Have you ever looked through your change and seen a dirty old coin, wondering where it had been? About ten years ago, I happened to have found an old copper penny dated This penny was made during World War II. I even found a whole community circled around the very concept of digging through common coins in the hopes of finding the rare, collectible ones. Some people have recorded coinss tens of thousands of dollars just by finding rare coins in common circulation. However, there are a few guidelines for when going coinw your bankrolls. Beforethe US Mint made coins out of silver and copper. When metal prices started getting out of hand, the US Mint had to find a cheaper metal to make coins. Today, coins are made from mostly zinc, copper, and nickel. However, if you are hoa to find a quarter minted made beforekeep it aside. From until today, pennies are made from Therefore, keeping pennies made before can provide value.
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Sharing insights since on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Did you know that those hundreds of pennies lying under the couch cushions and on the car floor could be a source of income? You have several options that are far more favorable than rolling and cashing them in at the bank. Recycling pennies may sound a bit like a late night infomercial, but there is some merit in the concept. Can I just bag my pennies and haul them in? Melting your own pennies is NOT recommended. Looks like recycling pennies is a bust at this point, but you do have options to still cash in on your old pennies. Here are two viable options for getting more value from your pennies:. Many people are hoarding these old pennies in bulk. Some of them believe these stashes will be an asset when the economy collapses, some are waiting for federal laws to change to allow the melting of coins for recycling, and some of them just like old coins, but most will pay high dollar for small to moderate quantities of old pennies. Many of us have probably held a valuable coin at one time in our lives and never even noticed. Making a habit of studying up on what coins are valuable and sorting through your pocket change every night could prove to be a wise financial move.
How To Make Money With Just Your Pocket Change
Tagged as: Make Money , Money Management. Need to educate your author some here. I did that back in the day when I used to collect soda and beer cans and cash them in at the machine at Waldbaums on Nostrand Avenue in Brooklyn. I will probably just take them to the bank and cash them in and keep looking for scrap wires to sell as scrap metal. However, I will take your advice and save some of my oldest pennies.
Wait, Making Money Collecting Coins Is Actually Possible?
Before you can sell a coin, you need to use The Official Red Book or online resources to identify your coin and its value. Then, research coin dealers and try to find one who regularly deals with coins of similar material and value to the one you have. To sell old coins, take low and medium-value coins to a reputable coin dealer, where you should be able to easily sell them. If you can’t find a local coin dealer, try visiting a traveling coin show so you can network with dealers and find someone to buy your coins. If you have rare coins, save them for auctions and private collectors, who will usually pay more money for high-value coins. You can find auctions and private collectors online through websites like eBay. To learn how to value old coins, keep reading!
Identify the coin. Learn why people trust wikiHow. Currency that is still valid, but is simply worn, ripped, or in otherwise poor condition can be replaced at a bank. How much money could I make if I tried selling a wheat penny from ? This is important to consider before simply replacing the currency at the bank. While if you hold old Francs you are out of luck, Lithuanian litas for example are still convertible into Euros. About ten years ago, I happened to have found an old copper penny dated Account for this when determining how much you can make from auctioning a coin. Currency exchange rates change constantly. You can find auctions and private collectors online through websites like eBay. From until today, pennies are made from
How To Make Money With Just Your Pocket Change
Before you can sell a coin, you need to use Tl Official Red Book or online resources to identify your coin and its value. Then, research coin dealers and try hkw find one who colns deals with coins of similar material and value to the one you. To sell old coins, take low and medium-value coins to a reputable coin dealer, where you should be able to easily sell. If you can’t find a local coin dealer, try visiting a traveling coin show so you can network with dealers and find someone to buy your coins.
If you have rare coins, save o,d for auctions and private collectors, who will usually pay more money for high-value coins. You can find auctions and private collectors online through websites like eBay.
To learn how to value old coins, keep reading! This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. Together, they cited information from 11 references. Categories: Selling Coins. Log in Facebook Loading Google Loading Civic Loading No account yet?
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Learn why people trust wikiHow. It also received 14 testimonials from readers, earning it our reader-approved status. Learn more Identify the coin. Before you can sell a coin, you need to know what coin you. These pieces of information will be somewhere on the coin. You can then type them into an online search engine to figure out what coin you. Coin dealers and collectors may be able to help you.
The condition of the coin affects value. Rfom over both sides of the coin. Does it look dirty or scratched? Also look for any printing errors, since these often increase the value. Coins are historical artifacts and collectors like them natural.
