What makes a coin or medal valuable?
The most valuable attribute in numismatics is Historical Importance Coins and medals were manufactured in the past. They are associated with people and events from the past. The more important the person or event and the more closely the object is associated to the person or event, the greater the value.
Then you have to take into account population and condition,
These criterion are generally widely agreed upon. Rare historically important objects have value.
However, some historically important figures and events are currently more popular that other - as opposed to more important.
This creates opportunity for those who recognize fascinating events or chararcters who are currently underappreciated
It gets more complicated from there. Because you must take into account aesthetic excellence.
Of course there are historical rarities like the Alexandedr Porus Medallions that are so rare and so closely linked to Alexander the Great that they command great prices in conditions so poor it is impossible to tell what Aesthetic excellence they might have achieved.
But in general a wonderfully executed die by an artist of great talent will have great value. The trick is being able to recognize aesthetic value. And here, it may be surprising how much disagreement there is. Of course, with aesthetic excellence it always just somebody's opinion.
Here are three Lysimachus staers each purporting to depict Alexander the Great. They are all in mint state.
Which do you prefer?
To my eye the Third is far superior to the first two. In fact, I would consider the first two staters quite ugly. and the third quite beautiful. So I would buy the third no matter what another expert told me I should believe. There are some numismatists who would choose the first two over the third.
The fact that there is disagreement might be discouraging to some. I believe it is precisely what creates value. Over time time, I am certain the third will become much more valuable.
When everyone agrees - the value is probably already fully reflected in the price of the coin.
Finally this takes us to Pure Popularity. There is no understanding popularity. The Eagles have two of the top ten selling albums of all time. The Beatles have zero in that category. Same for Prince. Same for Beathoven for that matter. It doesn't make the Eagles better, just richer - or possessing a higher dollar value
This coin is probably the most popular coin in the ancient coin world right now. It is one of the most common in gold. THere is nothing special about the specimen above. Common mint, typical style, standard condition. But Since it gained popularity over the last two years its value has gone from about $2500 to $11,000. In mint state it might be worth twice that.
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