Check Your Pocket Change for Valuable Coins

You could have a valuable coin or two jingling around in your pocket. We really don’t look at the coins in our pockets, we just give them to a clerk or feed them to a vending machine. It is perfectly possible, however, that you might have a valuable coin in there. When you think about all the change that has passed through your hands, it’s even probable. You could have had your hands on a coin or two worth hundreds of dollars!

Valuable Error Coins

The valuable coins most likely to go unnoticed are error coins. They get passed over because, superficially, they don’t look any different than other coins. Even if you make it a habit to check the dates on your coins, you could easily still miss an error coin. You have to take a closer look.

Error coins are produced when a die miss-strikes a coin blank or has a defect in it. The die may produce a double image on one side of the coin, the images might not line up correctly or there may be a defect mark on the coin. If the mint discovers that a die is creating error coins, of course they correct the problem as quickly as possible. They also try to recover the error coins. So, when error coins do get into circulation they can be quite valuable.

Double Die Errors

Some of the more valuable coins have a slightly doubled image on one side. If the entire image is doubled, it is a double strike. If just part of the image is doubled, however, it is because the double image is on the die that stamps the coin. As you can imagine, these are very rare and valuable coins.

The most valuable double die coin is a 1969 S-Lincoln penny. It is very rare and, if it’s in decent condition, could be worth $35,000 or more. Unfortunately, if you do find one, it’s likely to be a counterfeit. Have it checked by an expert before you get too excited.

Axis Rotation Errors

These errors are actually fairly common in the new State quarters. The images on the obverse (front) and reverse (back) of a coin should be exactly 180° apart. If you hold the coin with the obverse straight upright and rotate it, the reverse should be straight downright. If it’s not, the die wasn’t lined up right. If both sides are straight up (a full 180° rotation), the coin could be worth about $20.00.

Die Defects

Sometimes the die develops a defect that gets stamped onto coins. Two examples of die defects are the 2004-D “Extra Leaf” Wisconsin State quarter, and the 2005-D Speared Bison nickel. A defect in the die for the Wisconsin quarter made an image that looks like the ear of corn on the back of the quarter has an extra leaf. A defect in the nickel die makes it look like there is a spear sticking in the bison between his front and rear legs.

You never know what you might find in your pocket change. There’s probably not a valuable coin there. But you won’t know unless you check it out, will you?

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Article Source: http://EzineArticles.com/?expert=Bryon_Wenrich

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Front of Morgan Dollar

Getting the most accurate silver dollar price can be difficult. Silver coins have been used in the United States since 1794 and while that was more than 200 years ago,, not all coins are considered to be exceptionally valuable. The United States mint produced a good number of these coins over their lifetime. Today’s silver dollars are not minted for regular circulation but more so for collectors. Still, those who have a shiny silver dollar in their hand often want to know the value of it.

Older Is Better

One factor that greatly affects the value of the silver dollar price is the age of the coin. The oldest coins, the 1794 silver dollars or Flowing Hair Liberty dollar coins, are thought to only have 2000 pieces struck. This makes them rather valuable. The 1795 coins are much easier to find though and the value of them is often considered far less valuable. These older coins could provide more value if they were in good condition.

Rarity Helps

Another factor in the cost considerations for the rarity of the coin. There are many coins considered rare, including the 1794 silver dollars. But, perhaps the most widely known coin valued as one of the most valuable coins in the world is the 1804 silver dollars. These coins are valuable mainly because there were no coins minted dated 1804 until these coins were produced. That may seem odd but what makes these coins odd is that they were actual struck in 1836, years after the Mint found the mistake. Although there were coins were minted in 1804, they were dated 1803, simply because the cost of changing the striking device was too expensive. In 1836, the government decided to produce a very small set of 1804 silver dollars (it is believed there are only 15 of these). These were never meant for circulation and were actually given to foreign leaders and dignitaries instead. One of these coins came to market in 1999 and sold for some $4 million dollars.

There are other silver dollar coins that are considered to be valuable.

