Cha-ching! You’ve inherited a coin collection…Now what?

Some people collect coins as a hobby, others as an investment for the future. They can be valuable—check out these recent big sellers:

• 1913 Liberty Head Nickel, $4,560,000
• 1792 $10 Washington Gold Eagle, $1,740,000
• 1804 $1 Liberty “draped bust” dollar”, $2,640,000

Not every coin has to be super rare or old to be worth something: a recent online search showed pennies worth hundreds of dollars due to double stamping or some unusual mark. There’s even a 2005 Kansas state quarter with the motto, “In God We Rust” (selling for up to $100).

If you’re thinking of buying coins for investments, the Federal Trade Commission recommends that you do a lot of research—and expect to hold them for at least 10 years to realize a profit. If you have a coin collection, or you’ve recently inherited one, here are some tips on making the most of it:

Figure out what you have: According to the American Numismatic Association (ANA), the first thing to do is to understand your collection. If you have the patience (and time), you can try to do some research yourself. Or, you can make it easier by using the services of a professional appraiser or numismatist.

Don’t clean them: In fact, a coin may lose some of its value if it’s been cleaned. According to the U.S. Mint, “older coins that show deep age coloration are more desirable than coins whose surfaces have been stripped away by improper polishing or cleaning.”

Be careful handling them: Hold old coins by their edges to keep oils from the surfaces.

Some useful terms to know

• Alloy: a mixture of two or more metals
• Grade: The amount of wear on a coin from circulation
• Mint state: Uncirculated coin (perfect condition)
• Mintage: The number of coins produced
• Numismatics: the study and collecting of things that are used as money

Storing your coin collection

The ANA recommends storing coins in individual containers or acid-free sleeves. Keep them in a dry environment. The Mint recommends a safe-deposit box at a bank. However, if you your collection at home, it also recommends that you ensure that your home insurance covers full replacement costs.

What hidden treasures do you have?

To find out what your coin collection is worth, and to ensure that you get the information you need to insure your valuables, get an appraisal. Call 617-304-0174 or email me at aimee@appraisal.com.

Brilliantly yours, Aimee