# Rare Coins: As Seen on TV?
**URL:** https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968
**Category:** Factual Questions
**Created:** [October 7, 2004, 2:48am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968 "2004-10-07T02:48:37Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@Jinx](https://boards.straightdope.com/u/Jinx)
#### Post date: [October 7, 2004, 2:48am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/1 "2004-10-07T02:48:37Z")
a) What’s up with these supposedly rare coins worth millions (artistic license) and you can order for 3 easy payments of $19.95? Or, something like that…
This sounds like snake oil to me. What’s the deal?
b) Why is it legal to sell US currency and stamps, in the first place? You’d think this would ruffle Uncle Sam’s feathers, wouldn’t you? Wouldn’t they want a piece of the action…?
- Jinx
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### Author:  [@Shagnasty](https://boards.straightdope.com/u/Shagnasty)
#### Post date: [October 7, 2004, 3:07am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/2 "2004-10-07T03:07:30Z")
> [@Jinx](#):
>
> b) Why is it legal to sell US currency and stamps, in the first place? You’d think this would ruffle Uncle Sam’s feathers, wouldn’t you? Wouldn’t they want a piece of the action…?
>
> - Jinx
Why do think that selling stamps and coins would be illegal at all? That is what coin and stamp merchants as well as private collectors do all the time. They are just doing it on a bigger scale.
The obvious answer to the value is that they aren’t all that valuable and they aren’t ever going to be considered rare because there are enough of them to sell in mass quantities on TV.
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### Author:  [@Early\_Out](https://boards.straightdope.com/u/Early_Out)
#### Post date: [October 7, 2004, 3:09am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/3 "2004-10-07T03:09:29Z")
What you’re seeing on TV aren’t the actual rare coins being offered for sale. What they’re selling are modern reproductions of rare coins, usually with a thin coating of gold (unlike the originals, which were solid gold). That’s why they quietly refer to them as “proofs.”
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### Author:  [@samclem](https://boards.straightdope.com/u/samclem)
#### Post date: [October 7, 2004, 3:10am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/4 "2004-10-07T03:10:41Z")
grrrrr!
Don’t get me started.
Snake oil it is.
If you see it advertised on tv, you just overpaid.
If you bought it from an ad in the newspaper, you probably overpaid.
We sell over $1 million dollars worth of coins per year to a “home shopping” type of outfit.
You just can’t even imagine the markup.
As for legality, it’s legal to sell anything for any price, just about. Unless it’s illegal.
Or, immoral, in some places. :rolleyes:
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### Author:  [@Governor\_Quinn](https://boards.straightdope.com/u/Governor_Quinn)
#### Post date: [October 7, 2004, 3:15am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/5 "2004-10-07T03:15:37Z")
As someone who has collected coins, I agree with **samclem** ’s comments, and have this to ad:
If at all possible, never buy coins from outside the trade, and always have the Red Book at hand, as it make some of the more extreme mark-ups patently obvious.
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### Author:  [@Early\_Out](https://boards.straightdope.com/u/Early_Out)
#### Post date: [October 7, 2004, 3:35am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/6 "2004-10-07T03:35:39Z")
The website of the [National Collector’s Mint](http://www.ncmint.com), which is usually the one peddling this stuff on late night TV, contains the following disclaimer in small print at the bottom of each page:
> [@](#):
>
> All tributes to original coins contain the “copy” designation as mandated by federal law.
As I said, what you’re seeing is not, for example, a real 1933 St. Gauden’s $20 Double Eagle - it’s a copy of it.
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### Author:  [@samclem](https://boards.straightdope.com/u/samclem)
#### Post date: [October 7, 2004, 3:43am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/7 "2004-10-07T03:43:14Z")
> [@Early Out](#):
>
> What you’re seeing on TV aren’t the actual rare coins being offered for sale. What they’re selling are modern reproductions of rare coins, usually with a thin coating of gold (unlike the originals, which were solid gold). That’s why they quietly refer to them as “proofs.”
You’re being too narrow in your examples.
Most “home shopping” type shows are actually offering real coins. Just marked up about twice what any self-respecting coin shop would sell them for.
