Rare dimes can be worth thousands, but many people lose money due to avoidable mistakes. Whether it’s selling too soon, failing to identify valuable coins, or improper storage, these errors can turn a valuable coin into a missed financial opportunity. If you’re dealing with rare dimes, knowing what not to do is just as important as knowing what to look for. In this article, we’ll cover five common ways people lose money on rare dimes and how to avoid them.
1. Selling Without Checking for Key Dates
Certain dimes, such as the 1916-D Mercury Dime or the 1894-S Barber Dime, are worth a fortune due to their rarity. However, many sellers overlook small mint marks or key dates, assuming their coin is common and selling it for far less than its real value. Always research key date coins before selling, as even a low-grade 1916-D Mercury Dime can sell for thousands of dollars.
2. Not Recognizing Valuable Errors
Error coins, like the 1969-S Doubled Die Dime or the 1982 No-P Mint Mark Dime, are highly sought after by collectors. Many people fail to notice these rare errors and unknowingly spend these valuable coins or sell them as ordinary dimes. Taking time to inspect coins carefully under magnification or consulting a coin expert can prevent costly mistakes.
3. Improper Cleaning or Handling
One of the biggest mistakes coin owners make is cleaning their rare dimes to make them look newer. While this may seem like a good idea, cleaning a rare dime can greatly reduce its value, as collectors prefer coins in their original, unaltered condition. Similarly, handling coins with bare hands can lead to fingerprints and damage. Always use gloves and store coins in protective holders.
4. Selling Without Professional Grading
A rare dime’s value depends significantly on its condition. Many people sell valuable dimes without getting them professionally graded, which results in much lower offers. Services like PCGS and NGC provide authentication and grading, which can increase the value of a coin by proving its authenticity and condition. A high-grade 1916-D Mercury Dime can be worth up to $100,000, while an ungraded one may sell for much less.
5. Rushing to Sell Instead of Researching the Market
Many people sell their rare dimes too quickly without checking the market trends. Prices of rare coins fluctuate based on collector demand and auction trends, meaning that waiting for the right time to sell can result in much higher profits. Always check recent auction prices and consult with experienced collectors before making a sale.
Owning a rare dime can be a profitable investment, but avoiding common mistakes is crucial to maximizing its value. Before selling, always check for key dates, errors, and condition, and consider professional grading. By taking the time to properly research and handle your coins, you can prevent costly mistakes and ensure you get the best price possible.
FAQ’s:
1. How Do I Know If My Dime Is Rare?
Look for key dates, mint marks, and known errors. Researching online coin guides or consulting an expert can help.
2. Should I Clean My Rare Dime?
No! Cleaning a coin can significantly reduce its value. Collectors prefer coins in their natural state.
3. Where Can I Get My Dime Graded?
Professional grading services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company) can authenticate and grade your coin.
4. Where’s the Best Place to Sell a Rare Dime?
Selling through reputable auction houses, coin dealers, or online marketplaces like eBay and Heritage Auctions can help you get the best price.
5. What’s the Most Expensive Dime Ever Sold?
The 1894-S Barber Dime is one of the rarest and most expensive dimes, with one selling for over $1.9 million at auction.
