Are you thinking of starting a new hobby like antique coin collecting? Do you already have a collection? Finding the perfect coin is a fun and challenging treasure hunt, but there are several factors you need to consider before starting. For one, you might want to discover the coin’s monetary value to better negotiate with coin dealers.

Considerations When Coin Collecting

1. Condition

The less a coin is used, the better its condition and the higher its value. Uncirculated coins tend to have more luster and fewer dings and scratches than ones used in the general economy. These coins can even be in mint condition as they’re often tucked away for safekeeping. Ideally, they should look as if they came fresh out of the coining press. 

2. Dealer’s Stock

The price of a coin also depends on the inventory of your coin dealer. When the dealer has an abundance of a specific coin, the selling price goes down. As such, a good strategy for getting the best prices when coin collecting is to find a dealer with a surplus of the coin you’re looking for.

3. Demand 

Several factors affect the demand for a particular coin. For instance, Max Mehl is a well-known coin dealer who advertised that he was willing to pay $50 for a 1913 Liberty Head nickel. After the announcement, more people started collecting for that particular coin, and its value subsequently increased. In 2009, the U.S. Mint redesigned the penny, which got people collecting pennies again.

4. Bullion Melt Value

Coin value is also influenced by its metal composition. The higher the amount and value of precious metals that can be derived from the coin when it’s melted, the more it's worth. When coin collecting, keep in mind that value is also based on current market rates for bullion and even the year the coin was minted. For instance, quarters dated after 1965 are made from clad copper and nickel, but quarters made before 1964 are more valuable as they are made of mostly silver — a more precious metal.

Start coin collecting with Smith Jewelry & Coins, located in Saint Charles, MO. With a wide range of highly collectible items in their inventory, this coin dealer is sure to have something you’ll treasure. They’re also a jewelry store that buys, sells, and appraises estate jewelry, wedding rings, and engagement rings. Call them today at (636) 441-6789 to make an inquiry or visit their website to peruse their coin gallery.