Saturday, April 28, 2012

5 Things to beware of

When searching eBay or going to estate auctions there will almost always be several items described as "rare" or "valuable" when they are neither.

1) Susan B. Anthony dollars, with the exception of proofs, uncirculated 1982 coins and the 1979-P wide-rim variety (see this site for information) they are only worth face value, even in high grade because they have little to no collector appeal (lets face it, the coin is hideous) but are often sold to the unsuspecting public for more than face. If you really want to get some, go to your local bank, I'm sure they will have some they can't wait to get rid of. No Susan B. Anthony dollar contains silver.

2) Eisenhower dollars, with the exception of those with an "S" mintmark (some of these are 40% silver and others are copper-nickel proofs worth more than $1 to collectors) and the 1972 Type 2 dollar (see this site for more information) are only worth $1. No Eisenhower dollars intended for circulation contain any silver.

3) Copy coins. Any coin bearing the word "COPY", "REPLICA" or anything of the sort is most likely not silver. Of course it is possible for a replica coin to contain silver, gold or any other precious metal, most of them are sold to the public via infomercials and are plated. These coins have no collector appeal and are only worth their metal content.

4) Franklin mint and other private mints. Do not pay any more than silver melt for these coins, rounds and bars. They have little to no collector appeal, but often may be made out of sterling silver but also might be plated. Be sure to know what it is before you bid.

5) $2 Federal Reserve Notes. $2 bills with a green seal are not rare and do not command a premium over face value, even in uncirculated condition. However, $2 bills with a red seal or a series date prior to 1976, do command a premium over face value. Often banks have large amounts of $2 bills (often uncirculated) in stock and are happy to sell them to you.

No comments:

Post a Comment