Here is the Official Disney Pin Trading
guide.
One notable addition is the new update indicating that "counterfeit" and "lower quality" pins will no longer be accepted for trading.
They are typically referring to the "fantasy pins - have characters resembling Disney characters / implied Disney characters / very out of character Disney characters or incorporate unlicensed elements such as McDonalds, characters of other companies, ribbons for cause. Counterfeit/overrun pins - typically identified by extremely off color characters / poor paint quality / identifiable border on the background / missing, misplaced, typo copyright elements.
Lower quality can also include genuine Disney pins that due to abuse/damage are no longer acceptable for trading.
But here's the problem - several recent releases of Disney pins appear to be suffering from poor quality control and show "odd" painting errors - eyes looking off or character faces seeming to be slightly off character. Some backside markings appear to have an apparent border to them. And these pins are fresh off the rack from Disney. Other counterfeit pins are of such high quality that they can easily fool even an experienced trader who may not have encountered the original item or has not taken time to do a careful examination
Best options for new trader
1) Collect what you like / want to keep.
2) Unless proven otherwise, assume all Hidden Mickey pins are suspect. By all means feel free to trade for them, but don't rush out to buy or trade a high dollar pin to get one.
3) The best place to build up pins to trade are the official Disney surplus and outlet stores.
4) Jerry Leigh (a licensed Disney producer) pins, typically sold outside the park at souvenir stands are both collectable and very tradable.
5) Some Disney pin shops near the parks are also excellent places to get large numbers of relatively inexpensive pins to trade.
6) Most importantly, this is supposed to be a
FUN hobby. Collect what you like and don't concern yourself with secondary market / what can I sell it for. You'll have more fun and it's a great way to interact with other guests/cast members. If you later want to get into trading for higher level pins, there are always new "must have" Limited Edition pins coming out. And with time, you can typically find someone willing to trade (or sell) an older LE pin to get the newer one. After all sometimes the pursuit of that elusive pin is more rewarding than obtaining it, and you will make lots of new friends along the way.