Collecting old coins is exciting and oftentimes rewarding. Imagine the joy on the face of a collector who has finally completed a series of coins or a collection. Imagine someone who has finally stumbled upon the Buffalo coin after searching for it for months or even years. Even if certain coins still exist in circulation, they can be extremely difficult to obtain. If you’re a numismatist, collector, or someone who likes collecting old collectibles such as coins, you may have gotten used to finding old coins. But, how can someone new get started?
People who have been collecting coins for years have developed some patterns that they follow when they take on this task. They found metal detectors and other high-end equipment that makes their search easier. But when you’re new and inexperienced but extremely adventurous and curious the sheer will to find old coins is not enough.
There are different plans and strategies to consider, traveling expenses, exploratory skills, and equipment to consider, and oftentimes those who haven’t searched for old coins don’t know the price of all these things.
Of course, getting started with familiar places such as your basement, vault, attic, backyard or a nearby antique store is the first step you can take, but as your experience grows and you find nice valuable coins your appetites will also grow.
Many people collect old coins to invest in them, as they may have a nice return value. Others want to flaunt them or preserve them for the next generation of collectors and investors that’d be willing to give more for old coins.
Whichever group you belong to, finding authentic places to collect old coins can get exhaustive. That’s why we wrote this guide that will explain to you how to find old coins, as well as which locations to consider. Continue reading and learn more.
Why do People Search for Old Coins?
Many people collect coins for fun or because of their investing value. Those that want to get started usually do that because of the investment value that coinage collecting can bring. However, even though there are people who want to get started, they don’t understand the extent of why some people do it.
We listed two key reasons why it’s worth searching for old coins today and preserving them or even getting some value out of them.
Rare Coins are Valuable
The number one reason is that old coins are more valuable on the market than those that are being currently produced. Many old coins are no longer being produced. For example, some old coins from the 18th and 19th centuries were made with silver and they’re no longer in circulation.
They’re not just made out of a precious metal, but dropping out of circulation which makes them rarer on the market. That also makes them more difficult to find, and those that did collect them are preserving them and waiting for their value to increase even more.
Some coins also have unique marks and traits that are characteristic of coins with errors. Some coins have minting errors and if in good condition, they’re valued more.
They’re a Powerful Collectible
It’s no secret that coins are among the most popular collectibles there are. Even if you’re not interested in purchasing coins particularly know that many people have different hobbies and collect different items like jewelry, cutlery, old cameras, sculptures, medals, and much more.
However, unlike all these things that have a value that came with age and changes in their respectful industries, coins also have numismatic value on the market, and not only that collective value. That being said. Many people collect coins only for the sake of collecting and admire their series and collections throughout time.
Where & How to Find Old Coins
As mentioned above, the first places you will need to check are your pockets, the attic, the basement, and maybe your backyard. Checking your backyard may be a little tricky without a metal detector, but it’s still possible if you feel adventurous and curious enough.
Checking your pockets sounds like an obvious solution, but when was the last time you thoroughly checked your jeans or jacket pockets, as well as your wallet? You’d be surprised by how many old circulating coins can be found there.
Even though they are circulating coins, some of them are quite rare, which is a good starting point. As you’re able to identify and evaluate more old coins, you’ll be more confident in your expertise to identify even older coins that are rarely found in circulation.
If you’ve already checked all the pockets, wallets, bags, storage boxes, and vaults in the attic and basement, it’s time to explore other parts that could contain old and possibly uncirculated coins.
Visit a Bank and Check Rolls of Coins
Visiting a bank may not be everyone’s first thought when wanting to get more coins. After all, many people visit banks to change coins into bills, as people generally want to have bills over coins. Still, a bank stores a whole fortune of coins you can exchange to find perhaps some more valuable coins.
Many banks have coins like dollar coins and half dollars, but you’re also common to find nickels, quarters, dimes, and other coins, of some which are no longer circulating. It’s a great place to look for not-so-conventional coins.
The banks change the money that is currently used in circulation, so don’t expect to find silver and golden coins that haven’t been used for decades. Still, some rare coins are still circulating, and the bank may have saved it up just for you.
Some banks offer people to exchange coins as part of the coin roll-hunting strategy. After all, millions of coins pass through the banks, and placing them in a roll is a good way to sort them. If you have time, going for a coin roll hunting is always good and productive for coin collectors.
Editor’s notes: One thing to be aware of is that big banks usually don’t allow this, so it’s best to visit local banks in your neighborhood or town and see if you can convince them to do the exchange. Keep in mind to remain calm and kind and explain why you’re searching for rare coins. With a bit of luck and mannerism, they’ll sure let you do the exchange.
