Are rare coins worth a lot?

I often hear about rare coins fetching astronomical prices at auctions and auctions houses. It begs the question, are rare coins truly worth a lot? What factors determine their value? Is it just their rarity, or is there more to it? Could a coin's condition, historical significance, or mintage play a role? And how do investors and collectors differentiate between genuine rare coins and replicas or fakes? Understanding the nuances of rare coin investing seems intriguing, and I'm eager to learn more about the complexities that drive their prices.