When cleaning the home / attic / basement, it often happens that we find old coins in a jar (or box) or old paper money in one of the wallets that we no longer use. In most cases, old money has no special value. But it’s not bad (before we throw away the junk) to check the value of the money found with a numismatist. It is possible that among the pile of old banknotes and coins there are some extremely valuable specimens. There are essential items for determining the redemption price of old money. Some old coins (and paper banknotes) can be cashed / sold solidly.
- The banknote / coin should be original. The value of old banknotes and coins depends on a number of factors. An original coin and paper banknote is a basic prerequisite that needs to be met in order for a coin or banknote to be worthwhile at all. Namely, in the area of rare coins from older periods, there are many copies or replicas. Such specimens, as well as replicas of works of art, have no numismatic value.
- The banknote / coin should be a rarity among other banknotes. The most important factor in determining the price of authentic old money is rarity. Money from older periods is usually rarer. The amount of coins and banknotes available is smaller, especially those in good condition. Also, individual series of coins or banknotes were issued in a limited number of copies and are therefore rare.
- The banknote / coin should be exceptionally / immaculately preserved. A very important factor in determining the price is the degree of preservation. In numismatics, perfectly preserved specimens are generally highly valued. This is especially important for paper money.
- The banknote / coin should be in its original form. The highest price is achieved by banknotes and coins that have never circulated. What was preserved in its original form someone had to save on the side and give up the purchase value. On the other hand, poorly preserved pieces have little value. Torn or dirty banknotes are generally worth nothing. In home collections, local money, which was once in circulation, is usually the most common. When the supply of coins and banknotes is very large and there are a large number of people thereby, the value of most banknotes and coins from the recent past is not great.
- The face value of the banknote / coin is an important criterion. In the case of paper banknotes, one of the important criteria in the assessment is the face value. Banknotes that had a high value when issued, but were not eaten up by inflation, still achieve high prices. Finally, the price is affected by current supply and demand. What was once worth more today may be quoted lower and vice versa.