coins, which can be worth over $1,000 even in poor condition.
Now that it’s understood that gold coins are not only beautiful, but a great way to invest your money and create a great asset, it’s important to…
Guard Your Assets
Museums love to put their gold and valuables on display, but most collectors are not running museums.
It’s important to have good surveillance, even if it’s just one camera, it can make the difference between losing a collection and catching a thief.
Sometimes it’s best to ensure that your cases are non-discriminant and maybe even without display windows. It’s much harder to steal when someone has to guess, pick and choose between where they want to look for valuables.
Protecting your assets is an integral part of respecting and honoring your collection. A poorly protected collection is a dangerous investment; don’t let your money go down the tubes. Be careful who you show your collection to, and try not to brag online about your awesome Gold Eagles, Morgan Dollars or your American Buffalo Gold Coins. We at SAFE® Collecting Suppliesdon’t blame you for wanting to, but discretion is the better part of valor and exceptional collections should be limited to trusted friends, enthusiasts and family.
Enjoy your coin collection!
These few measures and tests only scratch the surface of coin value and grading. Buying gold coins is a serious investment and we at SAFE® Collecting Supplies advise you to use great caution while investing any large amount of money.
For more information, you can check out coinweek.com, a site that contains many coin prices, guidelines and a lot of information on coin buying trends and the coin grading process. Coinweek also offers daily news on coins, including price changes and discoveries. Likewise, on the website, users can view a regularly published newsletter. Part of being a collector is being sure to stay educated!
With these factors in mind, be sure to enjoy your coin collection and make it beautiful. Check out SAFE® Coin Collecting Supplies for a wide selection of products to protect your coins as well as organize them in a way that either you or spectators will appreciate and learn from.