If a family member was a coin collector, inheriting their years of hard work can be a lucky break. You will not only learn about a unique hobby they enjoyed but might also stumble on a rare and valuable old coin. If you are trying to evaluate an inherited coin collection, use this guide as a resource. 

Factors to Look At

It can be hard to identify pieces based on their imprinted designs or drawings, as many American coins feature similar motifs, like bald eagles or Lady Liberty. Instead, look for a year. It indicates when the coin was minted and is the surest way to figure out the age of a piece of currency. Naturally, a coin minted in the late 1800s will be more valuable than one produced in the 1980s. 

Next, look at the mint mark, which will be a single capital letter that refers to where the coin was minted. For example, coins made in Philadelphia will bear a P, while those made in San Francisco will have an S. Sometimes, coins from a specific location will be worth more than others, such as if an error occurred only at that U.S. mint. 

In addition to the year and mint location, pay attention to the coin's denomination—whether it is a nickel, dime, quarter, etc. Also, note the metal, such as gold, silver, or nickel alloy. In some cases, this is easy to determine just by looking at the coin, while others might require tests. For example, if you hold a magnet up to a penny, and the coin is attracted to it, it may be one of the steel pennies produced during World War II.

How to Find Out If an Old Coin Is Valuable

Once you have an idea of the coins’ major details, go online and type in these criteria to find out what you inherited. Respected resources, like the Redbook and Bluebook, may shed light on each coin’s origins, including the historical events or circumstances surrounding their minting. 

However, to find out your coin collection's true value, you will need to schedule an appraisal with a professional. Not only will they know about the average value of a coin like yours, but they can also judge the unique characteristics of your specific collection. For example, if the coin collector carefully stored the pieces in plastic pockets, they might be worth more than others in their respective categories. If the coins have extensive scratches or other damage, they might be worth less than your online search suggested.

If you would like to learn the true value of your coin collection from a professional, head to Coins Plus of Cincinnati, OH. Their team of numismatists has been running the city’s only National Award Winning and PNG Dealer since 1972. They buy and sell coins as well as appraise collections, and they can offer advice on how to take care of your inheritance. To learn more about their skills, visit the website, or call (513) 621-1996 to schedule an appointment with an expert coin collector.