Antique Stores
Anyone enjoying antique and vintage collectibles and items, in particular, will love visiting an antique store to learn more about the coins they may find. Antique stores may not always contain old coins but may contain medals and coins that are still circulating.
Some of them will contain denominations from Europe and Asia, which also makes it a good catch for the collectors. Many antique stores also sell antique cash registers and vaults that may be containing old money, which is a good thing to find if you’re looking for coins that are no longer in circulation.
Editor notes: If you stumble upon some antique dealers that sell old coins, keep in mind that you’ll likely be able to buy them only in bulk.
Yard & Estate Sales
If you weren’t lucky enough to find old coins in an antique store, you may have more luck searching for them in a yard or at an estate sale. After all, many antique stores organize yard sales, so maybe they’ll exhibit some collectibles that they’ve been saving for these occasions.
Other people may also visit these sales and see if they can trade these coins for some more valuable ones. However, keep in mind that coins there are sold in bulk so you can’t only pick one or two coins.
Yard sales are especially popular among people looking to buy or sell old gold or silver coins. One good way to see the melt value of silver is by using a silver coin calculator which may help you calculate the value of a coin. This one proved to be quite accurate.
Vending Machines
Vending machines are the next big places you should visit if you’re looking for old coins. Regardless of whether you’re living in a small town or a metropolitan area, there are vending machines everywhere, for snacks and drinks, for coffee, for toys, for pretty much anything.
Every vending machine has paper with contact info for the owner. A store owner near the vending machine may also be the owner of the vending machine. Make sure to talk to them, explain your situation, and they’ll let you explore your options and exchange coins for money.
Some vending machine franchises and owners form contracts with coin collectors to allow them to buy rare coins from them. Some people may leave the uncirculated coins inside the vending machine to trick or deceive the owner without realizing those coins are rare and may have value, which is why these places are great.
Editor’s notes: Some vending machine owners host events or build in the functionality for trading coins among the collectors, to make the coin collection easier. Always make sure to contact the vending machine owner beforehand, so you don’t get in trouble with the law.
Churches
If you’re religious, particularly Catholic, you probably know the reason why churches are a popular spot for coin collecting. Catholic churches often host masses during which a circulating basket collects coins from people for donation and other purposes.
However, churches don’t require their visitors to bring bills. Instead, donations are made in coins. If you stumble upon some church officials, you may be able to talk to them and see whether it’s possible to trade coins for bills. They are looking for bills anyway and will exchange them in a bank or an exchange office, so making a deal to trade just speeds up the process with them.
Editor’s notes: Church is a good place to find some lucky coins, and some other churches like the Orthodox and Protestant also host similar services for donation. Just always make sure to talk to the priest or other church official about the coin collection. Abandoned churches may also be popular spots for coin hunting if you have a metal detector.
“Take-a-Penny-Leave-a-Penny” Tray
These trays are also a popular spot for coin hunting, and not just pennies, but other denominations too. These trays are usually located at coffee shops near the cash register for tips. Sometimes you may find a nickel or a dime, which is a good indicator that some old, uncirculated coins can also be found.
Editor’s notes: Many people visit these places to trade, which is why you should bring a few pennies with you even if you don’t find something particularly valuable. Some older circulating coins may also be available.
Old Amusement Parks
Amusement parks are full of attractions that require you to insert a coin to have a ride or play an arcade or some other type of game. They’re a great attraction for kids and families and an amazing place for sightseeing.
Some amusement parks are old and abandoned, so finding a few coins can be even easier. Some constructions are left behind for years, if not decades, and they’re a popular spot that will bring collectors but also traders to try their luck.
It may appear spooky, but it’s worth it if you’re looking for older coins. Maybe you could gather a group of friends and you could explore the amusement park together. Visit the stores, old cash registers, arcade boxes, and other game boxes. Still, always make sure you have permission to visit as these places may sometimes be restricted and private property on top of that.
Editor’s notes: Amusement parks that haven’t been abandoned are also worth visiting if you can negotiate a deal with a seller and exchange coins for bills, that way you may also come across a rare circulating coin.
Fountains and Battleground Monuments
Depending on where you live, visiting fountains may prove fruitful for coin collectors. Many people make a wish on a fountain and throw a penny or a nickel. People drop different denominations thinking it will make their wish come true. However, always make sure to exchange what they dropped with some other coin so it doesn’t look like stealing in case you come across some rare coin.
