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Being a coin dealer and gold buyer I had many customers who call or come to my shop and wish to question this coin they have looked up on the internet and learned that it is worth plenty of dollars. Unfortunately, they don’t Understand the qualities that make a coin worth that sum of money. Four criteria determine the price of a coin: Condition, Year, Mint mark and most important is present day Scarcity.

Most sellers with the items they presume are rare coins are coins passed down from your Father, Grandfather or Uncle. Most people belonging to the older generation who collected coins were more motivated by filling their coin book, then the quality of the coin. Rare Coins are valued due to their year, scarcity, the very fact they were rarely circulated and the location of the mint where they happened to have a minimal mintage that year.

Two samples of the diversity of prices may be easily found in the same kind of coinage. I once went to buy a variety of coins from where the son of the collector stated that his father collected all his Morgan Dollars in MS-63 condition. One of the coins he had was an 1892S Silver Morgan Dollar that if it turned out an MS-63 could possibly have had a property value of $64,000 reported by Red Book. Upon inspection the coin was graded as VF-20 and is valued as stated by Red Book at $125. As you will notice you will find there’s huge chasm coming from a circulated coin in addition to a non-circulated coin. On one other end of the spectrum is an 1890S which regardless that was developed in the same mint and is the same coin by appearance has a value in MS-63 condition of $125 and in VF-20 of $22. Part of the difference of the importance of the coins are the number made for each; 1,200,000 for the 1892S and 8,230,373 for the 1890S. If this was a alone the determining factor when all the factors were the identical except for year then the 1892S would just be worth 7 times more than the 1890S or $875 in MS-63 condition. But the real cause for the difference is the scarcity of the coins in the better grades to survive to modern times.

So please keep in mind that regardless that coins could very well be old it is the one that has never been spent when all the others were utilized for daily transactions that has all the value. Next week we will come up with buying gold jewelry and how the carat markings and manufacturer determine the value of your gold.

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