How Much Are Coins and Banknotes Worth? A Collector's Guide

Most of the coins and banknotes sitting in a drawer are worth exactly their face value — no more. That is not our claim; it is the framing used by the American Numismatic Association (ANA), one of the recognized professional bodies in the field internationally. This guide explains what actually raises value (rarity, condition, mint errors, demand), how Israel's coin and banknote system works, and where to get a real appraisal — without stating a single price here.

First, the Truth About Value

According to the American Numismatic Association (ANA), quoting directly from its FAQ page: "Due to the large numbers of coins and paper money produced globally since the 20th century, most circulating legal tender produced during that era will hold only a nominal collector's value over the face value amount." In other words: an ordinary Israeli coin or banknote, even an old one, is very likely worth close to what is printed on it — no more. Per the same source, real collector value comes from a combination of rarity, condition and supply/demand, and an exact valuation requires physical examination by an experienced numismatist — not a guess from a distance or a photo sent over WhatsApp.

What Actually Raises Value

Despite the general rule, a few real exceptions are worth checking: mint errors (such as a doubled die or a missing mint mark), key dates or low-mintage editions (a small number of units struck), a high grade (exceptional preservation), and precious-metal content — older coins struck in silver before the switch to cheaper metals are worth at least their melt value, regardless of collector value. For grading condition, the professional world uses an international 1-to-70 scale (the Sheldon scale), operated by third-party grading companies such as NGC and PCGS. Worth remembering: price guides (such as those published by PCGS and NGC) mostly reflect asking prices, not necessarily what you'll actually get in a sale — and for low-value coins, grading usually isn't worth the fee at all.

Never Clean Old Coins

One of the most common, irreversible mistakes new collectors make is cleaning an old coin. Cleaning — even gently, with a cloth or a "mild" product — leaves tiny scratches (hairlines) and strips away the metal's original luster, cutting the coin's value significantly and permanently. Professional grading companies (NGC, PCGS) detect cleaning easily and either mark it on the label ("cleaned") or refuse to assign it a numeric grade at all, reducing its value even further. If you find a dirty or stained coin, leave it exactly as it is and have an experienced dealer or collector examine it before doing anything to it.

Who Issues What in Israel

Bank of Israel has exclusive authority to issue currency in Israel — banknotes, coins, commemorative coins and special coins (Bank of Israel Law, sections 41(b) and 44(a)). The Bank's Currency Department regulates the cash system. The current circulating coin series launched on 4 September 1985 (from 10 agorot to 10 NIS), and its designs draw on ancient Jewish coin motifs. Bank of Israel's site links to catalogs of past series: mils and fractional notes (1948), pruta (1952), agora and lira (1960), and the old shekel (1980) — plus a searchable commemorative-coin catalog. Beyond that, this guide makes no specific claims about the pre-state era other than pointing to Bank of Israel's own official catalogs. Bank of Israel issues commemorative coins annually and for special events; marketing of the Bank's commemorative coins and numismatic items is delegated (via the Finance Minister with the Governor's consent) to the Israel Coins and Medals Corporation (the Israel Mint, also known as "Holy Land Mint") together with G.R.A.S. Designs, as non-exclusive distributors. The Israel Mint was founded in 1958 under Ben-Gurion, was state-owned until it was privatized in 2008 (acquired by the G.R.A.S. Group), and distributes Bank of Israel's legal-tender commemorative coins as well as State of Israel medals. Its official catalog/shop pages are a useful identification reference for what exists — not a tool for determining resale value.

Where to Get Appraised and Sell in Israel

The Israel Numismatic Society (the veteran body in the field, founded 10 May 1945) runs three branches — Jerusalem, Tel Aviv and Haifa — with monthly lectures at Kadman House in Old Jaffa, and membership open to all. This is not a dealer or an appraiser, but a good place to get oriented, learn, and meet other collectors before you go sell anything. Alongside it, the Society's research arm publishes the journal Israel Numismatic Research, monographs, and Zoom lectures. For actual appraisal and selling, two Israeli auction houses specialize among other things in coins and banknotes: Winner's Auctions in Jerusalem, which offers a valuation service and accepts photos for remote estimates; and Kedem Auctions in Jerusalem (operating since 2008), for whom numismatics and medals are among their specialties, selling via the Bidspirit platform — the central portal aggregating Israeli auction houses, also good for watching a real auction before registering. Note: there is no official state license in Israel called a "certified numismatist" — we found no such official registry. The right path for an appraisal is an experienced collector/dealer or one of the auction houses above, not a search for a credential that doesn't exist.

FAQ

I found an old coin or banknote at home — did I get rich?

Probably not, but it's worth checking. Per the American Numismatic Association, most 20th-century-and-later legal tender is worth only nominal value over its face amount. What is worth checking: mint errors, key dates or low-mintage editions, an unusually high preservation grade, and coins struck in silver before the switch to cheaper metals.

How do I know if a banknote is rare?

Check Bank of Israel's catalogs to see which series the note belongs to (mils, pruta, lira, old shekel or NIS), look for rarity signs (an unusual serial number, a printing error, a limited edition), and finally take it to an auction house or an experienced collector for physical examination — an exact valuation isn't possible from a photo alone.