People with visions of instant wealth usually buy a lottery ticket or hit the casino. Most don’t think about searching for rare coins. But if you come across the right one, it could turn you into a millionaire.
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The most valuable coins fetch nearly $8 million on the collectibles market. Because these are already in the hands of collectors, dealers or investors, you probably won’t own one unless you’re already pretty rich. But there are plenty of other rare coins in circulation worth hundreds or thousands of dollars that you might find at rock-bottom prices.
The key to finding a rare and valuable coin begins with understanding what to look for in the first place. Here are some factors that contribute to a coin’s value:
They are no longer being produced.
They have unique marks due to errors or limited editions.
They have some kind of historical significance.
They are prized by collectors.
To learn more, one good resource is “A Guide Book of United States Coins,” which offers insights on what constitutes a rare coin and where to find one.
In terms of where to begin your search, one place you are guaranteed to find rare coins is at an auction, either live or online. These are set up specifically to sell coins that have value to collectors. The downside is you’ll probably pay a lot of money because bidding can push the prices up quickly.
To improve your chances of getting a good deal, here are five places to look for rare coins worth a lot of money.
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Antique Stores
Antique stores can be treasure troves for rare coins because people who visit them are often on the hunt for something else, which means you might not have any competition. Bringing knowledge of what makes a rare coin valuable will help you find the right one. In some cases, you can find coins for cheap because antique shopkeepers are not necessarily experts in the value of rare coins.
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Estate Sales
Estate sales are another good option because they often have items that date back decades. To improve your chances at finding a rare and valuable coin, arrive early to get the first pick of available items.
Flea Markets/Garage Sales
One of the biggest advantages of looking for rare coins at flea markets and garage sales is that the sellers probably don’t know how much money a coin is worth. For example, a few years ago a man bought a coin for 56 cents at a flea market because he thought it looked interesting. It wasn’t until later, after getting the coin graded, that he learned it was a 1776 Continental Dollar worth about $100,000.
Bank Coin Rolls
Purchasing coin rolls from your local bank branch gives you a greater assortment of coins to look through. If you notice any coins that look odd or unusual, set them aside and take them to your nearest coin dealer or appraiser to have a professional evaluation.
Coin Shows and Expos
Coin shows are an obvious place to find the rarest coins because they are hosted and attended by collectors, dealers and other numismatic experts. As with auctions, this is not a great place to find a valuable coin at a deep discount. Unlike auctions, however, you can negotiate with dealers to lower the price — especially when the show or expo is winding down.
Beyond the places listed above, you can also search for rare coins in places others might not have looked. These might include inside walls and attics of old homes, in backyards, in creeks and in fountains. In addition, ask friends and family if you can look at their old coins. If you find any, be prepared to split the proceeds.
Once you have found a coin you think might be rare and valuable, your next step is to visit reputable websites that specialize in coin analysis and evaluation. Here are some of the most popular options, according to experts:
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This article originally appeared on GOBankingRates.com: 5 Places To Look For Rare Coins Worth a Lot of Money
