So Called Dollars

This article is taken from the book So-Called Dollars by Harold E. Hibler and Charles V. Kappen.

For the last 85 years or more, coin collectors and dealers alike have used the term "so-called dollars" to designate metals of near-dollar size; at first of a commemorative or exposition nature, later of a monetary kind.  Extension of the term now includes certain kindred pieces not otherwise classified specifically.  Perhaps the first written use of the label was by Thomas Elder, New York coin dealer in his sale of Sept 27-28, 1912, in describing Lot 395, the Theodore Roosevelt medal of the 1904 Louisiana Purchase Exposition, St. Louis.  Such items long since have grown in popularity and importance to the extent that they have achieved an independent status and represent a separate and distinct series of their own.

Since the days of the Roman Empire, medals have been prized for their aesthetic value and for centuries artists have found an eternal challenge in this medium of expression.  Certainly in our country there have been numerous outstanding sculptors, known as such to connoisseurs of American art but identified by numismatists largely as coin designers or medalists.  The very freedom of thought and expression provided these artists has produced many so-called dollars of diverse and rare beauty.  Pursuit of such a collection, while sometimes difficult is most rewarding.

5 Rare and Valuable US Coins

Have fun going through your old jars of coins.  You never know what you might find hidden in your collection.  This is taken from an article on www.blifaloo.com   

5 Rare and Valuable US Coins 

1943 Copper Penny

Coin: 1943 Copper Penny
Estimated Value: $10,000 - $100,000+

Background: Most circulating pennies at that time were struck in zinc-coated steel because copper and nickel were needed for the the war.

About 40 1943 copper cents are estimated to remain in existence, and only about a dozen confirmed to exist.

They were most likely made by accident when copper blanks remained in the press as production began on the new steel pennies.
In 2008, Steve Contursi sold a 1943-S authenticated copper wheat penny for more than $100,000 to a private collector. Contursi had bought the coin only a week earlier for about $72,000. 
How to spot it: The easiest way to determine if your 1943 cent is copper (and valuable) is to test it with a magnet. If it sticks to the magnet, it is a steel penny, and not valuable (but still pretty nifty).
If it does not stick, then you might have hit the jackpot...have a expert authenticate your coin, but be prepared for disappointment: there are probably many counterfeits of this coin. More info about 1943 Pennies on Wikipedia

1982 "No P" Dime
Coin: 1982 "No P" Dime
Estimated Value: $100+ (just saw one on ebay for $3000)

Background: Before 1980, dimes minted in Philadelphia didn't have a mint mark. Starting that year, a small letter "P" was placed on Philly dimes above the date.

In 1982 an error occurred when the mint mark was omitted from a small number of dimes, leaving them p-less.

How to spot it: 1982 dime, with no "p" above the date. Of course, this could be easy to fake -- an expert would need to authenticate the coin.

1955 Double Die Penny

Coin: 1955 Double Die Penny
Estimated Value: $300 - $25,000+

Background: Double dies are caused when from a misalignment during the production of a coin.

About 24,000 1955 double die cents were put into circulation.

In uncirculated condition, the 1955 Double Die wheat penny is worth over $25,000. Even circulated versions of the 1955 Double Die are worth $300-$1000+ depending on condition.
How to spot it: The doubling of the letters and numbers on this coin is pretty easy to see. Rare, but not too rare... these pop-up at auction every once and a while.

2001-P Double Struck New York Quarter

Coin: 2001-P Double Struck New York Quarter
Estimated Value: $400 - $3000

Background: The coin is sadistic and is not satisfied being struck once. A production goof keeps the coin in the chamber for extra striking making a very odd looking coin.

How to spot it: Off center image doubling of Washington and the Statue of Liberty.

1965 Silver Dime

Coin: 1965 Silver Dime
Estimated Value: $9000+

Background: The official production of silver dimes were discontinued in 1964.

