You need to know a lot about numismatics (the study of coins) and have a good eye for detail to find rare coins worth millions of dollars.
5 Must-Know Secrets for Spotting Rare Coins Worth Millions of U.S. Dollars
Some rare coins are very different from common coins. Most people are familiar with common coins. Here are five tips you need to know to find rare and possibly expensive coins:
1. Look for coins that have unique mistakes or misprints on them.
- One of the best things about rare coins is that they often have mistakes in the minting process. Double strikes, off-center strikes, missing mint marks, and die cracks are some of the most well-known mistakes.
- One example is the 1955 Double Die Obverse Lincoln Cent, which has numbers and letters that are twice as big on the front. Depending on how good they are and how rare they are, coins with these kinds of unique flaws can be worth thousands or even millions of dollars.
- Coins with reversed dies (where the front and back of the coin are not lined up correctly) and planchet flaws (where the metal blank is flawed) are two other examples.
2. Look at how rare the year and mint mark are.
- A lot of fans really want certain years and mint marks because they are so hard to find.
One example is the 1913 Liberty Head Nickel, of which only five are known to exist. It is one of the rarest and most expensive coins ever made. - The mint mark is another important part of figuring out how rare a coin is. It’s possible that a coin made in Philadelphia is much more common than one made in San Francisco, like the 1937-S Buffalo Nickel.
- Also, coins that were only made in small amounts or at certain times in history, like during wars or economic problems, can be very valuable.
3. Look for coins that have historical value
- There are coins that are rare and expensive just because they have an interesting or important history. Most of the time, these are caused by events in politics or society.
- Collectors really want the 1794 Flowing Hair Dollar because they think it was the first silver dollar ever made by the U.S. Mint.
- Tokens and coins from important times in history, like the Gold Rush or the Civil War, are often valuable because they are linked to those times.
See more: 7 Most Valuable Coins Ever Sold at Auction: Eye-Watering Prices Revealed!
4. Rate how good or bad the coin is.
- The state of a coin, or its grade, has a big effect on how much it’s worth. There is a rating that goes from Poor (P-1) to Perfect (MS-70) for coins. Coins can be worth more if they go up in grade.
- There are times when a coin in Mint State (MS) or Proof state is worth a lot more than one that has a lot of wear and tear on it.
- As an example, a 1909-S VDB Lincoln Cent that has never been used is worth a lot more than one that has. Learn about popular grading standards like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) to do this.
5. Do some research to find the most-wanted series.
- Some sets of coins are more valuable than others because they were only made in small numbers, have special designs, or are otherwise one-of-a-kind. As an example:
- Gold Coins: People really want old U.S. gold coins like the $20 Saint-Gaudens Double Eagle or the $10 Indian Head Eagle.
- Money made from silver: Morgan Silver Dollar coins (1878–1921) and Peace Dollar coins (1921–1935) can be worth a lot of money based on the year, mint mark, and condition of the coin.
- Copper Coins: There are some very old and scarce copper coins that are very expensive, like the 1793 Chain Cent or the 1856 Flying Eagle Cent.
