Most types of money are only worth their face value. Old money, however, can be worth much more to a collector. The value of old money is determined by many factors, including the country of origin and the year of minting.
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The condition of a coin or paper bill is important when determining the value. An uncirculated 1918 Mercury dime, for example, is worth well over £32 but worth no more than £1.30 in a worn circulated state.
Types of money range from common to rare. Some of the more rare types of money include coins from ancient civilisations and specific areas of the world where the government is no longer ruling. When graded on the condition, these rare types can be worth double or triple the face value.
Old coins and paper money can be worth more if they comes from a specific time period. For example, pennies were made from steel in 1943 due to World War II and are worth more than other types of pennies that had a longer minting. A steel penny is worth up to £32 in near mint condition while a 1929 wheat penny is only worth about £4 in the same condition.
Key identification information to determine the value of old money includes the date it was printed, any marks that denote a particular mint and the country of origin. American coins marked with a "D" (Denver) or "S" (San Francisco) are often double the value of the unmarked counterparts because those were not minted in Philadelphia.
Mistakes and variations in the minting process are sought after by collectors and usually worth much more. A three-legged Buffalo nickel, for instance, is worth more than £78 in fair condition. Other minting mistakes include off-centre strikes, double dies and double-headed coins.
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