If you inherited a coin collection from a relative or still have your collection from when you were a kid, you may be wondering if they are valuable. It can be difficult to tell if your collection is rare or not if you're not familiar with coin collecting. Thankfully, there are a few tips you can follow to get a better sense of whether or not your coins have value, which will then make it that much easier for you to make some money selling them to your local pawnshop.

5 Ways to Identify Valuable Coins

1. Look at the Date

The first factor you should look at when trying to determine a coin's rarity is how old it is. For example, if it was minted during the Civil War era or in the 1920s or '30s, there's a good chance it's scarce. This is because coins from these periods were often melted down for their precious metals, making them more difficult to find.

2. Check Its Condition

A well-preserved coin will be worth more than one that's been damaged or worn down because older coins have generally seen a lot of usage over the years. That makes well-preserved coins harder to find. 

To determine the condition, look to see if the details of the coin are still visible. If the coin is discolored or damaged in any way or has scratches or marks, it could still be valuable, but the amount you can sell it to a pawnshop for will likely be reduced.

3. Know How to Read Them

Every coin contains valuable information that can help you identify it. This will include the date and value, though the most important information is the mint mark, which tells you where the coin was minted. This mark is a small capital letter on the head side of the coin, such as "D" for Denver or "O" for New Orleans. You may need a magnifying glass.

4. Look for Errors

Coins that have been minted with errors are often worth more than coins that are in perfect condition because there tend to be fewer of them in circulation. Errors can include an incorrect date, a missing mint mark, the embossing being off-center, or other design flaws. If you notice a mistake on a coin, you may have something worth a trip to the pawnshop or a professional coin dealer.

5. Do a Bit of Research

This can be time-consuming, but there are a number of resources available that can help you learn more. Start with the basics and expand your knowledge from there. The U.S. Mint has excellent resources aimed at beginners to get you up to speed. With a little research, you'll be able to make an informed decision about whether or not to pawn your collection.

If you have valuable coins in your collection, get cash for your find at Roanoke Pawn. Serving the Blue Ridge Mountains region of Virginia since 2004, this shop also pays cash for gold and silver. Call the Roanoke County, VA, office at (540) 362-7296 to speak to a team member, or visit the pawnshop online for more information.