Coin Collecting on TV

Coin collecting is a popular hobby with a rich history. People collect for many reasons, from historical significance to potential long-term investment profits. Some collectors focus on one particular period of history and look for coins minted during that time; others are drawn to special edition coins that commemorate historic events or anniversaries. Regardless of why someone wants to build a collection, there is a good chance they have the makings of it in their pockets or lying around the house.

As more young Americans embrace a cashless lifestyle, Gen Z coin enthusiasts have shown an increased interest in this traditional pastime. But the new wave of coin collectors should beware the “fool’s gold” offered on TV. According to the American Numismatic Association, a national trade organization for coin collectors, TV shows featuring rare coins are often misrepresenting their actual value.

A common practice among TV shopping network coin dealers is to sell slabbed (encapsulated) coins for multiple times their actual value, describing them as rare and hard to obtain. This is especially true for sets that have a specific theme, such as coins that were all minted in one year or coins that are grouped together based on their grading. This is known as a “spurious set.” These types of sets can be purchased for a fraction of their TV selling price at your local coin dealer.

Jack Miller, a sophomore at Tufts University, has been a coin collector since he was 5. He says his great-grandfather was a coin dealer and he thinks it’s in his blood. He started his own coin collection with wheat pennies, and eventually transitioned into rare varieties of American coins.