The Most Misused Words in Coin Collecting
Like many hobbies, professions, etc., there is a set of
jargon or lingo that most people in the profession
understand, yet to an outsider may seem confusing or even
deceiving. The purpose of this article to de-mystify some
of those terms and slang.
Unsearched, or Unsearched by me
This is the biggest lie, or misused term in coin
collecting. Now, I am not saying that it is possible that some hoards are
indeed unsearched, but it is getting fewer and fewer every day. Despite that, I
think I see more and more “unsearched” bags of cents on ebay every day. Do not
believe everything you see. The off-spring of “unsearched”, is the term,
“unsearched by me”. What this really means is that the seller knows s/he has a
bag of junk, but by saying they did not search it, they hope to snag you, the
gullible buyer into speculating that there is a rare coin in the bag.
Gold Plated, Limited Edition, Never to be Produced Again
People, time to wake up. Gold plated coins have so little
gold, that it hardly gives any additional value to that otherwise worthless
coin. It is a micro layer of gold to only give the appearance of gold.
Creators of this junk take common coins and then market them to unsuspecting
buyers as “Limited Edition”, or “Highly Collectible” and of course add that one
term to get you to buy now, “Limited Time Offer”. DO NOT DO IT!!
Replica
Replica would be the word “fake” or “counterfeit”, with
political correctness. A replica is just that. A copy or fake. It has NO
collector value. These coins are also usually not of the metal content of the
real coin. In other words, a replica Morgan Dollar is not likely to contain any
silver. Don’t buy them.
Under Graded, Good Deal
This is a term many will use to make you believe that the
coin may be worth more than the price they are asking for it. For example,
let’s say a common 1921 Morgan Dollar is in a PCGS MS65 slab, and it is priced
appropriately for the grade. Someone may say, “That coin is under graded,
that’s a good deal”. Well, two things you should ask yourself: 1) If it is
under graded, why not send it back to PCGS, and 2) If it is such a good deal,
why has it not sold yet. Now, I am not saying this has never happened, I am
just saying it does not happen as much as people claim. When you hear the
phrase, “Good Deal”, make sure you know who the good deal is for.
Perfect Grade, Highest Grade
There are several sellers on eBay who slab pocket change
for big bucks buy slabbing far less than perfect coins and putting them in slabs
marked MS70. The ANA was able to get eBay to now allow these people to list
their coins as MS70 in the description, so they use terms like “Perfect Coin”
and Highest Grade. When you see this, don’t walk, but RUN!
Estate Sale, Granpa’s Attic
It just boggles my mind that using this simple term brings
in higher results for eBay auctions. Folks, I am here to tell you, a common
1942 P Walking Liberty Half Dollar is a common 1942 P Walking Liberty Half
Dollar whether it came from Granpa’s Attic, an estate sale, or my pocket. There
is no difference in that coin and truthfully, most of these claims are likely
not true. Don’t fall for it!!
Never to be Produced Again
I know, I already said this one, but it is also used in a
different way. I have seen ads by BIG dealers trying to sell the state quarters
and parks quarters with the tag line, “Never to be Produced Again”. People,
wake up, this is true of every coin every year. The 2010 cent will only be made
this year. It will never be made again.
Beautifully Toned
First a disclaimer. I do not like toning. But, I
understand others do. And I understand that each person can have an individual
taste. But folks, I have seen some ugly dark coins in auctions that say,
“Beautifully Toned”. Make sure you know what you are buying. Yes, I once
bought a “Beautifully Toned” coin without seeing it first. It was the darkest
ugliest coin I ever saw.
Conserved/Restored
What this really means is that a coin was altered in some
way to make it look better. It is NO LONGER original. The problem I have with
this is the folks who get a coin conserved and then sell as original. On some
it is just too hard to tell.
Lightly Cleaned
Does this mean dipped or lightly scrubbed with a wire
brush? Unless you need that coin, you should probably look elsewhere.
Summary
I hope these article helps clear up some of the mysteries
in coin collecting and most importantly, helps you to make wise decisions when
you purchase either coins or other numismatic items.
Keith Scott has been a collector for over 30 years. His website has
US coins for sale. He also writes
Coin Collecting Articles for fun. Visit his websites for a history of US coins,
metal market updates and news about your favorite coins.
Want to discuss coins? Join the coin forum.
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