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September 2013

Our Two Cents on Coin Collecting in Boston

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Coin collecting in Boston is older than our great city. People have eagerly built collections for centuries based on a variety of motivations.  Coins can hold historical significance because they were either designed, portray or commemorate an important person or event, making them worth more (sometimes significantly) than face value. Every year, the demand for collectable coins rises as the hobby becomes more and more popular. Whether you’re an avid coin collector, have inherited some old coins or a collection, or just have a box of old coins lying around – checking out the value of those coins could prove to be very lucrative!

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Coins can be far more than just pocket change! Within the past few years, the value of precious metals has gone up significantly. This translates directly to the value of your old silver coins. In addition, the growing demand has also played a part in the increased value of rare and historical coins.

Perhaps you’re looking to sell because you’ve inherited them, and are not into collecting yourself. Or maybe, you are an avid collector who is looking to make some money so you can upgrade your collection. Whatever the case may be, before you go to sell your coins you should know the value so you can recognize a reasonable offer.  All too often people will overvalue the majority, while undervaluing the rare ones.

Here are a few things for the Boston coin collector to consider:

Rare Dates. There is a strong demand for coins with old and rare dates. For example, 1922 penny could be worth hundreds of dollars, regardless of condition!

Condition. Well preserved, high quality coins in top condition are always in demand and return a high value. Uncirculated coins can be worth 80% more than a widely circulated and worn coin.

Mint Marks. This refers to the marks placed on a coin collection when it was created at the United States Mint. One mark in particular that creates a lot of buzz is the CC mark, indicating that the coin was minted at the Carson City, Nevada Mint, which ceased operations in 1893.

Rare Varieties. A rare variety of a coin (for example, a buffalo nickel vs. a Jefferson nickel) can be worth eight times more than its similar counterpart.

Even knowing you have a valuable coin doesn’t always mean you know exactly what it’s worth. To find the exact value of your coins with confidence, you can visit Bromfield Jewelers in Boston for an expert appraisal! We also buy coins, for when you’re ready to cash in.

Make sure to check your dressers, cabinets, and old boxes for collectable coins. You never know what treasure may be hiding there! And the next time you go to “give a penny,” it might be worth it to take a second look!