Cleaning can actually damage the coin makf. There are plenty of sites online that maintain a list of current coin values. Another option is to go to your local bookstore and order the The Official Red Bookwhich is an official and very detailed guide of coin values. You may not get as much when you sell the individual coins. Monitor auctions to find out how much your coin is worth. More information on coin values can be found by searching recent sales.
All sorts of coins pass through sites such as Heritage Auctions. Search for coins similar to the ood you own to get a glimpse of how much others are paying for. Get an appraiser to value coin collections. Search your local phone directory or online to find a trustworthy coin appraiser or mnoey. Use these sites to find trustworthy appraisers. Group coins by value. Different buyers specialize in different types of coins.
Make groups of high, medium, and low-value coins. How you group the coins is up to you, but the easiest way to do this is by wholesale value.
Speak to reputable coin dealers. Local coin dealers are natural places to visit first when selling coins. When you go to a dealer, look at their stock. Remember that dealers are running a business. Stay polite as you continue to shop. Visit coin shows.
Coin shows bring together large numbers of buyers and sellers. Search for online coin dealers. These sites are a fast way to sell coins from your own home. You can find sites willing to buy both common and rare coins. Take good pictures of the coins to get more interest and fairer offers for your coins. Work in a well-lit environment so the lettering and mint marks are as visible as possible. Pick up coin collector magazines.
Publications such as Numismatic News and Coin World feature advertisements from coin dealers. While the magazines offer enlightening information on coin sales, they may also reveal your perfect buyer. Pick up one in your local coin shop or by looking online. Even if you meet someone in a safe place, this odl your coins a potential target for thieves. Submit the coins to auctions. Coin auctions happen both online and in person.
They come in all sizes and can be local, regional, or national. Try to find an auction that features a lot of coins of similar material to yours, such as copper or silver.
Auctions are unpredictable, so you may earn less than what a dealer would pay or you may get an unexpected boost to your sale price. Account for this when determining how much you can make from auctioning a coin. Ftom sites like eBay are also fine, but be wary of scams. Choose buyers who give you a fair analysis. Unscrupulous buyers give low offers in the hopes of getting a better deal.
Watch the person evaluate your coins, if possible. They should analyze each coin individually. Avoid anyone who offers you a flat price without bothering to take a long look at the coins. Say no to any buyer who pressures you into selling coins immediately. Look for dealers with positive reviews and accreditation from well-known numismatics organizations.
Have the coins evaluated by many buyers. Shop around to get the most from your coins. Let multiple dealers evaluate their coins and make offers on. Sell collections as a.
Many dealers will be interested in only a few coins. Set a price for the total collection and stick to it. Keep documentation of your sales. Even a coin you got for free can cause you legal problems. Your government odl taxes any profit you make off of sold coins. Try researching your local coin and stamp businesses. If that fails, do an online search of your surrounding area.
And if that doesn’t work, make a post on social media and share it with your friends. Ask them to share it with their friends. Social media is an extremely powerful resource! Yes No. Not Helpful 5 Helpful By collectors’ standards they’re not very old, so they’re probably not worth more than their face value. Not Helpful 9 Helpful How much money could I make if I tried selling a wheat penny from ? It depends a lot on the condition, of course.
Scott A. Travers, president of Scott Travers Rare Coin Galleries, LLCranks as one of the most knowledgeable and influential coin dealers and advisers in the world. He is a former vice president of the American Numismatic Association, served as a coin-valuation consultant to the Federal Trade Commission and is a forceful consumer advocate for the coin-buying public. Protect your assets with guidance from Bottom Line’s leading financial and tax experts. Travers, the coin market’s Number One insider, gives you the secret tools necessary to navigate the world of coins, banknotes, and precious metals, such as gold and silver.
Making Money the $mart Way!
Whether you have coins in a safety deposit box, a vintage dollar bill under the mattress or a hidden stash of gold bars, Money Connoisseur will teach you tricks of the trade. Sure it could…if you become a well-informed and thoughtful collector. But the same strategies that allowed these well-heeled collectors to make sizeable profits can be used on a much smaller scale. Incidentally, Bowers told me that despite his giving countless interviews and writing multiple books about the collections above, the cost estimates were never made by him before because nobody else other than me asked for. So Bottom Line readers are the first to have this information. Coin collecting and coin investing are not the same thing—but people who genuinely love coins and love collecting them can certainly make good profits doing it.
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