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What is it most beginner collectors believe yet you as a seasoned collector know simply isn't true?
abcde12345
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For example, I remember starting out and thinking the older a coin is the "better" it was in terms of value and desirability. What are some of "truths" you know to be actually false?
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Coins are a good investment. (A few are but most are not.)
Cleaning coins is a good thing.
Proof coins haven’t been touched by human hands.
Various relatively common coins (such as 1909-S VDB cents) are rare.
That apparent bargains are actually bargains.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
" That's a BU coin !!! "
If it's "old" it has to be worth a lot of money
Rare and valuable coins are commonly found in pocket change.... I wish...
Cheers, RickO
I agree with @291fifth . Many beginning collectors see things as more of an investment at first, only to be disappointed later.
Also, wait for the right coin to come along. Sometimes it is better to not purchase something for a while than buy a coin that you don't really love.
That the coin they possess is a rare variety worth thousands of dollars but in fact is a common, low grade coin full of dents and corrosion.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Bicentennial Quarters will be worth lot of money someday...
WS
Doubled die = double struck
.......or in parking lots or in 200 year old safes.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
New collectors think tarnish on a coin is a bad thing.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Modern labelmania equals rare modern coins.
A 1909-SVDB cent is rare
All 1893-S and CC Morgan Dollars offered in online auctions are genuine coins.
That the dollar is not backed by gold and modern coins are not silver.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Silver certificates and "Red Seal" notes are special.
I am opposite as ussual.
I collected first because I love coins.
I sold some of what I bought and found that coins are a great investment
So I went all in
That bullion isn’t the best play for coin and PM.
If someone had a coin certified it must be valuable.
Higher grade means more eye appeal.
Grading is an objective process.
One can become proficient in grading by diligently studying images of coins in grading books or on the internet.
Proof and proof-like coins are made using the same mint procedures.
Using a magnifier is an absolute must when grading, and higher magnification helps even more.
Dipping will always remove unwanted toning.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
They can walk into a coin shop and get Red Book (or Price Guide or ...) price for their coin(s).
If we were all the same, the world would be an incredibly boring place.
Tommy
This is probably the top thing, IMHOP.
We get more of these type threads than probably any other.
Anybody got a Double Die?
Pete
Mint errors are easy to find ... Lots of them are found in parking lots.
Mint errors are very popular and seasoned collectors will pay lots of money for them.
This has never been more true for me. I've started to refrain and dial it back a little bit. The last three "well, I don't need or want it, but could use it and the price is good" purchases left me very unsatisfied. The money wasn't good enough either so it kinda just wasted my time all around.
There is a $70 difference between these two coins. This is why being patient is worth it, for me, anyway.
"Cleaning a coin will make it look better."
When I first started collecting coins, I would clean some of them with pencil erasers and baking soda.
I still have a mercury dime that I cleaned in the 1960s that still hasn't re-toned!
Beginning Collectors: Never clean your coins!
Most don't want to hear to take the cotton out of your ears and put it your mouth
I've shared this here and other places. This of course depends a lot on a person's age. It was not generally promoted, when I became interested, to invest PM based coins as wealth preservation.
In general, one could have purchased gold for under $300 an ounce in the late 70s. I am not sure what actual Double Eagles sold for though.
Morgan Dollars were very popular then, most coin shops could not have enough Morgan collections or individual pieces on display. Did they appreciate enough in value to be considered an investment?
Personally, I believe you have to always disassociate investing from collecting. Investing should be objective. Collecting is emotional and always subjective.
That coin prices are a one way street...up, up, and up. Therefore anyone can make money collecting coins.
Buying a coin for a lot less than the red book value and thinking you've made a GREAT buy.
Only to find out later what the word "Details" on the grade means.
Some of what beginner collectors believe reminds me of this:
"There is considerable overlap between the intelligence of the smartest bears and the dumbest tourists." -Yosemite Park Ranger on why it's hard to design a bear-proof garbage can.
Coin stores are the only place to buy coins.
Anything a dealer says other than where to get hotdogs.
My Saint Set
That all Ike dollars are "Silver Dollars"
Perhaps that mintage is the sole determinant of rarity.
I don't know.
Television is a good place to purchase coins.
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
That there are "deals" out there for coins and the price paid was a steal!
If it says it on the slab, that’s what the coin grades. Period.
I can’t believe I got this so cheap. When I get it graded it will be a top pop.
The beginner might believe that it is highly possible to find a 1909-S V.D.B. Lincoln cent if said beginner buys enough wheat cent rolls on ebay with V.D.B. showing at one end of the roll. Two V.D.B. reverses showing, one at each end of the roll, doubles the chance that the roll has at least one 1909-S V.D.B.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
The beginner believes there is a Santa Claus in coin collecting.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Myth: High aspirations with little effort.
Truth: Coins have been VERY good to me but it has taken MANY years and A LOT of HARD work.
Thank goodness it is a labor of LOVE......Otherwise, I would have NEVER survived it all.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
The coin value chart starts with the far right column!
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Collectors covet shiny coins
Dave
A statehood quarter with a hologram finish is more valuable than a statehood quarter. In fact, Coinstar machines will routinely reject the former, making them virtually worthless.
That your low-mintage certified proof platinum coin will bring anything but melt
That all rare coins have been graded/slabbed and the pops will never change.
1)That all mint issued products will rise in value year after year:Proof Sets, Mint Sets, etc. beyond their issue price. 2)Also, that you can make a fortune dealing in coins.
I learned to get better with this just in life in general and it's helped me and undoubtedly those around me.
If someone is taking their valuable time to educate me or help me, I'm certainly going to listen to what they have to say. Nobody has to do anything for me and I'm entitled to nothing, so if someone is gonna put their life on pause for me, then yea, I'm listening. I do ask people, after all, for their input and opinions and experences so I can get better at the things I'm bad at. I'm not sure many take that step back and realize people online are volunteering their time to help. They're not getting paid and they have no skin in the game, so why not listen to what they have to say..
Coin dealers are honest. Unsearched rolls. Natural toning.