"How much is it worth?" is by far the most frequently asked question about any odd looking coin.

It is normal to think that a coin not generally seen in daily circulation must be rare and therefore very valuable. Those who seriously collect, study or deal in coins may have a somewhat different opinion. They know that not all unusual coins are rare and that many have only a nominal value (overlooking, for the moment, whatever sentimental value a coin may hold).

Coin dealers and veteran collectors realize that there are three very significant factors that go into establishing the value of any coin.

Rarity, of course, is one but condition and desirabliity are equally important. An extremely rare coin may be of little value because of its poor state of preservation, or because only a few collectors find it of interest. Conversely, some relatively common coins that might still be found in circulation might be quite valuable because they are in strong demand by numerous collectors.

Determining the true value of a coin is a somewhat complex exercise. There is no precise value that can be assigned to any coin because supply and demand may vary from day to day and with each transaction. Past history of sales of similar coins and an agreement between a willing buyer and seller generally establish the price that will be paid at the time of a sale. This does not mean that there are no standards to guide potential buyers or sellers, but only that there are no absolutes when it comes to establishing what any coin is worth.

How then does a non-collector know what a fair price might be for a coin that he or she might want to purchase or sell?

The answer is not as hopeless as it may seem. There are many sources that report the current average values for nearly all coins. Some of these are published weekly in periodicals, others are in annual books and catalogs. Professionals and advanced collectors that deal with coins on a regular basis are generally very kowledgable about market fluctuations and current values. They are a prime source of information about the wholesale and retail prices of coins. Establishing a good relationship with someone with such experience can often provide the most reliable and up-to-date informaiton about coin values.

Knowledgeable coin dealers can be found in most major cities through the telephone directory or on the Internet. Coin clubs are a good place to meet with helpful collectors but are sometimes hard to locate. Ask about them through a local library, coin dealer, or service club group.

Coin shows or expos are easily the best place to contact numerous experts all in one location. Be sure to visit one of them when the opportunity arises. They are usually adveritsed in local newspapers and everyone is welcome to attend.

At such shows you can expect to see several hundered coin dealers, all of whom are competing to buy and sell coins. They are there to talk with the public and help answer any questions one may have about the condition, authenticity and value of their coins. These shows are also an ideal place to get a variety of opinions about grades and values, and to have coins propoerly identified by experts. [At this writing, the Whitman Coin & Collectibles Philadelphia Expo is less than a month away. Click here for more details.]

For a broad overview of the entire coin market as well as the history of your coins you will need a basic book to help identify the numerous pieces that have been used as money in this country since its inception. The most respected and widely used reference for this is "A Guide Book of United States Coins" by R.S. Yeoman. This book has been published each year since 1946 and is the industry standard for unbiased average retail prices. Values are shown for every coin in up to seven grades of condition.

Wholesale prices of coins (the prices that dealers generally pay for coins that are needed for their stock) are shown in a companion book called "The Handbook of United States Coins" that is also written by R.S. Yeoman and published by Whitman.

Kenneth E. Bressett is the editor of The Official Red Book, A Guide Book of United States Coins.