Coin collections can quickly become quite valuable. When money is tight, you might want to consider bringing your coins to the pawn shop for some fast cash. Use this guide to help you determine if your coins are valuable enough to earn a profit:
Do Some Research
- Before you bring your coins to the gold buyer, do some research to see what makes a coin valuable. Many coins hold high values because of their rarity or unique stories. The 1969-S Lincoln penny, for example, is extremely rare and could be worth up to $35,000. Coins with certain minting mistakes can also be quite valuable. The 2004-D Wisconsin State Quarter with an Extra Leaf could get you a fast $300. Learn the anatomy of a coin so you can determine if you are in possession of any valuable coins.
Carefully Inspect Your Coins
- Once you know what to look for, slowly go through your collection to determine if you have any coins that hold extra value. Use a magnifying glass to get a closer look at the coin’s surface. You might want to have a guide book next to you so you can easily look for a reference when you need it. Meanwhile, to help preserve your collection, consider separating your coins into small bags or sleeves instead of piling them together in a single container—this can cause the coins to scratch one another and tarnish.
Separate the Coins with Value
- Once you determine if any of your coins are valuable, keep them separate from the rest of the collection. You should also create a detailed record of the expected value of each coin. When you bring the coins into the pawn shop, you will have a good idea of what kind of profit to expect.
For more than 60 years, Gem Pawnbrokers has given more cash for gold in the New York City area than any other shop. If you are looking to sell some coins or buy fine watches, we always offer top customer service. Come in to one of our more than 20 branches to get the cash or items you need. For more information on our services, please visit us online or call (718) 502-8053.