Coin Greenhorns – Arghhh

Do you watch the Glenn Beck show?

Whether you agree with him or not, he does have an interesting way of looking at economic issues. He uses props and visual examples to get his point across.

But as recently as last week, he just grated on the nerves of all the numismatists watching his show – not because of his viewpoints but because of his novice treatment of coins.

He discussed the value of the dollar and how the US used gold at one time to back our currency. For his props, Mr. Beck  used dollars and gold coins to help explain the gold standard.

Now perhaps these coins were fake – we hope so, regardless he should have treated the coins with much more respect! And, if they were not fake and came from his or someone’s collection, he just reduced their value

He handled the gold coins as if they were much circulated quarters you would find in your pocket change.

Consider this, he is a spokesperson for a gold company out of California and claims to be a customer of theirs. One would think he would have better knowledge of how to treat coins – especially investment and/or collector grade coins.

One hopes he has since learned that you protect valuable coins in holders and that you never, never, never, ever put your thumbprints and fingerprints on the obverse and reverse of valuable coins.

As any dealer or experienced numismatist will tell you, if the coin is not in a holder, hold the coin gently but firmly by the rim between your thumb and forefinger. Clean hands are important here. If it is a very valuable coin (it should be in a holder already), only hold it with special cotton gloves that have no chemical content.

Similarly, some dealers and numismatists cringe if you grasp a coin in a protective holder by other than the edges of the holder. They don’t want any fingerprints or scratches on the holder either!

So, for you folks new to collecting – either as a hobby, an investment or both – please be careful how you hold coins. You should be careful with those you own just as much as those you want to view for potential purchase.

It’s important to protect the coins to protect their value.