If you have recently inherited or otherwise been gifted with old coins, one of the first things you need to do is have their appearance measured by an expert. That process, known as grading, allows you to determine their value. Once you know their value, you will be able to more adequately insure their value against theft or loss. Therefore, it will be very helpful to be aware of the following information.
#1-It Is A Good Idea To Be Aware Of The Coins You Have
Knowing what coins you have does not mean that you need to be an expert. However, by simply grouping all of the identical coins together, you will find that it is easier and faster to have them inspected. In addition, since grading coins will give specific values to certain coins, it will also make it easier for you to notice that one coin is unusually shiny or another shows clear damage. As explained below, both of those could negatively impact the value of the coin.
#2-Beware Of Cleaning Or Shining Your Coins
Although it may seem as if buffing up your coins or removing the tarnish would help your coins, the reverse is typically true. Most coin collectors prefer for old coins to show their age and that there should be a uniform similarity of coins that were minted together.
By removing the marks of time from a coin, you are removing that similarity. Thus, you will find that if you remove a bit of tarnish, you are also likely to be removing at least a bit of the value of the coin. As a result, unless a trusted expert recommends cleaning, it is a better idea to allow the coins to stay in their condition.
#3-Understand How Damage Impacts The Coin's Value
It is important to remember that there are certain standards that are almost universally accepted when determining the value of a coin. For example,a coin being graded will be given both a numerical and verbal score. Coins that are graded as poor will have an accompanying score of PO-1. Those coins are very, very poor and it could take an expert to even determine what year it was made. As such, even an old and incredibly rare coin would have less value than similarly aged coins when it received that grading.
The numbers increase to show improved value and an old coin in the best possible condition that has not been stored away, unused, can be rated as a AU-50 or above. The AU is often referred to as almost uncirculated or about uncirculated and it is often possible to confuse them with coins that have not been circulated at all. If it is impossible to discern any wear, coins may be graded as uncirculated or mint, which means that they could have been bought and stored away.
In conclusion, when you now own old coins and you have little previous knowledge of them, it is a good idea to have them graded. By doing so, you can determine the value of your new belongings and make sure that they are adequately protected for the future. Visit this link for more information.