Experienced with a wide range of electrical systems, low-voltage systems, and real estate development matters, Loren Wesley Vankirk serves as the CEO of Vankirk Electric. In his free time, Loren Wesley Vankirk enjoys collecting coins and he has a large collection. Listed below are three myths of coin collecting.
1. Older coins are more valuable. The age of a coin does not greatly impact the value of said coin. Rather, the value is determined by supply and demand. When the supply of said coin is low and the demand is high, the value of the coin goes up. For this reason, older coins aren’t necessarily more valuable than newer coins, especially if the older coins were produced in large amounts.
2. The cleaner the coin, the better it is. Shiny coins might look nice, but as a collector, shine does not equate to value. In fact, cleaning a coin before selling it can damage the surface and dramatically lower its value. Also, the amount of shine on a coin may even signify a coin of lower quality in comparison to a dirtier coin.
3. Limited editions are always rare. The U.S. government mints and sells some coins in perfect condition. Since these coins have pristine color, are struck in silver or gold, and are limited editions, many novice collectors think they are valuable. However, limited edition coins are designed to appeal to a commercial market and may not be a rare as people think.
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