What is this coin worth?

This is probably the most frequent question that I get. To start with, I'm not an expert appraiser. All I can do is point you in the right direction.

If all you're looking for is a rough estimate of the price of a coin (either one you want to buy or one you already have), you have several resources:

Each year, there are many paperback and hardback books printed that list the many different kinds of coins and their current market values. I would suggest getting a paperback edition: since market prices fluctuate, you should get a new edition every couple of years or so. The advantages of price guides are that they're cheap and convenient, and it saves the money of appraiser's fees and the time of going to several different dealers. The disadvantages are that it requires some more work on your part to find the book, identify, and look up each coin, and unless you know the exact grade of the coin you can only get a range prices for the different grades. Despite the disadvantages, price guides can give you a rough idea of the value of your coin- they can indicate if you have a rare year or mintmark, for example. These books can be found in your local bookstore, local coin shop, or through an online bookstore. You can even find older editions that are very cheap on Ebay. While there are many price guides available for American coins, the only world coin price guide that I'm aware of is the Krause Standard Catalog of World Coins by Krause Publishers. Your local library most likely has a copy; although it may not be the most recent edition available, it will probably be accurate enough for a rough estimate.

Online price guides work the same way as the printed ones. You have to know what kind of coin you've got (at least the year and face value if you don't know the exact name for it), and if you don't know the precise grade you'll only be able to find the range of possible prices. The advantage of online price guides is that they are updated constantly and they are free so you don't have to worry about buying or having the current edition. There are several websites that have free online price guides for American coins. (I'm not aware of any online price guides for world coins.) Here are a few to get you started:

ECoin Prices also has a glossary and articles.
ICG (Independent Coin Grading) Coin Club has directories of dealers, clubs, and links; a reference library, books, software, prices, upcoming events, message/chat, and more.
Numismatica is a springboard to many other sites- articles, stories, FAQs, reviews, references, trivia, tips, and more.
Numismedia Online Price Guide- Fair Market Value
PCGS has a lingo section, grading, coin news, a price guide, and more.

There are two Usenet groups for those who collect money:

If you've never read a Usenet group before, it's very similar to a cork bulletin board where people post messages and replies. There are hundreds, if not thousands, of subscribers worldwide to this newsgroup; many of them are renowned experts in the field. You can read the newsgroup either through a newsreader (many web browsers come with them now) or you can subscribe to a service online that will allow you to read and post. There are many such services, but I generally recommend Google Groups since you can personalize your settings and it's well-organized since it was one of the first online newsreaders. After you subscribe for a free DejaNews account, you can read and post to the newsgroup. When asking about the value of a coin or banknote, make sure you have the right newsgroup first. Don't just post the same message to both- RCC is for coins, RCP is for banknotes. Give them as much detail as possible- any writing on the piece, the size, the color, unusual marks, etc.- the more information you give, the more likely it is that you will get a precise, accurate answer. Do not post image. It is a text-only newsgroup. Images bog down the loading time, and there are subscribers who pay per minute of loading time. Check back each day for about a week to see if anyone replies. Chances are you'll be able to at least identify the coin and get a range of prices; in some cases, you may even get the exact price and some offers to buy it.

Coin clubs are another source of information for a rough estimate of the value of coins. There may even be experts in the club who can give you definitive answers. At the very least, you can often find out which are not very much in demand, and you can meet others who are interested in coins as well.

The only way to be 100% sure of the value of a coin is to have it appraised by a professional. For more information on this, go to : "Where do I go to get my collection appraised?".

How do they decide what a coin is worth?

Here are some of the factors that dealers take into account when estimating the value of a coin:

Generally speaking, the older a coin is the more it's worth but this may not be the case. Read on:

A very old coin that is so corroded that you can't tell what it is will not be worth much. In more recent coins, fine degrees of condition can mean the difference between a valuable coin and a curiosity.

Naturally, coins that contain high amounts of gold and silver are more valuable than coins containing copper, nickel, or zinc. However, a very rare copper coin can be worth more than some common silver coins.

This is arguably the single most important trait. You could have a brand new coin that's only worth face value because it's current, and old coin that's too corroded to tell what it is, etcetc. Oddly enough, coins that contain mistakes are often the most valued. Mistakes don't happen too often and are quickly caught so if a coin makes it into circulation with a mistake it can be worth a lot.

Apparently, there's not much of a market in the United States for world money. It's more of a curiosity than a commodity. However, if you're not collecting coins for their market value, world coins can be a lot of fun to collect.

This can't be ignored. A coin that may be priceless to one person won't mean anything to someone else. Coins can have sentimental value too, especially if they were a gift from a friend or relative. Some of my most-prized coins are worthless market-wise and I'm glad of it since they mean something only to me.

This ties into the idea that "one man's trash is another man's treasure". If there is a high demand for the coin at the time you're trying to sell it, you will get a good price for it. Coins go in and out of style just like fashions. If there isn't a high demand for the coin, it may just be out of favor at the moment or there may be some other reason (too common, weak metal content, poor design, etc). If it's just a matter of current taste, hold onto the coin until the market is better for it. If there's a reason why the coin isn't popular there's not much you can do. Coins made with precious metals tend to fluctuate the most; it really takes an expert to judge the market accurately and decide when's the best time to sell or buy. If in doubt for any reason, get an expert opinion.

For more information on how to find out what a coin is worth, see the article: "What's It Worth?"