Things You'll Need:
- Gloves or coin tongs
- Magnifying glass or microscope
- Coin reference book or websites
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Step 1
Take a look at the basic details of the coin. Determine the country of origin, denomination, date, and mint mark. A quick check of coin books or coin reference websites will give you a rough indication of how rare the coin is. Links to some coin reference websites are provided in the Resources and References section below.
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Step 2
Determine the condition of the coin. Coin grading is one of the most important factors in determining the value and rarity of a coin. The better the coin's condition, the more it is worth. This is especially true of ultra high quality uncirculated coins. These are coins designated by the letters MS (for mint state) and a number between 60 and 70. Circulated coins are designed by the following grades: AU (about uncirculated), XF (extra fine), VF (very fine), F (fine), VG (very good), G (good), AG (about good), and F (fair). Consult the coin guides for grading criteria. They vary for every coin variety.
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Step 3
Compare the prices and the mintage numbers. Sometimes a coin is rare because very few were made. Other times a coin is rare because many were melted down or lost over time. Sometimes a coin is rare in uncirculated condition but common in circulated condition. This happened often with common date coins that few people thought to preserve in pristine condition. Understand why your coin is rare.
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Step 4
Look for rare variations. The coin books and coin reference websites will list the major varieties by year. Many rare coins were made by flawed dies and possess unique qualities. The 1937-D three legged buffalo nickel is the most famous of these coins. A die was over-polished, wiping out one of the buffalo's legs. These rare varieties can be worth a lot of money.
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Step 5
Learn the story behind the rare coin. Many coins are sought after because there is a story behind them. For example, collectors are willing to pay a particularly high price for a 1937-D three legged buffalo nickel because of the well known story of its creation. Popular coins will fetch a higher price than even rarer coins that few people know about.
