Take a look at the pennies in your house. Ever wonder what they're made of? According to the U.S. Mint, one penny consists of 2.5 grams of copper-plated zinc. Wondering what determines coin value? There are several factors, and one of them is materials!

The Value of Coins

There are a lot of factors that come into play, including the year the coin was made, how many of them were made, and whether there were any errors made during the minting that might raise a collector's interest. When it comes to coin value, there are several things that are taken into account. The first things are the weight of the coin, the composition of the metal, and the price of the base metal. Don't make the mistake of thinking that just because a coin is very old, it automatically becomes valuable. There are plenty of old coins that are nearly worthless since they don't meet the above criteria.

The Melt Value

When it comes to coin value, another thing that has to be considered is what the material that the coin is made of would be worth if the coin was melted down. When you bring your coin to a dealer, that is something else that they will be thinking about. Is the coin made of gold, silver, or any other type of material?

The Other Circumstances

There are some coins that were minted during a time when government policy made them very rare. According to the Foundation for Economic Education, in 1933, the government said that people could only have gold coins if they were collectibles, they couldn't be in circulation. That means the coins made of that material around that time became very valuable. If your coin has gold, silver, platinum or palladium as part of its underlying metal, then you could have something pretty valuable. You should take it to a professional who can assess it for you.

It's important to pay attention to what the coin market is like. Talk to people who work in the field or look on websites to get as much information as you possibly can. Then you can look to see if you have anything that might be of value. Hopefully, you can get something in return. Are you looking to learn about coins? Contact us today at Hill Top Coins!