The cost of any coin, not depending on how old it is or what country it is from, is decided by three main facts: how rare it is, how good its condition is, and how many people want it.
Rarity and demand need studying books and lists, being the harder parts to learn quickly, but the preservation condition is the factor you can find out yourself, using only your eyes and a small glass for seeing bigger.
The coin’s condition is the most important thing setting the price for most coins, not counting the very, very rare ones, meaning you must learn to see the difference in quality with and without help of the coin evaluator.
What You Hold in Your Hand
Before setting the condition, you must exactly know what this coin is, this step being very necessary. The cost of a coin made in a small number, for example 100,000 pieces, will be much higher than a coin made in a very big number, like 100,000,000 pieces, making the first coin much more wanted.
You must find the following needed facts.
Country and Face Value
Look at the coin for the writings showing the country that made the coin and its face value, these writings often being words like "Republic," "Kingdom," or the money name like "Dollar," or "Franc" next to a number.
Year of Making
The year printed on the coin is important information, different years having different numbers of coins made, meaning you must check this year exactly.
Coins made in the same year but with a small change in the number of pieces made can have ten times or a hundred times difference in their cost, making the year very critical.
Mint Mark
Sometimes a small letter or symbol is on the coin, this symbol being called the mint mark. This mark shows which factory made the coin, allowing you to know its exact source.
Varieties
Even coins from the same year and same value can have small differences in the picture details, the writing, or where the parts are placed, these differences being called varieties.
Finding a variety needs looking very closely at your coin and comparing it to other known pictures, being possible only with the help of a small glass.
The Condition Scale and Visual Signs
The system for giving a number to the coin's condition is called grading, using letters and numbers that show how much the coin is worn out from use or damaged, meaning a higher grade means a higher cost. You must learn to find out how worn out your coin is, trying to place it on the correct level of the scale.
Describing Wear Using the Scale
For finding the right condition, you must focus on the so-called "high points" of the coin, being the parts of the picture that stick out the most. High points are the places that get worn out first, being for example the hair on a face, the crown, the top of an eagle's wings, or the highest parts of letters and numbers.
P (Poor) and F (Fair)
P: The coin is in a very bad condition, having most of the picture fully worn away and barely visible. The date, the year of making, the value, and the country might be totally impossible to see or only partly visible, showing heavy damage. The coin’s surface is strongly hurt and rubbed smooth.
F: The coin is greatly worn out, having the main outlines of the parts, like a head or a shape, still visible but all the small details of the picture, like strands of hair or tiny parts of a design, are gone. The rim is often very flat or damaged, needing careful checking. Most of the letters and numbers are only readable with difficulty, making the text hard to see.
G (Good)
The coin is heavily worn from long use, having the main picture parts and writings visible but not clear. All details that were on the high parts of the picture are gone, showing a lot of rubbing.
The text and numbers are readable, but they look dull and do not have sharp edges, needing a close look. The coin's rim looks flat or worn, showing the long time it was used.
VG (Very Good)
The coin still shows signs of long use, having about 25% of all the small details that were originally on the coin still visible. The picture is readable but looks very flat, showing that most of the height is gone. Clear signs of wear are seen on the high points, those parts having lost their roundness and volume.
The writings and numbers, though worn, are completely readable and clear, making the whole text easy to follow. The smooth part of the coin might have many small scratches, needing a closer look.
F (Fine)
The coin shows a medium amount of wear from being used, having about 50% of the small details, like lines and designs, still visible. The high points of the picture have clear wear, but some parts still keep their original shape, not being totally flat.
Faces have clear features, although details of hair or clothes might be rubbed away, showing some use. The coin looks used but remains whole and nice.
VF (Very Fine)
The coin shows little wear on the high points, but most of the original small details remain clear, showing good preservation. About 75% of all small details are still there, making the picture mostly complete. The coin’s field looks good, even though a small amount of rubbing might be present, needing a close check.
Looking closer lets you see very light flattening on the parts of the picture that stick out the most, showing minimal use. The coin generally looks pleasing and is of good quality.
