Question by Leroy : How do I find the value of old money? Are old coins valuable? ?
Best answer by Guru: When trying to determine the value of an old coin there are several different ways you can do this. You can go on the internet to see what this coin has sold for previously (EBay), or you can use one of the many books in publication. One of the most respected authorities on old coins is the Official Red Book. Old coin values can differ massively depending on the need of the buyer to acquire the coin.
The Red Book has been in publication for over 60 years, and covers detailed information about all types of coins the world over. This publication does a great job of breaking down each coin by year, mint, errors, condition, and any other information vital to determining the value of a coin. The only thing it cannot control is public demand for the coin. This is a very good guide but it doesn’t mean someone will pay that for a coin.
One reason it may not get that is the condition. If a coin is not professionally graded the condition is subject to the person looking at the coin. Think of it this way you are trading your automobile in at a dealership, so you go to several different dealerships and each one gives you a different appraisal figure for your trade. Why, everyone has his or her own opinion on the condition and its possible resale value. The same holds true with coins.
If you believe a coin has a lot of value and wish to sell, it’s highly recommended that you have it graded by a profession coin grading service. One grade level can mean thousands of dollars, for example let’s look at an 1882 O, silver dollar US and with the error of the O mint mark over the S mint mark. This coin graded as an MS64 may be worth 2,750.00 but as an MS65, it may be worth as much as 25,000.00 US that could be a costly error.
Old American coin values are often hotly disputed but in general an old coin value is simply whatever the buyer is willing to pay of course !
Know better? Leave your own answer in the comments!