Yes, some of the offerings are copies of extremely rare coins. But usually just ovepriced _real_ coins.
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### Author:  [@Early\_Out](https://boards.straightdope.com/u/Early_Out)
#### Post date: [October 7, 2004, 3:55am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/8 "2004-10-07T03:55:39Z")
> [@samclem](#):
>
> You’re being too narrow in your examples.
From **Jinx’s** reference to “supposedly rare coins worth millions,” I assumed that he wasn’t talking about the stuff being peddled on home shopping networks. It’s the NC Mint (and others like them) who are selling what _appear_ to be _very, very_ rare coins for $19.95.
You’re correct about the home shopping network stuff, of course. Even when the coins are genuine, they’re wildly overpriced. Your local friendly coin dealer is a much safer bet.
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### Author:  [@Polycarp](https://boards.straightdope.com/u/Polycarp)
#### Post date: [October 7, 2004, 4:04am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/9 "2004-10-07T04:04:04Z")
**Sam** , while we’re on the subject, would you please say a few words about grading of expensive coins, and who to rely on? I suspect you may be loath to endorse or criticize anyone in public, but I’m aware that there are two grading services whose valuations you can literally take to the bank, and several that, if not exactly fly-by-night, are only slightly better than having Aunt Tillie evaluate the coins for you. I ran into this in connection with my work for my ex-boss (who was buying CC dollars and gold as a hedge while the stock market was playing “Whee! Watch me ride the roller coaster, daddy!”), and I personally think the information should be made more public – so I’m asking you as an expert to name those two grading services and explain why to trust them and to avoid the others.
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### Author:  [@samclem](https://boards.straightdope.com/u/samclem)
#### Post date: [October 7, 2004, 4:59am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/10 "2004-10-07T04:59:04Z")
**Poly**.
The number one best grading service is PCGS. When a person calls me and wants me to quote them a price over the phone, I _will_ if the coin has been graded by PCGS. They sometimes are _too_ conservative, but that’s good for the customer.
NGC is the next best, and they are consistent. I think they grade about 1/4 of a grade below PCGS. That’s just my opinion. But, if a coin is in their holder, then you will get pretty much what a PCGS coin will bring.
ANACS is mercurial. Anecdote: I owned an 1859 proof quarter. Totally original. Rare beastie. I sold it as an MS65 to a customer. $2000. He trusted me. He wanted it certified. Sent it to ANACS. Came back MS64. Only worth $1000. He was disappointed, but not mad at me.
Six months later, we sent it to PCGS. Came back MS 66! Now worth $3000. He was happy. I was happy.
But, generally speaking, ANACS coins are graded looser than PCGS.
Personally, if I were investing in coins, I would only buy PCGS. Unless I was a pro or knew how to grade big time.
There are probably 6 or more other services. They range from _ludicrous_ to _pretty good_.
But, IMHO, if I were a novice/investor, PCGS only.
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### Author:  [@astro](https://boards.straightdope.com/u/astro)
#### Post date: [October 7, 2004, 5:19am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/11 "2004-10-07T05:19:55Z")
[I think this is a genuinely rare coin.](http://apnews.myway.com//article/20041006/D85I6EG80.html)
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### Author:  [@Early\_Out](https://boards.straightdope.com/u/Early_Out)
#### Post date: [October 7, 2004, 5:23am UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/12 "2004-10-07T05:23:39Z")
> [@astro](#):
>
> [I think this is a genuinely rare coin.](http://apnews.myway.com//article/20041006/D85I6EG80.html)
Just three easy payments of $136,333.33!
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### Author:  [@Spectre\_of\_Pithecanthropus](https://boards.straightdope.com/u/Spectre_of_Pithecanthropus)
#### Post date: [October 7, 2004, 3:42pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/13 "2004-10-07T15:42:25Z")
> [@astro](#):
>
> [I think this is a genuinely rare coin.](http://apnews.myway.com//article/20041006/D85I6EG80.html)
A gold penny, no kidding!
