Coin collecting has endured many threats. The U.S. Mint banned private ownership of gold in 1933 and later removed mintmarks from coins between 1965 and 1967, believing collectors were hoarding coins. China starting flooding the market with counterfeits. But now the biggest threat is social media, promising huge rewards by finding ultra rarities in pocket change.
Consider this ludicrous post:
Let’s dispense with that get-rich prospect for now so we can focus on some of the daily rubbish veteran hobbyists see across Facebook coin groups.
For that, I am going to need machine intelligence because human intelligence has failed.
Iowa State Virtual Realty Lab.
I work at an institution of science and technology. In addition to being a collector, I am a distinguished professor whose research expertise includes artificial intelligence. I have access to top machine intelligence. I asked about odds of finding ultra rarities–copper war cents, 1982-D Small Date 3.1 grams, 1969-S DDO–and created the chart below.
You will have better luck winning the Power Ball lottery.
Clickbaiters make their money off of newbie ignorance. Let that sink in. The more you visit their sites, the more gullible they can make you, believing their outrageous lies, the more money they make. And they make it by deceit, exaggeration and manipulation.
To understand the effectiveness of that ruse, what in the world would prompt a person to think the coin below is an error?
Before social media, hobbyists would look at this coin and become upset because it no longer fits in a pop machine. But today’s so-called “collector” sees the same coin and thinks it left the U.S. Mint that way and could be worth thousands.
Worse, hopelessly damaged coins like this are being offered for crazy amounts, fueling the ruse. This is an example from Etsy:
What is the impact of all this?
Collectors are drawn to the hobby because it teaches history, culture, art, science and metallurgy. Facebook newbies have no desire to learn the hobby. They have been trained by Google and now AI to get answers on demand without doing any reading or study.
That impulse is the antithesis of numismatics.
In our time, a few decades ago, the intent was to collect, not to enrich, but to learn; so when we asked questions, we did so knowing proper numismatic terminology. There was never an intense interest in error coins because it was an unpopular facet of collecting. But those few who embraced the genre knew what they were looking for, researching errors that third party grading companies actually would holder. They also knew that a mere few error coins required microscope magnification to see. All they needed was knowledge and a loupe.
Daily we see on Facebook, YouTube, Instagram, eBay, etc., ridiculous posts like this that constitute the majority of photos and ads across coin groups.
As a result, we get questions and photos like these:
I am triggered by the constant parade of damaged pocket change. I try to think of ways to inform newbies who post such coins:
Many coin group moderators remind their members to be civil–a good rule, actually; but veteran hobbyists also have a breaking point. The vast majority of photos across FB groups feature some of the ugliest coins in circulation, an affront to our love of the hobby.
Some examples:
Gone is the beauty of coin collecting as well as learning about art and culture. The above coins say something about the current culture of the United States: We’re bored. We need a pastime. Instead of Wordle, let’s look for error coins and get rich trying!
In a word, these newbies want affirmation, not information. The best we can do is offer fact-based opinions–whether civil or not–to enlighten or startle these error-hunters out of their malaise.
Sometimes I lose patience and become snarky, as in this exchange:
Typically I end articles with recommendations to address the topic or problem of the post. I can’t do that here. I am flummoxed.
So you tell us: What can be done?
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