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Coin Experts please help!!!?
So, i was going through my old keepsake items and in there i found 2 1935 Silver Peace Dollars. ( i may sound smart but i had to google that much to even figure out what they we're). I was wondering if they were worth anything and i looked on ebay and some we're selling for a measly $22 or $25, then to my surprise i seen the same coin, (well it looked the same) as the ones going for $22 or $25 going for a whooping $399.00 and i got super confused, then after the years there are letters. Oh Boy! So i guess what i'm asking is how do i find out how much mines worth without having to ggo toa coin shop or a pawn shop or really leave the sake of my own home? Please do me the glorious favor of answer my question then i will return the favor with 10 pts! (: Thanks so much!
There are a couple of things that can cause the difference in the price--the condition of the coin, and what mint it was made at.
To determine the mint, look at the back of the coin, to the left of the eagle's tail. If there is no letter there, yours was made in Philadelphia. If there is a small "S", it was made in San Francisco.
The second is the condition. Coins with less wear will sell for more money. Coins with no wear (called "uncirculated" or "mint state" coins) will be valued based on exactly how nice the coin is. Coins are not treated gently once they're made, and as they bang into one another they acquire what are called "bag marks". Uncirculated coins with fewer marks are worth more. Coins are graded using a numeric scale, with 60 being a coin that is uncirculated, but with a ton of bag marks, and a coin that rates a 70 being absolutely perfect, with no bag marks visible, even under some magnification. Coins that have wear are graded with a number below 60--the more wear, the lower the number.
Now, on to the letters--were they something like "PCGS MS-63" or "NGC MS-62"? If so, that was a coin that had been sent to a "certification service", which authenticated the coin, graded it, and then place it in a tamper-resistant container. Generally, certified coins will sell for more money, but the service costs something like $30 a coin, so unless it's worth quite a bit, it doesn't make sense to certify a coin.
A 1935-S that was graded by PCGS in MS-63 (Mint State 63) sells for about $400, so I'm wondering if that is the coin you saw for $399.
Nobody is going to be able to grade your coin without seeing it, but you can get a rough idea of the grade by doing a little homework. Go to your local library and check out a copy of "A Guide Book of United States Coins" by R.S. Yeoman (you can also buy a copy if you want--you can go to a coin dealer and tell them you want a copy of "The Red Book").
It's organized by denomination, and then by date, and at the beginning of each section, it will give you a basic guide to grading that type of coin. If your coin is between two grades (it maybe looks better than the description of a "very fine" coin, but not quite as good as an "extremely fine"), then go with the lower of the two grades.
To find out the value, you can use an on-line site like http://www.pcgs.com, but there are a couple of things to remember.
First, the price you see is what a dealer would sell them for, on average. If you're selling to a dealer, you'll probably get half the amount listed, unless that falls below the "melt" value of the coin. Right now, the silver value is about $21, so that should be about the lowest you're offered, unless silver goes down in price.
Second, the prices that are listed are for PCGS certified coins. Coins not certified by them would sell for a little less than the stated value.
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