Numismatics, the study and collection of currency, particularly coins, is often surrounded by misconceptions that can deter new collectors or misguide enthusiasts. Here, we debunk five prevalent myths about numismatics to provide clarity and encourage informed participation in this fascinating hobby.

You Have to Be Rich to Be a Collector

One of the most widespread myths about numismatics is that it’s an exclusive hobby reserved for the wealthy. Stories of rare coins selling for millions can be intimidating, but the reality is far more accessible.

Collecting dollars, half dollars, or even civil war tokens can begin as a small investment and gradually grow as a person becomes more knowledgeable. The beauty of numismatics is that it allows collectors to pursue their passion at any financial level, focusing more on personal satisfaction than financial gain.

Cleaning Coins Increases Their Value

A common misconception is that cleaning a coin will improve its condition and raise its value. Unfortunately, this could not be further from the truth. Cleaning a coin can strip away its natural patina, which is an essential factor in assessing its authenticity and market worth.

Experts in the field, including those at PCGS and NGC, always advise against cleaning unless performed by professionals using safe techniques. For the best results, coins should be left in their natural state to preserve their integrity and value.

Infomercials Are a Good Place to Buy Coins

Infomercials and TV advertisements often lure in buyers by offering coins labeled as rare or limited edition. While these platforms may introduce newcomers to numismatics, they often charge more than market value.

For a more trustworthy and cost-effective experience, it is advisable to explore well-known sources like reputable coin dealers, auctions, or even online marketplaces with reliable reviews. This way, collectors can access a broader selection of coins, including dollars and half dollars, at fair prices.

You Can Easily Find Valuable Coins in Your Pocket Change

The idea that a rare and valuable coin could appear in your change is exciting, but the reality is quite different. While it’s possible to stumble upon unique coins, like a silver half-dollar or a coin with a minting error, these instances are incredibly rare.

That said, there is no harm in checking your change for interesting finds, but collectors should not rely on this method to build a valuable collection. The most significant finds are often purchased through more traditional methods, such as dealers or coin shows.

The Older a Coin Is, the More It’s Worth

Many believe that the age of a coin directly correlates with its value, but this is not always the case. While some older coins, like ancient Roman or Greek coins, may be valuable, many of these pieces can actually be quite affordable due to their abundance. Conversely, modern coins can command high prices when they are rare or have unique features, such as limited mintage or errors.

Factors like condition, rarity, and demand play a more significant role in determining value than age alone. For instance, an early 20th-century Morgan Silver Dollar in mint condition could be worth far more than an ancient coin in poor shape.

Explore our wide range of numismatic items at Coin Exchange, from Civil War tokens to Morgan Silver Dollars. Whether you’re new to the hobby or a seasoned collector, our expertise is here to help guide you in making informed choices.