American Coins USA, Gold Coins, Silver Coins, Bullion Coins, Rare Coins

The Value of American Coins Can be Confusing for Non-Americans

In the United States, we can understand the Value of American Coins of recent minting and know exactly what they are worth just by glancing at them. But for people who don’t live in the United States, the Value of American Coins can be very confusing. With terms like cent, penny, nickle (or nickel), dime or quarter having no real unit of measure it is easy to understand why American Coins are very tough to value for people who don’t handle them every day.

Looking at a penny or cent gives no clue to the value of a coin compared to a dollar. In fact, a penny doesn’t really exist if you look at the coin itself! The name given to a penny on the coin is “one cent”. The official U.S. Treasury name is “one cent piece”. It is likely that the penny derived its name from the term pence, a coin minted in many parts of the world. One cent, or a penny, is worth 1/100th of a US dollar.

The next higher Value of American Coins is commonly called a nickle (or nickel). Again, there is no place on the coin that the word “nickle” appears, making this coin as confusing as a penny. A nickle is worth five cents — the term the mint imprints on the coin — or 1/20th of a US dollar. Many people think the nickle was named that because it was a five-cent piece made of the alloy Nickel, but this is not the case. In fact, Indian Head cents used to be referred to as nickles (or nicks). After that, there was a 3-cent coin that was commonly referred to as a nickle by the people at that time.

Next in the order of Value of American Coins is the dime. With the dime, the United States has finally come to its senses, since the dime is actually called “one dime” on the coin itself. Unfortunately, the term “one dime” doesn’t mean much in comparison to the US dollar. A dime is worth ten cents, or 1/10th of a US dollar. The dime is the smallest minted coin in circulation in the United States. It is also the lowest denomination coin with a reeded (or fluted) edge. This was originally done to discourage people from sanding down the edges of coins to save the silver dust, but is now used as an aid to the blind — making it easy to differentiate a dime from a cent.

The quarter, as it is commonly called, is imprinted at the mint as “quarter dollar” making it one of the easiest American Coins for many non-Americans to place a value on in relation to the US dollar. The quarter is worth 25 cents, or 1/4th of a US dollar. It also has reeding (or fluting) around the outside edge to aid the blind in telling a quarter from a nickel, since both are similar in size. Making the quarter have a value of 25 cents instead of 20 cents (as would be typical in countries using the metric system) was due to the splitting of coins in early days. A dollar coin would be cut in half, then in half again (into quarters), then in half again (into eighths, or “bits”). If you’ve heard the term “two bits”, this is where it came from.

The half-dollar, or 50-cent piece, is a coin that is seldom found in circulation today. That being said, it is the most consistently minted coin in the United States (with the exception of the one-cent coin), having been minted nearly every year since 1794. The half-dollar, with the exception of the one-dollar coin, is the easiest of the American Coins for non-Americans to place a value on. The half-dollar is worth 50 cents, or 1/2 of a US dollar. The largest user of half-dollar coins today is the gambling industry who uses them to pay off or collect wagers in 50-cent increments. Having a coin as uniquely sized as the half-dollar makes it easy for surveillance videos to see what the wager or payoff was.

As is probably true of most countries’ coinage, older or limited mintings of any coin increment can be worth far more than the face value. Using a book that defines the Value of American Coins can aid a collector in valuing their collection at the true worth as opposed to the face value.

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Lincoln Memorial Cents

Lincoln Memorial Cents

The Lincoln Memorial Cent (or Penny) has been issued since 1959. This design is the most common in circulation. It features Lincoln’s profile on the front, and a raised feature of the Abraham Lincoln Memorial on the reverse. Due to the low cost of most quality pennies, they are a great place to start Coin Collecting.

Copper or Zinc Lincoln Memorial Pennies

Lincoln Memorial Pennies minted prior to 1982 are made of 95% copper, while those minted after 1982 are 97.5% zinc with a copper coating. Pennies dated 1982 can be either, and must be weighed to tell the difference.

Another way to tell the difference is to do a drop test. Drop several Lincoln Cents that you know are copper on a hard surface. Listen to the tone. Drop several that are newer, and listen to that tone. This will aid in the separation of 1982 pennies.

Gold-Diggers Find

During 1983, there were mint errors when the mint used copper blanks to mint the “supposedly” zinc pennies. Check any 1983 pennies for this mint error, as the copper pennies are worth more.

Copper Bullion

Depending on the price of copper, many copper pennies are worth more in copper bullion than they are in coin value. Because of this, many Lincoln Memorial Coins are being melted down.

Many coin dealers will recommend that you hold on to your copper cents, as the melting of copper coins should create a shortage of pennies in the future.

