RARE COINS
5 reasons why coins are considered Rare & Valuable.
1. Limited Numbers Minted
Rare coins worth money are partly valued so high because these were generally limited in the number of the coins that were minted. If only 2,000 coins were minted in 1844 then the odds are that there are far fewer available today, and there are thousands of collectors who want rare coins. Coins that were minted in much larger number swill normally have a lower value based on this fact.
2. Minting Errors
Many of the most valuable coins are desired because of minting errors. When an error occurs in the minting process it is normally detected fairly quickly. This means that few coins with the error go undetected and are released into circulation. The few that slip through are novelties and this makes them more valuable due to the defects or errors contained.
3. Few Left In Existence
Many coins worth money are valued highly because there are not many of these coins left. During certain periods in US history some coins were melted down and used for other purposes. This means that there may be few of these coins left in existence for collectors, and this will drive up the coin value accordingly. The rules of supply and demand also affect coins, and if the demand is higher than the supply the price will increase to adjust for this factor.
4. Collectors
Collectors are the reason that some coins are valued so highly. Many collectors look for coins that are unusual or rare in some way. When these coins are found collectors may compete against each other to see who gets to buy the coin and add it to a collection. There are some coins that are so rare and prized by collectors that they are sold at auction and there is no estimated value for the coin.
5. Certain Mint Marks
Some of the coins worth money are considered valuable because of the mint mark that the coin has, or that the coin is missing. For certain years some mint marks are more valuable than others, and sometimes this is due to the fact that the specific mint did not produce many of that specific coin.
Determining the value of coins
Valuing coins is not always easy to do unless you are an experienced coin appraiser with extensive knowledge on this subject. If you have coins and you want an accurate value or you are looking for coins to buy then there are some things you should know and do. The first important factor is the condition of the coin. Often old coins may have significant wear or damage just because of the advanced age.
The lower the condition of the coin is the less valuable it will be most of the time. This is not always the case though. Some very old coins are valuable even in poor condition. A professional coin appraiser can help determine the right value for a specific coin, but this may have a fee that must be paid. Another way to value the coin is to take it to a dealer and see what the dealer offers on price. This will give you a low estimate of the coin value, but remember that the dealer probably quoted you the lowest possible value.
Coins worth money may also be valued by the metal content. Gold coins that contain an ounce of metal may currently have a value of Rs. 30000 to Rs. 35000 based on the weight of the gold in the coin. This is without any historical or numismatic value being calculated. This is why silver coins that are not rare may be valued at Rs. 1200 to Rs. 1500 currently.
The composition of the coin will determine which precious metals are used. The market price for the precious metals that the coin contains can be used to help you determine just what the coin is worth from a bullion point of view. Many older coins may have a numismatic value that is more than the bullion value, but the reverse is also true at times.
Knowing how to value coins worth money can be the difference between paying or receiving a fair price for the coin and making a big financial mistake. There are coin guides and pricing charts that may help you determine value. An appraiser who is independent is normally the best method to use for most people.
5 Ways to find coins worth money
1. Look Through Your Change Jar
Often coins worth money can be found by going through any saved change that you have. Many people tend to toss all of their change into a receptacle and then save these coins for an emergency, or for when additional cash is needed. You may be surprised at what you find, especially if you have a large collection of coins to sort through.
2. Buy Rolls Of Coins
It is possible to buy rolls of coins from the financial institutions, and sometimes stores will also allow you to buy coin rolls. After you have purchased the rolls of coins separate them and closely examine each coin in the roll. Many times banks and stores do not realize that there may be rare or valuable coins in the roll. If you do find a rare or valuable coin this way an added benefit is that you bought the coin for face value.
3. Buy From A Coin Dealer
Many coins worth money can be found by consulting a coin dealer. If the dealer does not have the specific coin that you are looking for it may be possible to order it. This can be the best method if you are looking for a specific coin or you have strict requirements for the coin you want to purchase.
4. Use The Online Classified Ads
The online classifieds will usually have a number of ads for coins, and the coins offered may vary from one day to the next. Use caution when dealing with an unknown seller though because there is no guarantee that you will not end up with a forgery. Have the coin appraised by an independent appraiser before spending a lot of money on a coin using this method.
5. Invest In A Metal Detector
A metal detector can be invaluable in locating coins worth money. This equipment will identify metal that is hidden, and can be used almost anywhere. Everyone loses change, a metal detector can help you find coins that may have been lost for decades or even centuries, and is well worth the initial financial investment that you will make.