When it comes to making money fast, one way to do it is to find a rare collectible. These finds can be worth thousands, even millions of dollars, depending on the object of interest, its rarity, and the condition it is found in. One such field where this occurs is among coin collectors. Known officially as numismatists, these individuals will pay a high price to get their hands on rare currency, particularly if it is in pristine condition. Other entities, such as museums, are also often interested in finding these pieces of history.
What makes some coins more valuable than others?
Getting hold of “old money” is not necessarily something difficult to do. There are plenty of coins and notes that exist in circulation that are no longer minted or printed. Simply possessing one of these is not guaranteed to have people handing over thousands in exchange for the monetary item. Several factors must be taken into account when determining how valuable old monetary items are, including:
- Rarity, particularly if the coin or note was printed in a limited batch
- The grade of the coin or note
- Historical significance
- Errors or unique features
As a general rule, coins and notes are most valuable if they were printed or minted in limited batches during a particularly historically significant time and have retained minted condition and possess a unique feature, such as a misprint, which makes them stand out from an already small sample available today. The most expensive coin ever sold at auction was in 2021 when a 1933 Double Eagle $20 gold coin was sold for $18.9 million. What made the coin valuable was that it was never officially circulated, was a symbol of the Great Depression, and was incredibly rare to own due to nearly all of these coins being melted down.
Other Double Eagles fetch $1.3 million
Other Double Eagle coins have been sold at auction at varying prices. While not all have been as high as the 2021 $18.9 million auction sale prices, these coins have also fetched price tags in the millions. In 2006, a 1927-D Saint-Gaudens Double Eagle sold for $1.3 million at auction. Other coins of the same type have fetched prices of $4,4 million, $3.8 million, $2.1 million, $1.4 million, $577,500, and $390,500.
If you are lucky and have one of these coins, you may be able to bring in millions. However, it would be an extreme bet against the odds to find one. Only about 10-13 of these coins are known to still exist; most were melted down during the Great Depression when the US abandoned the gold standard. In addition, a good number of these have already been sold to museums. Statistically, you have less than a 1 in 165 million chance of happening to own such a coin.
How to start coin collecting
If you want to start coin collecting, you must be aware that it is a competitive field. If you are lucky and happen to find a rare monetary item that is in demand, it is important to note that you are the exception as opposed to the norm. It is not easy to find rare collectibles that are worth a lot of money, and even less likely that you will find one that can hit the million-dollar mark.
However, if you still want to become part of the numismatic world, there are other low-grade coins that are not as valuable but still can become an impressive collection. For entry-level collectors, starting with circulated coins, world coins, or even modern commemoratives can be a good starting point. It allows you to learn the basics of coin care, identification, and history without the pressure of handling high-value items or needing to hand over millions of dollars for a collectible.
