Before You Buy That Coin: Know Your Stuff or Keep Your Wallet Closed
One of the fastest ways to lose money in coin collecting is buying something you don’t understand.
There’s no checklist that can replace actual knowledge. If you don’t know what the coin should look like, you won’t know what’s off when you see it. And once the cash is gone, it’s usually gone for good.
This isn’t gatekeeping. It’s just reality.
1. Don’t buy what you don’t know
If you’re not confident in identifying the real thing, don’t reach for your wallet. Screenshot the listing. Look up examples. Ask people who know. Take your time and get familiar.
This hobby rewards patience and punishes shortcuts.
2. Don’t trust someone who’s pushing you to buy
The worst advice often comes from people pretending they know more than they do. That includes sellers who “authenticate” their own coins without credentials, or pressure you to act fast before someone else grabs the deal.
If you’re not sure, walk away. There will always be another coin. No, seriously. Walk away.
What to do instead
If a coin catches your eye and you’re not completely sure it’s real, pause. Take a screenshot and start comparing it to known examples.
Use tools like the PCGS CoinFacts app or a trusted reference book. Look beyond the date and mintmark. Pay attention to the shape of the letters, the placement of the mintmark, and any small details that stand out. Coins from the same issue should look extremely similar. If something feels off, it probably is.
Be careful where you ask for help. Reddit and other forums can be useful, but if the coin is a legit bargain, someone might find it and buy it before you get a chance. A quick reverse image search is all it takes. When possible, ask for second opinions privately or after you’ve locked in the deal.
Slow down. Use your tools. There will always be another coin.
If you don’t have the time to do it right the first time, you sure as hell don’t have the time to do it twice. Buy smart or don’t buy at all. A fake in your hand isn’t a lesson—it’s a tax on impatience. Slow down. Learn the signs. Protect your wallet.