Beginning in 1965 dimes were made out of copper and nickel. A silver 1965 dime is a mistake (and a rare one).

Only a few have been found, but more are believed to still be in circulation.
How to spot it: The silver coin has a silver edge; the common copper/nickel coin has a strip of brown around the edge.
A silver dime weighs 2.50 grams, while a copper/nickel dime weighs 2.27 grams
 

http://www.bjstampsandcoins.com/

The Washington Quarter

 PNG's website highlights different coins each month.  This was the "coin of the month" back in October 2009 but this details the history of the Washington quarter design.

THE WASHINGTON QUARTER

Gary Adkins, PNG #352

 The original Washington quarter was first proposed in 1930, with plans to issue a circulating commemorative coin on the 200^th anniversary of Washington's birth. The intention was that the coin would be made only in 1932, but the law that was passed stipulated that the design could actually become a regular coin and replace the Liberty Standing quarter that by then had seen less than 25 years of service. Plans went forward to hold a design contest and select a model for the portrait, and a decision was made to use the image modeled from life by Jean Antonine Houdon. Within weeks, more than 100 artists were hard at work hoping to win the $1,500 prize that was offered for the winning design.

 

A special panel viewed the entries and chose a model that Secretary Andrew Mellon promptly rejected. He had already chosen another pair of models and insisted that the panel go with his choice. The panel had selected the work of Laura Gardin Fraser, while Secretary Mellon preferred the work of sculptor John Flanagan. Why Mellon was adamant in his decision is not known. Both designs were outstanding, and while the Flanagan design has stood the test of time, the Fraser bust of Washington remained all but forgotten until 1999 when it was resurrected and used on the $5 gold commemorative coin made that year in remembrance of the 200^th anniversary of his death.

Technical difficulties delayed production of the Washington quarters and they were not ready for release in February, but when the coins were released later in 1932, they were an immediate success, and the public seemingly could not get enough of them. So strong was the demand that people continued to ask for them the next year when no quarters were minted, and by 1934 a decision was made to continue manufacturing Washington quarters as a regular circulating coin. From that time on, quarters with the Washington head design have been made every year, and frequently at all three mints.

Over the years the Washington quarter has been a virtual workhorse coin that is used more frequently than any other denomination in circulation. It has also served the nation well through several changes in appearance. In 1965 the 90% silver alloy was abandoned. Thereafter, all quarters made for circulation were made of a clad material consisting of an inner core of pure copper bonded to outer layers of copper-nickel. In 1976 it was selected, along with the half-dollar and dollar, to honor the bicentennial of the American Revolution.

When the Mint's 50-State Quarter Program began in 1999 the obverse design was altered slightly to include some of the wording from the reverse, and allow more room for the state design, but essentially it is the same recognizable image of the beloved first president. The influx of so many new and interesting reverse designs has brought new life and interest to collecting not only quarters, but all kinds of United States coins. The Mint estimates that as many as 130 Americans save at least one example of each new design, and many try to assemble a full set of each of the 50 states. A secondary program was established to extended coinage through 2009 to recognize The District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.

Assembling a complete set of date and mintmark Washington quarters is not difficult. Many of the old silver pieces are still available in Uncirculated condition at prices only slightly above their melt value. Once considered almost too common to save, many of these beautiful pieces have now gone into the melting pots, making those remaining for collectors possible future rarities.

Top 10 Most Valuable US Coins Found in Pocket Change

This is taken from the About.com article written by Susan Headley.  Our own comments are in parentheses in this font.

There are a number of fairly valuable U.S. error coins and die varieties in circulation today. These coins are overlooked by people because they have small distinguishing characteristics, such as a modest doubling of the coin image, or minute differences in the size or spacing of the letters in the legends. Learn which of your pocket change coins is worth a large premium over face value, and why.

1. 1969-S Lincoln Cent With a Doubled Die Obverse
This coin is exceedingly rare. The early specimens were confiscated by the Secret Service until the U.S. Mint admitted they were genuine. Counterfeits abound, but usually have the wrong mint mark. 

