If you are new to the world of coin collecting, you might wonder what the difference is between coins and medals, which are also called tokens. Because they look incredibly similar and are commonly made with precious metals like gold and silver, it isn’t always easy to know what you have in your possession. However, coin dealers explain there are a few easy ways to tell the two apart. Below is a bit more information about the differences between coins and medals, so you can understand your collection.

Coins 

For something to be considered a coin, it needs to meet certain crucial criteria. First, it needs to have been struck by a government mint. It also needs to have been assigned a specific monetary value and intended to be used in circulation as money. Although coins have an assigned value, many surpass this original amount, especially if they are rare or made with precious metals. 

Medals

Medals, on the other hand, are typically used to commemorate a certain person or event, and they are not intended to be used as legal tender. Medals or tokens are typically traded amongst coin collectors or sold because of the value of the materials they were made from. However, some medals are still very valuable, regardless of whether or not they were used as money, due to their rarity. Never assume the medals or tokens you have are worth nothing, even if they are still being sold. Instead, talk to a coin dealer to determine what they are truly worth. 

If you have a coin collection you have questions about, contact the professionals at Coins & Carats, Inc. in Kalispell, MT. In addition to offering an incredible selection of rare coins, gorgeous jewelry, and other collectibles, these experienced coin dealers also buy coins and gold scrap metal if you are looking to sell. For more information about their shop, explore their website or call (406) 752-2646 today.