Your spare change could be worth much more than face value

PHOENIX - If you're looking to make some extra money, you may want to start digging through your drawers.

The International Coin Collectors Association is in town through Saturday. They buy old coins and spare change, which can be worth hundreds of times their original value.

"I thought, maybe it is the time to sell it, I didn't know," said Vincent Chiodi, who brought in boxes of spare change to sell.

The organization told ABC15 old coins could be worth thousands, depending on several factors such as what it's made of. However, your loose change, such as dimes, nickels, and quarters could also be worth more than face value, depending on what year it was made and the current price of silver.

Chiodi turned his box of about $100 worth of spare change into a nearly $500 check.

However, one Valley businessman said silver, which is found in change, can be quite valuable. Especially when it comes to larger quantities of commodities such as gold and silver, CMI Gold & Silver owner Bill Haynes said.

"It is not a time to sell," Haynes said.

Haynes said it can be confusing, as silver just saw its sharpest price drop in decades over the past few weeks. Gold, on the other hand, is near an all-time high. Haynes, whose company handles large quantities of gold and silver, said now is the time to get your hands on these commodities.

"Considering the financial state of affairs, bullion products are a good place to be right now," he said.

Haynes said when the economy is weak, many people turn to gold and silver, as he said it is much safer than the dollar.

"People who own no gold and silver, I think should buy at these levels," Haynes said.

While it isn't on the same scale as bars of gold or silver, Chiodi is just fine with trading in his old change. After all, he's collected it for 70 years.

"I'm not going to live forever," he said.

He didn't have a bad morning, either, as his old change gave him a nearly 500 percent profit.

The International Coin Collectors Association will be at the Hampton Inn and Suites, Tempe, 1429 N. Scottsdale Road.

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