7 Things You Must Do When You Find a Rare Coin
You are going through an old coin collection, maybe a jar you found at an estate sale and or something that was left at a thrift shop. Suddenly, something pops and you realize you have a special coin in your possession out of the blue. What should you do next?
First and foremost, you’ll want to make sure of the coin’s authenticity. There are several different criteria to look at in order to identify a rare coin and how to value it’s worth, and a few practical steps to take from experts who know coinage. Here’s what to do if you find a valuable rare coin.
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Don’t Clean It
“Avoid the temptation to clean or polish your rare coin, as doing so can drastically reduce its value,” says Paul Zaldivar, a civil engineer and the founder of ConstructionRealm.com. “Collectors prefer coins in their original state, with a natural patina or tarnish.”
“Cleaning old coins can reduce their value by removing the patina, which is the natural tarnish that builds up on the surface over time,” adds Kamil Faizi, owner of Challenge Coins 4 U. “Any cleaning could damage the coin, so it’s best to leave it in its original condition.”
“Years ago, I was visiting a coin store in downtown Chicago when an elderly woman came in to sell her late husband’s collection,” recalls Donn Pearlman, PNG spokesman and affiliate member. “Unfortunately, she first used a kitchen scrub brush to make the coins ‘bright and shiny’ in the mistaken belief that it would enhance their value. The dealer politely explained that one of the old silver dollars would have been worth nearly $1,000 dollars but with the severe surface damage of numerous, tiny abrasion marks — scratches — it now exhibited, he could only offer $100.”
Learn More: I’m a Rare Coin Collector: How To Spot Valuable Coins
Handle With Care
“Use clean hands or gloves to hold the coin by its edges,” suggests Zaldivar. “Touching the coin’s surface can leave oils or dirt that may damage the coin over time.”
“Carefully handle potentially valuable coins only on the edges — the rims — to avoid causing wear or fingerprints on the front and back of the coin,” says Pearlman. “The condition, the state of preservation, often is a major factor in determining a coin’s value.”
Pearlman cites the example of a common early 1900s Indian Head cent. “…in worn condition might be worth only a few dollars, but that same coin in original mint red, superb condition may be valued at hundreds or even thousands of dollars depending on its grade,” he describes.
Store Properly
“Store your rare coin in a protective holder or sleeve, ideally made of archival-quality materials. This will help protect it from damage, moisture, and other environmental factors,” advises Zaldivar.
Do Some Research
Faizi recommends getting your rare coin graded. “Professional grading can add value to a rare coin, especially if it’s in excellent condition,” says Faizi. “Look for a reputable grading service and have your coin authenticated to maximize its value.”
“Learn more about your coin, its rarity, history, and potential value,” Zaldivar advises. “Consult reputable sources like coin catalogs, numismatic websites, and books to gather information.”
Get Professional Opinions
“Coins are valued based on their rarity, condition and historical significance,” Faizi explains. “You can research the coin online, consult with a professional appraiser, or bring it to a reputable coin dealer to get an accurate estimate of its value.”
“Reach out to reputable coin dealers or professional numismatists for their opinions on your coin’s authenticity, grade, and value,” says Zaldivar. “You can find local dealers or attend coin shows to connect with experts.”
Don’t Set the Coin in Jewelry
“Refrain from setting your rare coin in jewelry, as this can damage the coin and significantly diminish its value,” warns Zaldivar. “Keep the coin in its original state to maximize its appeal to collectors.”
“While setting a rare coin in jewelry may seem like a good way to show it off, it can actually diminish its value,” Faizi says. “Altering the coin in any way can reduce its value, so it’s best to leave it in its original state.”
Sell the Coin … Maybe
If you decide to sell the coin, you could be making a pretty penny out of an old one. Just make sure to do all your homework before committing to a buyer so you get the most you can for your coin.
“If you decide to sell your valuable coin, choose a reputable dealer, auction house, or online platform,” Zaldivar explains. “Before committing to a sale, ensure you understand their fees, commission rates and sales process. Following these steps ensures your rare coin is well-preserved and retains its maximum value.”
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