Hello 5xMom,

Your coin is from the German State of Baden. It was minted after the German Empire congealed under Otto von Bismarck in 1871. Both zwei (2) and funf (5) mark coins were issued, with catalog values roughly as follows:

ZWEI MARK BEFORE 1889 (28 mm diameter, 0.321 troy ounces silver)
worn: $50 US dollars catalog value
average circulated: $150
well preserved: $900
fully uncirculated: $2000

ZWEI MARK AFTER 1888
worn: $35 US dollars catalog value
average circulated: $100
well preserved: $400
fully uncirculated: $1000

FUNF MARK BEFORE 1889 (38 mm diameter, 0.804 troy ounces silver)
worn: $50 US dollars catalog value
average circulated: $100
well preserved: $1000
fully uncirculated: $3500
5 mark coins dated 1888G with a normal A in BADEN and not an inverted V, are more valuable - multiply these values by two

FUNF MARK AFTER 1888
worn: $35 US dollars catalog value
average circulated: $80
well preserved: $300
fully uncirculated: $2000
5 mark coins dated 1891G with an inverted V in BADEN and not a normal A, are more valuable - multiply these values by two

The coin in the picture comes from Kunker and is selling for $1243 US dollars on their web site. It serves as a basis for the important discussion below.

If Mom's 1903 coin were in the same numismatic condition as the one pictured, it would sell for roughly $600 retail, and a coin dealer would pay roughly $400 for it. The $200 difference is the dealer margin. Since Mom's coin is worn and has a nick or a gouge, deduct at least $100, probably more, depending on the severity of the wear and damage.

You describe your coin as 'average circulated' but it will take a trained eye to do a proper evaluation. The catalog values for your coin show a very sharp dependency on condition. This is not always the case, and some coins are valuable in any condition. The value of most coins depends on their condition, but with your piece the dependency is extra strong. Your coin in numismatic grade 'Very Fine' catalogs for $75. Your coin in numismatic grade 'Extra Fine' catalogs for $350. See what I mean? It takes an experienced coin collector to understand the difference between Very Fine and Extra Fine. Use the Contact Us link at the upper left to establish an e-mail exchange with CoinQuest. If you can send a picture by e-mail, we can give you more information.

Another very important factor in the value of your coin is whether or not it has been cleaned. In the second picture, the coin on the right has been cleaned and is worth far less, perhaps $100, than the coin on the left, which is the $1243 piece. Do you see the difference between the two coins? Look especially at the amount of detail in Von Baden's mustache and beard. The coin on the right has obviously seen circulation. The wear is apparent. Someone, in an effort to fool novice collectors, polished the coin with silver polish and gave it a uniform shiny surface. To a seasoned coin collector, the cleaned piece looks unnatural and is worth essentially zero. Most coin collectors do not mind the fact that a coin is worn, but they do not like artificial cleaning. It's just one of those coin collector things!

CoinQuest thanks Fritz Rudolf Künker GmbH & Co. KG, Osnabrück and Lübke & Wiedemann, Stuttgart for use of their coin image.