XF (Extremely Fine)
This coin was used for a very short time or almost not used at all, showing very little wear. About 90-95% of the original details of the making remain, making the coin look almost new. When looking at the coin, the high points of the picture look almost untouched, showing high quality.
Only the smallest wear is present, this wear being hard to see without the small glass and only showing as a slight loss of shine on the tops of the picture. The coin's field might have a few very small, thin scratches, these scratches not spoiling the coin's general look.
AU (About Uncirculated)
The coin has no general wear from being in use, having all the picture details and writings clear and sharp like a new coin.
The only signs stopping it from being perfect are contact marks, these being light, thin scratches from hitting other coins when moved in bags or small rubbed areas on the very highest points, happening from the first few touches with other things.
Often these coins still have some of the original shine from the factory, making them look very bright.
UNC (Uncirculated) and MS (Mint State)
This coin has never been used as money, looking like it just left the machine.
No Wear: The high points of the picture have no signs of wear, making all lines, designs, and details sharp, clear, and complete.
Luster: This shine looks like an even light or, more often, like tiny, straight lines that reflect light in a special way. Turning the coin slightly under the light lets you see the shine "rolling" across the surface. This luster is fully gone on coins with a condition of VF and lower, meaning full luster points to a high cost.
Contact Marks: A coin in MS condition might have a very small number of contact marks from hitting other coins during packing or moving, these marks being common. These marks must be very small and must not be on the main, most visible parts of the coin, not spoiling the picture. The fewer these marks are, the higher the number grade MS will be.
Outside Damages That Change the Cost
Hairlines are very thin, hardly visible lines on the coin’s surface, usually coming from cleaning the coin carelessly or rubbing it with a cloth. These scratches can only be seen with a strong glass and bright light, seeing them when you turn the coin. Having these scratches greatly reduces the price of a coin in perfect condition, making the luster look bad.
Deep Scratches are clear, deep, visible damages that cut across the coin's picture, being easy to see without a glass. They might be from dropping the coin or hitting it with a sharp thing, showing serious damage. A deep scratch immediately lowers the condition score and the coin's price.
Dings and Nicks
Nicks are small, often three-sided damages on the coin's rim or on the high points of the picture, caused by being hit by another coin or object. Having many nicks lowers the price, this damage being seen as a big problem.
Dings are bigger, more visible sunken areas on the coin's smooth part, coming from a strong hit. A dent on the coin's field immediately makes the coin worth less.
Rust and Color Change
Corrosion is a serious chemical damage to the coin’s surface, caused by touching strong things or wetness. It looks like a rough, uneven surface, often with small holes or bubbles, making the surface bumpy.
Corrosion cannot be fixed and greatly lowers the coin's cost, making it not good for collecting at the highest condition levels.
Patina is a thin layer of color change on the coin's surface, forming naturally over time, being a slow process.
For copper and silver coins, patina can be good if it is smooth, has a nice color, and covers the whole surface, protecting the coin. Patina is a protective layer and can even raise the price a little if it looks very beautiful.
Unwanted or ugly patina, like bright green spots or black dots on silver, lowers the cost, making the coin less nice to look at.
Cleaning
Trying to clean a coin almost always makes its cost lower, even if the coin was very dirty before cleaning.
How to See Cleaning
A coin that was cleaned too strongly often has an unnatural, bright, shiny look, this shine not being the original factory luster, looking instead like a polish.
Looking closer, you might see many thin, crossing scratches on the coin's smooth part, these scratches being randomly placed. These are marks from the brush or cleaning powder.
If the coin is old but has no patina and has a bright, unnatural metal color, this is a clear sign of cleaning, showing human work.
Cleaned coins always cost less than coins with natural patina or original factory luster, cleaning being seen as surface damage.
Only after you have put these three facts together can you start looking for the price in books or at sales, seeing what price coins with the same rarity and the same visual condition are being sold for. Finding the exact price, especially for expensive coins, always needs advice from a professional expert, that person using special tools for the final word.
