Whether you are an avid coin collector for the love of it or whether you are investing in coins as a trader or an investor one of the most important aspects to any coin is the value it holds. If you are a collector you will need to know both how much it will cost you to purchase the coin and how much it would cost to replace it. As a trader you are interested in its cost because you want to make a healthy profit by buying it at a low price and selling it at a high price. As an investor you will want a guide to the price it is now so that you can determine whether it is a sound investment that is likely to make you some money in the long term. All of these are perfectly valid reasons for wanting to know the appropriate coin prices but there are several determining factors that make up the overall cost of a coin.
Face value contributes to coin prices
For the more recent coins you may be collecting you, of course, need to take into consideration the face value of the coin. If it is a Double Eagle then it will be worth at least $20. The face value is something that many beginners to the world of coin collecting forget to include in their quest for coin prices but it is vital for both an accurate price and working out whether a profit can be made on a coin.
Mint condition?
The condition of your coin will possibly be the largest factor when trying to get a guide as to its price. The best way to find this out is to get an appraisal but these can cost money and if it turns out the coin isn't worth very much you have to consider that you could have spent that money better on a new coin for your collection. Coin prices are determined heavily by this factor; a mint condition coin is worth more than a well spent coin and although coins are obviously made to last and not get too damaged general wear and tear on a coin can account for quite a serious depletion it's overall value.
Wholesale Coin Prices
If you are new to collecting or trading you may want to consider purchasing wholesale bulk lots of collectable coins. It sounds odd that a collector would do this but it is often the quickest and most effective way to begin a collection. Once you have this background to your new collection you can add on as and when you see fit. Traders take advantage of this because wholesale prices are usually much cheaper than the retail prices they will be selling them for so there is a big advantage to this. Similarly, investors may want to consider this option too, although investors usually appreciate that a coin needs to be in immaculate condition for it to appreciate substantially in value. Wholesale items are frequently battered and bruised and coin prices take a similar battering under these circumstances.
Gathering information
If you do happen to visit a dealer to get an appraisal on your coin don't forget that the price they quote you will be the price they are interested in paying and not the amount it is probably worth. They have to make a profit so they won't offer you top money regardless of the price it might fetch through other sources. You can, however, use this appraisal for other purposes and not just for finding out coin prices. You will be able to get a lot of information from a dealer regarding the coin and if they give you the name, year and other details you will undoubtedly be able to find a catalogue online or at your local museum or library that lists coin prices. You can then use the information you were given to find out the appropriate price for your coin or collection.
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