Is my old coin worth anything?

Is my old coin worth anything?

Maybe, there are several variables that determines the value of a coin…so let’s take a look.

Composition

The fist variable is the composition of the coin (what the coin is made of).  When speaking of United States money the basic composition is copper, nickel, sliver, gold, tin and steel. The amount of these metals contained in the coin will determine the melt value, that’s what the coin would be worth if you melted down. Here’s an example; if a coin weighed 1 ounce and its composition is 90% silver and 10% copper you would have .9 ounces of silver and .1 ounce of copper. As of January 23, 2025, the price of silver is around $30.96 per ounce. This means that .9 ounces of silver would be worth around $28.86 in silver and about 3 cents worth of copper. In this case copper would be a trace metal and is not considered in the melt value of the coin. So, if you had a coin like a Morgan sliver dollar or Peace dollar the least it would be worth is about $28.86

Condition

A common grading system is one established by the American Numismatic Association. This system uses the following designations as a way to grade; Poor (PO), Fair (F), Almost Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF), Almost uncirculated (AU), Mint Sate Choice an Mint State Gem (MS),  and PROOF (PF or PR). While there are some basic guidelines developed grading is really a matter of opinion. So if I had a coin that had clear letters and digits, but the design has light wear it would likely be graded as a VF.

Where was the coin minted or made

Current United States mints for coins are located in Philadelphia (mint mark P or if there is no mint mark than it is from Philadelphia), Denver (mint mark D), San Francisco (mint mark S) and West Point (mint make W). United States mints that produced coins but are now closed were New Orleans Mint (mint mark O), Dahlonega (mint mark D), Charlotte, (mint mark C ), and Carson City (mint mark CC).

Mintage (how many were made)

The mintage determines the rarity of the coin

Put it all together

Lets look at a 1881 Morgan Sliver dollar minted in San Francisco and has a grade of VF. This coin would have an estimated value of $42. If this same coin had a grade of MS then the coin would be worth about $115. Or if you simply sold it for melt value the coin would get you about $28.86

If you have a question simply send us an email. If you like to send us a photo of a coin (front and back) perhaps we can help determine is value.