Coin collecting is a hobby that a lot of people are into. The good thing about collecting coins is each of these pieces has its own value. Of course, the law of supply and demand also plays a big role in the prices of each collectible coin. When there is a lot of supply in the market, the value of the coin decreases. On the other hand, when there is scarcity of supply and the demand cant be met, the value increases. So how do you know if your coins are valuable?
Appraising the value of a coin is not always easy. Your best bet would be to take the coin around to several different coin dealers to have it appraised. Most dealers will appraise coins for free, especially if they’re interested in buying them.
There are also agencies that offer professional grading services for coins. Having your coins graded and appraised by these people usually accompanies a small charge but this could worth the value since you could know how much your coins market value really are.
A third, but slightly less reliable method of pricing your coins is to turn to a price guide. The most famous pricing guide used is the US Coins Red Book .
In most guides coins are grouped into two price categories: retail and wholesale prices. Naturally, dealers tend to use wholesale prices when dealing in bulk or with one another. Retail, as you probably know is a higher price dealers charge collectors.
Coin collections, like many collections, can be quite valuable. As a result, savvy collectors know at all times the prices of coins in their collection as well as coins they are considering adding to their collection.