Priceless or Profitable? Exploring the Value of the Oldest Coins

What is a coin? It would seem it's just a small metal disk you received with your change at the nearest grocery store, which rattles around in your pocket with other coins, weighing it down and perhaps annoying you a bit (because now this mound of change has to go somewhere). There are many coins with Lincoln, Jefferson, and other prominent people, but what if one of the rattling coins in your pocket once changed the course of history and now can be sold for fabulous money?

History shows many examples when the tiniest things became the cause of important events. For example, in 1862, during the American Civil War, a Confederate captain was wounded in battle. The bullet that hit him could have been fatal, but it ricocheted off a silver coin in his pocket. The captain survived thanks to the silver dollar, which became for him a real amulet for life. 

Or let us remind you of the case when an ordinary copper coin from medieval Europe unexpectedly enriched one poor “monk”. In medieval Europe, a beggar pretending to be a monk was collecting donations. One of the merchants decided to play a joke on the beggar and gave him a small copper coin instead of money. The initially innocent joke caused a great resonance, as it turned out to be so rare and valuable that many years later it was sold at auction for several hundred gold ducats.

What makes a coin truly unique and valuable? What if its price and value are completely different things? What if you were holding in your hands the oldest example, which is a historical artifact? Well, here we would like to tell you more about the oldest and the most expensive coins in the US and the world and their incredible price.

Historical Liquor

When it comes to the oldest coin in the world value, the first thing people think about is the historical value of coins. Each coin holds its own story of the past and reflects the faces of rulers, emblems, and sometimes events that ultimately determined the course of history and the value of the coin itself.

We can say that the history of the oldest coins in the world worth a fortune dates to Lydia, an ancient state in what is now Turkey, around the 7th century B.C. The first official metal money made of electrum (a natural alloy of gold and silver) can be considered the coins of the Lydian king Croesus. These Lydian coins were of great importance: they centralized trade and laid the grounds for the development of financial systems that are still in use today.

The value of these early coins was two-sided. On the one hand, they had an actual value due to the precious metal content, and on the other hand, a symbolic value that depended on the power of the ruler who gave the money purchasing power. Croesus succeeded in creating a coin that combined the actual value of metal with the intangible trust of ordinary people, laying the foundation for modern monetary economics.

Factors Determining the Value of Coins

If you are interested in the topic of coin collecting and are curious about ancient coins and their value, then you need to understand the factors that make up its value. As you can guess, the value of an ancient coin is determined by many factors, each of them has a direct impact on its value and attractiveness to collectors and investors. So, here you can look at the most basic ones:

1.  Rarity of a coin: it is defined by the number of surviving copies, or the limited mintage issued in a short period of time.

2.  Condition of the coin: it is assessed by the degree of wear and defects (scratches, scuffs, or corrosion). Coins in excellent condition, even if they are not rare, can be considerably valuable rather than rare specimens with noticeable damage.

3.  Historical and cultural significance: coins issued during periods of important historical events or associated with outstanding figures have a unique value. For example, coins depicting emperors, kings or famous generals will have the highest value because they reflect human history and are cultural artifacts.

4.  Provenance and proven ownership history: examples found in significant archaeological excavations or owned by known holders can increase in value significantly. A documented ownership history, especially if it includes famous collectors or historical figures, adds unique emotional and cultural value to a coin.

The Most Expensive Coins in the U.S. and the World

Here we reached the most interesting questions “What are the most expensive US coins?” and “ How much is the oldest coin in the world worth?”, so if you are a passionate collector and you have a couple of million dollars (or even more) or you are just interested in the topic, you will find here the answers to these questions.

There are many antique and expensive coins in the United States and around the world that have great historical value and are any collector's dream. Let's take a closer look at some of the specimens:

The Most Expensive Coins in the U.S.

