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In the world of coin collecting, the difference between a coin worth several thousand dollars and one that may be worth almost nothing comes down to the smallest of details.
So what kinds of details can cause an expensive coin to lose value? let’s take a look.
Cleaning coins can seriously damage their value.
Numismatic (fancy name for those who collect or study the forms of currency) enthusiasts often have their high value coins graded by a reputable service, such as Professional Coin Grading Service (PCGS) or Numismatic Guarantee Company (NGC).
And the No. 1 thing that all veterans in the hobby caution newcomers about? Cleaning your coins, whether by physical means – for example by scrubbing with a wire brush – or through a chemical bath, can seriously reduce the value.
While both PCGS and NGC say that lightly dipping a coin in a chemical bath will not lower the grade, the practice is best left to the judgment of professionals. It would be better to be careful here and leave the coin as it is.
Filed rims and scratches can make a valuable coin almost worthless.
It’s not just the cleaning that can cost you a coin’s worth of money. Should a seemingly valuable coin show evidence of filed rims – a practice often employed to try and even out dings or bumps in the coin’s edge – that example may be refused a proper grade from grading services.
Scratches are less about intent, but can render a coin unable to be graded. Older, naturally colored scratches, with an unobtrusive spot, may not be as big a problem as newer and shinier scratches, which are a more desirable feature.
No grade equates to a significant reduction in the value of a rare or expensive coin.
Artificial or questionable toning can turn a promising coin into a curiosity.
Toning refers to the natural tarnishing of a coin, whether it is silver, gold, copper or any alloy. When toning occurs naturally over time, it can enhance or reduce the visual appeal of a particular example.
However, some coin enthusiasts (or mad scientists, whichever you prefer) are not patient enough to wait, using various methods to artificially “tone” a coin. In many instances, this intense form of toning can cause all kinds of strange colors – often, almost like a layer of oil, like a kaleidoscope of colors – to appear on the coin’s surface.
According to PCGS, this is a big no-no. While artificial toning may attract attention, when a coin is truly rare or valuable this practice will do nothing but drive down the price. Artificially colored coins are also ineligible for grading.
The bottom line? If you think you have a valuable coin, leave it alone. Ask your local coin shop to give you an appraisal, and if its value rises into the four-figure range or higher, send it for professional grading.