In my recent post “Hidden Treasures – Rare Coins in Grand Rapids,” I talked about the prudent Michigan State student who scored with his Grand Rapids coin garage sale find. His trove included a very collectible coin – an 1893-S Morgan Dollar. He wisely chose to authenticate his find with a local Grand Rapids coin dealer (Mullen Coins), and the rest is history.

Unlocking value from personal accumulations of gold and silver jewelry is easy to do… if you are armed with the facts, and deal with a reputable gold/silver buyer.

The Facts: (Get even more facts by downloading our free PowerPoint presentation)

I love the stories I hear from clients who “just got lucky,” and stumbled upon rare coins.   A recent example is the story of a Michigan State University student from Grand Rapids who purchased about 25 silver dollars from a neighbor’s garage sale a few years ago. He paid somewhere between $250-$350 for the group. As the story goes, he held the coins for a few years and finally decided it was time to find out what they were really worth.  

The MSU junior contacted me at Mullen Coins to ask if I could take a look. He also said he had one Morgan Dollar that, according to his research, was potentially quite valuable and he wanted me to help send it to PCGS (Profession Coin Grading Service) for grading and authentication.   While nearly everyone hopes that one of their treasures turns out to be a rare and valuable item, most often the coin turns out to be fairly common.   In this case, the young man was right!   He had a genuine 1893-S Morgan Dollar… the rarest circulation strike of the entire Morgan series and a highly collectible coin.

Top Ten Do’s:

• Study coins and become a knowledgeable collector. Consider subscribing to coin trade journals (Numismatic News and Coin World offer a wealth of detailed information).

In this blog post we discuss the key elements that make a coin rare, collectable, and valuable.

• Precious Metal – Gold/Silver/Platinum

• Specific Dates and Mint Mark (a letter indicating where the coin was made)

What are my coins worth?" is the most common first question I get from people who have inherited coin collections and accumulations from relatives. They are not collectors themselves, but assume because Dad or Uncle Joe saved these coins, they must be valuable. And, they could be.  However, because coin values are determined by a wide variety of factors, there is no simple answer. A better question to ask would be, “Who can help me sell my coins for the maximum value?”

Selling a rare coin is akin to selling an antique or fine art. Knowledge is power. A fine antique in original condition and in excellent shape can be very valuable… often many times the value of a lesser condition refinished piece. But if you’re a novice, how do you know if it is original? How do you know what defines “excellent shape?” An expert would need to help you by rendering a professional opinion about your antiques or fine art. Coins are very similar.