28/05/2021 by Josephine Coins
Top 5 Most Valuable Coins in the World
Coins are essential in our day to day lives. Without them, you might not be able to buy that cup of coffee that propels you for the day or make that purchase at your favorite shop. Throughout our history, they have driven individuals to purchase and trade and make their lives better. But like everything else, coins go through cycles, too. And did you know that not all coins are created equally?
As it turns out, some coins are more valuable than others. Coins with historical significance are now sold for jaw-dropping amounts of money. But it is not only their significance that plays a part. You may be curious as to how and why some coins are better than others, that’s why we have written this article as a guide. Who knows? You might have some treasure troves hidden in old trinket jars just waiting to be rediscovered!
Why are some coins more valuable than others?
There seems to be a couple of things at play when it comes to determining the value of a coin. We won’t go through all of them today as the list can be very exhaustive. But here, we will give you a glimpse into the process. Some coins are more valuable than others because:
They are extremely rare
Some of the most expensive coins are either made as a limited-edition series or results of a production error. It might be puzzling to think how mistakes during the production could turn an ordinary coin into a sought-after treasure, but it does happen. Production mistakes may lead into coins with signs that cannot be found anywhere else, peculiar features that make it so much more valuable.
They are extremely old
Most coins that come with high prices are the oldest ones. Some of the most expensive ones date back to the 1700s. Other expensive ones may also be the first round of coins that were ever issued in one country. Their age plays a key role in determining how valuable they are.
They are extremely special
Other coins are highly valued due to the material that they are made with. For instance, there are special-issued coins that are made with 24-karat gold. Those coins are sure to be highly valuable even a hundred years from now.
Should you invest in coins?
Of course! The market for trading valuable coins is well and alive to this day. But before you rush out the door and head on to the nearest coin seller in your area, you need to consider a few things first.
Because rare coins are so valuable, the market for them is also highly susceptible to counterfeiting and scams. Numismatists, or expert coin collectors, are well-versed in the world of coin investing. They have spent years trying to weed out the legitimate ones from the fake ones. Here’s what the numismatists over at Josephine Coins recommend:
Know your reason for collecting or buying
Collecting valuable coins is no walk in the park. First of all, you will need a hefty capital to purchase decent coins. You can begin by reaching out to relatives who have some old coins lying around. You might be in luck to find coins that hold some value. But the best chance of getting great ones would be buying through a seller.
Why are you buying in the first place? The hunt for great and valuable coins is a rewarding one, but it’s definitely not easy. Are you in it for the joy of collecting? Or do you wish to invest in coins and make a much larger profit in the long run? Both reasons are sound. Just know that you’ll need time and dedication to pursue it.
Learn as much as you can about coins collecting
When we mentioned that you’ll need time and dedication, that means you will need to do research on coin collecting. From finding out the history of the coins that you want to buy to sourcing out the sellers that have them on hand, you’ll need to put in hours to pull that off. But if you have some extra resources, you can also outsource help who can find the coins for you.
Do your own background search
Not only will you have to research on the kind of coins you want to collect. More importantly, you also need to do some digging about the seller you are buying from. Make sure to read reviews from previous buyers. Was their transaction smooth? Were they able to buy legitimate coins?
Questions like these have to be carefully considered before you purchase from a seller, more importantly if you are buying online. So, always be vigilant. Better yet, work with reputable sellers like Josephine Coins Ltd. If you need help in finding rare and valuable coins, their coin expert can give you a hand.
5 Most Valuable Coins in the World
Valuable coins are not only encased within museums and wealthy private collections. The good news is, you can gain access to them for an affordable price as long as you are working with the right dealers. Without further ado, here are some of the most valuable coins in the world:
1. The 1794 Flowing Hair Silver Dollar
This amazing coin is the most expensive coin ever sold, at least at the time of writing. At an auction back in 2013, the Flowing Hair Silver Dollar was sold for over $10 million!
Its value can be attributed to the fact that it is believed to be the first ever silver dollar struck by the US Mint. The coin features the profile of Lady Liberty at the front. The Lady Liberty’s hair can be seen flowing like a river over the face of the coin, thus it was aptly named Flowing Hair Silver Dollar. At the back of the coin, the famous American eagle can be seen.
Another reason why the Flowing Hair Silver Dollar is so rare and valuable is that there were only fewer than 1,800 copies ever produced. The story of this particular silver dollar has passed on from generation to generation. Most of the copies are lost and have never been found again. To date, there are only 120 to 130 copies remaining.
