newer coin collecter here trying to find info on whats hot and what to look for any help is greatly appreciated

topic posted Thu, September 8, 2005 - 5:01 PM by  tinkerbell
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i have many wheat pennies and lots of gold and silver dollars all prior are american plus i have no-longer circulated coins and many out of press bills to review please tell me how i am doing for a starter in this collection

tink
posted by:
tinkerbell
New York
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  • Well... your wheat pennies are worth about one cent each, unless they're in really great condition. (everybody has wheat pennies)

    Your silver dollars might be worth more; I have one that's in fairly good condition although I don't think I'd be able to get more than a couple bucks for it. It was my grandmother's anyway and I got it when she died so it's less of a collector's item for me and more of a family heirloom.

    I've found that coin collection is less about how old the coin is and more about the condition of the coin and how many other coins are out there like it. I have a 1879 coin that is probably worth nothing -- it is so worn it's barely readable. I have a collection of 43 1976 bicentennial quarters. It's probably worth about $10.75 because they're so common. But hey... maybe that'll change in 1000 years. (Same thing with the state quarters)

    Don't clean your coins. I know as a starting collector you'll be tempted to because they'll "look better"... but most serious collectors consider a cleaned coin to be ruined. A dull but unworn coin is worth more than a shiny coin that's been cleaned.

    Going to coin shows to find out how much your collection is worth is a complete waste of time. Most dealers are only willing to tell you how much they'll give you for a coin if you're actually willing to sell it to them. If you only want an appraisal, they'll tell you all your coins are worthless, and you'll leave thinking that the information you get from them was also worthless. I handed my collection to a dealer and he casually thumbed through it and promply told me "What you've got here is mostly what is considered 'Junk Coins', uh... except for this one"... and pointed to a Chinese coin that I have. "It's worth a couple dollars," he said. I thought to myself that he was probably telling me all this because he wanted to buy that coin, and he figured that if he told me that it was the only coin in my collection worth anything, I'd be happy to sell it to him. My guess is that it was probably worth a lot more than that. But I didn't want to sell any of my collection; I was just curious as to how much it was worth. And he knew that.

    Tell us more about what you have.
    • well most of my pennies are from detailing cars and stuff so i have not wand planned not to clean them. i have many collectors nearby in fact the wheat pennies i can turn into a shop nearby in rolls and get 75 cents per roll. i do have some mint condition indian head and buffalo pennies among them plus i have red and silver 2 dollar bills if that counts in my coin collections all bills are non circulated and kept aside since release by my granfather. funny how he had a knack for finding things to keep aside for this purpose.

      there is more he is sending my way since his time is nearly through in his terms his wife just passed last summer of natural causes at 78 he is nearly 85 so he is dispursing his goods to us since he never made a will for his stuff he figured he would be dead b4 her but has good intentions for his heirs.

      thanks for the response,
      tink

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