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COIN BUYING TIPS
Everyday people come into the shop with a novelty coin that they believe is valuable, only to be turned away disappointed. A good example would be the U.S. Presidential or the Sacagawea Dollar, commonly referred to as the “Golden Dollar” because some people believe the coins contain gold; therefore they are happy to pay a healthy premium to own them. Unfortunately, these coins do not contain gold and are basically made of copper. The U.S. Treasury is currently bloated with the dollar coins because of the government’s ongoing failing attempts to replace dollar bills with coins.
Fact or Fiction? Some national ads on TV and radio are legitimate and offer coins at reasonable prices. Unfortunately, many collectors find the wrong company, and a countless number of people are paying for novelty and worthless numismatic items. I have seen laminated coins that are basically a sticker placed on a regular circulated coin, a so-called gold bar that is simply a box shaped like a bar that contains common Presidential dollars, common quarters and half dollars that are gold plated, and many other examples of world coins and medals that are made with virtually worthless metal, yet people are willing to pay a premium to own these examples.
Please be mindful of modern coins that are certified and are offered at prices that may not have the liquidity you might expect. A common sales pitch is that “a coin is limited in the quantity available,” or “is perfect,” or “is one of the first ones released over a specific span of time,” or “released within a month of issue” for example. I am not criticizing this type of collecting, but want to caution consumers to be mindful of the fact that in the short term, if the coin is liquidated or sold, the secondary market may not support the large premiums paid versus the same type of coin purchased direct from the U.S. Mint. My company mails off modern gold and silver coins for certification and roughly finds that 20 to 50 percent come back with a 70 or perfect grade. It is possible to get modern coins graded as perfect without paying a premium over issue price, except for a grading fee. Have questions or want to get more information? Feel free to stop by the shop during our regular business hours in Turlock at 118 West Main or call (209) 668-3682 and ask for Troy.
