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Protecting Old Coin Values
We all know that a good wine gets better with age, and a good coin is likely to get more valuable with age, too…if it is cared for correctly. Proper care of you collection will protect your old coin values.What Gives an Old Coin Value?
There are four characteristics that give an old coin value: condition, rarity, demand, and historical value. You can find out what your old coin’s value is by looking it up in the Blue Book, which is a book of wholesale values of US coins. If it’s not a US coin, there is a Black Book that gives current values of world coins.
Rarity and demand are fixed characteristics. If only a few coins were minted, or if a lot of people want it, an old coin has more value.
Historical value is more individual, and your old coin may have value only to people interested in that particular historical era. For instance, Civil War buffs may place a higher value on old coins from the Confederacy than others will.
The most variable factor in determining an old coin’s value is its condition. The Sheldon Scale is a 70-point scale that coin dealers use to evaluate the condition of a coin. It’s still a subjective evaluation, but at least it is a guideline for determining the condition—and value—of an old coin. Coins in mint condition are in the best condition, and coins that are so worn you can’t see the date or images are in the worst condition.
Protecting Coin Values
You can’t always control what condition an old coin is in when you get it, but you can protect it so that its condition doesn’t deteriorate while it’s in your possession.
To maintain an old coin’s value, always handle it by its edges. Never touch the surface of the coin with your fingers. The oils and acids on human skin will corrode the coin and decrease a coin’s value.
Don’t clean your coins. Cleaning exposes them to chemicals and environmental substances that can corrode them. Of course, if you dug the coin up out of the ground, it is all right to wash the dirt off gently with soap and water. But don’t polish your coin to make it nice and shiny. That damages it.
Store your coins correctly. Coins should never be stored in plastic or acidic paper envelopes or flips. The acid in paper is corrosive, so if you put coins in an envelope, make sure the envelope is made of acid-free paper. The PVC in those little plastic flips will also corrode coins and give them a greenish coating. Coins need to be protected as much as possible from light, air, and temperature extremes.
Proper care is essential to retaining an old coin’s value. Proper handling, no cleaning, and proper storage will keep your old coin’s condition as good as possible.
