Frequently Asked Questions

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What are the membership requirements?

The only requirement for membership is an interest in collecting coins, currency, or related subjects. Our active members range in age from 8 to 80+. Young numismatists are welcomed and encouraged, as well as older visitors.

A visitor can be sponsored by any active club member. Once application is made, the application is read at that time and for two additional meetings. At the third reading, the membership votes on the prospective member.

Once becoming a member, the new member is required to attend one-third (1/3) of all meetings from date of membership to the end of the calendar year.

 

When and where does the club meet?

The club meets from 7-9 pm in the Christian Life Center at St. Luke's United Methodist Church, 480 South Highland. (Map and Directions)

Meetings are generally held on the 1st and 3rd Mondays of each month with the exception of months where holidays coincide with a meeting date. For specific meeting dates, please see the MCC Calendar of Events.

 

How much is my coin worth?

This question is one most frequently asked, however, it not easily answered. First of all, in order to determine the value of a coin, it must be visually inspected. Generally, there are several factors that determine a coin’s worth to a collector:

• Year – the year that the coin was “minted” or struck. This can be determined by most anyone although sometimes a magnifying glass is helpful.
• Mint Mark – a mark that shows the particular mint which struck the coin. Again, most times the mint mark is easily determined by looking at the coin. Often, it is not in the same place on different types of coins.
• Rarity – how many of that particular coin survived the years since it was minted. There are records kept during the minting of coins that help determine this. Simply put, this is an excellent example of supply and demand economics.
• Condition – some coins are saved from change received from purchases, some from obtaining larger amounts of change from banks to search through, and some was never circulated. The amount of wear or lack of it, is one of the keys in determining the condition or “grade” of the coin. In most cases condition is to a coin as location is to real estate, a large portion of its value. Most beginners (and quite a few experienced collectors) tend to over-grade their coins; this is a natural optimistic tendency, and one that can be overcome with discipline and experience.
• Other Factors – sometimes coins are intentionally or unintentionally damaged. This could be a scratch, dent, or even a hole drilled into it. Cleaning or polishing a coin alters the surface and natural patina. All of these can adversely affect a coin’s collectibility and therefore its worth. (See “How do I clean my coins?”)

All of these factors are considered by collectors or dealers when looking at a coin.

We suggest that for more information you visit the American Numismatic Association for additional information.

Also, we recommend that you visit your local library for reference books that are used in the grading and pricing of coins.

Local coin clubs and coin stores are also an excellent source of information on coin values. The club members will be flattered that you're consulting them, and are likely to be more impartial in their estimations, even if they may not have the pricing experience of dealers.

Another excellent way to get a good idea of the true price you coin might be worth is to search eBay for the same coin in similar condition. Look at the closed auction results to see what people are really willing to pay for that piece. Be careful to pay close attention to the condition, and any varieties or mint marks that may be different from the coin you have. Just a minor difference can give you the wrong information.

The short answer to a coin’s worth is "How much is someone willing to pay for it?"

 

How much is my currency (bill or paper money) worth?

If you read "How much is my coin worth?", much of this will seem that we’re repeating ourselves. Again, in order to determine the value of a piece of currency, it must be visually inspected. Generally, there are several factors that determine a piece of currency’s worth to a collector:

• Rarity – how many of that particular currency survived the years since it was printed. Again, this is an excellent example of supply and demand economics.
• Condition – some currency is saved from purchases, some from obtaining larger amounts of change from banks to search through, and some was never circulated. The amount of wear and number of folds in the bill is one of the keys in determining the condition or “grade” of the currency. Most beginners (and even quite a few experienced collectors) tend to over-grade their currency; this is a natural optimistic tendency, and one that can be overcome with discipline and experience.
• Other Factors – sometimes currency is intentionally or unintentionally damaged. This could be a tear, a hole from pinning bills together, or graffiti. Cleaning or “processing” a piece of currency alters the surface and paper. All of these can adversely affect currency’s collectibility and therefore its worth.

All of these factors are considered by collectors or dealers when looking at a piece of currency.

