It All Adds Up

Many of us keep our coins in ashtrays, on the bottom of pocketbooks, in cans, and some even throw spare coins away. In fact, a recent study* of just one Massachusetts incinerator found that the one million people it served were leaving about $8,000 worth of coins in the garbage every day!

Why does this happen? "Coins weigh them down, they think that it's a nuisance," says Steve Bobbitt from the American Numismatic Association. But, would an extra $180 a year seem like a nuisance to you? That's about how much you could save if you simply put away 50 cents a day. And that's just the beginning.

*Study conducted by Archaeology professor William Rathje of Stanford University.

Valuable Coins

If you simply give your coins a close look, you may find one that's worth some real money. Here are some examples of valuable coins still in use:

Wheat Back Penny

If you find a penny with ears of wheat on the back and a portrait of Lincoln on the front, that's a Wheat Back Penny. According to Bobbitt, that penny is worth between $50 and $100.

Indian Head Penny

Another penny to pinch is an Indian Head Penny. If you find one of these in your spare change, hold onto it. It may be worth between $50 and $75.

Mistakes at the Mint

If you find a coin that looks different at all, bring it to a reputable coin collector. Because while there are few mistakes made at the mint, when an error is made, that coin is very valuable. Bobbitt says an error coin can be worth tens of thousands of dollars.

What are your coins worth

Like with everything else, a coin's worth is based on what someone is willing to pay for it. Here are some factors that are taken into account when determining the fair price:

Identification

What kind of coin is it? What is the face value? Are there any mintmarks?

Authenticity

Is the coin the real thing or a reproduction. Many counterfeits have many been made over the years. An expert opinion may be needed to find out if the coin is authentic. Bobbitt suggests asking a collector who is a member of the American Numismatic Association.

Grade

The grade of a coin is based on its overall condition and can greatly impact its value.

Bright Idea!

>>Generally, collectors prefer coins that have not been tampered with. So, if you find a rare coin, don't clean or polish it.

>>Only touch the coin on its edge. Fingerprints can reduce the coin's grade and its value.

>>Avoid holding the coin in front of your mouth. Small particles of moisture may eventually cause spots.

>>When setting the coin down, put it on a clean soft surface.

Read more smart consumer tips and strategies
from Fox11 Eyewitness News Online

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