Valuing Inherited Coins: A Comprehensive Guide for Beginners

Discovering that you have inherited some old coins can be both exciting and daunting. How do you know if they're valuable, and what should you do with them? In this comprehensive guide, we will walk you through the process of appraising and valuing your inherited coins, ensuring you make informed decisions and potential gains.

Why the Red Book May Not Be Accurate

While the Red Book, also known as A Guide Book of United States Coins, is a popular resource for coin collectors, it might not provide an accurate valuation for your inherited coins. Published almost two years before the year it covers and frequently updated every 11 months, the Red Book can drastically misrepresent coin values. It is specifically tailored for U.S. coins, leaving collectors of foreign coins with limited resources. Therefore, it is essential to explore other valuable resources for coin appraisals.

Valuable Resources for Coin Valuation

Instead of relying solely on the Red Book, consider the following websites for accurate and up-to-date valuations:

Offers detailed information on coin values, grading, and authentication. Coinflation: Specializes in silver value and provides real-time updates on precious metals. PCGS (Professional Coin Grading Service): Provides professional authentication, grading, and encapsulation services for valuable coins.

Additionally, public libraries and coin stores in your area often have the latest editions of the Red Book, providing valuable retail price estimates for U.S. coins.

Understanding Your Coins: Condition and Rarity

Once you have the necessary information, the next step is to assess the condition and rarity of your coins. It's crucial to know if they are old because you are young or old because they are. Here’s how to proceed:

Getting a Detailed Description

While posting detailed photographs may help, it's important to note that many people may not be able to provide an accurate valuation without a meaningful description. Ensure you provide as much detail as possible, including mint marks, dates, and any unique features that might affect the coin's value.

Using the Red Book for Reference

The Red Book can serve as a reference for common U.S. coin values. If your coins are from before 1965, especially dimes, quarters, and half dollars, consider using the Red Book to determine if they contain precious metal. Coins from 1965 to 1970 are 40% silver and can be valuated using websites like Coinflation for their silver content.

Identifying Key Date Coins

Look for coins that are described as "key date" coins in the Red Book. These coins might be worth significantly more than their face value. Set all key date coins aside for more detailed research and potential authentication.

Setting a Value and Selling Strategy

Once you have identified your coins and determined their value, consider the following steps:

Getting a Professional Valuation

For coins worth $300 or more, professional authentication by PCGS is highly recommended. They can authenticate the coin, grade it, and encapsulate it in a protective slab, ensuring its quality and value. This process, although costly, is essential for valuable coins as it allows for accurate selling through platforms like eBay.

Selling Options

Ebay: Sell your coins on eBay, where PCGS authentication can reduce transaction fees. Coin Dealers: Coin dealers often offer lower prices than honest sellers on platforms like eBay. However, the prices offered may be significantly less than PCGS's pricing.

Professional vs. Amateur Valuation

Professional valuations by PCGS ensure a fair and accurate assessment of your coins. Skilled dealers will offer a fair price, while honest dealers will want to sell the coin for its full value. Dishonest dealers, however, may offer significantly less.

Preserving Coin Integrity

A final piece of advice is to never clean your coins. Cleaning can severely diminish a coin's value by up to 50-80%. Always handle coins with care and avoid harsh chemicals that can damage the coin's original surfaces.

With these tips, you can confidently appraise and sell your inherited coins, ensuring you make the most of this unique opportunity.