Expert: PAPAJACK - 10/22/2008

Question
We just came into old coins upon my grandma's death. They are dimes, pennies,
quarters from 1930's-50's. What is the worth of these, if any?

Answer
Hello Leslie,              

Sorry for the delay this is an involved question. These coins do have more than face value. For example a 1932 quarter made in the Denver mint will sell for at least $40 to a collector even if it is worn. But one made at Philadelphia may only b worth $4 dollars.
You did not mention any specific dates, denominations or mint marks your coins are. No one can make a blanket estimate for collectable coins; there are many factors besides the precious metal content. Modern coins are not very valuable unless in high-grade mint state condition.

The grade or state of preservation is needed to decide a value on any coin.
As a rule 90% silver coins made prior to 1965 are about 11 times their face value in silver as of this writing. Then if they are collectable condition there is a Numismatic value added. With no or little experience you are sometimes better off letting a dealer or collector look at it. BUT if you would like to research the items yourself (and it is a good idea to do so) I suggest you use the published sources like, a guidebook to US coins and/or recent trade publications from a magazine stand or library.

Grading the coins is the hardest part for any individual. Unless you are an experienced numismatist you will not be able to determine an actual value for the collection. But if you can borrow the guide book or a coin magazine the values listed there will show you the more valuable coins so as to separate them for consideration. However, with careful examination you should be able to establish a retail value range.

The RED BOOK titled "A GUIDE TO UNITED STATES COINS” by R.S. Yeoman and others catalogs are "Guides" to coin values and grading, the current value for most US coins is considered to be a standard, and rare coins can bring much more at auction than the listed prices.
If you desire more exact numbers, or if you are simply overwhelmed by the collection, I suggest you employ the services of a local numismatist to examine each item. You will find dealers listed in your local yellow pages under "Coin Dealers".

If you are deciding to liquidate the whole collection, you can write me back with your approximate location, some zip codes for your area, and the nearest large city I will get you names of Professional American Numismatic Association member/dealers, In your area. (If you don't trust picking a local dealer yourself).
Please note that all American Numismatic Association members and dealers are bound by our "Code of Ethics." In general, coin dealers are also involved with numismatic clubs and will be acquainted with other collectors in the area. Most will be happy to refer you to someone who specializes in the type of coins in the collection.

As for sorting:
Values for coins are determined by grade on a scale from 1 to 70. And on how rare a coin is. Use gloved hands, Playtex or surgical rubber will do even a cotton glove. It is easy to leave fingerprints on silver coins. I prefer cotton gloves. And I separate the coins into Tupperware bins, be careful the coins dent easily hitting each other.  If the coins retain their original surface they will be more desirable as I said. Original coins often have a CARTWHEEL or starburst effect (mint Luster) when tilted in the light, this even shows through the natural toning colors.
You will need to separate your coins into a few groups:

If any Silver Dollars: 1878-1935 separate them out. Any pre 1878 would be very valuable, from 1878 to be the Morgan type, 1921 to 1935 are Peace type dollars, and 1970 to 1978 are Eisenhower then 1979 to present.

For all other 90% Silver Coins:
Take all half dollars, quarters, and dimes made in 1964 and before. (Half Dollars made from 1965 to 1970 fall into a special group of only 40% silver content).

Cents and Nickels just into groups by date. There are Key dates to look for in these series as well but I suggest you borrow a copy of the Red Book for this purpose.
War Nickels are 35% silver and have a large P, D, or S on the reverse.  
Concentrate on each series (Dollar, Cent, Dime etc.) after separating them. This will help you spot a coin that is out of the ordinary or has great eye appeal.

This sorting will speed up the process of grading the coins by series. Or if you are selling, it breaks down the value for the dealer buying or for the sale on the Secondary-Market.

Then sort them according to type : Standing Liberty or Washington quarters, Winged liberty or Roosevelt dimes Indian head or Lincoln cents etc...

The Next sort for each will go by date and then Mint Mark if they have any.  Coins each year were struck at more than one mint. The mark Letter will be in different areas on each series of coin.

For an example take the Winged Liberty Head dimes (Mercury head), these were produced in large quantities most years. But a couple are considered valuable.
For these 1916 to 1945 dimes locate the mint mark. If it has one, it will be on the reverse, near the bottom left of the faces, And right of the "E" in ONE.
The 1916-D is most valuable, 1921-D and 1921 are also valuable dates. Any of these dates any grade condition will be worth much more than silver value. Other that these, any coin dated 1931 or older, having complete rims should be separated from the rest they can sell retail for 50¢ to a few dollars each.
Also any Dimes that look Un-circulated with absolutely no wear, bright & lustrous, never cleaned should also be separated these could be worth a couple dollars each.

Feel free to let me know when you have any questions.

As for values:
Dealer Prices are about 40% to 50% of what some collectors will pay for specimens.  But depending on your findings there might be some nicer coins for bigger money.
All the above information is for the loose coins. If you look at them enough and compare them with newly minted coins in the right light with a good magnifier you will start to see how grading works. Then you will be more able to CHERRY-PICK the good coins to have graded professionally looked at or take for appraisal.

Great question, I enjoyed answering it for you. I know what a daunting task this sorting and grading can be.

If you need a dealer write me again, or if you write asking me about each type of coin I will be able to help you more on their grading values.

I hope this information helps.

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Thank You and Good Luck

PapaJack