In the previous section we covered some of the top coin myths related to investing, performance data, rating and predictability of the coin market today. In Part 2, our focus will shift to cover myths related to more basic coin issues and the links to creating coin collections with metal detectors.

Myth No. # 1: Never clean a corner!

Cleaning the coins is never recommended unless you know what you are dealing with. Real collector coins (samples) should not be cleaned. There are several kinds of coins that proper cleaning techniques will enhance and generally enhance their marking ability. The ancients are not graded to the same standards as our coins today and excavated coins will generally benefit from proper cleaning. Many excavated coins from modern times can withstand a little cleaning. I toss thousands of coins into my coin glass every year. Most are rather rough looking coins and just to put into circulation or to use in commerce, cleaning is a must. I also clean 90% of my nickel finds, as the five hundred excavated pieces will almost always darken and will be enhanced with proper cleaning techniques. I have never cleaned and never will clean finer and better copper, nickel, silver or gold coins. Cleaning a rare or valuable collectible coin could cost you thousands of dollars in resale potential.

Myth # 2: Never buy a coin without being seen.

A few years ago, this was probably the best practice. Times have changed in the coin market. With the advent and development of various quality grading services, block coins are fairly safe purchases for collectors who are not interested in having only premium coins in their collection. Pedigree coins should be scrutinized to make sure you are getting the best coin for the big bucks. eBay and other sales sources now have quality listings with quality details and images, making your purchase a safe thing to do. I have had to return a few coins to get refunds from these sources. But the process is much easier than it was in the days of mail-order magazines and coin-operated newspapers. I still enjoy taking my coins to coin shows to sell, as well as being able to get up close and personal with the coins I would like to buy. The weekend of July 4th always means Clearwater, FL Coin Club Show. I made a good profit, we have 1908 $ 20.00 Gold piece with a nice heavy bezel. I paid $ 500 and sold it for $ 930. But the fun of the show was buying the last coin I needed to complete my Indian Cent Collection. I found both the 1908 S and the 1877 pennies with metal detectors. I asked all the dealers there if they had a 1909 S. Only five dealers had one or more of this date. This is a coin that you wouldn’t buy without seeing it, and due to numerous scams as of this date, I recommend only coins that have been chipped by a major grading service. It is easy to be fooled by this coin. I used my gold coin earnings (and a bit more) to come out with a VG 10 that looks like a Fine 12, rated by America’s oldest rating service, ANACS.

Myth of coins n. # 3: Coin dealers cannot be trusted.

I don’t trust every dealer I know, but the good ones outnumber the bad ones. I have favorites that have been trusted over many years of buying and selling. A good way to verify them is to take a coin that you have priced at several different dealers and verify their offer to buy your coin. If the offer is at least 65% of the value of the coin, that dealer is likely fine. Another way I check them is by taking my findings from the gold or sterling metal detector and seeing what each one offers. They need at least a five percent margin on the purchase price that day. If the 14 karat gold costs $ 900 that day and the dealer says he will give you $ 840 or more, he is likely an honest dealer. A five percent margin that day would make your 14K ounce of gold worth around $ 855 at most. Good, honest and trustworthy distributors will want to establish a relationship with you, the buyer / seller. My all time favorite is a dealer named Dale. I made my first purchase from him in the early 70’s, and even though he’s retired and moved more than 50 miles north, I sold him my piece of gold and my bezel without comparing other bargains at the Clearwater coin fair. His wife toured the show floor with the other merchants to find a special silver bezel she needed while selling the coin and bezel to her husband. Excellent customer service from an excellent dealer.

Coin myth No. 5: Quality coins are impossible to find.

Although it may seem more difficult to find certain types of coins, many unusual and flawed coins are the product of billions of coins minted to meet consumer buying and selling needs. I found a Roosevelt Dime Mistake Coin from 2004 last year in money given away for my children’s ministry mission project. It was copper on the obverse as the last layer was missing. Many of these bug coins have been making over $ 250 on eBay recently. I got a 1976 proof half of a roll that I recently picked up at a local bank. The 50 state coin series has a lot of very interesting coin bugs. This allows to collect varieties of the same dates. Finding MS 66 and higher grade coins is not difficult when looking at bags with early release date. I bought a number of 1995 penny rolls and found over 20 varieties. This was a trendy buy and while I got it right then, beware of those offering high prices for these rolls, boxes, or bags. The price of these varieties has dropped by approximately 85%. It is still good to find different varieties of this and other coins and occasionally someone finds a new variety that can be chipped and is worth a premium price to buyers.

Coin myth No. 5: Currently, you cannot find gold and silver coins.

Do not tell me that it is difficult or impossible to find gold and silver coins. As a user of a metal detector with over 15,000 silver and gold coin finds from 1868 and 1915, I know that there are still millions of good finds like this buried and still within reach of my search coils. The research pays off on this, the only hobby that pays you to participate. I have more than 30,000 cents of wheat, almost a thousand Indian heads, and six thousand more than ten cents of mercury, just to name a few of my most valuable modern coins drawn from the most recent “circulation”, Mother Earth. This is probably one of the biggest coin myths today. Take a look at a magazine for treasures like, Western and eastern treasures, and see the incredible finds that occur daily.