• The 1878 CC Morgan Silver Dollar
• The 1891 CC Morgan Silver Dollar
• The 1893 S Morgan Silver Dollar
• The 1928 Peace Silver Dollar

These are some of the more rare coins and the ones that coin collectors are regularly looking for. You can find the values of any of these coins by simply looking at the web. There are various websites that provide detailed information about the value of the coins. Aside from some of the most rare coins as mentioned earlier, most silver dollar price points will range from face value up to a few hundred dollars (if they are considered somewhat rare.)

Although silver dollars were not used heavily in circulation, they are considered to be important pieces for those who collect coins. In fact, they are some of the most sought out of coins today, often because of their larger size and interesting stories. You can find accurate price information online.

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Whatever the reason, coin collecting has been a popular hobby for many for ages.  On this site you will learn about coins from all periods in time, from all over the globe, but let us first begin with a history of ancient coins – keep in mind that there are so many facets behind the history of coinage including minting, artwork and images, collecting, economics, etc., that we thought it best not to cover it all in detail in this article, but you can follow the links in this article and browse the site for more detail.

The Early History of Coins 

Coins originated out of the desire to make the bartering process easier, and from their earliest inception, coins were made of metals, and often silver and gold.  The amount of gold or silver in the coin determined how much it was worth – whereas today it is the face value, rather than the actual value of a coin that determines its worth.  One of the earliest written accounts of the use of gold and silver used as money is the Biblical account of Abraham using shekels of silver (bars) for a purchase in the cave of Machpelah.  A Shekel in the Bible was a unit of silver or gold. 

Thanks to a recent discovery, the earliest known coins date back to 2000 to 4000 B.C. Turkey at a Thracian site in Tekirda, where archeologists found over 477 ancient coins.

Coins date as far back as the 11^th century B.C. in the East, we know this because the first cast copper coins from the Shang Dynasty have been found in a Chinese tomb. 

Western cast coins date back to at least 643 to 630 B.C. in Lydia.  These pale yellow coins were made of a naturally occurring mixture of silver and gold called electrum   The Lydians would take a fixed amount of electrum of a certain purity level and make them into bean shaped balls and then stamp them with official symbols.  By 550 B.C., coins were being struck throughout the world.

By the first century, the Roman empire was producing coins with the images of emperors on them.  The Byzantine Empire produced coins including very thin gold coins that beared Byzantine emperors as well as the Christian cross. 

While the Romans portrayed Emporers and crosses on their coins, the Greeks portrayed their gods and goddesses.  These early Greek and Roman are quite popular today among collectors.

Many ancient coins also originated in Persia.  Under Cyrus the Great between 600 B.C. and 529 B.C., the Persian Empire became very powerful, and captured Sardis in Lydia in 546 B.C..  Persians then started making their own coins in Lydia (since they were already making coins – one of the earliest civilizations to make them).  In 521 Darius I became king and issued his own gold coins:  the famous “Darics” or “archers,” which portrayed a kneeling King Darius holding a bow and a spear.  Subsequent leaders Xerxes and Alaxerxes continued issueing Darics.  These days, many Darics are listed as ancient Greek coins.

In 1279 the Mongols developed a coinage system which was used until 1878, little is known about them since these medeival Islamic coins have not been studied much.  Perhaps because they did not have portraits like other coins?  Islamic/Arabic coins before the 20^th century had only inscriptions, often from the Koran, since the Koran prohibits graven images. 

In the far east, silver was most widely used for coinage.  Early Asian ingots were cast from silver and then marked with the purity of the piece of silver, the merchant, and the denomination.  Round coins did not appear in Japan until 1870 and did not surface in China until1889.

In the rest of the world, coins were struck by hand until around 1500, when the Italians started using mills to punch out uniformly round “planchets,” and then using screw presses to create images on them. 

By the time the Americas were discovered, most civilizations were issuing their own coinage.  While colonists did use British coinage (as well as other European money), they saw a need to create their own, too, and since silver was prevalent in colonial times, they began creating and using large silver pieces.   By 1792, an official U.S. mint was created, and the rest is numismatic history.

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There have been 11 different designs, and the first, designed by Benjamin Franklin, was struck in a private mint in 1787, and was called the Fugio cent.  It was made of pure copper, and Paul Revere, who was a blacksmith at the time, provided some of the copper for some of the early pennies.

