How much are my coins worth? Asked Tyler
Alex, I have some coins here. They all were gifts from my grandparents and I collected them over the last 10 years. Mostly I got silver coins, depending on the occasion but I also have two gold coins here. I picked out three coins for selling to make a down payment for my new car. I took two gold coins and one silver coin. I need 2 grand! Alex, how much are my coins worth?
Tyler from Atlanta in Georgia
Hi Tyler! It’s a pleasure for me to work with your coins. For my private pleasure, I also collect coins. Only silver coins because they are more affordable for me and I prefer to have a nice amount of different coins instead of having just a couple of gold coins. But don’t worry, I’m familiar with all common gold coins from the US and also from other foreign countries. I guess I’ve evaluated over 10,000 coins in my career. You own 3 very nice coins and you will be very happy to learn more about them.
reDollar appraiser, Alex Fordham
How much are my coins worth, Tyler wants to know.
Tyler: As I told you, I own some coins. I think about selling 3 coins that I picked out of my lot. I also took 2 gold coins because I need about $2,000 for a down payment. As you asked me, I took some photos with my iPhone and I also measured the diameter and determined the weight of each coin. I think I provided the exact diameters because I could use my uncle’s caliper. The scale I used was just a two digit digital scale but I hope my measured weight helps you. How much are my coins worth? Please give me an idea and let me know where I can sell such coins for a good price.
Alex: Dear Tyler, you did a great job, thank you. Your results look very good to me. I needed to know the diameter and the weight of each coin to make an evaluation from afar. Knowing the diameter and the weight makes it easier to find out more about authenticity. Deviations in a range of less than 1% are fine if done by an individual. Knowing your facts are a good sign to proof the authenticity of a coin but it’s not a binding statement. Only when I have a coin on my laboratory table, it makes a determination of authenticity possible. But generally, my assessment from afar doesn’t fail. I would like to begin with the first provided gold coin. It’s a $10 Indian Gold Eagle coin. There is a very interesting story relating to this coin: in 1933 President Roosevelt ordered the confiscation of all US gold bullions from individuals. Gold eagles like yours which haven’t been confiscated are highly sought-after from collectors. There is a high demand from collectors from all over the world. The obverse of your coin shows the Liberty wearing an Indian hair decoration. The reverse shows the majestic eagle. Your version shows also the motto of “In God We Trust” while other coins don’t show this motto. I guess that your coin was never circulated like the majority of this type of coin. I can’t see damages or nicks. I guess your coin was kept in a capsule over the years, right?
Tyler: Yes, I kept it well in a capsule. How much are such coins worth?
Alex: Such coins sell in the range of $700 and $800, depending on the condition. Coins in bad condition sadly sell only for the scrap gold value.
Tyler: Not bad. I’m one step closer to my down payment.
Alex: Yes that’s true. Your next gold coin is Gold Buffalo. It shows a pure gold weight of 1 ounce what means that we speak about 18.22 pennyweights or 31.1 grams. Your Gold Buffalo was minted in 2006 what is interesting because the first Gold Buffalos where issued in 2006. So, your coin is a very early coin of this series. Such coins sell for the current gold price. The condition looks good to me and I think you can realize about $1,255 for it. I think we got your down payment, right?
Tyler: Yes Alex, we got it! Glad to hear because I think my silver coin can’t sell for more than $100.
Alex: Oh man, do you want me to unlock a huge secret? (Laughing)?
Tyler: Yes, go ahead. What do you have for me?
Alex: You think you have a silver coin, right? Why do you think its silver? Couldn’t it be another metal? What makes you sure that you own a silver coin?
Tyler: Its silver colored, that’s why.
Alex: I tell you what. It is NOT a silver coin. Man, you own a PLATINUM COIN worth about $1,600. Isn’t that awesome?
Tyler: You’re kidding me!
Alex: No, it is a platinum coin. One ounce of pure platinum. You’ve never read the reverse? It says “.9995 Platinum” you could have find it out by yourself.
Tyler: What a mistake! Now you know that I never took care about my collection. You make me so happy. I don’t know what to say! That’s…
Alex: You are a very lucky guy. Back then your grandparents spend a lot of money for this coin. It is a 2007, $50 platinum coin showing the Eagle and the Statue of Liberty. They are a bit more worth than just the platinum price. I tell you, this coin is a treasure.
Tyler: It is and I will keep this coin for sure. I don’t know how to thank you. Maybe I would have done a big mistake offering this coin to a gold buyer saying it’s a silver coin. Maybe they would have never told me the truth.
Alex: Oh yes, this happens very often to uninformed sellers. Therefore we always recommend people saying nothing, just offering their stuff to gold buyers, when they don’t have any knowledge.
Tyler: I learned a lot today. And by the way, I sell the coins to your company – just the gold coins.
Alex: That’s a nice “thank you” to me. I was very happy to assist you this week.