The Value of a Lincoln Memorial Cent

Since they need to make a profit on them, most coin dealers will only pay a penny for a penny. But there are several exceptions.

Lincoln Memorial Cents dated 1966 are worth about $.02 wholesale, as are the 1969 and 1971 mintings. Any year’s “S” cents are Slightly more valuable, at about $.03 wholesale — with one exception. The 1970-S with a “High 7″ is worth at least $3.00.

Rare Lincoln Penny Values

Then there are the true exceptions. In 1969, there was an “S” Mint Mark that is known as a “Double Die”. If you look at the front of the penny, you will notice a doubling of the lettering and date on the front. This coin is VERY rare, with only a few dozen ever having been found.

In 1972, there was another Double Die minting. These coins are more common, but still quite valuable. Prices are near $50.00 each, and should be checked against eBay for current values.

Again in 1984, there was a Double Die error, showing up in Lincoln’s ear on the front of the penny. Pictures and values should be researched on eBay for this coin.

These Double Die errors occured in various other locations in nearly every year’s mintings. It pays to buy a coin price guide on these errors and make a quick review in the key areas of every penny you look at.

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American Coins

American Coins may be just what you are looking for if you have ever had an interest in historical figures or locations. With depictions of various presidents, locations such as the Lincoln Memorial, and historical scenes such as those found on the recent state quarters, collecting coins can be like taking a step back in time.

For many people, collecting American Coins is something they stumble upon rather than plan to take up. A new coin catches your eye as you are handed change at your local supermarket, or you happen to spot an old silver quarter or dime in a handful of coins you pull from your pocket. All of the sudden, it seems like a good time to start collecting. Or, you might be lucky enough to have inherited a collection from a family member.

Unless you are in danger of losing your home, it generally pays to hold onto those unique coins you find, at least until you’ve had a chance to check them out to see if they hold any special value. Or, should you decide, it would be an excellent time to start a collection to hand off to a child, grandchild, or other family member.

Collecting American Coins can be either formal or informal. At one end of the spectrum is the enthusiast who gathers a collection of every coin, in every increment, for every year, from every mint, and organizes them neatly in storage books or coin holders. At the other end is the guy who throws all his coins in a jar with the intent of sorting through them someday.

While purist collectors would look at the guy who throws the coins in a jar as unworthy of being called as true collector, those purists are in the minority. The biggest group of collectors in the country is the “throw them in a jar” group.

Once you get started in collecting, you’ll find that you start paying more attention to the years, metallic makeup, and special markings that are found on coins. You’ll start looking to fill the spot in a collection that you know you are missing. At first, that opening is likely to be a 1977 dime, or a 2003 quarter, but as time goes on, you’ll start looking at mint marks and more.

Most people find that, while collecting American Coins is fun on its own, having knowledge of the value of the coins they’ve collected is even more exciting. That’s when it is time to buy a book such as F & W Publications’ North American Coins and Prices or Coin Prices magazine. These guides give price estimates for a large selection of coins, in a wide variety of conditions.

The condition a coin is in is reflected in its grade. Grading coins is instrumental in determining value. There can be a huge variation in the value of a coin based solely on the grade the coin is in. One common misconception that beginning collectors make is to see a coin’s value in a guide, and assume that their coin is worth that much. There is an appreciable difference between an untouched mint condition coin and one that has been in circulation for a number of years.

One of the quickest ways to learn more about collecting American Coins, as well as the values of coins at different grades is to visit a coin show. Keep an eye open for when might be held in your area by watching your local newspaper or talking to local coin shops. Most towns have one or more shop listed in the Yellow Pages or on the internet.

When you go, bring a selection of coins from your collection that you may have questions about. Talk to other collectors, as well as several of the vendors that are at the show. Just don’t go nuts and go overboard with buying new coins at the show. Make sure your first visit or two is mainly about learning. While you are there, share your contact information with other collectors. See if they have any gatherings that you can attend.

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Sorting Through a Pile of American Coins

One of the many relaxing tasks related to collecting American Coins is sorting through a pile of coins. One of the rules of coin collecting is to never let an unprocessed coin leave your hands. While the number of valuable coins found in circulation is limited, there are still enough unusual coins in circulation to make it worth a collector’s time to sort through the piles.

To get started in the process, you’ll want to make sure you gather all the coins you can. Empty your pockets and purses of all the change that you get each week. Put the coins in an open bowl that allows easy access to the coins.

To make the sorting process easier, and to assure you don’t miss anything, I would recommend you purchase at least a low-power magnifier (3x-5x). If you can afford it, a 15x-20x model would be a good second purchase, since it will allow you to see finer details if the low-power magnifier shows an odd mark. You’ll also want a good lamp to light the sorting area.