How to Detect: Look for clear doubling of the entire obverse ("heads" side) except for the mint mark. If the mint mark is doubled, it is probably a case of strike doubling, rather than a doubled die, which isn't worth much. (Mint marks were punched in the dies separately in 1969, after the doubled die itself had already been made.)
(strike doubling is common, while a doubled die is scarce)
Approximate Value: Around $35,000 or more in EF-40 or so.

 2. 1970-S Small Date Lincoln Cent With a Doubled Die Obverse

As with virtually all true doubled die varieties, only one side of the coin shows doubling. If both sides exhibit doubling, the coin probably exhibits strike doubling instead, and is worth little.
How to Detect: The rarer Small Date variety is most easily distinguished from the common type by the weakness of LIBERTY. The Doubled Die Obverse is best demonstrated by doubling in LIB and IN GOD WE TRUST.
Approximate Value: Around $3,000 in EF-40 or so.

3. 1972 Lincoln Cent With a Doubled Die Obverse

The 1972 (no mint mark) Lincoln Cent doubled die variety shows strong doubling on all elements. The "Cherrypicker's Guide to Rare Die Varieties", which was an important source for this article, suggests using a "die marker" to help verify your finds. A die marker is a gouge or crack that identifies a particular die.
How to Detect: Clear doubling of all obverse elements; look for a tiny gouge near the edge above the D in UNITED as a die marker.
Approximate Value: About $500 in EF-40 or so.

4. 2004-D Wisconsin State Quarter With an Extra Leaf

Variety experts disagree about the cause and long-term value of this type, but I've included in the list because it is very findable in pocket change and worth hundreds of dollars right now.

How to Detect: There is some defect on the die that makes it appear as if there's an extra leaf on the lower left-hand side of the ear of corn on the reverse. The leaf is very clear. Known in two varieties, the High Leaf and the Low Leaf type.

Approximate Value: $200-$300 in MS-60 or so.

5. 1999 Wide "AM" Reverse Lincoln Cent

This variety is known for 3 dates, 1998, 1999, and 2000, with 1999 being by far the rarest. The mint erroneously used a proof die to strike normal circulation coins.
How to Detect: The AM in AMERICA on the reverse is clearly separated in the Wide variety. In the normal variety for these dates, the letters AM are very close or touching.
Approximate Value: $5 to $25 in circulated condition, $75 to $600 in MS-63 or better depending on color. 1999 brings the highest prices, with 2000 being second.

6. 1982 No Mint Mark Roosevelt Dime

At the point in time that these coins were made, the dies sent to the individual branch mints would be punched with the proper mint mark letter for that branch. This variety is believed to be caused because one or more non-punched dies were used to make coins. (The letter P was being used for Philadelphia on dimes at this time.)
How to Detect: The 1982 dime is missing a mint mark.
Approximate Value: About $30 to $50 in AU-50, more for higher grades.

7. Presidential Dollar Edge Lettering Errors

Ever since the first Presidential Dollar (the Washington Dollar issued in 2007) there have been errors associated with the lettering on the edge of these coins. In some cases it is missing entirely. In others, the edge lettering has been placed there multiple times.
How to Detect: Look at the edge. The inscription should appear fully incused all around the circumference of the coin. Missing or doubled inscriptions are rare and valuable.
Approximate Value: $50 to $3,000, depending on the President.

8. 1995 Doubled Die Obverse Lincoln Cent

This doubled die variety generated a lot of mainstream interest when it was featured as a cover story in USA Today. Specimens are still being found in circulation all the time!
How to Detect: Clear doubling in LIBERTY and IN GOD WE TRUST.
Approximate Value: About $20 to $50 in Uncirculated condition.