Indian Head Cents – 1859

The most notable cent after Benjamin Franklin’s is the Indian Head Cent.  The U.S. government began producing a new one-cent coin in 1859 – the Indian Head Penny – and this was produced until the Lincoln Cent replaced it in 1909.  James B. Longacre created the obverse design of the Liberty head in full Indian headdress.  The reverse had the denomination and a laurel wreath surrounding the words “one cent.”  After 1859, the laurel wreath was replaced with oak leaves and a small shield was added to the top of the reverse. 

Except for a few coins minted in San Francisco from 1908 to 1909, all Indian head pennies were minted in Philadelphia.  The ones minted in San Francisco have an “S” mark at the bottom of the reverse of the coins, while the Philadelphia ones have no mint marks.  The “S” marked Indian cents are scarcer and more valuable than the others.

The Lincoln Cent – 1909

This was the first portrait coin of the U.S., and noted sculptor Victor David Brenner designed the portrait of Abraham Lincoln for the penny.  The penny also had the date inscribed on it, as well as “LIBERTY” and for the first time on a one-cent piece, “IN GOD WE TRUST.”  This term was authorized by an Act passed during Lincoln’s presidency.

The Wheat Penny – 1909

A Lincoln cent without the term “IN GOD WE TRUST” was also approved in 1909 – this was a penny that bore two heads of wheat, between which are the denomination and the term “UNITED STATES OF AMERICA.”  The upper border contains the American national motto, “E PLURIBUS UNUM,” meaning “One out of Many.” 

The designer’s name was on the original model, but fearing that it would be too prominent, only his initials, VDB, were pressed in the first release.   This still seemed too distracting, so the initials were removed completely until 1918 when they were added back but in very small print just under Lincoln’s shoulder. 

Due to limited metals in WWII, the now 95% copper, 5% tin and zinc combination was changed.  These metals were needed for the war and the mint was forced to find a substitute.  After considering a number of options, even plastics, zinc-coated steel was the final choice.

The Steel Cent – 1943

And thus the steel cent entered the scene.  It consisted of low grade carbon steel wit a .005 inch thick zinc coating to prevent rust.

The Memorial Cent – 1959

To celebrate the 150^th anniversary of Lincoln’s birth, the U.S. mint issued a memorial cent on February 12, 1959.  Frank Gasparro, the Assistant Engraver at the Philadelphia Mint, submitted a design to be placed on the reverse of the penny, and his was chosen over 22 other designs submitted by Mint employees. 

At the center of the design is the Lincoln memorial, with the terms “E PLURIBUS UNUM” and “UNITED STATES OF AMERICA” as well as the denomination.  The designer’s initials, FG, appear near the shrubbery on the right. 

Changes over the Years

From this point on, the basic design would stay the same, but small changes would be made.  This is why so many people today like to collect as many “Lincoln Cents” sets as possible, to have a visible reminder of the penny’s transformations over years of American history.

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The dime’s composition consisted of 89.24 percent silver and 10.76 percent copper until 1837, when it was changed to 90 percent silver and 10 percent copper.  It remained this way until 1964; at this point the silver was removed and replaced with cupronickel.

Draped Bust Dime  (1796–1807)

The Draped Bust was the first dime, and it contained no markings indicating its value.  Early dimes were not regularly minted, and the Draped Bust was not minted in the years 1799 and 1806.  The design that was used on the obverse (after some delay and debate) was created by Robert Scot, an amateur Mint engraver.  His image of Lady Liberty looked more feminine than previous portrayals – she also has flowing hair and is “draped.”  On some there were 16 stars (representing the 13 original colonies and Vermont, Tennessee and Kentucky), but the Mint had to switch to 13 stars in 1797.  The reverse has the image of an eagle surrounded by a wreath of vines.

Capped Bust Dime (1809–1837)

The dime had no value markings until 1809 when the Capped Bust dime was issued; this one bore a “10 C” marking on the reverse.  This dime was minted only during the years 1809, 1811, 1814, and 1820.  Dimes have been more regularly minted since 1827, though they have had very limited mintage during some years.

