When you think about ancient coins, you probably imagine old ones from key historical events in a museum, likely worth hundreds of thousands of dollars. However, ancient coins are more abundant and cheaper than you’d expect! Currency and bullion have existed for thousands of years globally, and many countries frequently issued new coins as a sign of their wealth and prowess. Owning a small piece of ancient history is the main factor in pursuing these coins, as they don’t always hold much value, depending on what they’re made of.
What Determines the Value of an Ancient Coin?
There are a variety of factors that determine the value of an ancient coin:
- Age
- Origin
- Issuer
- Grade
- Composition
- Desirability
Let’s break them down individually. Dealers consider each of these factors to determine the price of an ancient coin, but you’d be surprised at how inexpensive they can be.
Age
The age of a coin is a significant factor in an ancient coin’s value. You can purchase coins dating back to 25 BC (over 2,000 years old!). However, a coin’s age does not always directly correlate to its value.
Origin
Some places produced significantly more coins than others, such as Rome. An abundance of coins means less scarcity, so there isn’t as high of a demand. However, a minor kingdom that was only around for a short time, such as the Kingdom of Mauretania, which the Roman Empire absorbed, didn’t produce as many coins during its time. The scarcer a coin type is, the more expensive it usually is. Plus, some collectors enjoy procuring sets of every kind of currency from specific countries, kingdoms, and empires, which adds to the collectability of an ancient coin.
Issuer
You might wonder what the difference is between a coin’s origin and issuer. While two coins can both come from the Roman Empire, for example, two different Emperors issued the coin. Certain notable emperors, such as Julius Caesar, issued many coins to celebrate his victories. Historians and numismatists who particularly like Caesar, for example, will seek out coins featuring his portrait and any coins issued during his reign.
Grade
One of the most critical factors of any coin’s value is the grade or quality. The more legible the details and clean a coin is, the higher the grade and subsequent value. Coins are graded using the Sheldon Scale, and quite a few Extra Fine ancient coins are available on the market that are in impressive condition and surprisingly affordable.
Composition
Unlike bullion, circulated currency can be made from various metals. Due to their availability and ancient mining techniques, many ancient coins were made using bronze, iron, or copper. Silver and gold coins came later, during the Bronze Age (600 BC). The older coins have little intrinsic value due to their common metal content.
Desirability
While many museums, collectors, historians, and numismatists enjoy acquiring ancient coins, they aren’t always desirable to the average person. The stories behind ancient coins can be fascinating, but their overall desirability is relatively low compared to modern currency and bullion.
Popular Ancient Coins
While thousands of ancient coins are available across the precious metals and currency markets, these are among the most widely available and sought-after coins by historians and collectors.
Ancient Roman Coins
The largest number of ancient coins on the market come from Ancient Rome. Coinage was relatively new during the Roman Republic, which existed from 509 B.C.E. to 27 B.C.E. Before the influence of Greek currency and the Second Punic War inspired the use of silver coins, Romans used bronze or lead ingots. These heavy, irregular-shaped bars quickly fell out of favor for everyday use with the introduction of lighter, more uniform coins that were easier to carry and more valuable for trading.
The silver denarius, the most famous and widely used coin in Ancient Rome, was in circulation for 450 years. Surely, an ancient silver coin has significant value, right? Actually, the denarius was frequently debased by Roman magistrates and emperors over time, taking the silver content of denarii and using the excess elsewhere for financing. Initially, the denarius contained 95-98% pure silver but gradually reduced to 50%. Finally, the coin was no longer silver but made with a copper core and silver plating. Older denarii are more valuable for their higher silver content, especially if they’re of fine quality, ranging from $429 to $10,000! Meanwhile, newer coins of lower grades can be purchased in bulk for as little as $99.
Because it was the most widely circulated coin, many of these infamous coins are available on the market for historians and collectors.
Besides the denarius, many coins from the Roman Empire are among the most widely available and popular with collectors. Starting from Julius Caesar’s reign, each Roman emperor issued millions of coins annually. Emperors issued coins bearing their portrait to commemorate victories, as appeasement for the gods, festivals, and other special occasions. You can get an assortment of 20 or more all the way back from 286-396 AD for as little as $4.99 per coin. Ancient Roman coins are commonly found by people across the world, even to this day.
Some collectors focus on specific emperors or periods of Rome’s empire, such as the Byzantine Empire, which took place from 476 AD to 1453 AD as part of the Eastern Roman Empire. Continuing the tradition of minting coins featuring the reigning emperor’s portrait, popular coins from the Byzantine Empire are gold solidus and copper follis. These coins are unique in that they retain the traditions of ancient Rome at first but gradually become more medieval in style.
Medieval Coins
Following the fall of the Western Roman Empire were the Dark Ages. Medieval coins from this period are widely available in bulk as various kingdoms such as France, England, Armenia, Jerusalem, and others established their currency to display their official independence from the Empire. Some coins remain inexpensive, such as the silver English pennies during the reign of Edward I, India’s silver drachm, and pale gold (80% silver & 20% gold) dinars.
Ancient Greek Coins
Coins from Ancient Greece also come in a wide variety, dating back to before the Roman Empire. The above assortment of bronze coins comes from the many Greek city-states such as Lycia, Ionia, Macedon, and more. Finer grades of silver Greek coins are a little more expensive but still relatively affordable for the average collector.
Biblical Coins
Some collectors focus on coins from Biblical times. Among the most popular are undoubtedly the Window’s Mite, which are silver coins circulated during Jesus Christ’s lifetime. These ancient bronze coins don’t hold much intrinsic value, but their historical and religious value makes them very popular. Even those who don’t specifically collect bullion or currency, such as religious leaders or historians, enjoy acquiring Window’s Mites.
