Hunting Rare Coins? 7 Strategies and Websites To Determine Value Quickly
Written by
Vance Cariaga
Edited by
Gary Dudak
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The old cliché about finding rare and valuable coins is that you should start by digging around in your couch cushions. That’s not necessarily bad advice. However, chances are the only loose change you’ll find there are coins that fell out of someone’s pocket not that long ago — and those coins will be among the billions currently in circulation that are worth no more than face value.
To improve your chances of finding rare coins worth thousands (or even millions) of dollars, you need to search where nobody has searched in a long, long time.
Defining ‘Rare’
You also need to know what constitutes a rare coin. Coins gain value when they meet the following criteria, according to the International Precious Metals website:
- They are no longer being produced and therefore decreasing in circulation.
- They are difficult to find.
- They have unique marks due to errors or limited editions.
- They have some kind of historical significance.
- They are prized by collectors.
With that in mind, let’s get into the hunt.
Plan of Attack
In terms of where to search for rare coins, here are seven strategies:
- Search where others don’t. This might include inside walls and attics of old homes, in backyards, in creeks and in fountains.
- Exchange paper or digital currency for coin rolls at banks.
- Buy a metal detector. These can come in handy when you are searching in expansive areas such as parks and coastlines.
- Ask friends and family if you can look at their old coins. If you find any, be prepared to split the proceeds.
- Use change machines.
- Hit the local garage and estate sales: It is not uncommon to find valuable collectibles (including rare coins) at these sales for deep discounts because the sellers might not be aware of their value.
- Buy a reference book such as A Guide Book of United States Coins. These can provide insights on what constitutes a rare coin and where to find them.
Finding Value
Once you have found a coin you think might be rare and valuable, your next step is to do more research on it. The fastest way to do that is to visit reputable websites that specialize in coin analysis and evaluation. The Jerusalem Post recommends these seven sites:
- Coin Value Checker: Provides a “comprehensive guide” to the value of various coins, including pennies, nickels, dimes and quarters.
- PCGS CoinFacts: Bills itself as “the most comprehensive database” for U.S. coins on the internet.
- NGC Coin Explorer: Provides a searchable and user-friendly catalog of American coins as well as access to the NGC Price Guide, NGC Census, NGC Registry and Auction Central.
- Robpaulsenlive: The Jerusalem Post calls this site a “reliable source” for U.S. coin values that offers an interactive experience along with articles and news updates about coin collecting.
- Heritage Auctions: This is one of the world’s largest collectibles auctioneers, with a section dedicated to rare coins and numismatic items. Heritage also offers free auction appraisals, value guides, past sale prices and other services.
- NumisMedia Fair Market Value Price Guide: This is another expansive resource for finding information on rare coins. The guide provides “up-to-date market values” for U.S. rare coins and is available to all visitors without requiring a password, according to the Jerusalem Post.
- USA Coin Book: This site lets you buy, sell, request and auction off your coin collections. Members can also keep track of their collection using the online database.
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