Over our 30+ years in business, we’ve seen countless incredible coin collections. We’ve also seen well-intentioned owners accidentally destroy thousands of dollars in value with one simple mistake: trying to “care” for their coins themselves.
This is a true story from our company’s history that serves as the perfect cautionary tale. It’s about a gentleman in Texas who, with the best intentions, made two of the most common and costly errors in coin collecting.
Case Study: A Collection with Huge Potential
A seller contacted us about his large collection of Lincoln Wheat Cents and a small set of Morgan Silver Dollars. The collection included a major rarity: an 1893-S Morgan Dollar, a key date that can be worth tens of thousands of dollars in high grades.
The seller was rightly proud of his collection and wanted to take good care of it. However, his methods, based on things he’d read online, were disastrous.
Mistake #1: Improper Storage (The Olive Oil Bath)
Based on a misunderstanding of how ancient artifacts are sometimes preserved, the owner had submerged all of his Lincoln cents in olive oil, stored in various plastic containers.
Why this is a mistake: Coins should be stored in chemically inert, professional-grade holders (like flips, tubes, or slabs). Household plastics and substances like olive oil can react with the coin’s metal over time, leading to permanent surface damage, residue, and environmental harm that ruins their value.
Mistake #2: Cleaning the Coins (The Silver Polish)
A few days before our scheduled visit, the seller decided his silver dollars weren’t shiny enough. He took out a metal polish and cleaned the entire set, paying special attention to the rare 1893-S. In that moment, he wiped away nearly all of its potential value.
Why this is a mistake: You should NEVER clean your coins. The original, natural toning (patina) and surface luster are essential to a rare coin’s grade and value. Cleaning a coin, especially with an abrasive polish, creates microscopic scratches and removes this original surface. An expert can spot a cleaned coin instantly. A rare coin that has been cleaned can lose 90% or more of its value.
[Image showing a comparison: a coin with natural toning next to a harshly cleaned, unnaturally shiny coin.]
The result of these mistakes? We never made the trip to see the collection. The value had been permanently destroyed.
How to Actually Take Good Care of Your Coins
The lesson from this story is simple: the best way to care for a potentially valuable coin collection is to do nothing at all.
Handle coins by their edges, store them in a dry place, and resist the urge to clean them. The less you do, the better.
Let Our Experts Handle Your Collection Safely
If you have a collection you believe is valuable, don’t risk making these common mistakes. Let our team of professionals evaluate your coins safely. We understand how to handle and grade rare coins to preserve their maximum value.
Our appraisals are free, confidential, and come with no obligation. We can tell you what you have and what it’s worth before a simple mistake turns a treasure into a tragedy.
Contact us today by email, text, or the form below to get started.
