Common Coin Scams To Avoid

We receive a lot of phone calls from people inquiring about the value of their coins. Naturally, most people hope they are in possession of a valuable treasure, but more often than not their coins are not as rare and valuable as they wished. We don’t like disappoint anyone. So here are some tips on common coin scams on the Internet to avoid.

#1 Common Coin Scams Silver “Mercury” dime on Etsy

We get a lot of phone calls asking us about the value of silver “Mercury” dimes, also called “Winged Liberty Head“ dimes. These dimes were produced between1916 to 1945 and we often hear from people who have one or more dating from1942. If you search for this coin on the Internet, you may come across listings on Etsy and other sites claiming that these dimes are extremely rare and are therefore very valuable (see image), which is not true.

Mercury dimes from the early 1940s in circulated condition are actually quite common. If they are truly in uncirculated condition, meaning no wear on the coin, then they have a small premium over the value of the silver they are made from.

The exception to this rule is the1942/41 -D Mercury Dime Key Date variety, which is a rare overdate minting error. An overdate occurs when a date (or part of a date) is punched into a finished working die that already has an older date (usually that of the previous year). This coin can range from $350 to tens of thousands of dollars in MS-65 Grade, a score used in the numismatic assessment of a coin's quality. However, this variety is extremely rare and not likely to be found in common collections.

As a rule, be very cautious or ignore abnormally high prices seen on Etsy.

#2 Underpriced coins

The item pictured here is an 1884-CC Morgan GSA $1 coin. These coins routinely sell at eBay auctions for $350 or more, but this same coin is often listed on Etsy for only $71.69. This situation falls under the old adage, if it looks too good to be true it probably is.

Not surprisingly, this particular listing has a 1 star review saying they never received the item.

This particular seller also has several other coins listed that appear to be fakes.

Just stay away from any sellers and listings that look like this one.

#3 Very Common Coins Priced Very high

Pictured in this Etsy listing is a common “Lincoln - Wheat Ears Reverse” one cent piece. This is a 1929 penny which does not have a mint mark, meaning it was made in Philadelphia. The “Red Book” lists this coin as having a mintage of 185,262,000. On Ebay, these often sell at auction for $0.80 with free shipping!

We repeat: Beware of coin listings on Etsy that may be misleading.