Sometimes it pays to be patient, but it almost ALWAYS pays to buy the book first.

I am sure that most collectors have run across a coin that they desired to add to their collection, but for some reason, it took longer to do than they might have liked. This delay could be due to money, availability, pickiness, or maybe even because other coins serve as distractors. Whatever the reason may be, finally acquiring “that coin” is one of the most exhilarating purchases a collector can make. On the flip side, it can be tempting and sometimes even irresistible to pick up the first decent example that you come across. In hindsight, this has usually been a purchase that I later come to regret. Let me illustrate this point with an example from my collection, a 1797 Great Britain 2 Pence from the Soho Mint.

For those of you unfamiliar with the series, these coins are rather large (i.e., 41 mm) and weigh two ounces. The size combined with the weight left many of these coins with rim bumps and numerous gouges across the broad raised rims. Truly choice uncirculated examples are scarce; however, they can be found if you are persistent and have enough money to purchase one once you find it. I was on one of my late-night eBay strolls when I stumbled upon what I thought was an exceptionally nice example that I eventually ended up winning (pictured below).

I think I ended up paying around $200 or so for the coin, and I was ecstatic because similar coins were fetching several times that at the time. It wasn’t until I finally broke down and bought a copy of the leading reference guide, English Copper, Tin, and Bronze Coins in the British Museum by Peck that my bubble was burst. At the time, I had issues finding a copy, and when I did, I found it hard to swallow the typical $150 price tag. Eventually, I found a copy and did a little research that quickly made me realize that this coin was likely not genuine. I was stubborn and put it off to the side, thinking another look at a different time might bring me to a different conclusion, but it did not. The weight is correct, the dimeter is right, and the majority of the design details are close enough.



Similar counterfeit examples have been showing up on eBay and other web-based auctions with increasing frequency. To help others avoid making the same mistake I did, I strongly encourage you all to buy the book before the coin. It might also be helpful to pay special attention to the subtle details that differ between the genuine example I just purchased and the counterfeit above (e.g., the ship, sea, George III’s drapery, and the rendering of the detail in his hair). At the time, it was deceptive enough to fool me, but that is because I did not take the time to educate myself before buying it. I knew better than to buy the coin before the book, but this was not a lesson I learned well enough in the past. In the end, I relearned a valuable lesson; buy the book before the coin.

I took my time, read up on the series, and now I thoroughly enjoy hunting down quality examples of the numerous proofs, patterns, and restrikes of the English Soho copper coinage. This has become my primary area of focus, and I do not see that changing anytime in the foreseeable future. I remained patient and eventually found an example that checked all of the boxes for me. This particular example was part of the Frank Robinson collection before finding its new home with me, and I could not be happier to have acquired it.

 

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"Once burnt, twice beware."
Thanks for the lesson. I hope others read this before they plunk down good money for a counterfeit item.
I have read that Asian counterfeit coins are pretty good.

 

@Coinsandmedals The fake looks very well made. This is why for most of my purchases, the coins are already slabbed so I don't have to worry about possibly purchasing a fake raw coin.

 

Agreed! with a relatable beginner story..
I saw a strange USA silver dollar coin I hadnt seen before.. a US Trade Dollar.. on consignment at a second hand store in Wilmington, NC about 5 years ago for $150.00. I wanted to have it.. but it was a lot of money for me to risk at the time; For something I knew absolutely nothing about. I looked it up and it seemed to be a common one and about the going price according to the price reference I found it in. (77-s?)

It seems it could have been a bargain after now seeing they rarely are that price and condition! Until I read about how often they were counterfitted and fooled many dealers even. I believe I made the right decision holding off until I knew more.

But it haunts me to this day a bit.. I never had a chance to know for sure if it was real.. I had learned Someone had actually bought it a couple weeks later when I went to look at it again.

Its SO tempting. but then I wonder.. how many people might actually have counterfeits and not even know it?
Your story helps confirm that knowledge is necessary when considering anything above the general collectibles - and especially above a $50 price range!
In practicality, we cant be experts in everything But, we can definatly avoid impulse buys and not be taken for a fool if we take time to research something BEFORE we buy it!

But sometimes that thrill of a win or loss gamble on a deal is an exciting way to drive ones research and expertise into a particular coin type! - if one can afford it!

 

I hate that guy with Horns who sits on my shoulder and keeps saying, "Buy It, it's a great bargain." The guy with Wings says, "Be careful, if it's too good to be true, then it probably isn't."
On some rare occasions (fortunately) I listened to the 'Horn-man' and I inevitably got 'hornswaggled' most of the time.
This happened when I was young and dumb and now that I am older and a little smarter, I listen to Mr. Wings.
Take heed young puppies and walk away, maybe even run, when confronted with this kind of decision and don't look back.

