Caring for Old Coins

After writing excessively on coin collecting, and reading numerous posts on a coin forum, I realized that there are two concerns many people with a recently acquired coin collection have and I should address them.  How much is it worth?  What do I do with the coins?  Well, getting the second answer is the more urgent one.  Improper handling or improper storage of a coin can reduce its value.  Once the coins are secure in proper holders, time can be taken to answer the first question.  Until you can get the proper help in storing your coins, keep them immobile in a dry place.

How Can a Person Suddenly Have Rare Coins?

Do People Not Know What They Purchase?

People who buy coins are often numismatists, or coin collectors.  True, every collector had to start somewhere, but obtaining the basic knowledge before buying a very expensive piece is normal.  Collectors do not pay for a very expensive coin, then ask now what?  So, how does it happen that someone with little knowledge in proper handling of coins has some to protect?  People inherit coins, and too often they know nothing about that inheritance.  Too often they do not even realize that they can cause damage, and this can be done either by doing the wrong thing, or by doing nothing.


Coin Protection

Physical and Environmental

Coins can be damaged physically.  Just place a group of coins in a box and drive them around.  The vibrations will cause them to move against each other.  This can cause surface damage.

When the mints shipped silver dollars in bags, the coins often acquired bag marks, scratches caused by other coins. 

The other problem is environmental damage.  Chemicals in the air can attack the metal in a coin.  Copper is particularly easily damaged, but no coin should be subjected to exposure to the air.  Coins need to be stored in air tight holders of some type, and these holders must also offer physical protection.

Proper handling of the coin before it is secured in an air tight container is also important.  Always hold a valuable coin, or one you suspect may be valuable, by the edge.  Placing a finger on the face of the coin can leave a film of oil, which may become apparent by causing damage years later.  And, if an obvious residue is left, cleaning a coin is another problem.  Passing a cloth over it can cause fine lines of damage, and a collector may devalue it because of this.

Never hold the coin in front of you when speaking, or fine droplets of saliva may land on the coin.  This can chemically damage the coin, and the damage may not show up immediately.

Once you have your type of protection selected, put cotton gloves on before grabbing the coin.  This is especially important if you could accidentally touch other coins when plucking one from a group.

The value of the coin should dictate the type of protection selected.  Do not spend more protecting a coin than it is worth.

The best protection is to have the coin slabbed by one of the better slabbing services.  But, this is expensive.  It does offer excellent physical protection in an air tight environment, and also provides the grade of the coin.

Air tight capsules are good, but only if a proper fit can be made.

Mylar 2 X 2s are pieces of cardboard with two Mylar windows that are the right size for the coin.  Choose the size before starting.  Once the coin is inserted in one window, the cardboard is bent so the coin has the other window align with the other side of the coin.  The cardboard is secured, and a reasonably close to air tight fit is accomplished.  The cardboard is square, so it can be easily stored.  Be careful is staples are used, since they can rip the Mylar protecting other coins.

Flips are transparent, soft squares with a flip top that secures the coin.  These are not that air tight.  One version is pages of flips that can fit a binder, making storage easy.

What Do I Recommend?

It Depends on the Purpose

If I sell a coin and need a very short term protection, I would even use a small plastic bag. They are better than nothing. If the coin might spend more time in the bag, check if it is recommended for coins. Some plastic slowly release damaging gases.

Paper is not recommended, except for a brief period, since the acid used in the paper making process can eventually cause damage. Do not place your coins in an envelope and think you have preserved them. Now, acid free paper is available, and can be used.

Flips are easier to handle than 2X2s, but allow air to enter them.

2X2s are inexpensive, and a reasonable solution.

Plastic capsules of the right size are more expensive. If bought in bulk they could cost thirty cents each, in small supply perhaps as much as a dollar. But, capsules are the choice of some major mints for their commemorative coins. I have gotten coins in from the Royal Canadian Mint, the Perth Mint, and the Royal Australian Mint in capsules. If the mints are selecting capsules, what does that tell you? It tells me that is what they expect to do the job. But, others will argue in favor of other types of protection, so you must decide for yourself. I do not consider my opinion necessarily the best.

Of course, slabs are always the preference, but only for the coin is already slabbed.

How Much Are My Coins Worth?

Can I Be Sure?

The best way to answer this question is to say get a book. Some coin books give approximate values of coins by grade. You might also get some idea how to grade the coin, but be careful. Just because you can see the XF details the book tells you to look for, the coin has another side. And, small nicks on the rim can lower the value. Another thing that lowers the value is if the coin was improperly cleaned. So, just because the book indicates a grade of XF, a dealer may call it VF. However, if you think that may be an indicator of a dishonest dealer, get other opinions. Coin shows have a multitude of dealers looking to buy, and you can go from one to another. But, do have an idea of the value before you start.

If a coin has an error, that can enhance the value. How much depends on how prevalent the error is. It is all about supply and demand.

Coins actually change value regularly. Coin books come out around March for the next year, and have taken time to put together, so they come out a little old.

To assist you in finding a coin book we have compiled a page on our website. Our Coin Book Page is easily assessed through this link, and will display quite a variety of books.






Insuring Coins

What your insurance policy covers is determined by what the policy says, so check with your insurance agent.  But, there is a good chance it is not.  You could open, or if you already have one make room in a bank box.  You would seek a rider on your insurance policy.  Or, you could take out a special policy for your coins.  If you elect a rider or a special policy, have a record of what each coin is and include its grade.  Coin values change, and you cannot simply claim that you paid a certain amount.  Include pictures if possible.

Where can you find a special coin policy.  Membership in the American Numismatic Association has the perk that you can buy coin insurance.   Upon joining they send out information.  And, if you enjoy reading articles on coins their publication The Numismatist can make the membership well worth the annual dues.  And, they have a page where you can also purchase supplies on their website.

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