That old cigar box in your attic might be worth more than you think. Many Denver families have coins, jewelry, and precious metals tucked away in drawers, safety deposit boxes, and forgotten corners of their homes. Whether you inherited these items from your grandparents or stumbled upon them during spring cleaning, knowing their value can make a real difference in your family’s finances.
Let’s break down everything you need to know about evaluating, protecting, and potentially selling these hidden treasures.
Start With What You Have
Before rushing to evaluate anything, take inventory. Check these common spots in your Denver home:
Old jewelry boxes often contain gold chains, rings with missing stones, or single earrings. These broken pieces still have value based on their metal content. Look through desk drawers for foreign coins from past travels, old silver dollars, or commemorative sets. Check the basement or attic for coin collections, stamp books with coins attached, or metal detecting finds.
Your garage might hold silver-plated items, old tools made from precious metals, or boxes from estate sales. Even dental gold, old watches, and class rings contain valuable materials.
Here’s why this matters: gold prices have increased significantly over the past decade, making even small amounts valuable. Silver coins minted before 1965 contain 90% silver, worth far more than face value. And certain rare coins can be worth hundreds or thousands of times their original value.
Understanding Current Market Values
Precious metal prices change daily, just like stocks. Gold typically ranges from $1,800 to $2,000 per ounce, though prices fluctuate. Silver usually trades between $20 and $30 per ounce. Platinum and palladium have their own markets with separate pricing.
But raw metal value is just the starting point. Coins can be worth more than their metal content due to rarity, condition, and collector demand. A worn 1916-D Mercury dime might be worth $1,000, while its silver content alone is only worth a few dollars.
Jewelry value depends on several factors beyond metal content. Designer pieces, antique items, and pieces with gemstones command premium prices. Even damaged jewelry has value if it contains gold, silver, or platinum.
Protecting Your Investment
Once you know what you have, proper storage becomes essential. Denver’s dry climate actually works in your favor for preserving coins and metals, but you still need to take precautions.
Store coins in protective holders or albums, never in PVC plastic which can damage them over time. Keep precious metals away from moisture and extreme temperatures. Consider a home safe or bank safety deposit box for valuable items. Document everything with photos and written descriptions for insurance purposes.
Avoid cleaning coins or antique jewelry. What looks like dirt might be valuable patina, and cleaning can significantly reduce value. Professional preservation is worth the cost for truly valuable pieces.
When to Consider Selling
Timing matters when selling precious metals and coins. Consider selling when you need funds for important expenses like home repairs, medical bills, or education costs. Market prices reaching multi-year highs present good opportunities. If you’re downsizing or organizing estate planning, converting unused items to cash makes sense.
Sometimes holding makes more sense. Family heirlooms with sentimental value might be worth keeping regardless of monetary value. Rising market trends suggest waiting could increase your return. And building a complete collection often yields better prices than selling individual pieces.
Finding Trustworthy Buyers in Denver
The Denver metro area has numerous options for selling coins and precious metals, but not all buyers are equal. Look for established businesses with physical locations, proper licensing, and positive reviews from local customers.
Reputable dealers will test items in front of you, explain their evaluation process clearly, and provide written offers. They should answer questions patiently without pressure tactics. Denver Coin Buyers represents one option for local residents seeking fair evaluations and transparent pricing.
Red flags to avoid include buyers who rush you to decide, won’t provide credentials, offer prices far below market value, or insist on keeping items for evaluation. Trust your instincts if something feels wrong.
Tax Considerations for Colorado Residents
Selling precious metals and collectible coins can trigger tax obligations. The IRS considers these items collectibles, potentially subject to capital gains tax up to 28%. Keep records of purchase prices and sale dates. Losses from selling below purchase price might offset other investment gains.
Colorado doesn’t impose additional state taxes on precious metal sales, unlike some states. Consult a tax professional for significant transactions or complex situations.
Teaching Kids About Precious Metals
Turn your coin collection into a learning opportunity for children. Teach them about different metals and their uses, historical events reflected in commemorative coins, and basic economics through supply and demand concepts.
Start a small collection together, visiting coin shops or searching pocket change for interesting finds. This hands-on approach makes learning about money, history, and investing tangible and fun.
Next Steps for Your Collection
Ready to evaluate what you have? Start by organizing items by type: coins, jewelry, silverware, and other metals. Research basic values using online resources and price guides. Get professional appraisals for potentially valuable items.
Create an inventory spreadsheet with descriptions, estimated values, and photos. This documentation helps with insurance, estate planning, and future sales decisions.
Your old coins and precious metals represent more than just potential cash. They connect you to history, family memories, and financial opportunities. Taking time to understand their value empowers you to make informed decisions that benefit your family’s future.