 

Outstanding story OP...I think much of the CT community has a story very relatable to one you shared. The excitement of "that coin" being right in front of you and wanting it so badly you let poor judgement creep in make the kill. Then you find out later how the little things on the coin you had to have looks nothing like a genuine coin has. Just look at the hair on that original specimen the OP showed us. Look at the water. Usually the water is what gives a fake away fast. But I also saw how horrible the hair was compared to the real deal. I hope many of the hobbies new generation read your post and keep it mind. Buy the book before the coin. Great post.

 

The willingness and strength to walk away is one of the greatest character traits a coin collector can possess.

 

I have been fortunate that counterfeits haven’t been my downfall. My regret was purchasing a high end coin that I wasn’t educated enough at the time to recognize it had been improperly cleaned. And further when I sent the coin in to be slabbed, the TPG was kind enough to reinforce my mistake for me by having “Improperly Cleaned” emblazoned upon the description..... Ah yes, we do live and learn. Hopefully we recognize when a bit more learning is in order. Nice write up, OP.

 

My example of the 1797 cartwheel Twopence. 41 mm., 56.1 grams. I purchased it from Karl Stephens Inc. in March 1986; it was sold to me as being in EF condition.

 

I assumed that most of us here have our fair share of similar stories. I enjoyed reading the responses, and the comment about the "little guy with horns" made me chuckle. He wins an occasional battle now and again, but for the most part, I tend to be cautious. Nice coin by the way @DonnaML!

Here is another example that I came across recently for a pretty good price. Notice the numerous contact marks on the primary device and broad rims. The fingerprint on the reverse is also a bit distracting.



Please feel free to share any examples that you may have in your collection!

 

Thank you for sharing your story. I’ve always loved the look of 18th and 19th century GB copper.

While I agree with the measure twice cut once my my my I’m once bitten twice shy babe mentality, $150 for a numismatic book is going to be a hard pass from me and most collectors, especially when we are talking about coins that retail for around a grand. I get peeved enough if I have to buy more slab boxes, flips, or airtites as it is.

And once we start talking about coins that are more valuable, I wouldn’t advise anyone to buy them raw in the first place. If one’s personality is impulsive, and all purchases are knee-jerk, then numismatics is simply not for them. Especially for expensive items that are raw.

I take a great degree of care when making my purchases and rarely buy outside of my area of expertise. If I have questions, I ask someone that may know. There’s a great wealth of knowledge on these forums (and others) and that is what I use, and it doesn’t cost me anything.

It all boils down to opportunity cost, and how much one values oddly specific knowledge—I could know everything I’ve ever wanted to know and more about counterstamped Stone Mountain commemoratives for $175, or I could stay married.

Buying slabbed items from trusted sources in the Western World eliminates the majority of the risk of counterfeits; I’ve still yet to add a counterfeit to my collection and have never even seriously entertained the notion that I may be buying one.

Wait, you mean not everyone has two horned dudes?! Oh no.

 

I agree it is difficult to justify the hefty price for some numismatic reference materials. This is especially true when considering relatively inexpensive coins; however, in this case, the book is not limited to this one coin. Peck covers the entire run of English copper coinage from 1558-1958 and does so in such detail that the amount of knowledge gained far exceeds the price of the book (I attempt to explain below).

I also cannot agree more with the idea of purchasing from trusted sources, but the slabbed portion mainly falls short when considering the majority of what I collect. I have never had an issue with counterfeits and U.S. coinage but that is primarily because there is much more information openly available for those coins and, in most cases, an abundance of already slabbed examples ready for purchase. Most of Europe is slow to adopt the use of TPGs, and because of that, the majority of the pieces I seriously consider are raw. Although the more expensive pieces are usually purchased from trusted sources, I would be crazy to pass up the opportunity to buy from long-held family collections from private sellers. This is where my investment in the book pays off because I am not longer reliant upon the knowledge of others and TPGs to feel confident in my purchases. This has allowed me to buy raw examples from both dealers and private sellers for multiples less than what an equivalent slabbed example would realize. Not to mention the numerous situations where I have substantially benefited from a TPG error in variety attribution. So, in the end, the money I spent on the book is negated by the money saved from advantageous purchases that would have otherwise would have been a considerable gamble.

In the end, it does not matter how or where you gain knowledge. The important thing is that you do. The general lack of freely available information on the stuff that I primarily collect is what motivated me to build the custom registry sets that I have built. I just hope others find it useful.