Protecting Old Coin Values

Everyone has heard a good wine gets better with age, but many don’t realize the same saying can be true for preserved, especially those in mint condition. Proper care of your coin collection will protect your old coin values.

What Gives an Old Coin Value?

There are four characteristics that give an old coin value.  These include: condition, rarity, demand, and historical value.  You can discover your old coin’s value 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, then use the Black Book which gives current values of world coins.

Rarity and demand are fixed characteristics.  If only a few coins were minted, or if the demand is high, an old coin has more value. 

Historical value is more individual, and your old coin may have value only to collectors 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 it is a reputable guideline for determining the condition—and value—of an old coin.  Coins in mint condition are in the best condition, on the other hand, 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 out of the ground, it is safe to wash the dirt off gently with soap and water.  But don’t polish your coin to make it nice and shiny because doing so damages it.

Store your coins correctly.  Coins should never be stored in plastic or acidic paper envelopes or flips.  The acid found in paper is corrosive, so if you store 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.