5 Costly Coin Collecting Mistakes Even Experts Make (And How to Avoid Them)

I’ve Seen These Mistakes Over and Over

After 15 years grading coins at shows and auctions, I’ve seen the same expensive blunders happen again and again. Just last month, a collector showed me his “rare” Morgan Dollar – a counterfeit that cost him $800. Let me show you how to avoid these traps that even veteran collectors fall for.

Mistake #1: Trusting “Too Good to Be True” Deals

That “steal” on an 1883-CC Morgan? Here’s what the seller didn’t tell you:

• What looks like wear is actually fake die cracks (the #1 giveaway in counterfeit Morgans)
• Bubbled metal around the date from poor casting
• Mushy details that should be crisp

Your Defense Kit

Never buy without these: a jeweler’s loupe (10x magnification) and digital scale. Authentic Morgans always weigh exactly 26.73 grams – even 0.2g difference means trouble.

Mistake #2: Overvaluing Post Count Experience

As the old-timers at my coin club say:

“The collector with 20,000 forum posts? He’s made 20,001 mistakes.”

Red Flags

• Blindly following “experts” who haven’t updated their knowledge in years
• Writing off legitimate concerns as “newbie questions”

Smart Move: Always double-check with PCGS CoinFacts or NGC’s counterfeit detection guides – they’re updated weekly.

Mistake #3: Ignoring Market Benchmarks

Two painful examples from recent shows:

• $250 paid for a coin worth $50 in that condition
• $42 for a common 1921 Morgan (current market price: $25-$30)

Price Check Formula

// Never overpay again:
1. Check last month's eBay sold listings
2. Compare to Greysheet wholesale prices
3. Verify against PCGS Price Guide premiums

Mistake #4: Rushing Purchases

“Had to grab it before the show closed” leads to:

• Missing telltale signs under proper lighting
• No chance to get second opinions

Golden Rule: Sleep on any purchase over $100. The best deals come back around.

Mistake #5: Falling in Love With “Finds”

One collector’s painful lesson:

“In the dealer’s case under those lights, it looked MS-65. At home? More like VG-8.”

Protect Yourself

1. Photograph coins in daylight, fluorescent, and LED lighting
2. Insist on written return policies (no verbal promises)
3. Consider PNG or ANA membership for dispute resolution

Key Lessons

1. Approach every coin as guilty until proven authentic
2. Current market data beats dealer “experience” every time
3. Slow down – the only “once in a lifetime” deals are usually mistakes
4. Crowdsource knowledge, but verify with grading services

Every collector has a “mistake drawer” – mine’s filled with early errors. The difference between pros and beginners? We’ve just learned to make smaller, cheaper mistakes. Now you can too.

Related Resources

You might also find these related articles helpful:

• How I Built and Scaled My SaaS Startup Using Lean Methodologies: A Founder’s Roadmap – From Zero to SaaS: How I Built and Scaled My Startup on a Shoestring Budget Let me tell you something most SaaS founders…
• Cartoon Character Coins: My Take on Collecting Pop Culture Numismatics – I’ve always been fascinated by how coin collecting crosses paths with pop culture, especially those pieces featuri…
• Lady Godiva: Unraveling Myth, Legend, and Numismatic Wonders – As a lifelong coin collector, I’ve always been drawn to pieces that blend captivating stories with tangible histor…