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Top 5 Common Coin Questions

March 29, 2023 0 Comments

Golden Eagle Coin was established in 1974 – that’s over 40 years of operation (longer than Apple, Microsoft, Amazon and plenty of other Fortune 500 companies). In those 40 years, we’ve fielded a lot of questions regarding coins. Below is a list of 5 of the most common questions we receive regarding coins.

What Is My Coin Worth?

This is probably the most common question we receive over the phone – and the most difficult to answer. In the earlier years before the internet was so prevalent this was a much more difficult task. But now, customers can search around on the Internet and find a rough range of its value.

In general, coins that are found that are still in circulation will more than likely be worth only the face value of the coin.

Any coins that are older than current circulation coins will require more work. While it is always best to take your coin to a local coin shop to assess its value, you can find quite a bit of information by browsing the internet. Just keep in mind that there are a myriad of factors that determine a coin’s value such as age, mintage, condition (very subjective and best left to a trained numismatist), metal content, etc.

How Do I Clean My Coins?

In general, if you don’t know what you’re doing, don’t! Cleaning your coins is an easy way to reduce their value. Coin collectors and coin investors want coins that are in their original state with their original mint luster, toning and color.

When you clean a coin with chemicals, there is a very good chance you will “wash” away the natural toning and even possibly strip away some of the actual metal from the surface of the coin.

If you must clean your coin, running it under gentle, clean water can help remove any loose dirt and debris. To dry, simply pat the coin dry with a soft towel. Do not under any circumstances scrub the coin with any type of abrasive material.

Is My Old Coin Rare?

Since we live in an age where new products are being created left and right, older products carry with them a  perceived value. Because of this, when people find a coin from the 1800’s they immediately assume they’ve hit the jackpot. But unfortunately, that is usually not the case.

What most people don’t realize is that coins (even in the 1800’s) were produced on a massive scale so there are usually millions of coins that were produced at that time – making the coin not rare. However, you CAN get lucky, you just need to know what you’re looking for.

For a more detailed guide on striking it rich with pocket change, check out our blog post:

What Is The Most Valuable U.S. Coin?

The current record holder for the most Valuable U.S. Coin is a 1794 Flowing Hair Dollar. This coin was sold by Stack’s Bowers Galleries in January of 2013 for $10,016,875 dollars.

The previous record was held for over 10 years by a 1933 Saint-Gaudens Double Eagle sold by Sotehby’s/Stack’s in July of 2002 for $7,590,020.

Where Can I Buy Coins?

You can start by going to the bank. Most banks will have a decent supply of pennies, nickels, dime, quarters and half dollars. They’ll also probably have the newest dollar coins that the Mint is trying to push.

If you’re looking for older more obsolete coins you’ll have to go visit a coin dealer in person or online. They will have a wider array of coins for you to select from as well as knowledgable sales staff to help answer any questions you may have.

Filed in: Informative

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