Pricing Guide for Coins

Whenever you are trying to determine the appropriate price for coins, it is important to consult multiple sources. Checking with your Michigan coin dealer before you buy and sell coins is smart. Avoid being ripped off or taken advantage of by arming yourself with the best information possible.

There are several popular guidebooks that coin collectors get information from. These include “The Red Book” and “The Blue Book,” which can be found at most libraries or coin shops. Plenty of information is also available online for numismatics.

In a pricing guide, there will be a listing for coins based on the values of each type of coin (e.g., penny, nickel, dime, quarter) that is on the market. Values will vary widely depending on coin condition, whether or not it was circulated, and rarity.

One type of special penny that has become quite valuable is the United States wheat penny. Those that were in circulation prior to 1940 are worth a few dollars. Those minted prior to 1958 are still worth more than face value, but probably more like a few cents. Wheat pennies are very popular for coin collectors.

Silver dollars that were minted prior to 1935 contain nearly a full ounce of silver. These coins are a favorite for collectors and can bring in large sums when sold, particularly if they are in good condition. Many people tend to save these for many years, your grandparents may have a stockpile around.

A Susan B. Anthony dollar coin has a value of over one dollar (its face value). Proof editions are worth far more. These can be difficult to find, as they are no longer in circulation.

Bicentennial quarters and half dollars are typically only worth face value, because they are widely available. However, some coin dealers may be willing to pay additional amounts for these coins, especially if you can get your hands on any uncirculated ones.

There are many “freak” coins that have errors like “heads” on both sides. These coins can be quite valuable since they tend to be very rare. Often referred to as “mules,” the mistakes on these coins were not discovered right away and they were circulated. If you do come across a coin of this type, take it to a Michigan coin dealer to ensure its authenticity. If authentic, it can bring a good price if you are going to buy and sell coins like this.