A coin collection often turns up when a family clears out a parent’s home: a few rolls of old Canadian change, some Maple Leafs in tubes, a velvet case of commemoratives and a coin or two nobody can identify. Some of it is worth its weight in silver or gold, some of it may be worth more to a collector, and some of it is worth face value. Here is how to tell which is which before you sell anything.
The three kinds of coins in most collections
Bullion coins
Coins made to hold a set amount of gold or silver, such as Canadian Gold and Silver Maple Leafs (including fractional gold sizes), South African Krugerrands, British Sovereigns and American Gold and Silver Eagles. They are valued on their metal: weight and purity, priced from the live spot price, plus a premium for recognised product.
Junk silver
Ordinary circulation coins that happen to contain silver. Canadian dimes, quarters, half dollars and dollars struck before 1967 are 80 percent silver and are bought on silver content by weight. Coins from 1967 and 1968 vary, so they need to be checked by date.
Collector (numismatic) coins
Coins whose date, mint mark, grade or condition makes them worth more than the metal they contain. Selling a scarce coin for melt is a loss that cannot be undone, so these need to be identified before anything is priced as bullion.
Four things not to do before you sell
- Do not clean the coins. Polishing or cleaning can destroy collector value, and it does nothing for the metal value.
- Do not open sealed bars, assay cards or mint tubes. Sealed product confirms its own weight and purity, and that certainty is worth money. Breaking the seal gives part of the premium away.
- Do not throw away the packaging. Original tubes, capsules, cases and paperwork help identify a coin quickly, and product that can be identified on sight is worth more than product that has to be tested from scratch.
- Do not sort out the “worthless” coins yourself. The coin that looks ordinary is sometimes the scarce date.
How bullion coins are priced
Bullion is priced from the live spot price, which is quoted in troy ounces. A troy ounce is 31.1 grams, heavier than the 28.3 gram ounce used for everyday goods, which is why kitchen-scale estimates often come out wrong. A one-ounce Gold Maple Leaf contains a full troy ounce of pure gold. A Krugerrand also contains a troy ounce of gold, but inside a slightly heavier 22 karat coin.
On top of spot sits the premium. Coins and bars from major mints, such as the Royal Canadian Mint and PAMP Suisse, carry a stronger premium than unfamiliar or unmarked pieces, because the next buyer can recognise them without paying to verify them.
How a collection is checked at the counter
At Okanagan Gold and Silver, each coin and bar is identified and verified, weighed on a certified scale in front of you, and checked for collector value as well as metal value. The offer is made against whichever figure is higher, and you are shown the spot price and premium behind it. Recognised coins are checked against their published weight, diameter and thickness and tested without damaging them. If something cannot be verified, we tell you rather than discounting it quietly.
The evaluation is free and there is no obligation. You can take cash the same day or take the quote with you.
Bringing in a large or inherited collection
There is no minimum: one coin is welcome, and so is a collection nobody has catalogued in thirty years. Small holdings need no appointment. For a large or inherited collection, call 250-718-8979 first so we can set aside the time to go through it properly. Bring valid government-issued photo ID, which we record for every purchase as a licensed dealer.
If the same box holds rings, chains, sterling flatware or scrap, all of it can be sold at the same counter on the same visit.
Frequently asked questions
Are pre-1967 Canadian coins worth more than face value?
Yes. Canadian dimes, quarters, half dollars and dollars struck before 1967 contain 80 percent silver and are bought on their silver content by weight. Coins from 1967 and 1968 vary and are checked by date. Scarce dates or coins in unusually good condition are looked at as collector coins first.
Should I clean old coins before selling them?
No. Cleaning can wipe out a coin’s collector value and adds nothing to its metal value. Bring coins exactly as they are, in any holders or packaging they came in.
How do I know if a coin is worth more than its metal?
Date, mint mark, grade and condition decide it. A buyer should check both the collector value and the metal value of every coin and offer against the higher figure. That is how Okanagan Gold and Silver evaluates every coin.
Do I need an appointment to sell a coin collection in Kelowna?
Not for a small holding. Okanagan Gold and Silver is open 7 days a week, 9AM to 5PM, at #202D 269 Bernard Ave. For a large or inherited collection, call 250-718-8979 first so the time can be set aside.
Bring the collection to #202D 269 Bernard Ave in downtown Kelowna, 7 days a week from 9AM to 5PM, or call 250-718-8979. More detail on how we buy coins and bars: Sell Gold Coins and Bullion in Kelowna.