Myths, misconceptions, coins. New collectors and non-collectors are often led to believe something that is entirely false. Let’s debunk some of these myths today.
Counterfeiting Coins Didn’t Happen in the Past
Someone may have had a coin that was passed through his or her family for years. One family member eventually takes the coin to a dealer only to find that coin is counterfeit or fake. Many people will then claim that the dealer is lying because “they didn’t counterfeit coins back then.” This is absolutely false. Coins are counterfeit every day and they were “back then” as well. Chances are, the first counterfeit coin was made the same day the original coins began production. Counterfeiting is not a recent industry and has been around for years. Coins were even counterfeited back in ancient civilizations, like Ancient Rome.
Coin Collecting Is Only for Rich People
If you look at Heritage Auctions, Stack’s Bowers, Sotheby’s, or any other auction house, you will see some great coins going for insane prices. If you see coins on the news, chances are, they sold for a horrendous price. You will not start your collection with the finest known example of a Gobrecht Dollar. You will start your collecting with a coin you found for face value, probably for one cent. Coin collecting can be incredibly expensive if you make it expensive. Looking through change or looking through coin boxes and growing your collecting is incredibly affordable. You can find coins for face value for your collecting. The State Quarter or National Park Quarter Set is incredibly popular for its affordability aspect. If you find coins in circulation, a complete State Quarter Set costs only $14.00, less than the cost of a single meal at a nice restaurant. Growing your collecting with your finances is fun, no matter what your financial status is. If you can go for the top-tier auctions, go for it. If you only have enough to pick out stuff from change or boxes, that can even be more fun. Collecting is not limited to cost or desires. Collecting what you can and want to collect. Coin collecting is no longer the “hobby of kings.”
“Look What I Just Saw on TV!”
What you saw on TV about coins is probably a scam. Unscrupulous coin sellers on television often attempt to sell you regular coins for a huge price, promising you incredible profits in the future. Your circulated wheat cent is not going to make you rich. Your gold-plated quarters are definitely not going to make you rich. Your dateless Buffalo nickels won’t either. And you most certainly won’t get rich spending thirty times the fair market value on a coin that will barely increase in price, if any.
Coin Dealers Are Scammers
Unfortunately, there are some coin dealers that will attempt to take advantage of people, but most collectors become friends with their local coin dealer. Generally, the people who believe coin dealers are scammers are people who know very little about coins and think that they have a super valuable coin and the dealer was trying to rip them off. Coin dealers are in business to make money and must make money to stay in business. A dealer will not give you the price they will sell the coin for. They will also not buy a coin worth face value from you for more than face value. Some dealers are not the most legitimate, but most are completely legitimate and would never try to scam or rip someone off.