7 Coin Collecting Myths That Could Mislead New Collectors
Collecting rare coins is for rich people
Some call numismatics “The Hobby of Kings.” Greek coins were collected by ancient Romans for ages. Royals in Europe have collected coins for about 2,000 years.
Old coins are the most valuable
Coin value is almost unaffected by age. Ancient Roman coins cost $5–10. A 1956 Franklin Half Dollar diamond sold for almost $100,000 at auction. Coin value comes from rarity and quality.
If I clean my coins, they will be more valuable
Most rare coins lose value when cleaned. Professionals can preserve coins, but the public should never clean one.Rare coin collectors are divided on this issue. Most want authentic, uncleaned coins.
Mint errors are very rare and valuable
Some, like the 1943 Bronze Cent, are very valuable, but most are ordinary and not worth much. It costs a few dollars to buy cents that aren't in the middle.
Rare coins always go up in value
Not true, but I wish. Most long-term collectors succeed, but investment is difficult. The rare coin market is cyclical, therefore building a collection over time is best.
The best deals to be found are online
There are excellent deals to be discovered online. Unfortunately, fakes, overgraded, and overpriced coins exist.Remember, if it sounds too good to be true, it probably is!
Rare coin prices are closely tied to bullion prices
Gold bullion prices can affect rare coins, but they have risen significantly in years with flat bullion levels. Rare coin prices depend more on supply and demand.
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