How Much Is My Paper Money Worth

evaluating old money - American coins and a loupe

What Does Value Mean?

Basically, there are 4 unlike types of "value" for coins and bills:

Book (or "catalog") value
Buy price
Retail value
Wholesale value

Book value is an average of many dealers' retail prices for a certain coin or nib - in other words, what the boilerplate dealer would sell information technology for. This price is called the "volume" value considering y'all would typically notice it in a published book such as the Standard Catalog of Globe Coins.

Buy price is the price that a dealer would be willing to pay you if you lot sold them your coin or bill.

Retail value is the price for which a dealer would sell a coin or pecker to you. So, if a dealer wants to stay in business, they usually offers lower buy prices than retail prices.

Wholesale value is the price for which a dealer would sell a coin to another dealer. Wholesale value can also exist a discounted toll that a dealer would accept from a heir-apparent who is purchasing in large quantities.

Factors That Affect Value

There are several factors that influence the value of a money or beak:

Rarity
Need
Status or Grade

Rarity involves the number (or "mintage") of coins or bills that were originally produced. Rarity also involves the number of those coins or bills that are all the same around today.

Demand varies according to the popularity and availability of a coin or beak:

The demand might be higher or lower in different areas of the world, or during different years.
To come across demand in activeness, look at the prices on eBay'south coin and paper money page - when more people want to purchase a certain particular (a high demand), the cost often goes upwardly.

Condition or Grade:

Most price guides give values for several grades.
Coins and bills can grade from "mint" or "uncirculated" (no signs of vesture) to "poor".
When a beak is in mint condition, it is worth more than the same neb in poor status.
At that place are specific standards that ascertain what "mint," "poor," and other grades mean:
- If you're interested in coins, run across the American Numismatic Association's Money Grading brochure.
- If you're interested in newspaper money, refer to the International Depository financial institution Note Society's grading standards.

If a money is likewise damaged to have value as a collectible, its metal content (the amount of golden or silvery in the coin) may have a "basal" value. According to Roderick Hughes' Official Know-It-All Guide, Coins, y'all can discover out the value of the metal if yous:

Multiply the weight of the coin by the percentage "fineness" of the coin (the percentage of the coin that is gold or silver). This will establish how much of the precious metal you accept to sell.
Multiply the issue of the starting time calculation by the electric current toll of the precious metal in the money.

Kitco gives alive market place quotes for gold, silverish, and other metals that tin exist used to brand this calculation.

Finding Values for Currency

Before you brainstorm looking for the value of a money or nib, y'all need to know:

Whether the coin or nib is a "general issue" or a "commemorative."
- Some price guides have carve up sections for commemoratives or other "special" issues.
Which state issued the coin or pecker.
- A coin or bill's design often includes the name of the land, in that land's official language.
  - Collectpapermoney.com has a list of image, denomination, and keyword "identifiers" that could aid y'all figure out the issuing land.
  - Nations Online offers a list of all the countries of the world and their local names.
  - Banknote Globe includes scanned images of paper money.
- If you are researching the value of an older coin or neb, keep in mind that the country'due south name may have changed over time.
The appointment (year) of the coin or bill.
The condition of the coin or bill.

In one case you know the date, country, and issue of a coin or neb, you can wait upward the value.

If your foreign money or pecker is only worth its "face up" value, utilize OANDA to convert its value to U.S. dollars.

Guide Book of United States Coins (likewise known as the "Red Book"), is considered the standard reference for U.Due south. coin values.

Here are some other sources of information virtually U.Southward. currency:

How to Grade U.South. Coins
U.S. Mint's home page - History of the U.South. Mint and Collector's Corner offers a glossary and other basics on money collecting.

Appraisals

The Pratt Library cannot appraise coins or bills. Rent a professional person appraiser to grade your coins and tell you lot how much it is worth. The American Social club of Appraisers and International Society of Appraisers have searchable directories of professional appraisers.

A dealer might as well be able to assistance. The American Numismatic Association's offers a list of dealerships by country. Yous might also want to attempt the Professional person Numismatists Gild's Dealer Directory, or the Professional Currency Dealer Association. If you want someone to appraise your paper coin, the Society of Paper Coin Collectors recommends that you visit a professional currency dealer.

How to learn more about coins and bills

American Numismatic Clan Frequently-Asked Questions (FAQs)
Collectpapermoney.com
Coinsheet'due south - International Mints
Coin Today
Coin Globe
Join a Collectors Lodge
American Numismatic Clan
International Bank Note Society
Society of Paper Money Collectors
Maryland State Numismatic Association has a helpful list of local coin clubs on its website.
Go to a evidence! Coinshow.com lists upcoming shows in Maryland and other states.

Before you purchase

There are a lot of scams out in that location! The Federal Merchandise Commission offers a helpful article, "Investing in Collectible Coins." The American Numismatic Association has a page of Consumer Sensation Resources.

Also, check the reputation of the dealer yous are buying from. Though at that place are no guarantees, a money dealer'south membership in the American Numismatic Clan or the Professional Numismatists Society is a skillful sign. Both the ANA and the PNG crave their members to uphold a strict code of ethics.

In Maryland, the Consumer Protection Division of the Attorney General'south Role mediates complaints betwixt customers and businesses.

If yous need more aid

Although the Pratt Library does non appraise coins or bills, we are happy to provide assistance in finding the book value for your currency, using print and electronic resources at our library.

Every bit Maryland's State Library Resource Center, the Pratt Library has a broad drove of resource for coin and bill collectors. What we've mentioned in this guide is only the tip of the iceberg. If you've tried these sources, and you still can't find what you're looking for please contact us.

More Information

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