If you are hoping to broaden your fascination with rare, precious, or exotic coin and currency collecting, then you will learn more about the process as you cooperate. Like every hobby or interest, there’s a long list of concerns you may not understand when you are just a novice.
However, making simple errors or believing certain myths can hurt the value of your money collection, or else they could let you overlook prime opportunities to exchange or purchase a fantastic addition to your collection. Here are some common misconceptions that you need ton’t believe when it comes to coin collecting.
1. Age Is the Most Significant Element in a Coin’s Value
While age actually is a contributing aspect to your coin’s value, additional aspects may mean much more when it comes to how much a coin is actually value from the collector’s marketplace. The largest determining factors are rarity and its own condition.
By way of instance, you may often buy real Spanish pirate gold in coin stores in the Caribbean. These coins are somewhat outdated and real, but since there were hundreds of shipwrecks and rampant pirate activity once the Spanish have been colonizing the Caribbean seas, Spanish pieces are not very tough to find. Dives to mess sites that are old can still produce hundreds of coins that are undiscovered.
This does not mean that common older coins are not worth buying or collecting, but you must respect them because of their own history or have a reason for your collection. As an instance, if your aim is to collect 1 coin from each missing Spanish boat known to have sunk into the region, those coins have worth because of the historic period they collectively represent.
Another instance is that the penny. A few decades of pennies are easy to find because most were minted and widely circulated. However, the most precious pennies are the ones that were minted on various metals, the ones that have printing errors, or the ones that represented a change in the penny’s layout.
2. Sterile Coins Are Top Quality
Never clean your coins. Repairing your coins may damage the coin’s surface, and just a smudge or scratch can reduce its value.
If buying coins, don’t hesitate by a glistening, newly redeemed coin on one that looks somewhat worn. The worn-looking coin could be in far better state than the one that looks fresh. Naturally, coins that are properly saved shouldn’t become dirtier or worn out on time. The dark patina of an older coin may really help to demonstrate its validity.
3. All Historical Coins Are Actual
Some early coins are rare, and the infrequent ones have often been acquired by museums or collectors. This is particularly true of coins cast in silver or gold — these coins were uncommon even in the days of the ancients, where precious metals were less prevalent than they are now.
If you find someone promoting an ancient coin that’s gold, particularly from a fresh undiscovered collection, you’ve got reason to question its validity. If the coin is in bronze or aluminum, then it’s a whole lot more likely to be genuine because aluminum and bronze coins have been widely available in ancient civilizations.
Additionally, many ancient people understood how to pretend their own currency. Some historical coins can, in actuality, be ancient, and they can even look like gold. However, they are more likely to be a metal intended to imitate gold, or perhaps a gold-plated base alloy. Uncleaned coins that initially mimicked gold will now look tarnished. Actual gold, on the other hand, doesn’t tarnish.
4. Collecting Is Too Expensive
Lots of people have the misconception that coin collecting is too costly to enter, even when they do find it interesting. However, if you’re interested in history and are not worried about wealth building, then collecting can nevertheless be a wonderful hobby that does not require thousands of dollars for infrequent trades.
Rather, look at finding a market to build on. As an instance, you may want a penny from each year going back as far as you can. This collection won’t be worth much in the beginning, but since you construct it, you can encounter some exceptionally profitable finds. You could also secure historical coins and coins from different countries for astonishingly affordable prices.
Modern collectibles are also available from coin stores, and as the decades pass, their worth grows. A silver dollar that costs you twenty bucks now may be worth a lot more in half of a century. The most precious Lincoln pennies were only worth one cent at the same point. To learn more on coin myths, please contact us in Rocky Mountain Coin.