Sometimes family members that like to collect coins will pass them down in the family, or maybe you have your own collection that you’ve been casually building over the years. Unless you’re a hardcore collector who is on top of the fluctuations in coin values, it can be difficult to know how much they’re worth. If you want to sell your coins in Toronto and are curious about how to judge their value, keep reading to learn some handy tips that will help make sure you’re getting your money’s worth.
Material
Before the Great Depression, a number of coins were minted in gold and silver, which makes them naturally more valuable than their later counterparts that were minted in copper, bronze, and steel. That being said, you’re going to get the most money if you sell gold coins in Toronto simply because the value of gold has gone up over the years.
In regards to Canadian coins, those dated 1968 and earlier are the ones you need to look out for in terms of silver content – after that silver was no longer used in minting.
Rarity
When it comes to collecting, a lot of it has to do with supply and demand. The fewer of that coin created, the rarer it will be, and the more collectors will want to get their hands on one. This demand brings up the value of coin, especially if it is an extremely rare specimen that was printed with a mistake or unique design.
For example, only three “dot cent” pennies were ever created, and because of its rarity, one was sold at auction for about $250,000 back in 2013.
Condition
It goes without saying that the better the condition of your coin, the more money it will sell for. That being said, when it comes to coins you should never clean them. Instead, focus on preservation and storing them properly. Check out this link if you’re interested in how to properly store your rare coins.
Age
Though age is not always an important factor, it definitely plays a big role. While some newer coins may be worth more than old coins, it is usually mainly due to factors such as the ones discussed above – like strike, condition, rarity level, and design. For example, the 1894 Canada Newfoundland 50 cent coin is worth around $900 for a number of reasons including its unique stylistic laureate portrait of Queen Victoria.
Get the Most for Your Coins
Before even beginning to wonder where to sell gold coins in Toronto, first do some research online and check out how much they’re being priced at. You can get a general idea from sites like this one so that you’re armed with knowledge and prepared to haggle if necessary. A lot of shops in Toronto might try to undersell you, so it’s important that you have at least a basic idea of how much your coinage is worth before entering into one of them.
