Hello, I'm not quite sure this topic should go here so mods feel free to move it if not. I'm kind of new to numismatics, I collected coins by the simple fact that I liked them, found them interesting, or because some old relative gave them to me. I don't own anything special, at least that I know of, I'm just collecting the US State Quarters and here in Mexico I'm collecting the states $100 pesos coins. Anyways, a couple of weeks ago my greatgrandmother passed away leaving us to the task of cleaning up her house. To say the least her house is like a museum, there are things that are still in they original box and seem barely used. I was given the task of looking trough her coins, which were just wrapped up on tissue papers and stored in a wooden box; more than half of them were rusted, invaded by verdigrisi and things like that. My grandparents wanted to sell them, therefore I started to do a little more reaserch on numismatics yet I told them we wouldn't get to much for them if any at all. Then I thought "What makes a coin/bill worth in numismatics?", how can I tell if the coin I'm holding right now will be worth lets say, ten times its actual value? How can I say, the $1 silver pesos I found are worth something? Take apart the fact that they may be ugly, rusty or wathever...is there anything that makes a 1860 coin more special than a 1995 coin apart from the fact that the older one may no longer be manufactured? And maybe more important, is there a way I can tell if the bunch of coins I'm holding are worth something (appart from the sentimental value) or are just a big pile of rusting metal? Any comments about that would be highly appreciated, Kiera
This is exactly the correct forum for a philosophical discussion of numismatics. How sad. In no particular order: age, condition, rarity, subject matter, and metallic content are the most important factors IMHO. That's a mouthful of questions young lady! The principles of coin valuation are an example of the operation of the law of supply and demand. The more collectors are interested in a particular area, the more coins in that area will be worth. The fewer coins exist in a particular grade/condition, the more they will be worth. The higher the condition of a particular coin, the more it will be worth. And so on, but there is a complex interplay between and among those factors. A rare example of a coin that few people collect isn't going to be worth as much as a fairly common example of a coin with a huge collector base. The intrinsic metallic bullion value of a heavy silver piece will make it worth more than a copper coin of the same weight and generally comparable collectibility. Confusing? Of course! That's why we say "buy the book before the coin" as knowledge is the key. Ultimately, the direct method of valuing coins which you are not familiar with, is to look them up in a catalog. The Standard Catalog of World Coins by Krause & Mishler, usually referred to simply as "Krause", is a set of four large city telephone book-sized volumes covering the pariod from 1601-present. It's usually available in your nearest public library, and if they don't have at least the 20-21st Century volume, they can probably get it for you on inter-library loan. Like all catalogs, it's valuations are wildly inaccurate on many issues, but if you are able to at least roughly grade your coins as to condition, Krause will tell you which ones are of nominal value, and which ones are potentially of substantial value. The "rusted" and "verdigis infested" ones are generally numismatically worthless unless they are extremely rare in any condition. Once you have picked out the ones with a good value potential, you can post pictures here for some opinions; consult a dealer for either a paid-for appraisal or a free offer to buy; or consult more specialized catalogs, such as Spinks for British coins, or the Japan Numismatic Dealers Association Catalog (in Japanese) for Japanese coins. You can also check completed auctions (probably the most accurate way to determine value if you are able to accurately grade your coins) to compare with the ones sold at auction. Unfortunately, your ancestor picked just about the absolute worst way to preserve and protect her coins! Tissue paper is usually pretty acidic, and wooden boxes can outgas some baaaaaad stuff, especially if the box was kept in an area with high humidity. At least, any gold or silver coins that may be in the mix will be worth at least their bullion value. Krause gives the specs on listed gold/silver coins, including their ASW/AGW (Actual Silver/Gold Weight). For example, pre-1992 Mexican Pesos contain approximately the same amount of pure silver as U.S. Silver Dollars, so they are worth more than $5 in any condition.
Are you sure about that date? My wife grew up in Mexico and she says that they weren't silver. hmmm, I don't have Krause, so I'll have to do a little research. Actually, upon further thought, the 1991 peso was worth about 1/10 of a cent before its devaluation, but silver was at $4+ per oz., so I can't imagine that the Mexican govt. would make coins that had an intrinsic value of 4000+ times their face value.
I think it safe to assume that was a typo The last time a Mexican peso contained approx the same silver as a Morgan or Peace dollar was 1914.