We recommend that you visit your local library for reference books that are used in the grading and pricing of currency. Some are:

Another excellent way to get a good idea of the true price you currency might be worth is to search eBay for the same piece in in similar condition. Look at the closed auction results to see what people are really willing to pay for that piece. Be careful to pay close attention to the condition, and any varieties that may be different from the piece you have. Just a minor difference can give you the wrong information.

Local coin clubs and coin stores are also an excellent source of information on coin values. The club members will be flattered that you're consulting them, and are likely to be more impartial in their estimations, even if they may not have the pricing experience of dealers.

The short answer to a coin’s worth is "How much is someone willing to pay for it?"

 

Where can I get some of the reference books?

You could purchase some references, however, we recommend that you visit your local library. The Memphis Coin Club has worked with the Memphis Public Library in placing copies of general references in most of the library branches. We have also established probably one of the best public numismatic reference collections in the Highland branch library. This collection contains general and specialized references for most all U.S. and World coins and currency.

A couple of the general reference books for coins are:

• A Guide Book of United States Coins, by R.S. Yeoman. Known as 'the Red Book', this is an annual publication that's considered a hobby standard for US coins. Please note that the prices listed are retail. These prices are not up to date, however, they are close enough for establishing an estimate worth of a collection.
• Standard Catalog of World Coins, by C.L. Krause and C. Mishler. This is the standard reference for world coins. It has an identification guide to help you attribute your coin, as well as approximate retail values. Not published on an annual basis, the prices are generally out of date; although world coin prices are nowhere near as volatile as US coin prices.

A few general books for currency are:

• Standard Catalog of United States Paper Money, Krause Publications. This is a good beginners book for those wanting to collect U.S. paper money.
• Paper Money of the United States, by Robert Friedberg. One of the long time references for U.S. paper money. The source of the “Friedberg” numbering systems used throughout the collecting community.
• Standard Catalog of World Paper Money, Volumes I, II, & III, Krause Publications. These are basic references for World Paper Money. It is a vital reference if you collecting World currency.
• Standard Catalog of United States Obsolete Bank Notes, Krause Publications. This is an essential reference for all U.S. obsolete bank notes (bank notes issued by states or independent banks prior to the federal government issuing U.S. currency).
• Confederate States Paper Money, Krause Publications .
• Confederate and Southern States Currency, by Grover Criswell.

 

How do I clean my coins?

The best answer here is don't clean your coins. Repeat: Don't clean your coins! Cleaning, even with a soft cloth, can scratch a coin's surface or alter its patina. If you must clean dirt off a surface, then soak it in a mild solution of soap and water. Don’t rub it, don’t scrub it, and by no means use an abrasive or chemical cleaner.

Did we say not to clean a coin?

 

I inherited a collection, where and how do I get an appraisal?

We recommend that first you organize the collection, taking care when handling the items in the collection. If in albums or holders leave them as is. Loose coins should be sorted into groups by county, then denomination, then by like types. With clean hands or using gloves, handle coins by their edge, taking care not to allow them to rub against each other. They can be carefully placed into small plastic bags.

Currency should be handled with care, sorted into groups by county, then denomination, then by like types. If folded, carefully unfold and place flat. Envelopes are handy for holding currency while sorting.

Now we suggest that you do a little research and visit the library to look up some of your collection. Pay close attention to dates, mint marks (coins), signatures (currency), and above all, condition. This is where most beginners tend to err. Human nature tends to push us towards being optimistic, we want something to be worth more than it is worth. We recommend that first you use the references to grade the piece, identify it, and then use the price guides.

If you want a more exacting estimate or if the collection is large, we suggest you contact a local numismatist to examine each item. You will find dealers listed in your local yellow pages under 'Coin Dealers' or by searching the ANA website by state or country under 'Dealer Directory'. If you want a written appraisal, there is often an hourly charge for such, after all these people are in business and should be compensated for their professional opinion on a large collection.

 

Can you refer me to a dealer?

The Memphis Coin Club does not endorse individual coin dealers, whether they are members or not. We suggest that you contact a dealer listed as member dealers from either the ANA or PCDA website.

 

Where can I get more answers to questions?

Email us if you have a question concerning coin or currency collecting at questions@memphiscoinclub.org.

Also, please visit any of the numerous sites listed in the Links section of the website.