Back
Coin collectors, investors, and numismatists have always sought after uncirculated coins. These coins, which have never been in general circulation, are the pinnacle of what collectors seek to obtain. In this ultimate guide, we will delve into the world of uncirculated coins, answering some of the most common questions and providing you with a comprehensive understanding of what they are, how to identify them, and why they matter.
What Does ‘Uncirculated’ Mean?
The term “uncirculated coin” refers to a coin that has never been used in everyday transactions. These coins are minted and stored in conditions that prevent them from being damaged or worn through handling, meaning they are free from the usual wear associated with coins circulating in the economy. An uncirculated coin remains in nearly perfect condition, often with sharp details and a high degree of luster, making them desirable to collectors.
While all coins begin as uncirculated when first minted, over time, many coins are used in transactions and show signs of wear and tear. Coins must be carefully stored and preserved in protective sleeves or tubes to retain their pristine quality and maintain their uncirculated status.
Circulated vs. Uncirculated Coins
When discussing coin condition, the two primary classifications are circulated and uncirculated. Circulated coins have been used in daily transactions and passed through multiple hands. Over time, they accumulate wear, scratches, and discoloration, losing their original mint luster. Key differences between the two include:
- Appearance: Circulated coins show visible wear, typically on the highest points, which vary from coin to coin. Uncirculated coins retain their original shine and sharp details.
- Value: Uncirculated coins are nearly always worth more than circulated coins due to their higher eye appeal and appearance.
- Rarity: Uncirculated coins are rare by default, as coins can only go downhill from brand new.
How Do You Know If a Coin Is Uncirculated?
Identifying an uncirculated coin can be tricky, especially if you’re not familiar with the signs of wear on that particular coin. An uncirculated coin will have crisp, well-defined features without wear on the highest points. These points are often hair, chests, and wings of birds, but every coin is slightly different. If uncirculated, the original mint luster should travel across all parts of the coin. If a coin is still in its original packaging or original mint tube, you can be confident it’s uncirculated. With older coins, it is often harder to tell. If you’re ever in doubt, consult a professional or use magnification to inspect the coin for subtle signs of wear.
Are Uncirculated Coins Worth Anything?
One of the most common questions that people ask when considering uncirculated coins is, “Are uncirculated coins worth anything?” The short answer is yes, but it also depends on the coin. If you have a new uncirculated state quarter, those would be worth the same as a circulated example, as millions were saved in new condition. If you have an uncirculated older coin such as a Morgan Silver Dollar, those are always worth more uncirculated than not, as most of the coins made went into circulation and became worn.
The value of an uncirculated coin depends on several factors. Rarity, or the mintage and survival figures, combined with demand and condition, will ultimately determine value. In many cases, an uncirculated coin can increase the value of a specific coin by hundreds of times if the coin is rare enough in high grades!
How to Get Uncirculated Coins
If you’re looking to add uncirculated coins to your coin collection, there are several ways to acquire them:
1. Mint Sets
Many countries release official mint sets that include uncirculated coins. These coins will always be brand new and in excellent condition.
2. Bank
You can sometimes acquire uncirculated coins from banks, primarily when a new coin release occurs.
3. Online Marketplaces
eBay and other online websites have millions of coins for sale at all times. Search for “MS” graded coins 60-70 to ensure you get uncirculated coins.
4. Coin Shops
Local coin dealers are another excellent resource for uncirculated coins, with most carrying various options.
What is the Difference Between Mint and Uncirculated Coins?
This is a tricky question, as a mint coin can refer to either a government-minted coin or a “mint state” coin. Mint state is another term for an uncirculated coin and is where the grades MS-60 to MS-70 come from. Over time, people have shortened it to call coins “mint,” referring to a coin as uncirculated. A government-minted coin, or a mint coin, can technically be circulated, but most people who refer to a mint coin could use the two terms interchangeably.
What Is a Proof Coin? And How Are They Different from Uncirculated Coins?
This question is also commonly asked and has caused confusion in the past. Coins can be struck differently, including polishing the dies and striking the coin multiple times. This results in a mirror-like finish, which is called a proof strike. The coins you get in your change and most bullion-issued coins would be considered business strikes and have a matte surface.
Proof and business strikes can technically be put into circulation and gain wear, becoming circulated. Proof coins were never meant to be circulated, so nearly all of them are uncirculated, but some have certainly slipped in and gained wear.
Are Proof Coins Worth More?
Yes, in most cases, proof coins are worth more than regular issue coins. They are usually made in much smaller quantities, and most find them more attractive than business strikes. This results in them bringing more on the open market. There are some rare situations, though, usually from coins in the 1800s, where the business strike is rarer than the proof strike.
Takeaway
Uncirculated coins are a fascinating aspect of coin collecting, allowing collectors to own currency in its pristine original state. Whether you're just starting your collection or looking to add rare and valuable coins to your portfolio, understanding the ins and outs of uncirculated coins can help you make informed decisions. From identifying uncirculated coins to understanding their value and how to acquire them, this guide has provided you with everything you need to know about these unique coins.
Want to learn more about buying and selling coins? Contact Edelman’s today for more information!
