Watch for Ads That Are Misleading
Credibility and trust are factors often found lacking in numismatic transactions. All it takes is one or two bad experiences to spoil it for the legitimate coin dealer and professional numismatist who operate within the framework of accepted business practices.
I’m reminded about this in a letter from Sol Taylor, president of the Society of Lincoln Cent Collectors. Taylor writes:
“Several recently published display ads offer coins for sale--usually silver dollars (1878-1921 issues) as some rare finds or high-quality investment pieces. In reality, not one of these promotions actually offers coins better than one can find in a local coin shop for about $12 a coin. Prices for these hyper-inflated and overpromoted coins run from $35 to $99 each.
“A word to your readers: If you can go to a local coin dealer, you are far, far better off than ordering via the mail or by phone. Coins need to be seen to be properly evaluated. The American Numismatic Assn. has exposed several such operations in recent months. The U.S. Postal Service has already filed actions against several such promoters for false advertising, misuse of the mails and fraud.”
Not all coin advertising is fraudulent or misleading by any means. But there is enough of it to be disconcerting. Any legitimate offer through the mail should include a 15-day or 30-day return privilege at the very least. Also, if you’re unfamiliar with coins but intrigued with the advertisement, call a dealer or two and get their opinions. As Taylor points out, you may very well be able to get the same type of coins at a considerable savings from a local dealer. As he pointed out, if at all possible, it is best to inspect a coin personally before purchasing.
Coin values are determined by the condition of a coin and its rarity. Learn as much as you can about the subject before you make a costly mistake. Numismatics can be a fun and profitable hobby if it is approached properly.
Question: I have a Denver-minted 1959 penny that looks to be silver-plated. One edge is thinner than the other edge. Does it have any value as an error coin? Also, a Roosevelt dime with the head half copper and half silver.--E.McC.
Answer: Your 1959 cent has probably been tampered with and would not have any collector value. The dime is not silver but probably a defective-clad piece with the “sandwich” suffering some separation. Again, it would have little or no collector value.
Coin News
Special exhibitions prepared by the Smithsonian Institution will be featured at Sincon XVIII, sponsored by the Society for International Numismatics April 10-12 at the Hyatt Hotel at Los Angeles International Airport. The Smithsonian exhibits include “Medals Given to Revolutionary War Heroes” and “Signers of the Constitutional Convention.” This will mark the first exhibit of most of these items in the Western United States. For information, contact George Russell, (213) 399-1085.
Figure skating and curling are the newest additions to Canada’s Olympic coin series. The sterling silver coins (pictured) are Numbers 7 and 8 in a 10-coin series supporting the 1988 Winter Olympics in Calgary. The maximum mintage for the 10-coin series is 5 million worldwide. Coins are .925 fine and contain 1 troy ounce of silver. They are in proof finish and dated within the year of issue. The coins have a face value of $20 and are available for $30 from the Royal Canadian Mint, P.O. Box 346, Station A, Ottawa, Ontario, Canada K1N 9L5.