Whether you’re a collector of old coins or are simply fascinated by the history of currency, you might be intrigued to know that many preconceived notions about these subjects aren’t true. Here are three of the more interesting fallacies about coins and currency.

What Are Some Myths About Coins & Currency?

1. The Oldest Coins Are Worth the Most

It may seem like the older the coin, the more valuable it will be to a buyer. But age doesn’t always play a significant role in the value of a piece. It’s affected more by supply and demand. If a rare old coin exists and everyone wants it, its value will soar, whereas multiples of the same coin aren’t likely to be worth much.

2. The Government Prints Paper Money

It’s a common misconception that the government simply prints paper money. Creating currency is actually the Federal Reserve’s responsibility. As the nation’s primary banking system, it balances the money supply without causing inflation. Printing new money to pay a debt would backfire, unless there was a sudden surge in economic activity. Otherwise, there would be more money and fewer goods.

3. The Most Valuable Coins Are Clean

Clean coins may be appealing to the eye, but they aren’t necessarily the most attractive to buyers. Shining the surface of an old coin, for example, can damage it if chemicals alter the metal’s composition. This irreparable damage will immediately devalue the piece. It’s best to keep your coins in their original condition so you can get receive a fair assessment of their value.

Do you have a potentially valuable old coin in your possession? Visit Hawaiian Islands Stamp & Coin in Honolulu for a fair, honest appraisal. Serving the community since 1973, the company is the area’s leading authority on paper money, gold, silver, stamps, and collectible items. Visit the website to browse some of their coins for sale, or call (808) 531-6251 to make an appointment today.