Martin Dasko
·5 min read
If you’ve ever found a dollar bill or a coin that feels unique, you may have discovered a rare currency that could be worth thousands. If you’re an avid coin collector or you just stumbled upon a fascinating coin, you’ll likely want to know if that rare currency holds any value.
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How can you tell if paper money and coins are valuable?
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Look for Oddities To Find Out If the Currency Is Rare
“Oddities that can make currency more valuable include currency that was never circulated, printing mishaps, bills with a serial number consisting of the same digit repeated and high-denomination bills that are no longer printed — $500 and above,” said Todd Stearn, founder and CEO of The Money Manual.
“Some very old bills and coins are quite valuable, as well,” added Stearn.
Here are the oddities to help you determine if your bills and coins are worth thousands or more.
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Look at the Sizing
“A great first thing to look at is the size of the bill/font. Small-face, old U.S. Currency sells for a premium,” said Seth Gold, vice president at American Jewelry and Loan in Detroit. “If you are new to collecting currency, this is a great first place to start.”
Check the Date
“Here is a simple rule of thumb: If you encounter dimes, quarters and half dollars that were minted — dated — on or before 1964, those coins are worth more than face value, because they contain silver content,” said Gold.
High Denomination Bills
If you find a bill higher than $100, you could possess valuable currency. According to the Atlanta Federal Reserve website, notes in the denominations of $500, $1,000, $5,000 and $10,000 were last printed in 1945 and issued until 1969, making them pretty rare.
According to Heritage Auctions, a $10,000 bill sold in 2021 for $456,000, so look for these higher denominations.
Bills With Serial Number Oddities
A $20 bill sold for nearly $400,000 at an auction in 2021, because it had a serial number printed on top and a Del Monte fruit sticker. This $20 bill is even more interesting, because a college student discovered it in an ATM in the summer of 2004.
According to OldCurrencyValues.com, only out of every 11 million banknotes printed has a chance to be a solid serial number — all of the same numbers in a row.
Here are a few other oddities to look out for:
A higher serial number. Serial numbers of all 8s and 9s can sell for thousands, because not all bills have been printed to full capacity with every run.
A solid serial number that begins and ends with the same letter. These are known to be rare in the collector’s community.
Printing Errors on Bills and Coins
Printing errors on bills and coins could make the currency more valuable. For example, a 1942 Mercury dime sold for $1,277 in 2022 just because it was cast using a 1941 die. The Professional Coin Grading Service estimates that about 3,270 are still in circulation in decent condition.
Other notable printing issues:
A bill with a different denomination on the back and the front. These are extremely rare and could go for thousands.
Any errors caused by die issues. If you have a coin with an image double-struck due to die issues, you could be sitting on something valuable.
A rare error on the coin. For example, a Wisconsin state quarter with an extra low leaf sold for $6,000 at an auction due to the error.
How To Determine If the Currency Is Valuable
What if you think that you found a rare form of currency? How can you determine the value?
Use Apps
“You can use apps like NoteSnap and CoinSnap to determine the value of your currency in the current market,” Stearn said.
Find a Local Coin Dealer
“If you have a reputable coin dealer in your area, they can be a great resource for more information, as well, and will have the added benefit of examining your coins or bills in person,” noted Stearn.
Check Online Forums
There’s an entire Reddit dedicated to helping each other determine if the currency is worth anything.
Find a Verified Coin Expert
Some experts recommend taking your currency to a platform like Heritage Auctions, where they can evaluate your coin or bill for free.
Selling Your Rare Currency
“Remember to safeguard valuable coins in a protective covering, as dirt and oils can degrade their condition and reduce their value,” noted Gold. “If you discover valuable coins and decide to sell them, remember to obtain multiple quotes across available sales channels to ensure you get the best offer.”
If you’ve stumbled upon a rare coin or bill, it’s essential that you take care of it and obtain expert feedback from multiple sources to determine its value.
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This article originally appeared on GOBankingRates.com: Rare Currency: How To Find Out If Your Bills and Coins Are Worth Thousands
