Filing your personal taxes can be easier than it used to be. Unfortunately, what you could claim last year may not be the same this year. I have compiled a list of the common personal tax laws that have changed since last tax season on my website. I have also provided several tips that can help you get the biggest return possible without manipulating your tax forms. You can learn how to get the biggest return while following the IRS guidelines so you do not have to worry about tax audits or getting a penalty letter a few years after getting your check.
If you recently inherited some gold coins, then you are likely wondering how much money they are worth. Of course, any item made of gold has some intrinsic value due to its scrap gold value. However, gold coins also have additional value due to their rarity and collectible nature.
Here is some additional information to help you understand the three factors that go into gold coin valuation:
Gold Coin Metal Value
The first factor for determining your gold coin values is their weight. Since gold is easily recycled by melting, all gold coins are worth at least their scrap gold price. This value is determined by the following three factors:
Gold is weighed in Troy ounces, with twelve Troy ounces being equal to one pound. The purity is determined by the karat, with 18 karat gold being less pure than 24 karat gold. Finally, the current market price of gold is determined by the world's financial markets and fluctuates constantly. A simple search engine search will give you the current market price for gold.
Gold Coin Rarity Value
The second factor in determining the value of your gold coins is their rarity in the collector marketplace. Even though two coins may have the same weight and purity, they can have wildly different values. For example, a special high-relief stamped double eagle coin is worth many times more than a circulated double eagle coin.
One thing that often makes coins worth a lot of money is errors in their stamping. These errors often make the coins one-of-a-kind and highly sought after by collectors for their uniqueness.
Gold Coin Numismatic Value
The final factor in determining the value of your inherited coins is their numismatic value. The word "numismatic" is simply a fancy way of saying "coin collector."
To better understand numismatic value, assume for a moment that you have two gold coins with the same weight, purity, and rareness. However, one of the coins has an eagle design on the back and the other has a different design. In this case, collectors could prefer to collect the coin with the eagle depiction. This would give the eagle coin a higher numismatic value because it is more highly prized by collectors.
Final Thoughts
Before insuring or selling your inherited coins, you must first determine their value by taking into account their gold weight, rarity and favor with collectors. If you would like to have your gold coins appraised, then you should contact a reputable coin dealer in your local area.
Share8 April 2015
