Where Can I Sell My Old Money and What Is It Worth?

Old money, encompassing both historic coins and paper currency, often holds more than just its face value. Many individuals discover these items through inheritances or past collections, leading them to wonder about their potential worth. Understanding how to assess and then sell these unique pieces requires a structured approach to ensure fair value. This guide provides an overview of the elements that determine value, methods for proper assessment, and practical avenues for selling collectible currency.

Factors Influencing the Value of Old Money

Old money’s value extends beyond its face value, influenced by specific characteristics. Rarity is a significant factor, determined by original mintage figures or surviving pieces. Low production or heavily circulated coins command higher prices due to scarcity. Specific dates, mint marks, and unique varieties also contribute to rarity.

Condition heavily impacts a coin or paper note’s market appeal and price. For coins, the Sheldon scale, a 70-point numerical system, is the industry standard for grading (1-poor to 70-perfect mint state). This scale differentiates between circulated and uncirculated pieces, with higher numbers indicating better preservation and value. Paper money is also graded on a 70-point scale by services like Paper Money Guaranty (PMG), with higher grades indicating superior condition. Professional grading is recommended for valuable items, providing an impartial assessment of condition that directly affects market value.

Historical significance elevates an item’s worth, linking currency to major national events, economic changes, or notable figures. Provenance, or documented ownership history, further enhances significance. Errors or varieties, like double dies, overstrikes, or misprints, represent production deviations highly desirable to collectors. These anomalies are rare and highly sought after by numismatists.

Methods for Valuing Your Items

Before selling, thoroughly value your collectible currency. Initial self-assessment can use recognized numismatic resources. For U.S. coins, the “Red Book” (“A Guide Book of United States Coins”) provides annual retail pricing, historical details, and mintage figures. For wholesale values, the “Blue Book” (“Handbook of United States Coins”) is a valuable annual companion. These publications, along with online databases of completed auction results and numismatic forums, offer insight into recent market trends and comparable sales.

For precise valuation, especially for valuable items, professional appraisal is advisable. Organizations like the American Numismatic Association (ANA) can help locate certified appraisers. Professional appraisers or third-party grading services (PCGS for coins, PMG for paper money) authenticate and assign precise grades based on industry standards. This process involves submission fees, ranging from $20 to hundreds per item depending on value and turnaround time. The resulting certification provides an objective assessment that builds buyer confidence.

Understanding the tax implications of selling collectibles is part of assessing your item’s overall financial impact. If you sell a collectible for a profit, the gain is subject to capital gains tax. Profits from items held for one year or less are taxed as ordinary income. For items held longer, gains are long-term capital gains, subject to a maximum 28% tax rate, generally higher than other long-term capital assets.

To determine taxable gain, subtract your cost basis (original purchase price plus acquisition fees) from the sale price. For inherited items, the basis is typically the fair market value at the time of inheritance.

Where to Sell Your Collectible Currency

Once valued, various avenues exist for selling old money, each with distinct advantages. Online marketplaces offer broad reach, with platforms like eBay providing access to a vast buyer base. When listing on eBay, high-quality photographs, detailed descriptions, and secure shipping are important for attracting buyers and ensuring successful transactions. eBay charges final value fees for coins and paper money: approximately 13.25% for sales up to $7,500 and 7% for amounts over $7,500 per item.

Specialized online numismatic auction houses, such as Heritage Auctions and GreatCollections, cater to collectors and often yield higher prices for rarer items. Heritage Auctions charges sellers a commission, ranging from 10% to 15% for coins, depending on the item’s value and negotiated terms. GreatCollections offers competitive seller fees: 5% for items selling at $1,000 or less, and 0% for those exceeding $1,000, usually with a small processing fee per item. These platforms provide expert listing services, including professional imaging and descriptions, and manage the auction process, payment collection, and secure shipping.

Local coin dealers offer an immediate and convenient selling option, especially for smaller collections or less valuable items. Find reputable dealers through local numismatic clubs or online directories. Dealers may offer a direct cash purchase or take items on consignment, selling the item on your behalf for a percentage of the sale price. Consignment fees typically range from 5% to 10% of the sale price, but can be higher, up to 30%, depending on the dealer and item. While selling to a dealer might result in a lower immediate payout compared to an auction, it offers quick liquidity and avoids the complexities of direct selling.

Coin shows and conventions offer another opportunity to sell collectible currency directly to dealers or collectors. These events allow for in-person evaluations and comparing multiple offers. Many national and regional shows are held year-round, providing a direct connection to the numismatic community. While direct sales eliminate platform fees, they require personal attendance and negotiation skills.