1933 Double Eagle

This coin was designed in the early 1930s but was never officially put into circulation as the U.S. government decided to abandon the gold standard. So all minted coins were withdrawn and melted down, however the few surviving examples have become legendary.

• Characteristics: the coin weighs 33.4 grams and contains 31.1 grams of gold (pure gold, 24 karats); grade: 0.900 (90% gold, 10% copper used for strength). The obverse features an American eagle and the reverse shows Lady Liberty.

• Price: in 2021, this rare piece sold at auction for $18.9 million, a record price for a U.S. coin.
  

  

1794 Flowing Hair Dollar

1794 Flowing Hair is the first dollar coin issued by the U.S. federal government, minted after the adoption of the U.S. Constitution. It is considered one of the earliest and rarest U.S. coins. The coin was made in 1794, and although it was issued for circulation, surviving specimens have become an object of great interest among collectors.

We recommend you talk with other coin collectors and discuss the average prices of your coins. What if you have a very expensive one but have no idea about it? Try to visit New Jersey coin shows or other events for collectors to understand it. 

• Characteristics: the coin weighs 26.96 grams and contains 24.2 grams of silver (pure silver); grade: 0.892 (89.2% silver, 10.8% copper for strength). The obverse shows the profile of a woman with long hair symbolizing freedom, and the reverse features an eagle standing on a shield.

• Price: in 2013, one of the best-preserved examples of this coin sold at auction for $10 million, setting a record for U.S. coins at that time.
  

  

The Oldest and Most Expensive Coins in the World

Hashimi Gold Dinar

This is one of the outstanding coins issued in the 8th century during the Abbasid Caliphate. This dinar is one of the earliest examples of Islamic gold coins, showing the early Islamic monetary system. The coin was not unique in its time, but only a few examples have survived to this day, making it special and desirable for collectors. 

• Characteristics: the coin weighs approximately 4.25 grams and is made of pure gold. The obverse bears text in Arabic (the name of the Caliph, date of minting and place of issue), while the reverse is usually decorated with an inscription including Islamic prayers or phrases (reflecting the religious and cultural significance of the coin).

• Price: the value of this coin is $1,000,000 dollars.
  

  

27 BC Aureus - Augustus

The aureus was a gold coin used in the Roman Empire, minted in honor of the first Roman Emperor Octavian Augustus in 27 BC (after he became Roman Emperor). Aureus was one of the most prestigious currencies of the Roman Empire and symbolized the shift from the Roman Republic to the Roman Empire.

• Characteristics: the coin weighs about 8 grams and contains 7.3 grams of pure gold. The obverse usually shows the profile of Augustus, while the reverse depicts the image of a crocodile, with the inscriptions “AEGVPT” and “CAPTA” above and below it, respectively.

• Price: only four copies of such coins are known. On 08.10.2015 the cost of the ancient coin was 268,730 dollars (it can reach up to 500,000 dollars depending on the condition of a particular specimen).
  

  

Wrapping Up and Additional Things to Pay Attention To

Studying ancient coins is an exciting hobby, as well as an opportunity to touch history, to see the reflection of great events and personalities that contributed to our history. Coin collecting is an exciting and rewarding hobby if you treat it wisely and attentively.

But here, we would also like to draw your attention to the fact that high-value coins should only be looked for at proven reputable auctions (e.g. Sotheby's, Heritage Auctions, Christie's, etc.). These auctions offer high quality pieces and often publish detailed reports on the condition of the coins and their history, which can help in the buying process.

Keep in mind that fakes and fraud are unfortunately not uncommon in the world of numismatics. Thus, before buying expensive coins, it is advisable to carefully check information and contact professional experts or rely on the advantages of technology to be sure of authenticity and avoid financial losses.

The good news is that the modern Coin ID Scanner app can be a real assistant, as it can identify coin by picture​ and help you make the grading and verification process a lot simpler. Now you will be able to easily understand the characteristics and history of coins, providing an extra level of confidence before making a significant investment.