When hiring student employees for my coin business, I often asked, “What is something worth?” The answer I was looking for was simple: What someone else is willing to pay for it. This business-centric answer highlights the fundamental principle of coin valuation.
A Rare Find: The US Proof 1975 Roosevelt Dime
Take the US Proof 1975 Roosevelt Dime with a missing mintmark, for example. Recently, this coin made headlines when it was graded Superb Gem Proof-67 with a CAC sticker by PCGS. While it may sound like a rare treasure, it’s important to understand the context.
This coin is part of the 585 million 1975 Roosevelt dimes minted at the Philadelphia Mint that lack a mintmark. However, only a select few—like the one recently auctioned—are considered valuable. The other specimen of this coin, graded Superb Gem Proof-68, was sold for $456,000 in 2019. The newly discovered dime will likely fetch a similar price at auction, reaffirming the idea that true value comes from rarity and the market’s willingness to pay for it.
Common Coin Defects vs. Real Rarities
Coin collectors often dream of finding valuable errors or misprints, such as the famous “In Cod We Trust” US 1976-D Bicentennial Quarter. The caller I spoke with had seen similar coins listed on eBay for up to $10,000. However, simply listing a high price doesn’t make it valuable.
To truly determine the worth of a coin, collectors should check completed sales and avoid inflated prices from unscrupulous sellers. Many coins are marketed at high prices but rarely sell for such amounts. For example, numerous “In Cod We Trust” quarters on eBay are sold for just a few dollars. If a coin isn’t listed in reputable reference catalogs like The Redbook, it’s unlikely to be worth much.
Scams and Misleading Listings in the Coin Market
The internet is rife with headlines promoting coins worth millions due to minor defects. For instance, one story claimed that a coin could be worth $47 million—an amount that no coin has ever reached in actual sales. These sensational headlines often mislead inexperienced collectors. Scammers might even inflate prices through fake sales or inflate demand by posting the same coin multiple times. It’s crucial to be cautious when assessing coin value and to seek expert advice.
A Rare Exception: The Charlotte Mint Quarter Eagle
Despite the abundance of minor coin defects, there are rare exceptions. A coin from the Charlotte Mint, a US Quarter Eagle from the 1840s, is a prime example. This coin, once part of a family’s heritage, was graded as one of the finest surviving examples from the Charlotte Mint. It proves that sometimes, even among thousands of coins with minor flaws, there is a true treasure to be found.
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The Market Determines True Worth
Ultimately, the worth of any coin is determined by market demand and rarity, not just its defects. While many stories of valuable misprints or defects circulate, only coins with genuine rarity and historical significance can command top prices. As a coin dealer, I’ve seen countless examples of minor defects that don’t hold value. However, the thrill of discovering a true numismatic rarity is always a possibility—just not every day.
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