Madison Scherner is a college student looking to make some extra cash. She walked through the doors of San Diego Coin and Bullion holding a sandwich bag containing about 20 coins of different sizes.
“So these are some coins that I inherited from my grandmother. She passed away in June of this year. And I kind of want to know a little bit more about them and potentially sell some of them because these are some duplicates," she said opening the sandwich bag.
She reached into the bag and picked out her favorites. “I have some here from the 1800s, like the 1890s. So I think it’s really cool that she took the time to care for these and collect them,” she said.
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Madison said she’s done some online research but there is so much information that it was hard to make heads or tails of what her coins are really worth. She still had a lot of questions.
“I think it’s kind of confusing because, well, is this coin worth this much because of the way that it looks or the year that it was produced? I know that some of my coins aren't in the best condition, so would that lessen the value, but also, where these were produced or where they came from?” she asked Jeffrey Martin, General Manager of San Diego Coin & Bullion.
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Martin replied that every now and again stories about valuable currency pop up on the news and on social media feeds that get people excited. They may get stuck on the headline and not read the article thoroughly. He said people should temper their hopes until they know for sure.
About those $2 bills
“There was a recent story that broke in the news about $2 bills (1976 - bicentennial) a few months back, reporting on a note that was extremely rare,” he said as he pulled a sheet of four of those bills, “The headline simply said that $2 bills can be worth a lot of money, which is true, buta very small, small percentage of $2 bills have any sort of collectible value.”
So now that we have some context, let’s take a look at how it really works according to Martin.
As you inspect your old currency, keep these points in mind
Rarity is King
How many exist in the world just like your coin or bill? Just because you have never seen it elsewhere, doesn’t mean they’re hard to find.
“On your 1976 $2 notes, there are 1.2 billion of these notes currently in circulation, out there floating around in people’s wallets, in people’s sock drawers,” Martin said as he waved the sheet of $2 bills around. "People still get excited about $2 bills, there is some fun to them, and they make neat tips and gifts and so forth. But at the end of the day, they’re still just two dollars."
Mint
Pay attention to the mint on older coins. The difference in value could be significant in some cases as Martin showed us pointing to two pennies he has in his collection.
“This coin here was minted in Denver in 1914, this is a $1,000 penny. Here’s a coin minted in 1914 in Philadelphia, same year, same penny, same design, different mint...it’s worth $8,” Martin said.
Silver/Gold Value
Depending on the market, currency with gold or silver in it could get you more than face value.
Condition
Condition matters to an extent, primarily if it’s in uncirculated or very good condition.
Age
On the flip side, age does not really come into play. There is no sliding scale based on the year the coin was produced.
“I could dig out Roman coins that are two thousand years old that we can sell you for $10,” said Martin. “I can also show you a coin that was minted in the 70s that's worth hundreds of thousands of dollars.”
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So what if you DO have a valuable coin?
Don’t clean
Martin strongly recommends first and foremost leaving it alone and not trying to clean it.
“Much like rare art or rare furniture, the consumer, the collector wants it in the original condition, even if it’s ugly. If you have a coin that you think might be valuable, don’t mess with it,” he said.
You could also decrease the value of the coin should you damage it in any way while cleaning it.
Get multiple estimates in person
Get as many quotes from different experts as possible. The higher the value, the more people you’d want to check in with. You’ll have a better sense of your currency’s true value and how much you can expect to get if you choose to sell.
Don’t pay attention to online prices
Don’t pay too much attention to the prices sellers are posting online. They may really throw you off.
“People could post whatever they want for whatever prices they want, there is absolutely no policing of it, there is no regulation of it,” said Martin.
Which is exactly what Madison saw during her research. “These ones from the 1890’s, someone on eBay was selling them for about $100 and they’re exactly like this,” she recalled. She received $30 for them.
She admitted that selling her grandmother’s coins tugged at her heartstrings. She knows, however, that Grandma would be happy with how the money will be used.
“I’m pleasantly surprised, I thought I was only getting a few bucks for them, I’m getting 175 bucks which is awesome. I’m in college so hopefully that could really go a long way,” she said.
