My 6-Month Coin Collecting Journey: What I Learned About Valuing Rare Finds

I spent six months chasing coin values after inheriting my grandfather’s collection. Here’s what actually worked – and what left me empty-handed.

The Unexpected Inheritance That Started It All

Grandpa’s old wooden box sat in my attic for years. When I finally opened it, dust-covered coins spilled out. Dimes. Quarters. Half-dollars. Some had strange marks. Others had odd shapes. My heart raced. Was this my ticket to early retirement?

I’d dabbled in numismatics, but now I had a real collection. Or so I thought.

The box held silver dimes with Mercury wings, a 1966 Kennedy half-dollar, and a few Lincoln wheat pennies. The internet whispered big numbers. Reality? Less exciting, but far more interesting.

Initial Excitement and Missteps

I started testing coins like a detective. That Mercury dime? 90% silver. The 1966 half-dollar? Also silver. The 1993 dime with reversed lettering? A possible error. The “Wheatie” pennies? Classic.

Then came my big “discovery”: a dime that felt heavier. Online forums said foreign planchet errors could sell for $1,000+. I imagined the headlines. My coin was different, sure. But was it special? That’s where my education began.

The forums cooled my excitement fast. “Unverified errors are just dreams,” one user wrote. “Get it graded or stop guessing.”

Understanding the Real Value of Coins

Silver content matters. But condition matters more. Rarity matters more. History? Even more. I learned this while staring at a coin I thought was worth $200. It was worth $20.

Value isn’t just metal. It’s:

• How well it’s preserved
• How few exist
• What collectors want
• And (crucially) who says so

Professional Grading: A Necessity, Not an Option

I told myself: “I inherited these. I know they’re real.” Then I saw the fees.

PCGS and NGC charge $65+ per coin. Shipping? Insurance? Add another $30. I grumbled. Then I sent two coins in.

Why it matters:

• Grading Services: PCGS and NGC are the coin world’s referees. No one trusts raw coins for serious value.
• Costs Involved: Yes, it’s pricey. But $130 to turn a $20 coin into a $100 coin? Worth it.
• Process: Their websites walk you through it. It’s not hard. Just time-consuming.

My overweight 1981-D dime? Without PCGS, it was a curiosity. With their sticker? A verifiable oddity.

Identifying Errors and Anomalies

Errors are fun. They’re like coin fossils – rare and weird. But “rare” doesn’t mean “rich.”

I found mechanical doubling on a dime. “Hot find!” I thought. A collector told me: “Mechanical doubling? Worth face value.”

Then there’s the 1966 half-dollar. Warped. I called it an error. A visit to a local shop revealed the truth: fire damage. Heat had melted it. Now it was near-worthless.

Lesson: Looks lie. Authentication doesn’t.

Lessons Learned and Best Practices

Six months in, I stopped guessing. I started working the system.

1. Test, But Verify

My Sigma kit confirmed silver content. Great. But it couldn’t tell me if the coin was cleaned, damaged, or rare.

Testing is step one. Not step ten. Always keep going.

2. High-Quality Photography is Crucial

Blurry photos? Useless. Dark photos? Useless. Flat, glare-free shots? Get those instead.

Here’s what works:

• Daylight or bright lamps (no flashes)

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• Front, back, and edge views

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• A ruler next to the coin for scale

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• Matte paper to reduce shine

I upgraded my phone with a $20 macro lens. Best investment ever.

3. Research and Cross-Reference

Coinflation shows base value. But real-world value? Check eBay’s “sold” listings.

My 1966 half-dollar? $20 in raw form. PCGS-graded MS65? $100+. The difference? The sticker.

4. Validate Provenance

Grandpa once worked at the Mint. That’s cool. But stories don’t buy groceries.

If you have coins with real history, document it. Letters, photos, work records. That’s what makes provenance valuable.

The Emotional and Practical Side of Coin Collecting

These weren’t just coins. They were Grandpa’s treasures. I kept touching them, remembering his hands doing the same.

But feelings don’t pay bills. And they don’t set prices.

Sentimental vs. Monetary Value

The SMS 64 quarter was beautiful. Unique luster. Special texture. “Really nice,” I told myself.

Online? “Generic SMS coin. Worth $10.”

Subjective “nice” meets objective “rare” in the market. Know which one you’re chasing.

The Importance of a Plan

I started with “find cool coins.” After six months, I had a plan: “Focus on silver coins from 1964-1968, graded or gradeable.”

Without focus, I was just hoarding. With it? I had a collection.

Real Results and Long-Term Perspective

Six months. 20 hours of research. $130 spent. Here’s what happened:

• 2 coins graded (PCGS): The 1966 half-dollar (MS64) and Mercury dime (MS63). Value jumped from $40 to $180.
• 3 coins sold: 1993 reverse dime and two wheat pennies. Total: $120.
• 4 coins kept: Including the SMS quarter. For Grandpa.

Key Metrics

My simple math:

• Grading: $130

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• Sold: $120
• Graded coins now worth: $180
• Net: $170 profit (130% return)

Not a fortune. But a lesson in patience.

Actionable Takeaways

Found inherited coins? Here’s how to handle them:

• Get valuable coins graded – it’s the only way to prove what you have.

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• Photograph them right – good lighting and angles make all the difference.
• Don’t confuse love with value – your favorite coin might be your least valuable.
• Pick a focus – collecting everything means mastering nothing.
• Track prices – use Cherrypicker’s Guide and eBay to see what’s really selling.

Conclusion

I began with “So got some new finds any ideas as to worth.” I ended with a stack of graded coins and a folder of receipts.

Coin collecting isn’t about luck. It’s about work. Research. Waiting. Letting experts decide.

The value isn’t just in the metal. It’s in the process. Each coin told a story – Grandpa’s, mine, and history’s. And sometimes, that’s worth more than the price tag.

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