Seated Liberty Dime (1837–1891)

The Seated Liberty design had debuted on the dollar coin in 1836, and in 1837 it was incorporated into the dime.  This design lasted for a long 54 years, until the Barber dime was introduced in 1892. 

Barber Dime (1892–1916)

This design was issued until 1916, and one of its series is particularly notable for collectors – the “1894-S.”  There are only 24 1894-S dimes that are known to have been made, and only nine known of in existence today.  One of these sold for $1.3 million in a 2005 auction!

Winged Liberty Head or “Mercury Dime” (1916–1945)

This is actually my favorite coin, ever since my dad gave me one of his when I was a young girl just starting out in coin collecting, and apparently I’m not the only one who finds it so appealing, it is a popular among collectors and thought to be one of the most attractive coins around.  The designer was a German immigrant and student of Augustus Saint-Gaudens, whose traits of Romanticism were evident in the engraving.  The obverse design is a depiction of Lady Liberty, but many people thought it was the Roman god Mercury, hence its nickname.  The wings that are crowning her cap were meant to represent liberty of thought.

Roosevelt Dime (1946–present)

This dime was created to honor President Roosevelt and was decided upon because of his notable founding of the National Foundation for Infantile Paralysis, AKA the March of Dimes.  It was in this year that the silver was removed and replaced with 75 percent copper and 25 percent nickel, it has a copper core surrounded by nickel.  This design is still in circulation today.

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Liberty Quarter – Draped Bust  (1796-1807 ) 

The first quarters were issued in 1796 and like most other early American coins, were made of silver.  In 1873 the U.S. government thought that the coin was too lightweight so more silver was added.  Like the dime, though, the silver was removed in 1965.  In the quarter’s case, it was replaced with an alloy of 91.67 percent copper and 8.33 percent nickel.

Robert Scot designed the first quarter, and he portrayed Lady Liberty with a serious look.  The design changed over the years, but the theme remained the same.  Sometimes only the bust of Lady Liberty was impressed on the coin, sometimes the full figure; here are the differences over the next years:

Liberty Quarter – Capped Bust  (1815-1838) 

A German engraver by the name of John Reich created this version’s design.  Soon after he arrived in America, he got a design job at the Philadelphia U.S. Mint in 1807.  This design featured Lady Liberty facing left on the obverse of the coin, surrounded by thirteen stars, with the date on the bottom.  Lady Liberty was portrayed as a full-bodied woman, perhaps indicative of the typical European woman of the time.   In this version Liberty wore a cap inscribed with “LIBERTY.” 

Liberty Seated (1838-1891) 

There are several different versions of the Liberty Seated Quarter.  From 1838 to 1866 the quarter had no motto, in 1853 rays and arrows were added, from 1854 to 1855 the quarter had arrows but no rays, from 1866 to 1891 the quarter got a motto, and from 1873 to 1874 the Seated Liberty went back to just having arrows.

Barber or Liberty Head  (1892-1916)

The Barber Quarter is rare in that it is named after its designer, Edward Barber.  The design features a bust of Lady Liberty facing right and wearing a Liberty cap with a laurel wreath. The motto “IN GOD WE TRUST” is above her, and the date below.   There ae also 13 stars on the obverse.  The letter “B” for Barber is engraved on Lady Liberty’s neck.  The reverse features an image of the Great Seal of the U.S. and an eagle with arrows in one claw and an olive branch with 13 leaves in the other.  The eagle’s beak holds a ribbon with the motto “E PLURIBUS UNUM.”

Standing Liberty (1916-1930) 

In the year 1916, Liberty actually had an exposed breast.  This was too much for the American people, so in 1917 the breast was covered.

The eagle image changed over the years, too.  At first the eagle image was small, so small that people thought it looked like a pigeon, so over time the eagle grew. 

The Washington Quarter (1932-1998) 

It was on the bicentennial of George Washington’s birthday in 1932 that the image of Washington replaced Lady Liberty.

The next major change to the quarter took place in 1976, to honor the bicentennial of the signing of the Declaration of Independence.  Bicentennial quarters got the image of a colonial drummer on the reverse of the coin instead of the eagle.  Of course, this change took place only for the year 1976.

