FAQs:
• What are the membership requirements for the Memphis Coin Club?
• When and where does the club meet?
• How much is my currency (bill or paper money) worth?
• Where can I get some of the reference books?
What are the membership requirements?
The only requirement for membership is an interest in collecting coins, currency, or related subjects. Our active members range in age from 8 to 80+. Young numismatists are welcomed and encouraged, as well as older visitors.
A visitor can be sponsored by any active club member. Once application is made, the application is read at that time and for two additional meetings. At the third reading, the membership votes on the prospective member.
Once becoming a member, the new member is required to attend one-third (1/3) of all meetings from date of membership to the end of the calendar year.
When and where does the club meet?
The club meets from 7-9 pm in the Christian Life Center at St. Luke's United Methodist Church, 480 South Highland. (Map and Directions)
Meetings are generally held on the 1st and 3rd Mondays of each month with the exception of months where holidays coincide with a meeting date. For specific meeting dates, please see the MCC Calendar of Events.
How much is my coin worth?
This question is one most frequently asked, however, it not easily answered. First of all, in order to determine the value of a coin, it must be visually inspected. Generally, there are several factors that determine a coin’s worth to a collector:
Year – the year that the coin was “minted” or struck. This can be determined by most anyone although sometimes a magnifying glass is helpful.
Mint Mark – a mark that shows the particular mint which struck the coin. Again, most times the mint mark is easily determined by looking at the coin. Often, it is not in the same place on different types of coins.
Rarity – how many of that particular coin survived the years since it was minted. There are records kept during the minting of coins that help determine this. Simply put, this is an excellent example of supply and demand economics.
Condition – some coins are saved from change received from purchases, some from obtaining larger amounts of change from banks to search through, and some was never circulated. The amount of wear or lack of it, is one of the keys in determining the condition or “grade” of the coin. In most cases condition is to a coin as location is to real estate, a large portion of its value. Most beginners (and quite a few experienced collectors) tend to over-grade their coins; this is a natural optimistic tendency, and one that can be overcome with discipline and experience.
Other Factors – sometimes coins are intentionally or unintentionally damaged. This could be a scratch, dent, or even a hole drilled into it. Cleaning or polishing a coin alters the surface and natural patina. All of these can adversely affect a coin’s collectability and therefore its worth. (See “How do I clean my coins?”)
All of these factors are considered by collectors or dealers when looking at a coin.
We suggest that for more information you visit the American Numismatic Association for additional information.
Also, we recommend that you visit your local library for reference books that are used in the grading and pricing of coins.
Local coin clubs and coin stores are also an excellent source of information on coin values. The club members will be flattered that you're consulting them, and are likely to be more impartial in their estimations, even if they may not have the pricing experience of dealers.
Another excellent way to get a good idea of the true price you coin might be worth is to search eBay for the same coin in similar condition. Look at the closed auction results to see what people are really willing to pay for that piece. Be careful to pay close attention to the condition, and any varieties or mint marks that may be different from the coin you have. Just a minor difference can give you the wrong information.
The short answer to a coin’s worth is "How much is someone willing to pay for it?"
How much is my currency (bill or paper money) worth?
If you read "How much is my coin worth?", much of this will seem that we’re repeating ourselves. Again, in order to determine the value of a piece of currency, it must be visually inspected. Generally, there are several factors that determine a piece of currency’s worth to a collector:
Rarity – how many of that particular currency survived the years since it was printed. Again, this is an excellent example of supply and demand economics.
Condition – some currency is saved from purchases, some from obtaining larger amounts of change from banks to search through, and some was never circulated. The amount of wear and number of folds in the bill is one of the keys in determining the condition or “grade” of the currency. Most beginners (and even quite a few experienced collectors) tend to over-grade their currency; this is a natural optimistic tendency, and one that can be overcome with discipline and experience.
Other Factors – sometimes currency is intentionally or unintentionally damaged. This could be a tear, a hole from pinning bills together, or graffiti. Cleaning or “processing” a piece of currency alters the surface and paper. All of these can adversely affect currency’s collectibility and therefore its worth.
All of these factors are considered by collectors or dealers when looking at a piece of currency.
We recommend that you visit your local library for reference books that are used in the grading and pricing of currency. Some are:
Another excellent way to get a good idea of the true price you currency might be worth is to search eBay for the same piece in in similar condition. Look at the closed auction results to see what people are really willing to pay for that piece. Be careful to pay close attention to the condition, and any varieties that may be different from the piece you have. Just a minor difference can give you the wrong information.
Local coin clubs and coin stores are also an excellent source of information on coin values. The club members will be flattered that you're consulting them, and are likely to be more impartial in their estimations, even if they may not have the pricing experience of dealers.
The short answer to a coin’s worth is "How much is someone willing to pay for it?"