“A penny for your thoughts”. The first known use of it is by Sir Thomas More in ‘A Treatyce upon the last thynges’, circa 1535. Fast forward to 2023, that penny is now worth approximately $43.00 Canadian. So what is the value of all the bottles of pennies, and other coins that have been collected over the years?
Interesting note: In any coin collection, 1% to 2% might be very valuable. 5% to 10% will represent moderate to high value. 30% will have value more than the melt value of the silver content. 60% of the coins will be worth only for its melt value of silver. In other words, the value of the silver is worth more than the numismatic collectable value.
Warning: Do not clean any coin or paper money. Just like any antique piece of furniture, or painting, the original surfaces of a coin are much more desirable by collectors than altered or damaged surfaces. As a result, cleaned coins are worth significantly less money than wholly original coins. Even though a coin is dark in color, does not mean that it is less valuable. The metal in coins often oxidizes and produces a wide array of colors called toning.
First Steps: In any coin collection, having an inventory is key to identify what you have. If you do not have a list, it would be important to create one. Either by a spreadsheet or the old fashion way of using Leger columns. The spreadsheet approach is highly recommended, to save a lot of time. A sample header on a spreadsheet will have the following information.
YEAR DENOMINATION DESCRIPTION CONDITION VARIA WEIGHT MELT VALUE VALUE LOW VALUE HIGH
The year is stamped on the coin. Denomination is the coin face value. Description is what the coin is. Condition is what you believe the condition to be. Varia, is any other information that might help. Weight is the weight of the coin. Melt value is the amount if the coin was melted for its silver contents. Value low is the lowest valuation and value high is the highest valuation of the coin. (Usually Mint or Very Good condition) The actual value of the coin will vary due to condition and rarity. This is only an example, collectors have specialized applications that help them manage their collections
Condition is Everything: The standard measure of a coin condition is based on a grading scale, called the Sheldon 1 – 70 scale. MS 1 to 70, developed by Dr. William H. Sheldon is used today. This scale is used by major grading services, such as NGC (Numismatic Guaranty Corporation, PCGS and other third party grading services. (Refer to Web Links below)
Grading & Condition: The condition of the coin / money is everything. You might have a sought after valuable coin, but if the condition is not good, its value drops. High value coins that are sold for thousands of dollars at auction houses are graded professionally. This gives the buyer the confidence in knowing what condition the coin is in. Determining the coin’s condition is very subjective and biased by the observer. By using a professional grading company, you remove all doubt to its condition. The coin(s) would have to be sent to them, via registered insured mail, and you will have to pay a fee to have the coin graded. The cost per coin is around $ 40.00 to $ 80.00. Once the coin is graded, it is sealed in a plastic envelope that can not be opened. All the information is part of the plastic shell. A coin dealer might provide you with an opinion on a coin condition, but unless it is to an accepted standard and in a written report, it still remains an opinion. The collector has to weigh the value of the coin with the added cost of shipping, service fee, etc. Grading requires the actual coin, and can not be done via a photograph.
What to look for in Canadian Coins – Silver value
1870-1919 – 92.5% Silver Content, many of the coins in this date range have values greater than the silver content.
1920 – 1955 – 80% silver content. Each dollar of face value contains 0.6 ounces of pure silver. Most coins in this range sell for its silver value only. Keep your eyes for 1947 and 1948 year coins. These are rarer and sell for more than the melt value.
1967– Dollars and half dollars are 80% silver, Quarters and dimes, you will find some with 80%, and some with 50%. The purity was switched halfway in the year.
1968– Dollars and Half dollars, no silver content, some quarters and dimes have 50% silver, and some have no silver content. (If you can pick it up with a magnet, there is no silver)
Canadian Paper Money, is it circulated, or uncirculated, what is the condition, the values will depend on this and its rarity. Almost every household has kept a $ 2.00 bill pressed between the pages of a heavy book. The following years are very sought after by paper money collectors. The grading system is different from coin grading, and some find it easier to grade paper money than coins. The best source to determine values of paper money is the website coins and Canada. https://www.coinsandcanada.com/
Banknotes of 1935 & 1937 after the Bank of Canada was established. Face values of $ 1.00 to $ 1,000.00 dollar bills were created. Depending on its condition, these are highly sought after by collectors.
Banknotes of 1954 with the devil’s face, the highlighted Queen’s hair gave the illusion of a grinning demon behind her ear. The printing plates were modified for all 1956 denominations.
Banknotes of 1954 modified portrait, had major changes and a new look.
1967 100th Anniversary of Confederation dollar, added with a centennial logo. Many people keep these hoping that one day will have great value. Condition is the only factor, and uncirculated banknotes are common.
Coin & Money Dealers with Store Fronts,is a good place to visit and ask questions. If you visit, do not bring a bag of coins, or bank notes in envelopes and expect him to provide a value on the spot. Prepare your visit, create a list of inventory, have the coins banknotes organized in small envelopes or coin holders with the details written. Values on what you see on past auction results might not mean your coin has the same value. And also remember, the coin dealer is in the business of buying and selling. As an appraiser, we deal with large collections, some well catalogued, some not. There has to be a large potential value in the collection in order for us to get involved to benefit the client.
- Coin & Paper Money identifier & values https://www.coinsandcanada.com/index.php
- AI generated valuation app https://coinidentifierai.com
- Standards of Coin Grading https://www.pcgs.com/services https://www.ngccoin.com
- Canadian Coin Grading https://iccscoin.ca https://ssgccoins.ca
Prestige Evaluation Inc. does not engage in any buying or selling of any personal property. Prestige Evaluation Inc. can not do any verbal appraising without a work file and consultation. It’s important for the seller / buyer to do his or her own due diligence, before accepting an offer to purchase or in selling your personal property. Any company referred or named in this document, there is no financial consideration or relationship between Prestige Evaluation Inc. and or John Grow. This article was not generated by ChatGPT. AI Free
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About the Author
John H. Grow, ISA-AM, is a partner in the appraisal firm of Prestige Evaluation Inc. The firm specializes in antiquities, watches, clocks, jewelry, fine art, and collectables in general. John works with clients worldwide, museums, corporate, foundations, financial / Insurance firms and government agencies and on radio and television shows and charity appraisal fairs. A long time member of the International Society of Appraisers. (ISA) Prestige Evaluation Inc. can be found at http://prestigeevaluations.com and Grow’s email is [email protected]