If you have recently inherited a coin collection or otherwise are in possession of a coin and are wondering whom to tell if it is worth pawning, the easiest way to get an answer is to visit a pawn shop. You can also contact GNJ Pawn Big at (661) 224-1999 or stop by during business hours to get a quote. In the meantime, you can keep reading to learn more about how to tell if you have a rare coin.
Look at the Grade of the Coin
If you have inherited a coin collection that comes with documentation, then you might have the grade listed. Grades are determined on a scale of 1 – 70 and refer to the condition of the coin. A higher number means a higher grade – and a higher value. The grade is determined based on the color, luster, and strike of the coin. Damage can reduce the grading. Generally speaking, a grade of more than 65 will be of interest to a pawn shop.
Consider the Age of the Coin
The age of the coin can factor into its value – but it is likely not the most important thing about it. You will find that some newer coins are much more valuable than older coins, while many older coins are more valuable than newer coins. It depends from one coin to another.
Determine the Metal Content
What is the coin made of? If it is made with silver or gold, then it will likely be more valuable simply because of what it is made of and the value of these precious metals. However, when the Great Depression started, coins were minted in much cheaper types of metal such as nickel, aluminum, copper, and bronze. These coins might be worth money for other reasons, but they are not valuable simply due to their metal content.
Rarity is the Most Important Factor
Most of the time, the single most determining factor in how much a coin is worth is how rare it is. The rarer it is, the fewer people have it, and the more people want it. If you have a truly rare coin, then you can expect it to be worth quite a bit of money.
Talk to a Well-Established Pawn Shop
If you don’t know the answers to the above questions and are not sure where to get started in finding answers, then we recommend you simply bring it into an established pawnshop that will give you an honest appraisal. At GNJ Pawn Big, we have been proud members of this community for many years. We are ready to take a look and give you a quote.