2. The 1787 Brasher Doubloon
Ephraim Basher, a New York City goldsmith and silversmith, created the Brasher Doubloon in the later part of the 18th century. Basher was an established goldsmith at the time. As a reaction to the shortage of coins, he thought it would be a good opportunity to create a Spanish-inspired doubloon. Thus, the Brasher Doubloon was born.
It was heralded by many numismatists as the “first gold coin of the United States” despite being made of metals that are not gold. The front of the coin shows a United States seal with a rising sun. On the reverse side, an American eagle donning a shield could be seen.
There are several versions of the famous Brasher Doubloon. A sale was made back in 2011 where a doubloon with Basher’s EB signature sold for nearly $7.4 million. The most recent sale was in 2018 when another doubloon with the same enigmatic Basher signature was sold for $5 million. The doubloons are definitely raking up some serious cash for the sellers. But it has given many buyers much assets as well.
3. The 1787 Fugio Cent
The 1787 Fugio Cent, although not sold for the same astronomical prices as the previous coins we have mentioned thus far, holds a lot of value due to its interesting history. This antique coin is also known as the Franklin cent after Benjamin Franklin, one of the founding fathers of the United States. The Fujio Cent is believed to be one of the first coin circulated in the newly formed country at the time.
The coin shows a sun and a sundial, a nod to Franklin’s humor. Underneath, the Latin motto “Fugio” can be seen which suggests that the sun and time are flying. The bottom of the coin also has an inscription that says “mind your business,” which takes on a double meaning as it encourages the bearer to not meddle with the affairs of others, while also suggesting that the bearer should pay attention to his own affairs instead.
At the reverse of the coin, the motto “We are one,” can be seen. This motto captions the image of 13 links in a chain that symbolises America’s first 13 states. With its historical significance, it is clear why the Fugio cent is very valuable. But unlike the ones we have mentioned previously, some Fugio cents could actually be bought for a few hundred dollars.
Its price, relative to other antique coins in this list, makes it highly accessible yet still valuable. Coins in better condition can be sold for even higher prices. The most expensive Fugio cent was sold at around $10,000. Look out for extremely rare variants that can be sold for even higher prices!
4. The 723 Umayyad Gold Dinar
The most valuable coins are not only from Europe or America. In fact, one of the most expensive coin was struck from a gold mine owned by a caliph. The 723 Umayyad gold dinar has earned its reputation as one of the most prized Islamic coin. The coin has some markings indicating that it came from the “mine of the commander of the faithful.”
This pure gold coin is prized not only for its material, but it is also highly prized for the Islamic symbolism that it holds. The Umayyad coin has several Islamic inscriptions referring to their prophet, Mohammed. It says that “Mohammed is the Prophet of God sent by God to guide, the religion of truth to show to the whole world.”
To this day, only a dozen copies of the coin exist, making it one of the rarest coins out there. In 2011, the coin was sold for $6 million at an auction. While another medieval Umayyad coin was sold for about $4.8 million in 2019.
5. The 1343 Edward III Florin
The 1343 Edward III Florin is coined by many numismatists as an oldie and goldie. It’s rarity stems from the fact that there were only three of them made and are known to exist. The British Museum in London houses two of these highly valuable Florins. The two copies were found in the River Tyne back in 1857 and has been under the museum’s care ever since. While the third one was discovered by a prospector with a metal detector in 2006.
At the front of the coin is King Edward III. He is seated on his thrown with two leopard heads by his side. On the reverse is the Royal Cross inside a quatrefoil. The coin is filled with so many intricate details. But the two leopards are the ones that really stand out, which is why it is also called the Double Leopard.
The 1343 Edward III Florin that was found by the prospector was sold at auction for $850,000. It is one of the most expensive British coins ever sold. Now, the coin’s value it estimated at around $6.8 million.
Other Coins That You Should Look Out For
Other valuable coins include the 1943 Lincoln Head Copper Penny and the 2007 $1 Million Canadian Gold Maple Leaf. Both of these coins have an interesting story behind them. Watch out for our next entries to learn more about these coins.
Ready to start your own collection?
Coin collecting is an enjoyable and rewarding hobby. For some, it is even a serious profession that takes time and dedication. And while selling your collection can bring in a lot of money, you should also remember that money on collectibles can be a tax liability, too. Here in the UK, there are a lot of tax regulations placed on coin selling and purchasing.
If you need a guide, then head on over to Josephine Coins Ltd. We will give you insights and updates on the available coins on the market. Invest in the coins that you love with Josephine Coins today.