Despite popular opinion, old coins aren't always the most valuable. Many factors contribute to its worth, and understanding them helps build a valuable collection. If you're starting out as a collector, here are a few things to look for when searching for coins.

What Can Increase the Value of a Coin?

1. Condition

The best collectibles are free of wear and damage, which can decrease the value of a coin. Exposure to air over time leads to toning, which causes old coins to become discolored or darkened. Contact marks also impact the condition, whether they occur during the striking process or result from accidental contact with other coins. 

Coins are graded on their condition, with 1 being the lowest score and 70 is considered mint. Take your items to a professional dealer who can assess the condition and provide an accurate grade.

2. Demand

Demand refers to how many people are in search of a particular item. A coin becomes more valuable if the demand is high and the supply is limited. Rarity also increases its market price since there are few in circulation. That means that coins that would otherwise not be worthy can become so if they are highly sought after. For instance, while copper is not worth as much as silver or gold, the 1943 Lincoln Head Copper Penny can sell for around $82,500 because of its rarity. Another rare coin is the Fugio cent, believed to be one of the first coins circulated in the U.S.

3. Age

Old coins are often more valuable than newer ones, but not because of their age. Because they are scarcer, it increases their market price. Since older ones have a higher chance of being in poor condition, quality pieces will incur higher prices. Appraisals are recommended for older coins, especially for those new to collecting.

4. Composition

Certain metals, such as gold, silver, or platinum, increase the coin's intrinsic value. Old coins were often made of these metal contents, unlike newer ones. Many minted in the U.S. prior to 1965 were composed of silver, including half-dollars and quarters. Historical coins such as American Eagles were made from gold. 

Every new coin collector should have the right assistance when starting their hobby. Since 1973, Hawaiian Islands Stamp & Coin has provided dependable guidance and information to collectors throughout Honolulu. Highly regarded among numismatics, you can count on President Don Medcalf and his staff for appraisals. They offer a great selection of rare coins and specialize in old Hawaiian monarchy artifacts. Call (808) 531-6251 to schedule an appointment today, or visit the website to check out their current coin selection.