How to Clean Coins – Don’t Do It!
If you are looking to clean old, rare, gold or silver coins…
My initial advice to you is to NEVER EVER CLEAN YOUR COINS.
In most cases, cleaning your coin will ruin the monetary value of your coin substantially. You will get that same advice from any coin dealer or coin collector you talk to. Coin collectors want coins in their natural condition, which means those little fine scratches and bits of dirt are acceptable. So again, my advice to you about cleaning coins is DO NOT CLEAN YOUR COINS EVER.
The only person that should clean coins is a professional. If you have a coin that you think needs to be cleaned, take it to the professional and ask them first.
One type of coin cleaning that you have probably seen is for treasure coins, old coins that were found in shipwrecks. These coins usually have a lot of dirt and barnacles growing on them. In those cases an electrical process is typically used to remove the dirt and debris. This cleaning process does not physically alter the surface of the coin.
The most common mistakes I see in cleaning coins is when someone cleans a coin with baking soda, a scour pad, soap and water or some kind of chemical.
I have actually seen a $20,000.00 coin become a $3000.00 coin all because a customer cleaned it!!!
They called me on the phone and said that they had a twenty dollar proof gold coin that they wanted to bring in. I told him it’s probably worth about $20,000.00 to $30,000.00. When he comes into the store, I look at the coin and it has lines all over it. I ask him, “What did you do?” He says, “Well, it was all dirty and discolored before I came in so I cleaned it.” What he did was lose about $20,000.00 because he cleaned his coin.
Let this be a lesson to everyone, NEVER CLEAN YOUR COINS!
With gold and silver down this morning – following a mysterious vertical plunge last night (once again) – we thought ConvergEx’s Nick Colas’ timely discussion of gold was worthwhile. As he notes, Gold is the ultimate personality test for investors. Some hate it, excoriating its adherents for their lack of faith in human ingenuity – gold has been valuable since before humans could write. And some swear by the yellow metal, in the belief that it is the last vestige of rationality in a world of financial assets manipulated by central banks and opaque trading venues. What gets lost in the wash is that gold is a commodity and can be analyzed as such. On that basis, here is the ‘Top 10’ list of real-world fundamentals for gold.
Read more here..
10 Things You Didn’t Know About Gold
China’s role in the global silver market has dramatically changed over the past decade. Once a small player in the global market, China today is the world’s leading market for both physical investment and paper trading of silver futures and other similar products, and is the second largest silver fabricator today. Chinese demand for the white metal is expected to achieve further strong growth in the years ahead, according to a report by Thomson Reuters GFMS released today by the Silver Institute…
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China Playing a Major Role in Global Silver Market
Rare gold coin may fetch up to $4 million at Georgia auction
Published May 16, 2012
“An auction gallery in Georgia is selling what’s believed to be one of the rarest coins ever made in the United States — a $3 gold coin estimated to be worth up to $4 million.”
Read More Here: Rare gold coin may fetch up to $4 million at Georgia auction
Turk – Expect Tremendous Chaos, Europe Deteriorating Rapidly
“When asked about the decline in gold and silver, Turk responded, “It depends on how you look at it, Eric. The decline looks worse in dollars than euros because the euro itself has been declining against the dollar. But here is another way of looking at it.
When crude oil was $107 a barrel a few weeks ago, with gold at $1650, a barrel of crude oil cost 2 grams of gold. Now with crude oil at $94 and gold at $1550, a barrel of oil only costs 1.9 gold grams. So, by owning gold, your purchasing power over the last few weeks increased by 5% versus oil.
Admittedly, one would have done better if they were holding dollars, but who wants all that risk? You have to find a safe bank to place those dollars, and then be guaranteed that the Fed is not going to launch QE3. You would also need to be guaranteed that the federal government is going to drastically shrink its deficits. ”
Read More Here: Turk – Expect Tremendous Chaos, Europe Deteriorating Rapidly