Common Coin Scams To Avoid
The newest scams and frauds are relating to the sale of gold bars. Please watch this video explain this scam. These may seem very believable and if may take months to develop.
The Scam tells the person they have had their social security number stolen and that they have had many accounts opened up in their name. Often they will threaten the victim if they tell anyone about this.
#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.
