{"id":2924,"date":"2024-04-19T14:20:29","date_gmt":"2024-04-19T14:20:29","guid":{"rendered":"https:\/\/pawndetroit.com\/?p=2924"},"modified":"2024-04-22T14:52:00","modified_gmt":"2024-04-22T14:52:00","slug":"not-sure-what-to-do-with-your-old-coins-or-bills-let-these-3-experts-help-you","status":"publish","type":"post","link":"https:\/\/pawndetroit.com\/not-sure-what-to-do-with-your-old-coins-or-bills-let-these-3-experts-help-you\/","title":{"rendered":"Not Sure What To Do With Your Old Coins or Bills? Let These 3 Experts Help You"},"content":{"rendered":"

Not all old coins or dollar bills are unique, but\u00a0<\/span>some could be worth thousands of dollars<\/a>. And\u00a0<\/span>if you do have old currency lying around<\/a>, it doesn\u2019t hurt to check and see what it\u2019s worth.<\/p>\n

\u201cYou\u2019d be surprised that many bills and coins being passed around at the convenience store are actually worth more than face value,\u201d wrote Seth Gold, vice president at\u00a0<\/span>American Jewelry and Loan<\/a>\u00a0<\/span>in Detroit, in an email.<\/p>\n

How Rare Are Valuable Coins or Bills?<\/h2>\n

It\u2019s rare to find a valuable old coin or paper bill, and they don\u2019t last long in circulation. According to Ted Ancher, director of numismatics at\u00a0<\/span>American Precious Metals Exchange, Inc.<\/a>\u00a0<\/span>(APMEX), coins typically last a few decades in circulation, while bills only last a few years. Also, most valuable coins were struck prior to the mid-20th century and are rare due to low mintage and survival rates.<\/p>\n

Inspect the Currency<\/h2>\n

\u201cThe value of coins and bills is centered around a few areas which primarily focus around mintage, grade and population,\u201d said Ancher. \u201cThe higher the grade, the more valuable the coin is. If paired with a low mintage, that usually makes the coin extremely valuable.\u201d<\/p>\n

Population, which is determined by how many coins are known to exist in that grade, can also make a big difference. \u201cA common coin in a much higher grade, where only 3 or 4 are known in that grade, can also bring big bucks. However, these coins would need to be professionally graded by a third-party grading service,\u201d Ancher explained.<\/p>\n

Variety can also affect the currency\u2019s value, but Ancher said such examples are often difficult to spot and may require magnification. \u201cThe value of these depends on finding the right buyer who is willing it pay for that variety,\u201d he said.<\/p>\n

Coins are graded on a scale from 1-70, with 1 being the lowest grade and 70 being the highest grade, Ancher said. Most coins in circulation fall in the 1-58 range \u2014 but he said knowing the grade, or state of preservation, helps determine the value of the coin.<\/p>\n

Unique features or errors can also significantly increase the worth of a coin or bill.<\/p>\n

\u201cA true serial number 1 banknote or notes with solid serial numbers can be worth thousands, while some errors can also launch an item into that value range,\u201d Dustin Johnson, vice president of numismatics at Heritage Auctions, told Nexstar, per\u00a0<\/span>The Hill<\/a>.<\/p>\n

What Should You Do if You Find Something Valuable?<\/h2>\n

If you do find old currency or something that could potentially be valuable, one word of advice: Don\u2019t clean it. \u201cCleaned coins lose a significant value in the marketplace. Collectors prefer originality, and will actually pay a premium for it,\u201d Ancher said.<\/p>\n

Instead, Ancher recommended purchasing a non-plasticized inert coin flip or coin capsule to protect the coin. You can also try to determine the grade on your own using online resources. For example, Ancher said APMEX offers coin values in the knowledge center on the company\u2019s website. It allows users to identify what they have and get a value based on the state of preservation.<\/p>\n

Another option is to get the coin appraised by an authorized dealer. According to\u00a0<\/span>Consumer Reports<\/a>, the dealer or appraiser should have a membership in the American Numismatic Association, at minimum. You can also get an appraisal from a dealer authorized by the PCGS.<\/p>\n

\u201cRemember to obtain multiple quotes across available sales channels to ensure you are getting the best offer,\u201d Gold advised.<\/p>\n\n

\n\n\t\t\n
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    Not all old coins or dollar bills are unique, but\u00a0some could be worth thousands of dollars. And\u00a0if you do have old currency lying around, it doesn\u2019t hurt to check and see what it\u2019s worth. \u201cYou\u2019d be surprised that many bills and coins being passed around at the convenience store are actually worth more than face […]<\/p>\n","protected":false},"author":14,"featured_media":2925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[22],"tags":[58,54,44,41],"class_list":["post-2924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","tag-coins-or-bills","tag-currency","tag-diamond-jewelry","tag-gold-jewelry","entry","has-media"],"yoast_head":"\nNot Sure What To Do With Your Old Coins or Bills? 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