Q: Do you buy silver dollars?
A: Yes. Silver dollars are both historic and very popular. Starting in 1878, the U.S. Mint produced hundreds of millions of them. Many were never used and stored in Treasury vaults. This explains why so many can be found in brand new condition. What most people do not realize is that these magnificent coins circulated up until the mid 1960's. Despite their age and interest, they are still very common. Almost every family has an accumulation of silver dollars and we eagerly buy them. Certain dates and mintmarks and those from Carson City are quite valuable.
Q: Do you buy used pennies?
A: Yes. We buy Indian Head Cents and Lincoln Wheat Cents dated 1958 and prior. Lincoln Memorial Cents starting from 1959 are worth only 1 cent so we do not buy them. You will have to remove any Memorial Cents before we can buy your Wheat Cents.
Q: How can I tell Wheat Cents from Memorial Cents?
A: Wheat Cents have 2 wheat stalks on either side of the reverse and the words "ONE CENT" between them. Lincoln Memorial Cents have the image of the Lincoln Memorial on the reverse.
Q: I have a 1943 Lincoln Cent that looks like it is made of silver. What is it worth?
A: The silver look of your 1943 Lincoln Cent comes from a zinc coating that was applied to a steel planchet. In 1943 copper was in short supply and needed for the war effort so the U.S. Mint used steel instead. You can test this by bringing a magnet in contact with any 1943 cent which proves it is of iron composition. Unless it is in new condition, your 1943 zinc-coated steel cent is worth the same as your other bronze Wheat Cents.
Q: Do you buy used nickels?
A: We buy all obsolete nickels and Buffalo nickels dated 1938 and earlier.
Q: What about Jefferson nickels? Do you buy them too?
A: Most Jefferson nickels are worth just 5 cents. However, wartime nickels dated 1942 through 1945 are valuable due to their silver content. You can identify these coins by examining the reverse. They have either a "P", "D", or "S" above Monticello.
Q: I have circulated dimes, quarters and half dollars? How do I prepare them to be appraised?
A: Circulated silver coins dated 1964 and earlier are 90% silver by content. They all have good value. Please don't waste time organizing your coins by denomination, by type, or by date. Bring them all together in whatever container you have. Our coin machine does the work to count and separate them for us as needed. Want to know more? Read our blog on this topic for additional help.
Q: Do you buy JFK Half Dollars?
A: 1964 JFK's are 90% silver and are counted with your other dimes, quarters and halves. JFK halves from 1965 through 1970 have lesser value because they are only 40% silver. Separate these from your other coins before coming to our store. Kennedy halves that were saved from circulation and dated after 1970 are worth 50 cents.
Q: How much will I get for my circulated silver coins?
A: The amount we pay is based on two factors: the prevailing silver spot price at the time of transaction and the total dollar face amount of your coins. Today, silver is selling for multiples of what it was selling just a few years ago. It has never been higher. The prices we pay for silver coin have increased proportionately. Please call us for a price quote when you are ready.
Q: Should I make an itemized list of my coins?
A: No. Making a list is really unnecessary. In performing your appraisal we organize your coins consistent with our dealer pricelists and make the itemized list for you.
Q: Do you buy U.S. Proof and Uncirculated Sets?
A: Yes. We buy these U.S. Mint products.
Q: I have coin sets by date and mint-mark in albums. Can I sell these?
A: Yes. We are very interested in buying coins in albums. Each series has just a handful of dates and mintmarks in which the bulk of its value is often found. These are the key or rare coins. If your book is complete with no missing coins your set can be very valuable. If you are missing just a few coins chances are you are missing the key dates as they are difficult to find and are the most expensive to buy. In this case, an incomplete album containing mostly circulated coins has nominal or melt value. In uncirculated condition even common silver coins will have better value.
Q: If I call for a price over the phone, under what circumstances could I receive a different amount when I come in to sell my coins?
A: The value of common circulated silver dimes, quarters, and half dollars rises and falls with the price of silver. We do our best to explain this when we offer a phone quote and expressly fix the quote to a given spot price plus or minus. However, if the silver price moves significantly up or down you would receive the prevailing price on the day and time you sell.
Q: Are there other times when I could receive a different amount from your phone quote?
A: Yes. We handle many calls each day from people who want to know what their coins are worth. Other than coin collectors who study and learn about coins, most people are unfamiliar with coin terminology and do not know how coins are graded. When you call we understand you are doing your best to describe your coins to us. However, more often than not, we must make an educated guess as to what kind of coin you may have and its general condition. For instance, we will ask if your coin looks "used" or "brand new" as a way to judge its wear. Even so, we try to offer you a range of values that best fit your description. However, our phone estimate can only be as good as your description permits. This is why we recommend an in-store free written appraisal. With it you receive the most accurate estimate of your collection’s value.
Q: What else could affect how much I receive for my coins?
A. Although difficult to detect by anyone other than a trained numismatist, a coin that has been cleaned, polished, or damaged can lose signficant value. Imagine buying a brand new car and then cleaning the body with a coarse steel wool pad. It would ruin the finish not to mention your car's value. This applies to coins as well. Simply put, collectors prefer original and authentically aged coins. Reduced demand for lesser coins results in much lower prices.
Q: I've heard that counterfeit coins exist. How can I be assured that my coins are real?
A. For the most part, only the rare dates or key coins of each series have been counterfeited. In the past unscrupulous individuals would add mintmarks to plain examples in order to make them look like the more expensive key date versions. Examples are 1916-D Mercury Dime, 1932-S and 1932-D Washington Quarters, and the 1909-S VDB Lincoln Cent. Most people do not have the ability to identify an altered coin let alone a complete counterfeit. You can best protect yourself by purchasing only certified coins from a reputable coin dealer you trust. Although you may be tempted, avoid any unknown person on a city street corner attempting to sell rare date coins at bargain prices. Chances are high that these coins are fakes. If you have any coins that you believe might be valuable bring them to us for verification. Appraisals at Central Jersey Rare Coins are always free and in writing.
Q: Do you buy foreign coins? If so, what kinds?
A: Yes. We buy silver and gold foreign coins and those with collector value. Unlike U.S. coins that we use today which are at least worth their face amount, most modern foreign coins composed of base metals generally have no monetary value. Consequently, we try not to buy them. If you are unsure of the composition of your foreign coins please bring them to our shop and we would be happy to look them over for you.
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