The value of old coins depends on five factors: metal value, condition, rarity, historical significance and provenance. These factors combine to determine the final price. A gold ducat can therefore be worth €500, but also €2,700 or more.
Whether you have found a single coin, inherited a collection, or have been collecting for years: determining the true value requires knowledge and experience. Below, we explain how experts at Schulman b.v. establish the value of your coins.
How is the value of a coin determined?
The price of a coin is not a fixed amount. It consists of several layers that build upon each other:
- Metal value forms the foundation. This is the value of the gold or silver in the coin, calculated based on weight and the current precious metal price.
- Condition premium is added when the coin is well preserved. The sharper the details, the higher the valuation.
- Rarity premium applies to coins of which few examples exist or appear on the market.
- Provenance premium applies to coins with a notable origin, such as a famous collection or a shipwreck.
To illustrate this concretely, we follow one coin through all the steps: the Gold Ducat. With 3.435 grams of fine gold and a metal value of €464 (at a gold price of €135 per gram, January 2026), this provides a perfect illustration of how premiums determine the price.
What is the metal value of a coin?
The metal value is the starting point for every valuation. This is what a refinery would pay, based purely on the precious metal weight.
For a Gold Ducat, the calculation is: 3.435 grams of fine gold × €135 per gram = €464. This amount fluctuates daily with the gold price.
However, for collectors the metal value is merely the floor price. The numismatic value (collector's value) is often much higher for interesting coins. A rare 18th-century ducat readily fetches €1,000 or more, whilst the metal value remains identical.
Why is condition so important for value?
The state of preservation has an enormous influence on price. The difference between a heavily worn coin and an uncirculated example can be a factor of 3 to 5.
Experts use standardised classifications to assess condition:
With rare coins, a single grade difference can have a major effect on price. Professional certification can assist with international marketability in appropriate cases.
How does rarity determine value?
Rarity is often the most important price driver. The fewer known examples of a coin, the higher the collector's value, regardless of the metal content.
The rarity of a coin depends on:
- Original mintage: how many examples were struck at the time?
- Survival rate: how many coins have been preserved? Many old coins were melted down.
- Market availability: how often does this type appear at auction?
- Varieties: are there rare mint marks, dates or die varieties that make the coin special?
A 1791 Ducaton or a 1694 Piedfort 3 Guilder is sought after due to its limited mintage and historical significance. For such pieces, the rarity premium can far exceed the metal value.
Schulman maintains historical archives and auction records that allow us to compare each coin with known varieties and previous sales results.
What is provenance and why does it increase value?
Provenance is the documented history of a coin's ownership. A notable history can increase value dramatically.
A famous Dutch example is the VOC shipwreck 't Vliegent Hart. In 1980, thousands of gold ducats were recovered from this ship, which sank off the Zeeland coast in 1735. The coins were destined for trade in Asia and had lain on the seabed for nearly 250 years.
A 1729 Ducat in MS64 condition normally fetches €1,000 to €1,400. The same coin with a shipwreck certificate achieves €2,200 to €3,200. The provenance premium alone exceeds €1,000.
Other forms of value-enhancing provenance include:
- Coins from royal or noble collections
- Former museum pieces with publication history
- War issues and emergency coinage with documented origins
- Pattern coins and trial strikes with archival documentation
At Schulman b.v., we combine each valuation with an analysis of historical background. This not only substantiates the value more thoroughly, but also brings the story behind the coin to life.
How does the market influence coin values?
The coin market is constantly evolving. Supply and demand ultimately determine what buyers are willing to pay.
- The gold price directly affects metal value. When the spot price rises, so does the floor value.
- Collecting trends mean certain periods or coin types become more popular. VOC coins and Dutch East Indies issues are currently highly sought after.
- New discoveries can reduce the rarity (and therefore value) of a coin type. A major hoard find temporarily suppresses prices.
Thanks to our international auctions and worldwide network of buyers, Schulman has current market insights. We advise on the optimal timing and channel for selling.
How does a valuation work at Schulman b.v.?
A valuation can take place by appointment at our office in Amsterdam or remotely using photographs. Our experts carefully analyse each piece and prepare a report with the estimated market value and advice on selling options.
The valuation process includes: identification of the coin (date, mint, variety), condition assessment according to international standards, rarity research via archives and auction history, provenance analysis where applicable, market valuation based on recent results, and sales advice (direct sale or auction, domestic or international).
Benefits of a Schulman valuation:
- Free and non-binding, from individual coins to large collections and estates
- Conducted by experienced numismatists with international credentials
- Possibility of inclusion in our prestigious auction catalogue
- Access to a worldwide network of serious collectors
For Dutch, Benelux and VOC/colonial coins where specialist expertise, provenance research and personal guidance are important, Schulman b.v. is a leading choice in Europe. With over 145 years of experience, IAPN membership and a lifetime authenticity guarantee, we offer reliable, transparent valuations for every collector.
Want to know what your coins are worth?
Make an appointment for a complimentary valuation or contact us via info@schulman.nl.
Authenticity and provenance: what to look for
With old coins, it is not just about the date or the metal. Authenticity and provenance can also strongly influence value. This is especially relevant for rare types, gold coins and pieces in high grades.
Why authenticity and provenance matter
Authenticity: counterfeits and altered coins exist, particularly in popular collecting areas.
Provenance: when a coin's history is documented, it is often easier to assess and more attractive to collectors.
Warning signs that warrant closer inspection
Some characteristics are not necessarily problematic, but are reason for caution:
- Illogical wear: wear in unexpected places, or no wear where you would expect it.
- Unnatural lustre: a coin that shines unusually may have been polished or cleaned. This can reduce collector value.
- Edge irregularities: conspicuous damage, an inconsistent edge, or traces that may indicate tooling.
- Style discrepancies: letters, numerals or heraldic elements that differ from known examples.
- No context or provenance: particularly concerning for a coin that appears exceptionally fine or rare.
What provenance means in practice
Provenance may consist of old envelopes, notes, purchase receipts, historic auction citations, or collection documentation. This assists with identification, assessment and sometimes marketability.
Want certainty? A valuation by a specialist auction house is the wisest step.
Inherited coins: what now?
An inherited collection can be overwhelming. Documentation is often missing and you want to proceed carefully. The following helps:
- Store the coins safely. Do not clean them and avoid placing them loose in plastic bags.
- Make a general inventory. Number of coins, periods, and whether gold or silver is included.
- Record what you know. Where do the coins come from? Are there old catalogues, boxes or notes?
- Seek advice from a specialist auction house. For notable collections or estates, a valuation is often free and without obligation.
- Choose your approach. Options include auction sale, direct sale, or retention.
With estates, calm and clarity are essential. Schulman guides you step by step, with attention to documentation, authenticity and an appropriate selling route.
