There are many ways to figure the worth of a coin. Follow this step-by-step method, answering these questions along the way:
- Is it certified?
- Do you know denomination, series, strike?
- Do you know the mintmark?
- Do you know the Sheldon Scale?
- Can you identify your coin on the Sheldon Scale?
- Can you spot flaws affecting value?
- Are you ready to estimate value now?
- Do you know how to establish silver melt?
Is it certified?
If you have a coin certified by PCGS, NGC, ANACS, CAC and ICG, simply go to their verification sites and input the certification number on the label. Here are links:
Example:
If you have a coin holdered by another company, consider the coin inside “raw” or unholdered.
Do you know denomination, series, strike?
You need to identify these features, which every coin has:
- Denomination
Definition: The face value of a coin, or the specific amount of money it is meant to represent.
Example: Common U.S. circulating denominations include 5 cents (nickel), 10 cents (dime), and 25 cents (quarter). - Series
Definition: A series is the complete set of a specific coin design, minted over a period of years, usually including all dates and mint marks.
Example: Lincoln Cent Series (1909–Present): Includes every date/mint combination of the Lincoln penny. - Strike
Definition: Refers to the method of manufacturing used to create the coin.
Types of Strike:- Circulation Strike (Business Strike): Coins made for everyday commerce, usually produced quickly in high volumes.
- Proof Strike: Coins made for collectors, typically with higher pressure, multiple hits, and polished dies to create a mirror-like field and frosted design.
- Special Mint Strike (SMS) / Burnished: Specific, high-quality finishes used for special sets.
Do you know the mintmark?
These are mintmarks for US coins identifying the facility of manufacture:
P – Philadelphia, Pennsylvania: The primary U.S. Mint. Most coins from Philadelphia historically had no mint mark, but the “P” now appears on most denominations except the penny.
D – Denver, Colorado: Operating since 1906, this mark is found on most modern circulating coins.
S – San Francisco, California: Since 1975, primarily produces high-quality “proof” sets for collectors.
W – West Point, New York: Established as a mint in 1988, it mostly produces bullion and special collector coins.
Historic U.S. Mint Marks: These letters appear on older coins from facilities that are no longer in operation.
C – Charlotte, North Carolina: Produced gold coins only from 1838 to 1861.
D – Dahlonega, Georgia: Also produced gold coins only from 1838 to 1861 (not to be confused with the modern Denver “D”).
O – New Orleans, Louisiana: Struck gold and silver coins intermittently from 1838 to 1909.
CC – Carson City, Nevada: Famous for silver dollars, operating from 1870 to 1893.
Once you know the denomination, series and strike, you can go to PCGS CoinFacts to find the location of the mintmark.
Do you know the Sheldon Scale?
The Sheldon Scale is a 70-point numerical system to determine a coin’s condition and market value, ranging from 1 (Poor) to 70 (Perfect Mint State).
There are two main types of condition: circulated and uncirculated. Numbers 1–59 (Circulated), from poor to almost uncirculated.
Intermediate grades are Poor, About Good, Good, Very Good, Fine, Very Fine, Extra Fine, About or Almost Uncirculated, Uncirculated.
Here is a nifty chart for numbers and condition.
Can you identify your coin on the Sheldon Scale?
Identifying the condition is subjective, even for veterans; but you can come close if you compare your coin to the denomination, series and strike on PCGS Photograde, which provides photographs that you can use for comparison.
Example:
You have to compare obverse and reverse, but for purposes here, we’ll just do obverse.
Underestimate when you compare your coin to one on Photograde, adjusting for personal bias. In this case, you may be tempted to think your coin is almost uncirculated. But a strict comparison puts it in the Extra Fine category, somewhere between Very Fine 35 and XF45. Let’s go with XF45
Can you identify flaws affecting value?
There are dozens of possible flaws on a coin that lower value or prevent it from being “straight graded” (a numerical score). Here are major ones:
Cleaning: Harsh abrasive cleaning or polishing that damages the surface.
Environmental Damage: Corrosion, excessive toning, or verdigris.
Physical Damage: Major scratches, rim dents, or metal movement.
Altered Surfaces: Applying substances like wax, putty, or lacquer to hide flaws.
Questionable Color: Artificial re-toning, often used to make a coin look more attractive.
Filed Rims: Rims that have been filed to smooth out dents or damage.
Here is an example of environmental damage:
For other illustrated examples, see “Common Flaws That Hobbyists Often Miss.”
Any one of the above flaws will reduce the value of your coin, depending on severity. In many cases, that is 25-50% of estimated worth.
Are you ready to estimate value now?
You know the denomination, series, strike and mintmark. You know the Sheldon Scale and have estimated the grade using PCGS Photograde. You eliminated possible flaws and think your coin can be straight graded.
Let’s continue with the 1900 Morgan Dollar at XF40:
Go to PCGS CoinFacts for retail and auction values for such a coin.
The retail value here is $85 (due at the time in part to the high price of silver). But only 20 have been slabbed at that grade, meaning it probably wasn’t worth the cost of grading. That is confirmed because there are no recent auction sales listed at that low grade.
Your coin is silver melt.
Do you know how to establish silver melt?
Here is the formula:
Multiply the item’s total weight (in troy ounces) by its purity percentage, then multiply that result by the current spot price of silver.
Again, let’s use that 1900 Morgan Dollar.
Morgan dollars (1878–1904, 1921) contain 90% silver and 10% copper, with a total weight of 26.73 grams, resulting in 0.77344 troy ounces of pure silver per coin.
The current market value for one troy ounce of silver, which changes frequently, happens to be $109 (during a spike in that precious metal). Thus, the silver melt value of your Morgan is 0.77344 times $109 = $84.30.
Keep in mind that coin dealers usually only buy 10-15% under silver melt. So you’re looking at about $71, depending on your buyer.
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