[schema type=”review” url=”http://coinauctionshelp.com/Coin_Help_Blog/useless-coin-information/” name=”Useless Coin Information That Doesn’t Help Collectors” description=”Information that coin collectors often see that just doesn’t help their hobby. Coin collecting information that’s misleading is bad for collector’s.” ]I assume if you’re a part time or a professional Numismatist that you wonder what information could be useless concerning your hobby. Well, we have found some, and some might disagree and some might get upset, but this is our pick of the most useless information in Numismatics.
Population Reports: Population reports are published by the third party coin grading services telling us how many coins, of a each type, date, mint and denomination where graded and certified for each grade and in their respective holder. In example, let’s say PCGS (Professional Coin Grading Service) graded and slabbed 1,000 Morgan Silver Dollars, dated 1881-S, with the grade of MS66. So the population report would be 1,000 for this coin type, date, mint and grade.
Imagine this for all coins types and for every grade and you have an example of a population report. Although not totally useless the problem with these reports is called “resubmission” of a coins already graded and counted in the population reports. The population report or grading service doesn’t have the ability to track all resubmissions of all coins that are “cracked” out of their holders and sent back in. So just how useful is a inaccurate population report when it doesn’t report the same coins being resubmitted more than one time? Sometimes a coin is cracked out and resubmitted several times to get the grade worth the most value.
Grades On Holders: You find this a lot at ebay where sellers will place a coin in a holder and put a grade on the coin. I am sure you have also seen coins in 2×2 holders with grades, values and all manner of hype. It’s all an attempt to make collectors think the coin is worth more money, and is most certainly useless information. Ignore the holders and the seller’s writing and buy the coin for it’s true appearance you can see. Some of these sellers were left these coins by a family member and they believe what was written on the holder is accurate, but such is not always the case. So it’s mostly useless information.
Coin Mintage Figures: I can’t say coin mintage figures are not important. But they’re, for the most part, useless. The further back in coin minting history you go the less accurate their mintages. You’re seeing this change as more and more expert sources are now using “survival” estimates of how many might have survived of a certain coin, date, mint and denomination. The mintages are what’s reported or recorded by the U.S. Mint, and not how many coins exist today, so you can’t gauge the value of a coin on a mintage figure alone. It’s all about how many survived until the present and how many are available in each grade.
Over the history of a coin types existence they can be lost, damaged or worn beyond identification and the longer they were in circulation the better the chance they’re being reduced in numbers. Furthermore there’s many examples of certain dates and mints that where used in circulation more and finding a mint state example is difficult despite the fact that the coin might have a higher than the key dates of the series mintage figure.
Coin Grading Without Images: This one has changed but there’s still plenty of websites telling you how to grade coins but don’t have images. Most people don’t know what AU50 or VF35 is let alone what parts of the design should have wear or shouldn’t. So don’t even give it a chance since coin grading without images or without a coins in hand is useless information.
What They Said: Yes, that’s correct, “They said” and you hear this for about any subject and it’s no different in coin collecting. “They said it was rare.”, “They said it was authentic.”, “They said it was pure gold”, or “They said it was valuable.”, etcetera, etcetera. Who’s “they“, wait, don’t bother telling me because whom they is, is as useless as telling us what they said.
I am not knocking anyone’s grandpa, dad or deceased family member but they might not have had the coin knowledge you once thought, and that’s something to consider before selling your coins left to you.
Origin Of Coins / Lots: I have witnessed before when a well meaning and honest friend brings me some coins and claims they were left to him when his grandpa died. “They have to be old and valuable because grandpa was 90 years old or so”, they would claim. I am always polite and sorry for their loss of a loved one, but family historical facts don’t mean the coins are valuable. I hope they are, for their sake, but most generally they’re not.
You can see a lot of sellers using similar lines in their estate lots, mystery boxes and hidden compartment stories but this information is useless and does not mean the coins are more rare and valuable. It’s wishful and flawed logic. It’s almost always a ploy to spark your interest in the coins.
A Coin’s Age: It doesn’t matter how old a coin is what matters is how rare the coin is. Rarity is when the coin gains a valuable status along with how popular the coin is to collectors. Sure there’s some very valuable coins that are 100 years old but there’s also less valuable coins that are 2,0000 years old. It’s just useless information to tell another person how old a coin is to hint at a high value for the coin.
No CAC Sticker: CAC (Certified Acceptance Corporation) grades coins already graded by top tier, third party grading service and if CAC agrees with the coin grade or thinks the coin should be graded higher, they place their CAC sticker on the coin. So what does CAC do with coins they think are over-graded? Nothing. CAC doesn’t mark coin holders with coin graded less than they agree with.
The question for this is “Why?” and just how many coins didn’t make the CAC grade? We will never know and that’s some information collectors need to know so this becomes a sin of omission. If a service is supposed to give us a little more confidence in a third party grading service’s grades then they should most certainly label coins they feel don’t meet the grade. So CAC makes them selves a bit useless and self serving, and afraid to upset the status quo. Now that’s useless since the unmarked coins coming out of CAC are being sold as the grade on the label even though CAC doesn’t agree with the grade.
Mint Error Coins At Ebay: It’s a sad fact but many people selling coins with what they claim is a mint error or a rare error are incorrect in their descriptions. Not all of them, but enough of them have useless and inaccurate information in their auction descriptions. These sellers want to make some money on coins they believe are rare and valuable, but some of them are not even mint errors and most of them are common mint errors.
So their descriptions are useless and buyers should do some research before buying mint errors at ebay. As a matter of fact, post your auction on our forum and we will tell you all you need to know about the coin and if it’s worth buying. CoinHELP! Coin Forum
Feel free to ask any questions you have about coins on our forum, we’re glad to help! And if you don’t agree with this list then post a comment. We would like to hear from you.