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?

The authors and researchers at eWeb Media write about many popular topics. Read more at http://www.ewm1.com

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

Related posts:

1. Collecting Antique Coins
2. The History of the Quarter
3. Coins: Change over the Ages

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.

Related posts:

1. Pennies: The Beginning of Official American Coinage
2. Dimes
3. The History of the Quarter