The US Federal Reserve processes 20 billion coins annually, evaluating them for fitness of circulation. If any coin is deemed unfit for further circulation, the common practice is to melt it down for recasting (Source: titlemax.com). Out of the surviving ones, many are worth a lot more than their face value. In fact, some of the coins are valued at more than $500. Now, a coin dealer will be able to spot these rare coins in circulation instantly. But what about coin collectors? How do they identify the legitimately rare coins from others in circulation? Check out a few tips below:
1. Error Coins are Worth a Lot
Coins produced incorrectly by the US Mint are termed as “error coins.” Error coins are diverse, and some of the common mistakes to look for include indents, broad strikes, cuds, blank coins, etc. While some error coins, like off-center coins, will fetch you only a couple of dollars, other mistakes, such as off-metal errors, are sometimes worth hundreds and even thousands of dollars.
2. Check for Old Coins
There is a popular misconception among coin enthusiasts that old coins are worth more money. The reality is, just because it’s old doesn’t mean it’s valuable. You need to know which old coins are actually worth more than their face value. But this is not an easy task unless you have an encyclopedic knowledge of coins. So, your best bet is to take a suspected valuable old coin to the local coin store for appraisal.
3. Comb Through Bank Rolls
This is a trick used by veteran coin collectors. Head to your nearest bank and carefully go through bank rolls or bags to find old, valuable coins. And if you’re worried about all the coins you’ll be left with, you can simply return them to the bank in exchange for cash. The best part is, you only have to pay the face value of the coins you want to retain.
With a bit of effort and assistance, you will be able to track down valuable coins in circulation. We at Legacy Coins are here to help. Contact us today.