How to Destroy a Coin's Value in Mere Seconds by Peter Rexford on Creators.com

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How to Destroy a Coin's Value in Mere Seconds

It's so easy to date myself while writing this column. I suppose that's understandable considering the very topic of collectibles suggests something from the past. For instance, those who grew up in cities and larger towns may well remember the "hobby" sections in department stores. These were wonderlands filled with chemistry sets, stamp, coin books and albums, bug or rock collecting materials, rocketry kits and most anything else imaginable.

Those days are gone. The hobby shops that still exist are rare mecca's for the precious few people left who can survive without a computer screen, digital tablet or smart phone attached to their face.

Of course, in all hobbies we've learned a lot over the years. One thing coin dealers and collectors everywhere hope has been learned is that you never clean a coin. For many that will seem too obvious to even mention. Not so fast. It wasn't that long ago in those same hobby departments that one of the staples being sold was a coin cleaning kit. Tragically, it consisted of some sort of chemical solution and a wire brush. Next to putting a coin on a train track, there's no quicker way to destroy its value than by cleaning it.

Even today, it's common to see an ad for a silver or copper cleaning solution. It's touted as the easy way to clean just by dipping to remove "years of tarnish." And yes, they mention coins. Along with the tarnish, these products will also effectively remove hundreds or even thousands of dollars in numismatic value.

The reason for this is that on all coins produced there is something called a patina on the surface. Over time, that patina can rub off naturally with regular wear. But by cleaning, it will be stripped off in seconds. Collectors and dealers look closely to see if that patina is there.

If you cleaned coins as a kid to make them shiny, don't feel bad. You're in good company. Years ago, even many advanced collectors thought an extra sheen on coins in their collection would be a plus. Some polished them by hand with a cloth or brush. That's bad enough. But the very worst came when a select few — including one very rich and prominent foreign collector — decided his coins would best be polished in (I'm not making this up) a rock tumbler.

It goes without saying those coins are now worth a mere fraction of what they might have been.

Because so many coins have been cleaned, those that haven't can bring a massive premium. In their natural state it may be tempting to clean them, but it will pay off to leave them alone. Some collectors pay a hefty premium for coins with colorful natural toning. Even uncirculated silver coins that have darkened over time may be "ugly" but can have more detail and value if not cleaned.

Confusing as it may be, there are temporarily rare exceptions. For instance, recently two spectacular 1883 silver dollars struck at the Carson City, Nev., mint were sold at auction. They were both in "proof" condition. One with beautiful toning was graded Proof-65 — a very high grade. It sold for $149,500 — a very high price. At the same time, an example with the same date with no toning and a pure silver appearance sold for $184,000. Amazingly, it had a lower grade of Proof-64. Here's the kicker ... the second coin had been professionally cleaned.

So did I just kill my entire argument? No. While some coin experts were baffled at the different prices, others attributed to a continued longing for shiny coins. That may be true but temporary because, in the long run, I firmly believe the more rare, noncleaned coins will be far more valuable than their cleaned counterparts.

One final thought to completely confuse the issue. Should a potentially rare coin be so dirty or encrusted in something (such as those from shipwrecks) there is a service that specializes only in cleaning and conserving it. Numismatic Conservation Services has handled distressed coins from shipwrecks to select pieces in the National Coin Collection at the Smithsonian.

Even for armchair curiosity seekers, the proof of their work on their website is worth looking over. You can check it out at NCSCoin.com. And for the record, if any company could ever use the phrase, "Please! Don't try this at home!" it's these guys.

Editor's Note: A JPEG visual of a toned and "clean" 1883 silver dollar has been sent with this column.

To find out more about Peter Rexford and features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.