5 Tips for Ensuring You Get the Most for Your Gold Coin Collection
If you’ve inherited a collection of gold coins with mint dates prior to 1933, you might not be fully aware of all of the factors that could affect their overall worth. Here are five issues you should take into consideration.
Coin collections are a rare and fun find. If you’ve stumbled upon a collection in a flea market, or if you’ve inherited a set from a relative, here’s how you can find out if their monetary value meets or exceeds their sentimental value.
- Know their condition. If the coins were minted before 1933, the grade of the coins—which range from “good” to “mint”—are instrumental in determining their resale value. If your coins exhibit minimal wear and appear to have their original luster, you might want to investigate having your collection graded by a certified coin grading service.
- Determine their rarity. Knowing how many of your coins were originally minted, and what their condition is compared to their counterparts, is essential to assessing their value. There are two classes of coin rarity: Grade and mintage. Grade rarity can be difficult to evaluate; basically it weighs the condition of your collection against what would be expected. Mintage rarity is the number of coins originally produced.
- Research their demand. If collectors want your coins, their value is going to be high. Periodically check online coin auctions for selling prices.
- Assess the coins’ design. Coins that are exquisitely designed are typically valued very highly. If your coins are exceptionally beautiful with a high quality strike, they could be worth more than some rarer coins.
- The price of precious metals. Of course, if the price of gold is on the rise, the value of your gold coin collection will be affected. Even if your collection doesn’t have particularly high numismatic value, you could get the market bullion value.