I knew there used to be silver ones, but this is the first gold one I’ve seen.
Regarding the OP, I’ve noticed another shameful practice in which the TV ads hawk “silver dollars”, or something similar, and then they turn out to be not only silverplated brass, but also not United States coins at all.
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### Author:  [@Chefguy](https://boards.straightdope.com/u/Chefguy)
#### Post date: [October 7, 2004, 4:06pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/14 "2004-10-07T16:06:34Z")
> [@Spectre of Pithecanthropus](#):
>
> I knew there used to be silver ones, but this is the first gold one I’ve seen.
You mean ‘silver-colored’. They were actually made of steel.
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### Author:  [@Chefguy](https://boards.straightdope.com/u/Chefguy)
#### Post date: [October 7, 2004, 4:07pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/15 "2004-10-07T16:07:42Z")
> [@Chefguy](#):
>
> You mean ‘silver-colored’. They were actually made of steel.
Oops, should have looked at the link. I’m speaking of U.S. pennies, of course.
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### Author:  [@Octalcode](https://boards.straightdope.com/u/Octalcode)
#### Post date: [October 7, 2004, 4:13pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/16 "2004-10-07T16:13:52Z")
> [@Early Out](#):
>
> What you’re seeing on TV aren’t the actual rare coins being offered for sale. What they’re selling are modern reproductions of rare coins, usually with a thin coating of gold (unlike the originals, which were solid gold). That’s why they quietly refer to them as “proofs.”
Maybe I’m missing something, but if I manufacture a “reproduction” coin, or any type of currency for that matter, at what point does it become counterfit?
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### Author:  [@Gary\_Robson](https://boards.straightdope.com/u/Gary_Robson)
#### Post date: [October 7, 2004, 4:53pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/17 "2004-10-07T16:53:08Z")
> [@Jinx](#):
>
> a) What’s up with these supposedly rare coins worth millions (artistic license) and you can order for 3 easy payments of $19.95?
Just a quick diatribe on the word “rare.” If there are enough of these puppies out there to sell on a home shopping show, then (by definition) they aren’t rare.
> [@Jinx](#):
>
> b) Why is it legal to sell US currency and stamps, in the first place? You’d think this would ruffle Uncle Sam’s feathers, wouldn’t you? Wouldn’t they want a piece of the action…?
They got their piece of the action when they initially issued and sold the item. It’s like when a first edition book is published and the publishing company gets their $10 (or whatever). Twenty years later, it may be worth $1,000, but that money goes to the person who paid the $10, not to the publisher. Same with coins.
> [@Octalcode](#):
>
> Maybe I’m missing something, but if I manufacture a “reproduction” coin, or any type of currency for that matter, at what point does it become counterfit?
When it’s not clearly labeled as a copy, or when you attempt to pass it off as genuine.
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### Author:  [@Chefguy](https://boards.straightdope.com/u/Chefguy)
#### Post date: [October 7, 2004, 4:58pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/18 "2004-10-07T16:58:34Z")
It’s also a poor idea to buy coins from those gift magazines that have sets in display cases. They are WAY overpriced and you will never see the coin condition stated in the ad, so you don’t know what the hell you’re going to get. I recently saw an ad for “three rare nickels” for only $4.95. ‘Old’ does not equal ‘rare’, and $4.95 is not a bargain for three ordinary coins.
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### Author:  [@MysteryFellow63427](https://boards.straightdope.com/u/MysteryFellow63427)
#### Post date: [October 7, 2004, 5:45pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/19 "2004-10-07T17:45:18Z")
I remember seeing ads in some 60s and 70s US comics for “old/rare coin grab bags” that contained a mixture of coins (supposedly each bag had a chance of containing rare, expensive coins.) Can you still buy grab bags of old coins, and are they ever _not_ a rip-off?
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### Author:  [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)
#### Post date: [October 7, 2004, 5:46pm UTC](https://boards.straightdope.com/t/rare-coins-as-seen-on-tv/267968/20 "2004-10-07T17:46:12Z")
What about US Mint proof sets? Do they ever increase in value or are they just something nice to have for the kids?
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