There are millions of coins circulating at any point in time, but few are considered valuable coins. Some of which can command thousands or even millions of dollars. There are two primary ways to value coins, either by their metal value (gold or silver weight) or by their numismatic, or collector, value. New York Loan Company makes collateral loans on both valuable numismatic coins and gold coins. Certification from PCGS or NGC is essential for numismatic coins; these reputable companies grade and validate coins to ensure authenticity.
Coins can become valuable for a variety of reasons, but like diamonds, rarity is the top factor. Coins that have survived hundreds of years in good condition, coins that were pressed without approval, coins that were struck in error, coins that were struck in the wrong metal, or low mintage coins are some examples of why a coin could command a high prices – both for pawn and for sale.
The most expensive coin in the world, the 1794 One Dollar Silver Plug, sold for $10 million dollars in January 2013 at Stack’s Bowers Auction House. This coin is believed to be the first silver dollar ever struck, and David Hall, founder of PCGS (the industry standard for coin grading) called it “a magnificent gem and a gorgeous historic treasure”. Another important and expensive coin is the 1933 Double Eagle, a $20 gold coin in the last year of its mintage. Only 445,500 were made and never released to the public. It sold for $7.6 million dollars in 2002, the second highest price for a coin ever at auction.
Of course not all coins are going to make you a millionaire, but there could be coins in your pocket that sell for double its value, hundreds or thousands of dollars. The 1914 D Wheat Penny in good condition could bring you as much as $3,000. A Winged Liberty Head Dime from 1942, which was mistakenly double struck with 1941, could bring you as much as $15,000. You could even find a 1983 penny in your wallet that accidentally gave Lincoln a double ear and gain $300.
One of the rarest pennies is the 1943 Copper Penny. This coin is rarer due to its metal; copper was needed for WWII at the time and most coins were struck in zinc-coated steel. There are about 40 of these pennies known to exist, and in 2008 one of these pennies sold for $100,000.
New York Loan Company does not simply place a coin on a scale when a potential borrower is seeking a pawn loan. The certified gemologists at New York Loan Company are also skilled numismatists, trained to pay beyond gold or silver weight for certain coins.
Asset loans on rare currency can be made with New York Loan Company in their private offices located at 50 West 47th St in Manhattans Diamond District. Whether selling or making a pawn loan, please call 212-203-0838 or email firstname.lastname@example.org to make an appointment, and please remember to bring PCGS or NGC certification.