Sterling-Knight-Jewelry-Pawn-US-Coins

Old Coins Hiding In Your Drawer?

Sterling & Knight Jewelry & Pawn

Bolingbrook: 295 S. Schmidt   (630) 759-9100   

Villa Park: 109 E. St Charles   (630) 833-0800

Hinsdale: 244 E. Ogden Ave   (630) 321-5600

Do you have an old coin collection that you haven’t looked at in years? Or maybe just some coins that you found when a loved one passed away? Here are a few tips on how to preserve the value of these coins, and to get the best return if you decide to sell them.

First of all, the number one rule when handling old coins is to never, ever clean them! Numismatists (coin collectors and experts) want coins to be in original condition. Once coins are cleaned, they will never revert to their original state. A numismatist can tell if a coin has been cleaned, even if it was cleaned over 20 years ago!

Secondly, you need to determine if what you have is an actual “coin collection” or just an “accumulation”. A “coin collection” is put together by a collector who is buying coins for their numismatic value. A serious collector will seek out and purchase rare date coins, and will be constantly buying better coins to add to their collection. These types of coins increase in value over time, and are always in demand in the numismatic community.

When selling a coin collection, you should do some research before venturing out to get offers from dealers. Most public libraries will have resources available to help you understand which coins in the collection are rare, and will give you a rough idea of value. You must remember, however, that any values listed are “retail”, and that any buyer will be offering less than the prices listed in the publications. Once you are armed with a little knowledge, you can take your collection to some dealers to get offers for them to buy your collection.

An “accumulation” of old coins is a group of coins that someone gathered together in a haphazard fashion. After the United States stopped making silver coins in the 1960’s, many people started saving any silver coins that they found in change. Often people who lived through the Great Depression would save old coins, because of their distrust of banks. Gold coins from the 1800’s thru the 1920’s were saved by many during this time.

When dealing with an accumulation of old coins, it is highly unlikely that you would have any rare dates. When taking these coins to a dealer, they are not going to take the time to look at each individual coin, because the odds of finding something rare in an accumulation is about the same as winning the lottery. If you want to take the time, get a book at the library that tells you which dates are rare, and start looking!

Generally speaking, coins of this type will be valued based on their silver content. At the time of this writing, $1.00 worth of old US silver coins is worth $12.00. That’s 12 times the face value of the coin.

As with selling any items of value, it always pays to get two or three offers, and bring them in to Sterling & Knight Jewelry & Pawn to get the highest price!

We have three locations to serve you! We are located in:

Bolingbrook

295 S. Schmidt Road Bolingbrook, IL 60440  630.759.9100

Hours: Monday 10 – 7:00 Tuesday – Friday 10 – 6:00 Saturday 10- 3:00

Villa Park

109 E. St Charles Road Villa Park, IL 60181 630.833.0800 

Hours: Monday 10 – 7:00 Tuesday – Friday 10 – 6:00 Saturday 10- 3:00

Hinsdale

244 E. Ogden Ave. Suite 114 (In the Courtyard of Koshgarian Plaza) Hinsdale, IL  60521 630.321.5600

email: info@skjewelryandpawn.com

Hours: Monday – Friday   10 – 6:00 Saturday  10 – 3:00

Sunday by appointment.

If you refer a new customer to our store, you receive a 3% referral bonus, just like referring someone to host a Gold Party.

Please visit our website at

www.skjewelryandpawn.com

Thank you for your business and continued faith in our local, family owned business. We’ve had the privilege of working with wonderful customers and helping them in these troubled times.

           

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*(205 ILCS 510/2) (from Ch. 17, par. 4652)
Sec. 2. It shall be unlawful for any pawnbroker to charge or collect a greater benefit or percentage upon money advanced, and for the use and forbearance thereof, than the rate of 3% per month. Nothing in this Section shall be construed so as to conflict with the law pertaining to usury and the person receiving money so advanced may hold such moneys to pay any fees in addition to interest as herein provided.
Each pawnbroker, when making a loan under this Section, must disclose in printed form on the pawn contract the following information to the persons receiving the loan:
  1. the amount of money advanced, which must be designated as the amount financed;
  2. the maturity date of the pawn, which must be at least 30 days after the date of the pawn:
  3. the total pawn interest and service charge payable on the maturity date, which must be designated as the finance charge;
  4. the total of payments that must be paid to redeem the pledged goods on the maturity date, which must be designated as the total number of payments; and
  5. the annual percentage rate, computed according to the regulations adopted by the Board of Governors of the Federal Reserve System under the Federal Truth in Lending Act.
Each pawnbroker may contract for and receive a monthly finance charge including interest and fees not to exceed one-fifth of the loan amount, as set forth herein, for appraising, investigating title, storing and insuring the collateral, closing the loan, making daily reports to local law enforcement officers including enhanced computerized reporting, complying with regulatory requirements, and for other expenses and losses of every nature whatsoever and for all other services. Such fees, when made and collected, shall not be deemed interest for any purpose of law.
(Source: P.A. 90-477, eff. 7-1-98.)

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