Numistify guide
Face Value, Melt Value and Numismatic Value: What Is the Difference?
A coin can be worth three different amounts at once: what is printed on it, what its metal is worth, and what a collector will pay. Here is what each means, and how to tell which one matters for your coin.
The short answer
Face value is what a coin is worth as money, melt value is what its metal is worth, and numismatic value is what collectors will pay. A coin is usually worth the highest of the three: face value for a common modern coin, melt value for a common old silver coin, numismatic value for a scarce date or a coin in top condition.
The three values
Face value is what the coin is worth as money. Melt value is what its metal is worth. Numismatic value is what a collector will pay. A coin is generally worth the highest of the three — which is why an old dime can be worth many times ten cents.
Face value
The amount stated on the coin. For most modern coins in circulation, face value is all they are worth. Coins of currencies that have been replaced may no longer be spendable; whether they can still be exchanged depends on the issuing country’s central bank.
Melt value
The value of the metal alone: pure metal content × the current spot price. It matters for coins made of silver or gold, and it changes every day with the metal markets. Every US dime, quarter and half dollar dated 1964 or earlier is 90% silver, so its melt value is far above its face value. A dealer buying coins for their metal usually pays somewhat below full melt. Our guide to silver and gold melt value shows the calculation.
Numismatic value
What collectors will pay because of what the coin is: its rarity, its condition, its history and the demand for it. A key date, a coin in exceptional condition or a sought-after variety can be worth many times its metal. Numismatic value is the hardest of the three to pin down, because it depends on the exact coin and grade; see what is my coin worth?
How the three combine
Melt is a floor for precious-metal coins. A silver or gold coin is worth at least its metal, whatever its condition.
Numismatic value sits on top. When a coin is scarce or in fine condition, collector demand adds to the metal value — sometimes a little, sometimes enormously.
Never sell for melt without checking. A coin bought or sold “for its silver” may be a collectible worth far more. Our guide to telling whether a coin is valuable shows what to look for first.
Examples
A modern clad quarter is worth its face value: there is no precious metal, and common dates have no collector premium.
A worn, common pre-1965 quarter is worth its silver: about 0.1808 troy ounces times the spot price, well above 25 cents.
A 1932-D quarter is a key date: its numismatic value is far above both its face value and its silver.
Questions people ask
What is the difference between face value and melt value?
Face value is the amount stated on the coin, what it is worth as money. Melt value is what the metal in it is worth at the current market price. For old silver coins, melt value is usually far higher than face value.
What is numismatic value?
What collectors will pay for a coin because of its rarity, condition, history and demand — over and above its face or metal value.
Can a coin be worth less than its face value?
As money, a coin that is still legal tender is worth its face value. But coins of replaced currencies may no longer be spendable, and some collector issues sell for less than their stated value.
Which value matters for my coin?
Usually the highest of the three. For a common modern coin, it is face value; for a common old silver coin, melt value; for a scarce date or a coin in top condition, numismatic value.
Where can I find a coin’s numismatic value?
In the Red Book for US coins, world coin catalogues such as the Standard Catalog of World Coins or Numista, historical auction prices and eBay sold listings — and by asking your local coin shop.
Related guides
Key date coins — where numismatic value is highest.
Need to track your collection?
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