Avoid These 4 Mistakes with Potentially Valuable Coins or Bills

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Imagine you’re exploring an old attic and stumble upon a dusty container of coins, or perhaps you find rare paper bills while browsing a thrift shop. These discoveries could potentially be valuable artifacts of history. So, what steps should you take next with these valuable coins or bills?

The initial step involves consulting a trusted coin dealer or collector for their insight. Still, before rushing into an evaluation, Donn Pearlman from the Professional Numismatists Guild offers essential advice on what not to do. Find the details here.

Why Not to Clean High-Value Coins

It might be tempting to polish coins that show signs of aging to enhance their appeal. However, Pearlman warns against cleaning them. “The first recommendation I give to those who suspect they possess rare coins is to avoid cleaning them,” he explains.

He emphasizes that harsh cleaning can diminish a coin’s value drastically. For instance, a shining $1,000 silver coin might depreciate to $100 if cleaned carelessly. If cleaning is necessary, professional services like the Numismatic Guaranty Company offer safe restoration options.

Avoid Touching Coins with Bare Hands

Although feeling the coin’s texture might seem harmless, it’s best to avoid it. To preserve value, handle coins by their edges, preventing fingerprints or oils from affecting the obverse or reverse surfaces.

Prevent Folding Rare Paper Money

If you encounter rare paper currency, resist the urge to fold it for storage. Pearlman cautions against folding valuable notes, especially those with unique serial numbers or other anomalies, as this can lower their worth.

“Additional creases can further diminish the value,” he advises.

Seek Professional Assessment, Don’t Guess

When evaluating the value of coins or bills, it is advantageous to consult with an expert, as suggested by Pearlman. Members of the Professional Numismatists Guild adhere to a principled Code of Ethics in their transactions, where integrity and knowledge guide their evaluations.