Coin collecting ain't what is used to be. It used to be a relaxing and pleasureable hobby but there are now so many risks, scams, fakes, and distractions that it makes it not even fun any more. Unless we are collecting state quarters, there are so many ways to lose your money that it makes it too stressful to be fun now. There are auction misrepresentations/scams, high quality Chinese fakes, fake slabs, cleaned coins, modified coins, and more. I see buyers who are absolutely confident that they can spot any problem coin, and take great pride in their self-assessed abilities, but I wonder how many bad coins get past them and are in their collections.
Also how many coins get "confirmed" fake simply from looking at a picture? You are very right. I thought I was good since i but mostly slabbed coins and then my dealer tells me the other day that the chinese copy slabs also.......What gives?
It's all about education. The more coins you look at, the more you read, the more you ask, the more you'll know. Nobody knows everything, but the more you know, the better you'll be. I have a 14-D cent that went to PCGS a couple of months ago. Never thought to look at it before I sent it because I'd had it for about 9 years. Came back bodybagged. Nine years ago I didn't know what to look for. If I rec'd that same coin in the mail today it would be going back tomorrow, but back then I didn't have the knowledge to detect an added mintmark. Yep... an easily seen added mintmark that wasn't seen 9 years ago because I didn't know what to look for. I sure as heck do now!
The coin market IS what it used to be. These same things happened back then as now. Your just now noticing them so you think it'd different because it's happening to you. Like when a 15 year old says "you don't know love like the love we have". That same love has happened many times for years and years but all of a sudden they think they invented it. Well some coin things changed like slabs and faking slabs but others went away because of them like dealers selling au's for MS's (somewhat at least). That's just my take on it. Take it or leave it but get some education in coins and you'll be fairly fine.
Since I'm not an old timer and started collecting about 1999-2000 I don't know what it was truely like before that. But let me tell you that although it is a mine field out there, I see that as the reason coin collecting stays interesting to me. I mean we aren't scrapbooking, or bird watching for instance. We are engaged in heavy competition for limited items and besides searching, studying and owning coins of merit we are building relationships and networks that help each other navigate the perilus waters. That adds a level of excitement to this hobby that is missed in other leisure activities. It really takes some doing and sacrafice to bring home the good ones and with that brings sweet satisfaction and pride. If it was easy I wouldn't do it. Just my opinion, Matt
I collect coins because I love the artistry and history behind these coins and although there are risks involved, you learn as you go and you minimize the risks until you don't even let it bother you anymore. If you truly don't have any fun then maybe it's just not the hobby for you. I don't know, but I have a blast collecting coins!!
I collected as a kid (1970's) and re-entered the hobby when my son was born in 2002. You make very valid points. Some aspects of coin collecting have surely changed over time. However, the finer aspects that make the hobby great fun still prevail. TC
I agree totally:thumb: I have been collecting since the mid 70's And from my experiences coin collecting has not changed all that much except for the third party graders. The scams and fakes were there then. Just not as many people knew that much about them with the limited amount of information available to collectors. Our only sources of information was our yearly purchase of the RedBook, Coin shop owners where you bought coins, coin clubs if you lucky enough to have one in your area. And the very few coin magazines that existed at the time. I remember reading every single page of any coin magazine back then. Then along comes the internet and the power of the information shifted from the dealers to the collectors. We are constantly updating each other as to scams,fakes and the vast number of error coins in the blink of an eye. I have witnessed many new varieties being reported the day they are found on coin forums. where as back in the 70's information about a new error variety would take months if not years to make it into any book for the information to get to collectors. If at all depending on the editors of any given book if they thought it was worth page space to mention. Now I am like a kid in a candy store, Just like when I was a kid collecting. I can find something I think is cool on a coin, or just a excellent specimen and can share it with people that enjoy the same hobby. We all have friends and family and have found a really cool coin and very excitedly show it to them and get that look from them like we have lost a few marbles:goofer: Just my 2 cent piece Stewart
You can look up slab numbers to verify authenticity on NGC and PCGS. I'm a member (for free) at NGC and can login and look up an NGC serial # any time. It will at least verify that the coin was there. Newer submissions even have photos to go along witht the verification, so you can usually look for identifying marks on the coin in the slab and make sure they match up with the photos NGC has. I'm not a member at PCGS and haven't looked up any there but if I were concerned, I'd probably ask someone. After you look at a lot of slabs, you get to know what the fonts should look like, what's bold and what's not. The fake slabs I've seen could fool a casual observer but weren't that good IMO. There's also been many types of slabs over the years as the companies changed them to better security features or just changed the style. Once in a while I'll run across a rarer, short lived NGC slab style that I don't recognize and sometimes I'll look it up just to check it. I doubt most people realize how many different types of slabs the TPGs have went through over the years. Some of the earliest ones are very crude looking. Quite a few coin shops have created their own slabs now, further confusing people. They try to impersonate the top TPGs. So they're not fake slabs but don't necessarily have a lot of credibility either. Newcomers may not realize the difference until after the purchase. It pays to pay attention.
I agree with your assessment of collecting these days, there are ways one can protect themselves from scams. I don't buy coins from eBay or craigslist, only from reputable dealers, 2 of which I am a regular customer near me, and directly from the US Mint.
Yup, and every single one of those things also existed long before you were born. And they will continue to exist long after you are gone. The difference is, because of technology and the TPGs, more people are aware of it. As they say, ignorance is bliss. A lot.
I agree with you. The more knowledgeable you become, the less chances of making a bad purchase you have. Stick to what you specialize in the most. If you chose something different, learn, read, ask, study before you jump in to it.