In addition to filling your initial collection, you’ll want to look for oddities. Look for odd marks on the front, back and sides of each coin. At first, you’ll spot lots of oddities, but after a while you will come to realize what is really odd and what isn’t, and your sorting will speed up.

Set all of the oddities to one side. With the remaining ‘normal’ coins you can start a new collection for a niece, nephew or grandchild. You can also start roll collections, in which you collect an entire roll of New York State quarters, for example. Or, you can simply put the coins back into circulation.

Once you’ve accumulated a good stack of ‘different’ looking American Coins, it is time to visit a coin shop to have them looked at.

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How to Start Collecting American Coins

One of the simplest ways to start collecting American Coins is to start with one denomination. In my opinion, the common penny is an inexpensive way to get started. It doesn’t cost much to gather a large group of coins to search through, and many people don’t pay nearly as much attention to pennies as they do the silver-based dimes, quarters, halves and dollar coins.

Start your collection with a $10 bill and a coin jar. Put the jar on your desk area at work, or a similar location at school. Let people know that you are collecting pennies for a hobby, and ask that they simply drop their pennies into the jar in exchange for larger denominations. Take the $10 to the bank, and ask to buy 20 rolls of pennies – hand-rolled if possible. While you’re there, ask for some empty penny wrappers.

Gather some plastic containers with lids. You’ll need about ten containers to start with. You’ll label each container with a decade, so 1900, 1910, 1920, 1930, 1940, 1950, 1960, 1970, 1980, and 1990. Anything from the current decade can be wrapped and returned to the bank, unless you notice a unique marking on it, or unless you want to collect current decade coins just for fun.

You’ll notice that it is tougher to find coins issued prior to 1970, as most have passed out of circulation. That’s what makes them more valuable. Once you’ve sorted the coins by decades, it will pay to take a closer look at them afterwards to determine if there are any high-value coins in certain years. I’ll discuss more on that in my next article.

In the meantime, it might pay to purchase a good book on grading and pricing American Coins.

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why the Business man asking his son to throw the gold coin into the well ?

There once lived a rich businessman who had a lazy and fun loving son. The businessman wanted his son to be hard-working and responsible. He wanted him to realize the value of labour.
Father: My dear son, you do one thing.. "Today, I want you to go out and earn something, failing which you won’t have your meals tonight."

son: mummy, daddy asking me to earn something otherwise he says that no meals tonight. i don’t know any work, mummy what can i do ? (weeping)

mummy: It is giving me sad. we have enough money, my heart is melting, we have more labours and why he threatens you like this..anyway, i give you a gold coin. you give him in the evening and say it as your earnings..

son: thanks, mummy…(he is going out and coming in the evening) meeting daddy now.. Daddy, get this gold coin, this is my earning today.

Father: ok. my dear son..go and throw the gold coin into the well.
He throwed the gold coin into the well.

Next day, the business man sent his wife to her parents home ..

Father: my dear son, today also you should go and earn something, and if no earning, no night meals..
son: sister, our father asking me to earn money by doing labor works, mummy too gone grandpa home..how can i do sister ? he cried.

sister: we are rich. what happened to our father ? don’t worry. i give you one rupee from my savings, get it and give it to our father in the evening and tell him that it is your earning today.

son: daddy, get this one rupee. This is my earning today.

Father: imm..ok. you go and throw this one rupee into the well..
He throwed the one rupee into the well as told by his father.
next day, he called his daughter and sent her to her in-law’s home.

Father hey, my son…come here..you go and earn something. if you did not earn, no dinner tonight.
This time since there was no one to help him out; the son was forced to go to the market in search of work. One of the shopkeepers there told him that he would pay him two rupees if he carried his trunk to his house. The rich man’s son could not refuse and was drenched in sweat by the time he finished the job. His feet were trembling and his neck and back were aching. There were rashes on his back. As he returned home and produced the two rupee note before his father.

son: Daddy, get this 2 rupees. This is my earnings today.

Father: imm. ok. Go and throw this 2 rupees into the well.

son: why you are asking me to throw my earnings ? "daddy! My entire body is aching. My back has rashes and you are asking me to throw the money into the well. what is this daddy ?

Father: (smiling) my dear son,. on the earlier two occasions you did what i said because that was not your earnings. now you feel and deny to throw because it is your own real earning. my son, one feels the pain only when the fruits of hard labour are wasted. On earlier two occasions i know fully that you are helped by your mother and sister and therefore you did not feel pain in throwing the gold coin and a rupee into the well. you are not doing now because it is your real struggle.
.
son: I now fully realized the value of hard work. I vow you daddy that i will never be lazy and surely keep your wealth.
The father handed over the keys of his shop to the son and promised to guide him through the rest of the life.

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