Don’t Do These 5 Things That Can Devalue Your Coins
Written by
Caitlyn Moorhead
Edited by
Sean Fisher
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you’re considering taking up rare coin collecting, it’s easy to see why. Shiny nickels, dimes or silver dollars sitting in your piggy bank could be worth more than a pretty penny. It can be a fascinating hobby that transforms into a valuable investment.
Donn Pearlman, spokesman for the Professional Numismatists Guild said, “In addition to providing hours of enjoyment and entertainment, coin collecting offers unique educational experiences spanning a variety of subjects, from history and geography to chemistry and economics.”
Beyond enjoyment and education, though, is the opportunity to make money — but certain practices can significantly devalue your precious coins. Understanding what not to do is crucial in maintaining their worth. “Their value often is highly dependent on their grade because sometimes very small differences in quality can translate into very large differences in value,” said Pearlman.
Here are five common mistakes to avoid to ensure your coins retain their maximum value.
Use Cleaning Products on Them
The desire to make old coins look new can be tempting, but improperly cleaning coins is one of the quickest ways to devalue them. Harsh chemicals, abrasive materials or even just overzealous scrubbing to make them shiny can strip away the coin’s patina, an essential aspect of its value.
Avoid using metal polish or acid-based cleaners. Scrubbing with abrasive brushes or soaking in harsh chemical solutions can also devalue your coin collection — so make sure to maintain your rare coins without over-polishing.
Store Them Carelessly
How you store your coins plays a significant role in preserving their condition. Exposure to extreme temperatures or humidity where the coins can get damp and tarnish, or direct sunlight where the coins can fade, reduces their market value as far as collectors are concerned.
Storing coins in damp or highly humid areas or using PVC-based holders can also release harmful chemicals. So leaving coins in areas with fluctuating temperatures is basically a big no-no if you want their valuation and reputation to stay untarnished.
Handle Them With Your Filthy Paws
Much like dragons and goblins of lore, when you have shiny treasure you may want to hold it close. However, frequent handling of coins, especially without proper care, can lead to physical wear and tear and damage from the oils and acids on human skin.
Handling coins by their edges and using cotton gloves whenever possible is vital if you want to keep the damage down and the value up.
Neglect Your Investment
The history and origin of a coin, known as its provenance, can significantly add to its value — so keep track of all that stuff.
Losing documentation or details about the coin’s history can make it less appealing to serious collectors. Misplacing certificates of authenticity or historical documentation, or failing to document the coin’s origin or previous owners, can limit your choices when trying to authenticate your coins for sale.
Modify Them
Any alterations made to a coin — such as engraving, drilling, etching or reshaping — will almost always devalue it. Collectors prize originality, and modifications can significantly diminish a coin’s historical and monetary value. In fact, even polishing them to create an artificial luster can ding you in the pocket.
Final Take To GO
Preserving the value of your coin collection is as much about avoiding harmful practices as it is about active care and upkeep. By steering clear of these five common mistakes, you can ensure that your collection remains both a source of personal joy and a valuable asset for years to come.
More From GOBankingRates