9. Certain Uncirculated State Quarters

As the economy has worsened, people who have been hoarding rolls of State Quarters have been spending them into circulation. If you can put together whole rolls Uncirculated quarters of certain in-demand states, you can get as much as $50 per roll for them.
How to Detect: Demand changes from time-to-time based on major coin dealer promotions. Currently, look for Georgia, Connecticut, Tennessee, and Illinois. Quarters must be Uncirculated!
Approximate Value: $20 to $52 per roll for strictly Uncirculated rolls of certain states. For current updates, see the State Quarter Rolls Value Guide.

10. Silver Half Dollars

Most people think that the silver in U.S. coins ended in 1964, but this isn't true. The Half Dollar coin had silver in it until 1970. Many people spend the Half Dollars from 1965 to 1970, or sells them in rolls of halves they take to the bank, not realizing they are 40% silver.
How to Detect: If the Half Dollar is dated 1964 or earlier, it is 90% silver. Halves dated from 1965 to 1970 are 40% silver. You might also find silver Proof Half Dollars, which are 90% silver and dated to current. Silver Proof Halves have very shiny, mirror-like surfaces and there is no copper color when you view the edge.
Approximate Value: Value is based on silver spot price.

Grading Indian Cents (1859-1909)

Here is another article about coin grading.  We often get questions in the store about the value of Indian pennies.

(This article is taken from the NGC's website.)

The Indian Head cent was an American icon for generations, in rare instances circulating as late as the 1950s. After several decades of relative inactivity, these coins have enjoyed renewed popularity in the past dozen years or so. With greater demand for Indian Head cents has come higher values and greater concern about grading.

In circulated grades, this issue is not so complex, as the descriptions and photographs in The Official American Numismatic Association Grading Standards for United States Coins are clear enough that anyone somewhat familiar with coins can easily interpret them.

The biggest issue is how to deal with coins that have been cleaned or damaged. NGC does not certify coins that bear obvious signs of cleaning, whether chemical or abrasive in nature. Damaged and altered coins likewise are rejected for encapsulation. Still, such coins do exist and will continue to be traded. For such pieces an alternative exists in the form of NCS certification. NGC's companion company will provided either details-only grading, with a notation of the problem condition, or simple authentication at the submitter's discretion.

The values for Indian Head cents are such that many collectors can complete all or most of the set in uncirculated condition. Browsing through certified population figures, it seems that most dates are readily available in the lower mint-state grades. Some factors, however, tend to keep down the population of high-grade pieces, particularly for dates before about 1897. Early Indian Head cents, struck in an alloy of .880 copper and .120 nickel, were heavy and clumsy in their proportions, and their contact with one another often produced dire consequences. Nicks and abrasions are not as big an issue for the later Indian Head cents struck in bronze, since their light weight limited the amount of damage inflicted.

As made, most coins of this type had attractive luster, though some may have lost theirs through prolonged exposure to harsh environments or because of inexpert cleaning. Quality of strike also comes into play for early dates, such as the copper-nickel issues of 1859-64, as well as some later bronze issues after about 1890. This is factored into the grading of these coins, and some allowance is made for dates that typically are a bit softly struck.

Another element in the grading of bronze cents is the amount of mint red color a coin has retained (copper-nickel cents are not distinguished by color, though this can factor into their overall grade). NGC adds to the grade of every copper or bronze coin the suffix BN for "Brown," RB for "Red and Brown," and RD for "Red."

The meaning of these terms is largely self-explanatory, but how and when they're applied is worthy of some comment. BN designates a coin that shows little or no mint red or has a non-red color such as the charming green or blue tones sometimes seen. To be designated RD, a coin must show nearly all of its original color, though this may be mellowed a bit. Those cents which fall between these extremes are labeled RB. While the percentages are subjective to some degree, in actual practice this labeling has proved remarkably consistent.

There's clearly a lot to think about when considering the grade of an Indian Head cent. With the popularity of these coins showing no sign of diminishing, accurate grading will remain a key factor in determining their value and appeal.

http://www.usacoinbuyers.com/

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