How To Find Out If Old Coins Are Valuable in 2024

To determine the  value of  your old coins, you will have to look at the significance a coin has and what condition it is in. Start by looking up whether your coin has the potential to be valuable based on category and year. We recommend a professional coin appraisal to get the most accurate determination of whether your coins are valuable.

Learning how much your old coins are worth is useful information whether you have inherited old coins, are considering coin collecting as a hobby, or are planning on selling them. 

However, it takes more than a Google search to know your old coin’s true worth. There are many factors that play into the value of any coin, which is why there is not one answer when people ask what old US coins are valuable? 

By learning how to determine the value of coins, you can feel confident in your appraisals and avoid being taken advantage of. If you have questions about the value of your old coins, reach out to Coinfully for a free zero-pressure coin appraisal.

How Do You Know If Your Old Coins Are Valuable?

What your old coins are worth is determined by two main factors: significance and condition. 

Several different parts make up an old coin’s significance, while the condition is determined by how well your old coin has held up over time.

Though other small factors can slightly add to a coin’s value (some old gold coins are valuable with their gold content adding to the price), significance and condition are the two factors that make up the majority of their worth.

Significance

The greater significance an old coin has, the greater the amount a coin collector would pay for it. Think of significance as how important and desirable a coin can be.

Where an old coin was minted (Carson City, Charlotte, Dahlonega, New Orleans, West Point, Denver, Philadelphia, or San Francisco mint) can add to their importance. The first or last mintage year can make them more desirable. If the number of coins from a certain mint in a certain year was low, it could make it more significant.

Because of the value of misprinted coins, collectors often seek out old coins that have errors on them from minting. Flawed coins can happen for a number of reasons during production. One of the most expensive of these error coins occurred when “1941” was printed on a 1942 Mercury Dime by mistake. To correct the mistake, a face was printed over the incorrect year. It sold for $120,000 in 2018, making it a very expensive dime.

Survival rate can affect the importance of a coin. Over 270 Morgan silver dollars were melted down in 1918, making ones that survived very valuable Morgan dollars.

Condition can sometimes play into a coin’s significance. But, some very rare coins will have significance regardless of condition.

Condition

Old coins in mint condition go for a higher price than old coins in poor condition.

The condition of coins is based on the American Numismatic Association’s scale of 1-70. A 1 is given to coins that have been heavily handled, and 70 is given to coins that have not been touched and are in the same condition in which they were minted.

A higher condition would make a silver half dollar worth a lot more than a lower condition silver half dollar with the same significance. 

If you are looking to find out the condition of your coins, the PCGS (or Professional Coin Grading Services) can grade your coin’s condition.

What Are The Most Valuable Old Coins?

There is not one old coin that will always be more valuable than others. Though the 1933 double eagle is the rarest old coin.

The 1933 double eagle is one of the rarest coin with only thirteen known to exist. Of the thirteen, only one is available to be privately owned. In June of 2021 it sold for $18,900,000 at auction. 

There are a lot of older coins that people think are valuable simply because of their rarity. When, in fact, the worth of their coin is a few cents more than face value. A perfect example of this is the wheat penny.

People think that wheat pennies are automatically valuable because they are older and have a unique design. While some have been known to be worth over $800,000, most on average are worth between $0.04 and $4. 

The difference between the almost one million dollars and a few cents is significance and condition.

Can Newer Coins Be Valuable?

Yes, newer coins can be valuable as well!

Just like older coins, newer coins need to have significance and be in a good condition in order to have value. Since these coins are not as old as others, you normally do not have to worry about them being in less-than-perfect condition.

For these coins, you do not need to inherit a coin collection, go to a coin show, or hunt them down. Newer valuable coins are in circulation and can be in your possession right now!

What to Do After You Have Found The Value of Your Old Coins

When you have found the value of your old coins, the next step is to decide if you want to keep or sell the collection.

If you decide to keep your old coins, consider getting an appraisal and verifying their worth by an expert who can tell you what grade they are in. Or, send them to a service that can grade the condition and protect the coin so it retains its value.

If you decide to sell your old coins, you can sell your old coins to anyone who buys or collects coins online or in person. If you decide to sell your collection, you should also get a coin appraisal.

If you choose to sell your coins in person, be careful. When selling in person, you run the risk of taking all your old coins to someone only for them to take advantage of you or change their initial offer. They may try to tell you that your coins are worth less than they actually are. This is where a coin appraisal becomes paramount in making sure you get a fair offer.

When selling your old coins online, you will need to send in photos and in some cases, you will need to answer a few questions about your coins to see how much your coins are worth. If you both agree on a price, you will send your old coins in and when they are received you will be paid.

Coinfully offers free appraisals before buying your old coins, meaning that you know exactly how much they are worth before you sell your old coins to them. With some old coins, an expert with Coinfully will come to you for a free at home appraisal.