How to Know If a Coin Is Worth Anything: Tips and Hacks

In numismatics, it is important to understand the value of coins. You may even have million dollar coins but have no idea about it. The more expensive coins are in the collection, the more reputable numismatist you become. Therefore, we decided to help you and write an article with tips on how to check if a coin is valuable.

1. Identify the Coin

The first step in change that is worth money is to accurately identify it.

Country of Origin

• Look for Insignia: Coins often feature symbols or text indicating their country of origin.

• Language and Characters: The language or script on the coin can also give clues about its origin.

Denomination

• Face Value: This is typically stated on the coin itself (e.g., cents, dollars, euros, pounds).

Date and Mint Mark

• Date: The year the coin was minted is usually found on the obverse (front) or reverse (back). For example, rare Roman coins' value may be very high. 

• Mint Mark: A small letter or symbol indicating the mint where the coin was produced. This is often found near the date.

2. Assess the Condition (Grade)

The condition of a coin greatly affects its value. Coin grading is a standardized process that describes the condition and quality of a coin.

Grading Scale

• Uncirculated (Mint State - MS): No signs of wear; appears as if just minted.

• Extremely Fine (EF or XF): Very slight wear on high points; almost new.

• Very Fine (VF): Light to moderate wear; all details are clear.

• Fine (F): Moderate to heavy wear; major features are visible.

• Good (G): Heavy wear; most details are worn smooth.

Question: What does MS 63 mean in coins? - MS 63 is a specific grade in the coin grading scale, commonly referred to as the Sheldon Scale, which ranges from 1 to 70. MS stands for "Mint State," indicating that the coin is in the same condition as when it was originally minted, without having been in circulation. 

3. Look for Rare Coins

Some coins are more valuable due to their rarity.

Key Dates

• Low Mintage Years: Coins produced in smaller quantities are often more valuable.

• Historical Events: Coins minted during significant historical periods may have added value. For example, the best American coins to collect are all connected with some historical events; ancient Rome gold coins are also very expensive due to their age and historical background. 

Errors and Varieties

• Minting Errors: Coins with errors, e.g., double strikes, off-center strikes or wrong planchets, are usually rare and can be very valuable. You can always check their approximate price in a free error coin appraisal app (e.g., Coin ID Scanner)

• Varieties: Slight differences in design or features (e.g., different mint marks or die variations) can make a coin rare.

4. Research the Coin’s History

Understanding the historical context of a coin can give you more information about its value.

Historical Significance

• Commemorative Coins: Coins issued to commemorate events, people or places can have collectible value.

• Ancient and Medieval Coins: Older coins from ancient civilizations or medieval times can be particularly valuable. For example, if you want to know how much ancient Roman coins are worth, you may be surprised by their expensive costs. 

Precious Metal Content

• Gold and Silver Coins: Coins made from precious metals like gold, silver, platinum or palladium have intrinsic value based on metal content.

• Bullion Coins: These coins are specifically minted from precious metals and are valued based on their metal content and weight.

5. Use Reference Guides

Reference materials can give you detailed information on coin values.

Coin Catalogs

• Books: Guides like the "Red Book" (A Guide Book of United States Coins) or "Krause's Standard Catalog of World Coins" give you useful information on valuable pocket change, the most popular coins to collect, where to get coins graded, etc.

• Price Guides: Regularly updated publications and online price guides can provide current market values. For example, now you can check the list of the most valuable coins in circulation 2023 and understand dynamics for this year. 

Auction Sites

• eBay: Look at completed sales for similar coins to get an idea of their current market value.

• Heritage Auctions: One of the largest coin auction houses that offers detailed sales records and auction results. Here, you can find even ancient Roman coins for sale. 

6. Consult Experts

Getting a professional opinion can help in determining a coin's value.

Professional Grading Services

• PCGS (Professional Coin Grading Service): Provides grading, authentication, and encapsulation services.

Our advice: You can start with the PCGS submission form.

• NGC (Numismatic Guaranty Corporation): Offers similar services to PCGS with a focus on world coins. How much does NGC grading cost? You can check it on their website. 

• ANACS (American Numismatic Association Certification Service): Known for its detailed grading reports and coin ratings charts. It is more appropriate for advanced numismatists. 

Local Coin Dealers

• Coin Shops: Visit local coin shops to get an expert's opinion and possibly sell your coins.

• Coin Shows: Attending coin shows can provide opportunities to consult multiple experts and dealers.

Where Do You Get Coins Graded?

The tips described above may not always help as much as we would like. They make it especially difficult for beginner numismatists. In such cases, we recommend looking for help from experts. But who do we need exactly? And where can we find them? Now we will find out.

1. Professional Coin Grading Service (PCGS)

2. Numismatic Guaranty Corporation (NGC)

3. American Numismatic Association Certification Service (ANACS)

4. Independent Coin Graders (ICG)

5. Local Coin Shops and Shows

If you can’t evaluate a coin yourself, you can always turn to specialists from the organizations above for help. We talked about them in more detail in the first part of our guide today. All other information can be found on their website. However, please note that this process can take quite a long time and will require some investment on your part.

Free Coin Apps

You can significantly speed up the process of grading your coins with the help of special coin collectors’ software. Most often, they all work on the basis of automatic coin recognition from a photograph; after identification, they offer extensive information for numismatists, including prices. Let's look at a few examples of such apps, their pros, cons and how they work.

1. Coin ID Scanner

Main Features:

• Image Recognition: Allows you to take a photo of your coin and get information about it.

• Database Access: Provides access to a large database (150,000) of world coins.

• Market Prices: Gives you approximate market values and other numismatics information.

• Collection Management: You can organize your collection right in the app. 

Pros:

• Easy to Use: User-friendly interface with straightforward features.

• Quick Identification: Fast and accurate image recognition.

• Large Database: Extensive database covering coins from various countries.

Cons:

We have not found them yet. Try this coin identifier to find the value of coins now and leave your reviews for further explorations.

2. CoinSnap

Main Features:

• Snap to Identify: Use your phone’s camera to snap a picture and identify coins.

• Valuation: Provides estimated values for identified coins.

• Collection Management: Tools for organizing your coin collection in the inventory app

Pros:

• Convenient: Easy to use with simple snap-to-identify feature.

• Visual Identification: Quick identification using images.

Cons:

• Accuracy: According to some CoinSnap reviews, it can sometimes misidentify coins.

• Ads and In-App Purchases: Free version contains ads, with some features locked behind paywalls.

• Limited Database: It does not cover all coin types.
  

  

3. PCGS CoinFacts App

Main Features:

• Extensive Database: Comprehensive information on U.S. coins.

• Value Estimates: Market values for coins.

• Historical Data: Detailed historical information and high-resolution images.

Pros:

• Trusted Source: Information from PCGS, a leading grading service (an organization where to send coins to be graded).

• Detailed Data: Rich details on coin history, specifications, coin numbers and market trends.

• Educational: Excellent for learning about U.S. coinage and getting the rare US coin list.

Cons:

• U.S. Focused: Mainly useful for U.S. coins, limited international coverage. This means that you cannot find the information about coin grading AU (in Australia) or in other countries via the app. 

• Ads: Free version contains ads.

• Account Required: Some features require creating a free account.
  

  

In the current environment, you have every opportunity to independently assess the value of your collection. Today we told you about some useful tips for this. 

Let your hobby bring you more joy and happiness!

Sources:

1.  https://www.austincoins.com/how-to-tell-if-you-possess-a-rare-coin

2. https://coins.ha.com/ref/beginners-price-guide.zx