Numismatics Myths: Part II
Welcome to part 2 of numismatic myths, a listing of common myths and misconceptions non-collectors and new collectors have about the hobby.
1. A Coin You’ve Never Seen Before Is Rare
It happens all the time. A non-collector sees something they’ve never seen before and think it is super valuable or rare. Dealers and collectors often have to deal with people who bring in a coin or note that they have found hoping to strike it rich only to be told what they have is worth face value or little more. A common example of this is the 1943 Lincoln Steel Cent. Because copper was needed for the war efforts, the US Mint created steel cents for one year, 1943. People may find one and think they have found a “silver penny” because of its silvery-grey color. Unfortunately for them, these coins are worth little more than face value. This also happens with even modern coins and banknotes. The two-dollar bill is still being printed by the US Mint, with the newest series being Series 2013. These are definitely much rarer than the other common denominations, but they are not exceptionally rare. Cash registers do not have a place for them in drawers, but they are entirely legal tender. In my personal opinion, the US should stop printing one-dollar bills and switch to only having dollar coins that are meant for circulation. If that was to occur, the two-dollar bill would become much more common. Two-dollar bills are worth two dollars, unless it is uncirculated, in which case it may be worth slightly more. The last common example of this happening is with Sacagawea, Native American, or Presidential Dollars. These are not generally circulated and have a gold color to them. These coins are not gold, but unfortunately, many people believe they have struck it rich and won’t have to worry about paying for their kid’s college because they have found a regular “gold” dollar coin. At least they are worth one dollar.
2. Coin Collecting Is for Old People
Someone inherited their grandpa’s coin collection or some other relative who is probably “old.” Coin collecting used to be a very popular hobby several years ago when coins and currency were actively circulated by the public. That being said, most people in the past had a coin collection. That doesn’t mean, though, that coin collecting is for retirees. I'm only a teenager and I collect coins. Young people are absolutely able to get involved in collecting, but unfortunately, they often don’t. Don’t be discouraged from collecting if you’re young, even if you see lots of much older dealers and even if the shows are mostly filled with baby boomers. Help keep the hobby going.
3. You Can Get Rich Collecting Coins
Okay. There is the small minority that is able to strike it rich collecting coins, but nobody should ever start collecting with the intent of making money. Collect because you enjoy collecting, not for profit. Dealers are out to make a profit, but they are also collectors. If a coin dealer did not enjoy collecting, they would not have made it very far as a dealer. If you try to make money, you will be disappointed. If you join for the fun of the hobby, you will be pleasantly surprised if you make money. Large news sources generally only discuss coin collecting when a really expensive coin was sold or when someone found a huge hoard of coins. This does not normally happen.
Thank you for reading Part 2! Get ready for Part 3 next week.
Comments
Longstrider
Level 6
I agree with every one of your points. I've been at my coin dealers store,more than once, when someone comes in with a "rare" coin to sell. Sad really. I generally move away as he breaks the news to them.. Keep them coming, it's fun.
iccoins
Level 4
Thanks :) I've never personally witnessed something like that, but I can imagine it's heartbreaking when someone comes in with a coin they think is several thousand dollars, just to find it's maybe worth $5.00.
JimmyD
Level 4
These are fun blogs. My story for #1 is my mother-in-law handing us a stack of 1971 blue (uncirculated) silver Ike’s and in hushed tones telling us to very discretely hide these away and when she passes make sure all the grandkids get one to go toward college. I didn’t have the heart to tell her there’s barely a market for them, let alone that the list price for these is not much more than their issue price of $3.00! She bought them from the mint when they were new, and was convinced they must have sky-rocketed in value. But like you said, at least they’re worth one dollar! Thanks. Jim
iccoins
Level 4
Nice story! At least they can still help with a super small portion of college ;) If an uncirculated coin paid for college, I could get several doctorate degrees...Unfortunately, that's not the case.
Kepi
Level 6
I like your "myth" blogs! They are really fun and thought provoking for sure... #2 I love...Coin collecting is for old people haha
iccoins
Level 4
Thanks :) I added that because that is definitely something I've heard several times.
Big Nub Numismatics
Level 5
Education is the most important tool for a numismatist. Getting the best information possible leads you to be the best collector you can be. Thanks for another great blog.
iccoins
Level 4
Exactly. I spend hours upon hours learning about coins, instead of just buying stuff without knowing what it is :)
Well worn Copper
Level 5
The #1 Myth about a "coin you never seen before being rare" can also be played as "the coin is probably counterfeit". I've had this happen when giving out presidential Dollars and have heard stories about people having the police called on them when trying to pass a $2 bill. I suppose there's also people out there who go crazy when finding an old envelope with vintage cancelled stamps on them.
iccoins
Level 4
I've heard those $2 bill stories as well. One story I heard was some old man at Walmart was trying to buy something and used a legitimate $2 bill. The Walmart employees essentially held him hostage and called the police on him. The police came and told the Walmart employees that a $2 bill is legal tender and the man was able to go home. But if $2 bills were not real, why would someone even counterfeit them in the first place? It would be much more worthwhile to counterfeit a $10 or $20 bill.
Jonas's Coins
Level 5
One time when I was in third grade somebody shared a penny with the class from the 1990's. She said it was very old and was the oldest penny she's ever seen. False, I see pennies from the 70's every day. Oldest penny I've ever found was 1936 and I found it coin roll hunting three days ago.
iccoins
Level 4
Well, maybe she had never seen a cent before...Maybe you should find her and show her a large cent.
It's Mokie
Level 6
I think a lot of the general public believe that Copper or Nickel coins are always less valuable than Silver or Gold coins. But, I betcha coin dealers get a lot of calls whenever a 1913 nickel gets sold.
iccoins
Level 4
Definitely true. Gold and silver are "valuable." Copper and nickel is...not. Personally, I've always preferred copper coins to silver coins, except for the Capped Bust Half Dollar.
Mike
Level 7
I know an educational director who told me a yn asked him what is a steel penny made out of..Anyone can get rich just ask them they will tell you. I think most of us "old timers" have some valuable coins especially if they have been collecting a long time. As far as being a millionaire not to many here. Sometimes we get lucky on a coin but I never ever put the price in any blog. I advise no one to brag they just picked up this seven thousand dollar coin. To many crazy people out there. Thanks again maybe I will after all these years tell a price on two coins. Luck plain old good luck. Thanks again my friend.Mike
iccoins
Level 4
Thanks :) I agree. Most numismatists are great people, but there may just be those few that decide to stalk you and take that $7K+ coin. I feel like some people buy certain coins for "bragging rights," in their opinion, not because they honestly like the coin.
"SUN"
Level 6
I believe there a slot for $2 bills in cash registers, firm just choose to put rolled coins in one of the spaces. Thanks for your "Myths blogs."
iccoins
Level 4
Good to know :) I didn't know there was even a spot for one.