Collection of old coins has been in vogue ever since they were created, and their systematic collection is termed numismatics. A numismatist knows the worth of a gold coin, a silver coin, an old coin, or a rare old coin. The value of an old coin depends on its condition, and the age of the coin.According to Essortment, The American Numismatist Association has graded the old coins on a scale of 0-70, where 0 means that coin is in poor and worn out state, while 70 means that the coin is in an un-circulated and mint state. In between these two grades, there are seven other grades: almost good, good, very good, fine, very fine, extremely fine, and almost un-circulated.
For example, “good coins” are graded as G-5 or G-4, and they have date and mint marks with some fading spots. As the quality of a coin reaches the “mint state,” a grading of MS-60 to MS-70 indicates that the coin is without any wear, as if, the coin has never been circulated.Roman reports that demand and supply also play an important role while determining the worth of an old coin. For instance, the value of a 1943 copper penny, with only 40 such coins in existence, could be $ 200,000, while the value of a 2000 year old Roman coin, with thousands of such coins available in the market, could be less than $ 100.The worth of old coins can be explained with a recent archaeological discovery in Suffolk, Britain. Commodity Online reported that 824 gold staters were found during an accidental unearthing operation in Suffolk. These gold coins were found in a pottery jar, and it is estimated that their worth is 1 million pound sterling.Thus, it is clear that the old coins are worth a lot, provided that they are in “mint state,” and have a certain age.
However, they must not be easily available in the market, for them to fetch a price higher than their face value.ReferencesCommodity Online. (2009, January 20). Old gold coins worth 1 m pound found. Retrieved fromhttp://www.commodityonline.com/goldnews/Old-gold-coins-worth-1m-pound-found- 2009-01-20-14351-3-1.htmlGrading your coins.
Essortment. Retrieved fromhttp://www.essortment.com/hobbies/gradingcoinsho_sorm.htmRoman, C. (n.d.
). Determining coin values. Retrieved fromhttp://wealthsmith.com/rare-old-coins-value.htm