Do some little bit of research online, and you’ll come across several big stories about that or this coin. Many of these are common coins-those coins that could be worth thousands or sometimes millions of dollars simply due to a minor manufacturing flaw .But near every time, these stories have little actual facts.
Stories such as these get a lot of media play when an actual rarity is discovered among numismatists. There is an example going back a short time such as the recent auction of a 1975 Roosevelt dime without an S mintmark in the US.
There were 585 million 1975 Roosevelt dimes produced at the Philadelphia Mint without a mintmark, but these are not valid. PCGS has certified this second specimen as Superb Gem Proof-67 which bears a CAC sticker.
A second graded a Superb Gem Proof-68 by PCGS brought $456,000 at a major 2019 auction. Hundreds of thousands of dollars is probably what this newly discovered rarity will be worth.
People love to dream about finding that hidden treasure. The day I’m writing this column, I talked to a young man who had a US 1976-D Bicentennial quarter with a full D mintmark, and where the slogan reads “In Cod We Trust” rather than “In God We Trust.” The caller had done a little research and seen that some similar coins are available on eBay for up to $10,000.
Common Sources for Valuable Coins:
Anyone can put any price they want up. That doesn’t mean anyone else will pay for it. I told him to look only at completed sales for a guide to value and also factor in how many such objects are currently up for sale on the site.
At least 70 other examples were sold on eBay today, which is not indicative of a rare coin. Sales have been very few in the last few months, such as the one of August 17 for $2.00 plus $1.15 shipping. I sold some in the $10-25 range and others for significantly higher prices. I cautioned the caller that complaints submitted as selling at a high price may be staged purchases by a conspirator of sellers.
Those con artists will then give some other example, around the same price and lead this unsuspecting collector astray.
Chances are, most of you who read this column have enough experience not to be taken in by the potential imperfection of a small coin that is worth a small fortune. Recently, I read a headline that said you could find a coin in circulation that could be worth $47 million.
Since no such coin has ever sold anywhere near that price, I didn’t bother reading the story associated with that headline.
Many years have passed since I saw hundreds of thousands of coins with minor striking errors. Many coins are superficially damaged in circulation, or someone did it in fun or as a joke. All coin dealers must patiently explain these facts to owners of such pieces.
FAQS:
What are numismatic rarities?
Numismatic rarities are coins with high value due to their scarcity, historical significance, or distinctive characteristics, such as manufacturing flaws.
How can I calculate the worth of my coins?
Avoid depending simply on advertised pricing, which may not reflect actual sale costs.
What should I do if I find a defective coin?
Be cautious, as not all problems result in high results, and some may be prevalent.
Can I find valuable coins in my everyday change?
Many reports of ordinary coins worth millions are generally unsubstantiated. It is critical to be suspicious of exaggerated statements.
What kind of coins are termed “trophy coins”?
Trophy coins are highly sought after by collectors due to their scarcity and distinctive features. Examples include historical coins like the 1913 Liberty Head nickel and the 1907 Saint-Gaudens gold coin.