Old battlegrounds are commemorated with statues and monuments. Many people are visiting these places so it’s a good place to explore and dig coins in the process.
Editor’s notes: Before you visit such places, always do your research first. These places are popular but may not always be the right place to search for the type of coins you’re looking for. Always narrow down your options first.
Abandoned Houses
Old and abandoned houses may still hide away some treasures like old coins, some even being made from silver. Some houses may hide coins beneath the seats, tables, and beds, while some other ones may hide in the walls and under the staircases.
Editor’s notes: Old houses may still be someone’s private property, so always make sure that you have written permission from the property owner or the government. Don’t go to private property without permission as that’s trespassing and it may lead to legal troubles.
Searching for the Old Coins With a Metal Detector
You don’t need a metal detector to search for old coins, but it can surely prove useful to those who take their search to the next level and want to discover coins that are no longer circulating, dug in the holes and ground, or even hidden behind the walls made of concrete.
Coins are often buried and a metal detector is the best tool to help you unveil them quickly. General-use metal detectors aren’t too expensive. Their construction consists of a medium-sized search coil which is just sufficient to detect the coins buried inches and maybe even feet under the ground.
Most metal detectors use an audio or visual alarm while some more advanced options come up with a display feature that allows the detector to recognize the object before it was dug out. If your metal detector has pinpoint control, then detecting old objects such as coins can make it even easier on you.
Before you start using a metal detector on different sites, it’d be best to explore and do some research on your own. It’s good to search for abandoned places, ideally, places where people used to gather at before such as old and abandoned parks, amusement parks, old cinemas, shopping centers, and other public facilities.
Sports centers and stadiums that are no longer in use may also hide some treasures such as coins. If you visit such places, don’t forget to get an owner’s permit when visiting such places. Other places you may want to explore are:
- Old homes and abandoned buildings
- Old college campuses, kindergartens, and schoolyards
- Beaches
- Areas under the bridges and creeks
- Riversides
- Abandoned shops
Tips for Finding Old Coins Using a Metal Detector
If you’re not experienced in using a metal detector to find coins, here are a few tips that may help you find more.
Dig Even if the Signal is Deep
If you’re looking to find a truly old collection of coins, then you must accept that the best coins are not located an inch or two under the surface. Usually, they’re at least 5 inches deep.
Many people don’t want to focus if the signal is too deep, but usually, that’s where the best coins are at. A lot of people also get misled by targeting the ID number of the object, but the sound the metal detector makes can also indicate a lot of things.
Editor’s notes: If you’re looking to find really old silver coins, know that they can be located up to 10 inches below the surface.
Revisit Other Metal Detecting Sites
Just because you couldn’t discover a collection of coins in a certain metal-detecting site you visited, doesn’t mean that there’s nothing to be found there. Perhaps, the last time you just weren’t focused enough and ended up missing a few spots.
That said, revisit the old metal-detecting spots now and then, research the spots others are visiting, and see if anything is interesting to be found there.
Editor’s notes: One thing that helped many people revisit old metal detecting spots is changing the settings and sensitivity of their metal detectors, and observing and listening carefully.
Maximize the Search Depth
Many people avoid maximizing the search coil depth, but it’s more than necessary when on the hunt for small objects such as coins. It’s also a useful thing to do when searching for jewelry, medals, brooches, and other small collectibles. Increase the search depth from 6 to 12 inches.
Experiment with search coil sensitivity and put it on max when you feel like you may be up to something. If your metal detector is more advanced, you can turn off the iron discrimination so you can hunt after all metal types.
Editor’s notes: Maximizing the search depth is not enough if there’s no proper ground balance for your metal detector. Always ensure its ground is balanced and not too far from the ground.
How to Search for Old Coins Online?
If you’re just a coin enthusiast who doesn’t have time to visit monuments, banks, and abandoned amusement parks, you can also search and purchase old coins online. If you’re looking to sell your old coins, these resources will be helpful.
- Forums: Many forums discuss numismatics and coin collection. One such forum is r/coincollecting which contains a lot of useful information. Sending photos to other users can also help them see what you’re looking for
- Search pages of different numismatists and antique dealers online who can help you with particular denominations from a series. Many sites and blogs offer useful situations.
- E-bay is also a good option, not only for old coinage but also for other antique goods. Keep in mind that some coins are more expensive there than if you’d search on your own.
- Searching for online auctions and coin trading events can also help you find the coins you’re looking for, but also sell duplicates you no longer need but are considered valuable.
