I inherited a coin collection. What should I do first?

Before selling or cleaning anything, sort the coins into simple piles: gold (keep all of it), silver by date (dimes, quarters and halves dated 1964 or earlier are 90% silver), old pennies (1958 and earlier, plus Indian Head cents), old dollars (Morgan and Peace dollars), and anything unusual. Sorting first tells you what is potentially valuable and worth researching before you make any decisions.

Which coins are silver by date?

U.S. dimes, quarters and half dollars dated 1964 or earlier are 90% silver. Half dollars from 1965 to 1970 are 40% silver. Nickels made 1942 to 1945 with a large mint mark above Monticello ('war nickels') are 35% silver. Silver dollars such as Morgan (1878–1921) and Peace (1921–1935) dollars are 90% silver, and some 1971–1976 Eisenhower dollars are 40% silver collector versions.

Should I clean old coins before selling them?

No. Never clean, polish, dip, scrub or rub old coins. Cleaning removes original surfaces and can dramatically reduce a collectible coin's value. Leave every coin exactly as you found it and let a reputable dealer evaluate it.

Why do mint marks matter?

Two coins with the same date can be worth very different amounts depending on where they were struck. Mint marks to know: CC (Carson City), S (San Francisco), D (Denver) and O (New Orleans). A Carson City (CC) Morgan dollar, for example, isn't an automatic jackpot but always means stop and check it.

Sort That Stack — Inherited a Coin Collection? What to Keep & What to Check

Start here: potentially valuable vs. definitely valuable

The goal of the first pass isn't to price anything — it's to separate the coins worth researching from the ones that aren't. Pulling a coin aside means "check this," not "this is automatically valuable" — think of it as a don't-throw-anything-interesting-away guide, not a price guide. Make these piles and you'll have done most of the useful work.

The piles

Pile 1 Silver — by date

Dimes dated 1964 or earlier (90% silver)
Quarters dated 1964 or earlier (90%)
Half dollars 1964 or earlier (90%)
Half dollars 1965–1970 (40% silver)
Nickels 1942–1945 with a large P/D/S mint mark over Monticello (35% silver)*
Anything that looks obviously silver and old

Pile 2 Old pennies

Any cent 1958 or earlier (wheat backs) — pull to check (not automatically valuable)
Indian Head cents, 1859–1909
Any 1909 cent — check for an "S" and "V.D.B."
Anything that isn't a normal modern Lincoln

Pile 3 Old dollars

Morgan dollars, 1878–1921
Peace dollars, 1921–1935
Eisenhower dollars 1971–1976 — check for the 40% silver collector version
Any other big silver-looking dollar
Don't melt without checking date + mint mark

Pile 4 Gold — keep all

$1 gold · $2.50 quarter eagle
$3 gold piece · $5 half eagle
$10 eagle · $20 double eagle
Any small yellow/gold-colored old U.S. coin — stop and check it (you may not recognize a quarter eagle)
Separate immediately — don't take it to a pawn shop "just to see"

Pile 5 Unusual — set it aside

Odd denominations: 2¢, 3¢, half dimes, 20¢, large cents
Commemoratives, tokens, colonial-looking coins
Foreign silver/gold, coins with unusual shapes, or apparent errors
If someone deliberately kept it, that's a reason to look closer

Pile 6 Classic designs — pull by look

Buffalo nickels 1913–1938 (Native American / buffalo) — not silver, but always pull
Mercury dimes 1916–1945 · Standing Liberty quarters 1916–1930
Walking Liberty halves 1916–1947 · Franklin halves 1948–1963
Recognizable by design — most are silver; pull them by sight even if you can't read the date

*War nickels: the ones with a large mint mark (P, D, or S) above Monticello on the back.

Silver, at a glance

If you remember nothing else, remember the date lines. In U.S. coins, silver mostly disappeared after 1964:

Coin	Dates	Silver content
Dimes, quarters, half dollars	1964 & earlier	90% silver
Half dollars (Kennedy)	1965–1970	40% silver
Eisenhower dollars (silver collector issues)	1971–1976	40% silver
Nickels ("war" nickels — big mint mark over Monticello)	1942–1945*	35% silver
Silver dollars (Morgan / Peace)	1878–1935	90% silver

Silver alone gives these coins value even before you consider whether a date or mint mark makes them collectible.

Then check the date and the mint mark

Once the piles are made, this is the single most useful thing to learn: two coins that look identical can be worth wildly different amounts because of where they were struck. The classic example is the Morgan dollar — a Carson City (CC) Morgan gets a collector's attention fast.

CC — Carson City S — San Francisco D — Denver O — New Orleans

A Carson City (CC) coin isn't an automatic jackpot — some CC dates are common — but it always means stop and check it.

⚠ Don't clean anything

This one deserves its own giant warning, because it's the mistake that costs people the most money. A valuable old coin with original surfaces can become far less desirable after cleaning — sometimes losing most of its premium.

No polishingNo dippingNo scrubbingNo silver cleanerNo toothbrushNo baking soda

Before you sell

Get more than one opinion, and don't sell to the first buyer who makes an offer. For real values, take your "check these" pile to a reputable coin dealer, or look for coins certified by PCGS or NGC and dealers affiliated with the ANA (American Numismatic Association). Sell the melt-value silver and the collectible coins as two different things — a common date silver quarter is worth its silver; a rare date or mint mark can be worth many times more.

Sorted your stack? Now write it down.

Once you know what you've got, catalog and value it before it goes back in the safe. GoldPayroll's free, private Vault Report values your gold and silver at live spot and generates a clean, print-ready record — nothing uploaded, no account needed. Prefer a spreadsheet? Grab the free inventory template.

Open the free Vault Report → or download the free inventory spreadsheet

This guide is for education and personal record-keeping only. It is not an appraisal, and it is not financial, tax, or investment advice. Coin values depend on date, mint mark, condition, and market — always get a professional opinion before buying or selling. Estimated silver melt values are indicative and change with the market.