Common Lies Told to Convince Buyers to Pay High Prices for “Rare” Coins 

Rare coins can be a nice treat for investors—or anyone interested in unique coins with a fascinating history. However, there are some misconceptions or myths about rare coins that some sellers tell customers to convince them to pay more. Below, the reputable professionals from First National Bullion, Scottsdale gold coin dealers with experience and market know-how you can rely on, go over some of these common “fibs” told to buyers to get them to pay higher prices for rare coins.

Older Rare Coins Are Always Worth More

Age alone doesn’t determine a rare coin’s value. While older coins may very well be more valuable, other factors are considered. These include rarity, condition, demand, and historical significance. For instance, a rare coin from the 20th century may be worth more than a 19th-century coin of equal quality if the coin is in high demand among collectors or has special significance. Ancient Roman coins can be found for only $10 or $20. On the flip side, a 1956 Franklin half dollar sold at auction for over $100,000.

A Shiny or Clean Rare Coin Is More Valuable

Some sellers tell buyers that a shiny rare coin is more valuable. The truth is the original condition is what counts most with rare coins. Cleaning a rare coin may decrease its value by removing the natural coating that forms over time. If a rare coin isn’t in its original condition, it may not be worth as much as one that is “dirty” or coated with a natural patina. Cleaning rare coins destroys their value in many cases.

The Coin Has an Amazing History, So It’s Worth More

Yes, this may be the case in some instances. However, some sellers will embellish the history of a rare coin to entice buyers to pay more for it. Fortunately, you can usually double-check what you were told online or in library books if you can’t find the information online.

You Need to Pay More Because Rare Coins Can’t Be Found in Circulation

While rare coins aren’t usually found in everyday change too often, it can still happen. Many valuable coins have been discovered in circulation. This is especially true with error coins or those from limited runs. Keep this in mind if you’re buying a coin that’s rare because of design flaws or mistakes made during minting, like putting the wrong date or an upside-down design on it.

Mint Errors Make a Coin More Valuable

This isn’t always true. In some instances, a rare coin like the 1943 Bronze Cent is valuable. However, off-center coins can be found for just a few dollars.

Rare Coins Always Go Up in Value

If you’re told to pay more for a rare coin now because it will be even more valuable later, beware. This isn’t always the case. Unfortunately, the rare coin market isn’t always predictable. For instance, demand can change over time and impact value. If you’re unsure about the price of a rare coin, check online or see what the current value is for the precious metal(s) in the coin. 

Whether you’re a veteran coin collector or you’re just getting interested in taking up the hobby, you’ll find a fantastic variety of high-quality numismatic rare coins at First National Bullion. We also offer a huge selection of silver, platinum, and gold coins. Scottsdale collectors who are looking for the finest-quality coins should give us a call to speak with one of our rare coin experts. 

The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.