Statehood Quarters (1999-present)

Thanks to the United States Commemorative Coin Act of 1996, The 50 State Quarters Program allowed the U.S. Mint to feature images of the different states on quarters.  The 50 State Quarters were issued in 1999 and will continue through 2008.

Right now the set of 50 State Quarters can be purchased for $12.50, though since they are they are in regular circulation, they are not considered collectible coins yet.

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You would think that this was where the five-cent piece got the term “nickel,” but that isn’t quite the case.  The term was taken from the Indian cent panny which was made of copper-nickel, and during the Civil War, these pennies were called “nicks” or “nickels.”

In 1865 the three-cent piece was introduced and these were though of as the new “nickels.”  Then the first actual nickel – the Shield Nickel – was issued in 1866, and since, the term “nickel” has referred to the five-cent piece.

Shield Nickel (1866-1883)

This first five-cent nickel was designed by James B. Longacre.  Based on the previous two-cent pice, the obverse has the shield image, and on the reverse it has the number “5” in the center, surrounded by a circle of stars.  Originally, there were rays between the stars, but this presented minting problems so the rays were soon removed.

Liberty Head “V” Nickel (1883-1913)

Liberty Head “V” nickels were issued from 1883 to 1912, but in 1913 a mint official at the Philadelphia Mint illegally produced an unknown number of Liberty Head Nickels bearing the year “1913.”  Today, there are only five known genuine 1913 “V” nickels in existence, which makes them one of the most rare and valuable coins around.  There are, however, a very large number of counterfeits – so if you’re shopping for collectible nickels, be on the lookout for these – unless you want a counterfeit.

All five of the rare 1913 “V” nickels were owned by Colonel E. H. R. Green, whose mother was the famous American business woman, Hetty Green.  One of these rarities called the “Olsen specimen,” named after another owner, was auctioned for $3 million in 2003.  Another was bought by Legend Numismatics for $4.15 million – which is the second highest price for which a U. S. coin has been sold!

Another one of these rare nickels currently sits in the Smithsonian, another in the American Numismatic Association’s Money Museum, and the other three in private collections.

A Texan by the name of B. Max Mehl actually “discovered” these coins when he advertised in newspapers that he would pay $50 for one of them.  No one sold him one, but it was an advertising ploy to promote his “Star Rare Coins Encyclopedia and Premium Catalogue” anyway.  Despite this, numismatists still credit him for raising an interest in coin collecting. 

Buffalo Nickels (1913-1938)

While a mint official was illegally creating what would become some of the most saught after coins of our time, the Buffalo Nickel came into being.  The year was 1913 when this popular collectible coin was issued.

The design, created by James Earle Fraser, was comprised of the profile of a Native American on the obverse, and a Buffalo on the reverse.  Fraser designed the profile as a composite of three Native American chiefs: Two Moons, Iron Tail, and John Big Tree.  And the model for the American Bison was NYC’s Central Park Zoo’s “Black Diamond.”

This design has been a classic coin favorite, and for this reason, the Mint reissued the design for the 2001 Commemorative Buffalo Dollar as well as the 2006 American Buffalo Gold Bullion coin.

Jefferson Nickel (1938-2006)

The nickel we know today was designed by Felix Schlag and was minted from 1938 to today.  It features Thomas Jefferson on the obverse, and his famous Monticello estate on the reverse.

Wartime Nickels

The composition of nickels changed to 56% copper, 35% silver, and 9% manganese during wartime (from 1942 to 1945). 

Westward Journey Nickels 

The Mint released new nickels in 2003 that featured a portrait of Gilbert Stuart on the obverse, and a Native American Indian and a bald eagle on the reverse.  The reverse changed to two different designs in 2004 – one featuring Lewis and Clark’s expedition, and one featuring Lewis and Clark’s in their keelboat.  A new portrait of Jefferson dawned the 2005 nickels, which had two reverse designs:  the return of the buffalo as one and a portrayal of the Pacific Ocean with the words from William Clark’s diary upon reaching the Pacific, “Ocian in view! O! The Joy!” (with the word “ocian” corrected).

In 2006, we saw a new cast of Felix Schlag’s Monticello design on the reverse, and a new forward-facing Jefferson on the obverse – the first forward-facing portrait on an American coin.

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