Advice from Nashville's Financial Guru Dave Ramsey
Dave Says
By Dave Ramsey
Author of Financial Peace and The Total Money Makeover
5/14/2006
"How do you determine the value of old money?"
Dear Dave,
How would you determine the value of an old coin? I uncovered several as part of my father’s estate, and was wondering if there was any value to them other than simple face value.
Diane
Dear Diane,
Some old coins can be very valuable. It usually depends on how rare they are, or other factors like if a mistake was made on the coin when it was minted.
I’d first check with a coin dealer and get an appraisal or an offer on the coins. These guys deal with old money and collectibles for a living. If you have a computer, you might also want to check online for references to the coins you’re talking about. You could probably find several sites that will give the market value of old coins.
Just remember, Diane, hobbies and collectibles are fun but they rarely keep up with other types of investments, like mutual funds or real estate.
- Dave
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