5 Critical Mistakes Everyone Makes When Buying Rare Coins Online (And How to Avoid Them)

We’ve all been tempted by a deal that looks too good to be true. I’ve seen too many collectors—even experienced ones—get burned by these five common mistakes when buying rare coins online. Let’s walk through how to steer clear of them, especially when you’re eyeing something as valuable as an 1877 Indian Head Cent.

Mistake 1: Falling for Too-Good-to-Be-True Prices

It’s easy to get excited about a bargain, but if a coin’s price is way below market value, it’s usually a red flag. An 1877 Indian Head Cent in decent condition is worth thousands. If you see one listed for $2, run.

Warning Signs

Watch out for prices that seem unreal. A seller with loads of “sold” items but questionable feedback? That’s another giveaway. Always double-check with trusted price guides.

Recovery Strategies

Already made a purchase? Save all your records and report it to the platform. Next time, set a realistic price floor using recent sales data to avoid disappointment.

Mistake 2: Ignoring Seller Background Checks

Don’t skip this step. I’ve noticed sellers with shady histories or names that translate to something unrelated—like random political figures. That’s a sign of a scam.

What Not to Do

Never assume a seller is honest. Avoid anyone with no track record or who operates from areas known for counterfeit coins.

Actionable Takeaway

Use Google Translate on seller names. Browse their other listings. Authentic sellers have consistency and transparency.

Mistake 3: Overlooking Image Discrepancies

Scammers love using stock photos of the real deal, then shipping fakes. The coin in the picture might look perfect, but what arrives is nothing like it.

Prevention Tips

Ask for extra photos or a short video. Run a reverse image search to see if the picture’s been lifted from another site.

Code Snippet for Reverse Image Search

// Use browser extensions like 'Search by Image' for quick checks

Mistake 4: Underestimating the Proliferation of Fakes

Fake coins are everywhere. In one case, 29 were sold by the same seller. Every sale just fuels more production—making the market riskier for everyone.

Warning Signs

Be suspicious of high-volume sales, especially from new accounts. Rare coins don’t usually sell in bulk.

Recovery Strategy

Join online forums or local collector groups. Share your experiences and learn about known scammers to protect yourself and others.

Mistake 5: Failing to Verify Authenticity Upon Receipt

It’s tempting to just unwrap your new coin and admire it. But if you don’t inspect it right away, you might miss your window to return a fake.

What to Do

Grab a magnifier. Check the mint marks, lettering, and surfaces. Compare it to verified examples online before you consider it yours.

Practical Example

For an 1877 Indian Head Cent, look for telltale details like the “shallow N” on the reverse. Most fakes mess this up.

Conclusion

Staying safe comes down to a few good habits: research prices, check your seller, inspect images carefully, stay alert to fakes, and examine your coin as soon as it arrives. Do this, and you’ll enjoy building your collection with confidence.

Related Resources

You might also find these related articles helpful:

• How I Identified and Avoided a Fake 1877 Indian Head Cent Scam on eBay (Step-by-Step Guide) – I almost fell for this exact scam myself—and it took me hours to figure it what was really going on. Here’s how I spotte…
• How Bicentennial Coin Valuation Teaches Critical Lessons in M&A Tech Due Diligence – Why Tech Due Diligence Is Your M&A Deal Breaker (or Maker) When one tech company buys another, a thorough technical…
• How Deep Technical Expertise Can Launch Your Career as a Tech Expert Witness in Litigation – When software becomes the focus of a legal battle, attorneys need expert witnesses who can translate tech into plain Eng…