Centuries of minting currency have sparked numerous coin myths throughout history. Though coins themselves may be small, the misconceptions created around them can loom surprisingly large, misleading even the most seasoned numismatists. Don’t let misunderstandings lead to collecting pitfalls. Discover the seven most common myths and the true coin facts behind them in our list below.
Myth 1: The Older a Coin Is, the More It Is Worth
One of the most common coin myths is that age equals value. In fact, the 1,000 Bitcoin physical coin is the current global coin with the highest value of $48 million as of 2021. While age is a factor to consider when valuing a coin, it is certainly far from the end all, be all. Rather, condition, rarity, historical context, and its minting site typically impact a coin’s valuation more than age alone. New collectors can consider age, but it should not be the final determining factor in their decisions.
Myth 2: Gold Coins Are Always Worth More Than Silver Coins
Gold coins are sometimes treated as inherently more valuable than silver coins because of their intrinsic makeup. However, one of the most important coin facts to remember is similar to the section above. While the value of gold in the market may outweigh the value of silver, its worth is based on more than just the metal composition. Condition, rarity, and demand can lead to silver coin valuations worth far more than the current market value of gold. Several silver coins have sold at auctions for thousands to millions of dollars.
Myth 3: Collectors Should Have an Extensive Knowledge of Coins Before Collecting
While we highly encourage numismatists to dive into the hobby and embrace all available resources, collectors do not need to be experts in the field before joining! Understanding the basic tenets to avoid common pitfalls is enough to get started. One particular joy of starting a new hobby is learning along the way. Grab a book, join a club, and get going! Check out these four must-have resources if you’re ready to advance your collecting skills.
Myth 4: American Pennies Are Made of 100% Copper
Perhaps one of the most commonly perpetuated coin myths even today is that the copper penny is 100% copper. In actuality, American copper pennies are made of zinc coated with copper. This is a rare case where the metal composition of the coin outweighs its face value.
Myth 5: Coins with Errors Are Worth the Most
When looking at pure coin facts, yes, some coins are highly valuable due to their mint errors. However, high worth created solely from errors is more an exception than the rule. Most mint errors, such as off-center coins, are fairly common and do not add additional value.
Myth 6: Collectors Must Be Wealthy to Be Successful
When someone’s hobby is “collecting money,” it seems reasonable to assume that person must be rich. What’s more, when coin collecting does make the news, it is usually because of a notably high auction, further perpetuating coin myths that collectors must be wealthy to be successful. Yet, like any common hobby, people of all budgets can find coin collecting a meaningful pursuit. Plenty of active and satisfied numismatists work with modest budgets.
Myth 7: Coins Are Worth the Most in Clean, Mint Condition
It seems like a no-brainer on the surface: to be worth the most, a coin should be in the cleanest, shiniest state possible. Don’t ignore the true coin facts! Cleaning coins can cause more harm than good. Coins can be reactive to certain cleaning materials and should not be treated carelessly. If collectors strongly wish to pursue cleaning, it is best to consult with a trusted and experienced coin dealer to ensure it is done properly.
Let ModernCoinMart Be Your Guide
After existing for several centuries, it is no wonder that many coin myths and misconceptions have gained traction over the years. While some fallacies may be relatively harmless, even the most casual collector must separate coin facts from fiction.
Discover more about coin collecting with ModernCoinMart’s comprehensive blog.
