Those who travel overseas on a regular basis may find themselves with a growing collection of foreign coins and notes, which will often have a sentimental value. Below are some ways that you can make use of it.

Obsolete Coins And Currency

The term “obsolete coin and currency” is a bit of a misnomer. Although the foreign notes and coins may no longer be in circulation in their home countries, they might still have collection value. In fact, there are websites such as Coin Exchange NY and Left Over Currency that specialize in aging coins and notes and will buy it based on a specific exchange rate.

Unlike American currency, the notes issued in developing countries tend not to have the same level of durability, and this combined with the fluctuating rate of exchange prompts their governments to change the currency quite frequently. For example, a coin or bill which was minted or printed ten years ago may no longer be used and already replaced with a new one, even though ten years isn’t a long period of time.

The currencies of developing nations are also more prone to inflation. The coins with the lowest denomination will experience the greatest drops in their actual value, so much so that they are no longer useful. Classic examples of this include the one or two cent coins of South Africa or Singapore. Currency might also become obsolete as a result of a political regime change. It must also be emphasized that governments around the world are currently announcing plans to switch to digital or crypto currency which means physical cash and coins could largely be phased out in the future, which would further boost the collection value of old notes and coins.

Why You Should Keep Old Currency And Coins

The law of supply and demand applies even to currency that is no longer in wide circulation. For instance, although the Confederacy was defeated by the U.S. Government more than 150 years ago, there are collectors in the U.S. who will pay a fortune for Confederate currency that is in reasonably good condition. In other words, although this currency is obsolete, and can no longer be used anywhere in the U.S., even the South; there is still a demand for it. The same is true of foreign currency and coins.

To profit from your obsolete currency, all you need to do is use the aforementioned online services.  These websites allow you to quickly determine which currencies can be exchanged, and it will provide a complete listing of exchange rates. You can remove or add any currencies to your digital wallet, and you will be shown precisely what amount will paid for it. You can also print out a currency exchange document and fill it out manually.

You will then want to package your coins and include the exchange form, and be sure to add the reference number and any other information which is pertinent, as this will facilitate the transaction. Payment can be made either through check or PayPal, and will usually be processed within five days of receipt.