If you're looking for an Eisenhower dollar price guide and don't want to read the full article, click the link or scroll down.
In previous articles, we've explained how to value earlier series of U.S silver dollars, like Morgan and Peace Dollars (minted 1878-1935) as well as Trade Dollars (1873-1885). In today's article, we're going to discuss a more modern dollar coin — the Eisenhower Dollar, minted from 1971-1978.
Originally struck from 1971 to 1978, Eisenhower Dollars (or "Ikes") were the first large-size dollar coins to be produced by the U.S. Mint since the end of the Peace Dollar series in 1935.
As you might guess from the name, Eisenhower Dollars were created to commemorate President Dwight Eisenhower, whose portrait is featured on the obverse (front) side of the coin.
Eisenhower was selected in part because of his political party affiliation. Republicans in Congress agreed that the Mint needed a coin commemorating a Republican president, as the Democrats had recently secured a spot for President Kennedy on the half dollar (replacing Benjamin Franklin).
The coin's reverse features the Apollo 11 insignia, an eagle landing on the moon while grasping an olive branch, in commemoration of the first Apollo mission moon landing in 1969. The coin's designer, Frank Gasparro, was ordered to change his original design of the eagle because it was "too fierce and too warlike", and reluctantly updated it to make the eagle look friendlier.
Unlike Peace Dollars and Morgan Dollars, Eisenhower dollars were minted in a copper-nickel alloy rather than a 90% silver 10% copper alloy.
By the 1970's, silver prices had risen to the point where striking general circulation coins from silver was no longer cost-effective. Prior to 1965, all dimes, quarters, half dollars and dollars coins were produced in a 90% silver 10% copper alloy. This proved a point of contention for Congress—several congressmen argued that producing the new dollar coin in copper-nickel instead of silver would be a dishonor to Eisenhower's memory.
But eventually a compromise was reached. All Eisenhower Dollars produced for general circulation would be struck in copper-nickel, while the Mint would also sell dollar coins with a special 40% silver alloy to collectors for a small premium.
As a result, most Ikes aren't true "silver dollars." But the upside of that is that Eisenhower dollars are much more affordable than their 90% silver predecessors.
There are two different reverse designs within the Eisenhower series. From 1971 to 1974 and from 1977 to 1978, the Apollo 11 design was used for the coin's reverse. But in 1976, all quarters, half dollars, and dollar coins were switched to a special design commemorating the nation's bicentennial. The 1776-1976 Eisenhower Dollar featured the Liberty Bell superimposed upon the moon.
Follow the link above to receive our free 20-page PDF guide to coin collecting, including:
(Values derived from the Red Book, the definitive price guide for U.S. coins).
Circulated Condition means a coin with signs of wear or marks, from being circulated/used by the general public.
Uncirculated Condition means a coin with bright original mint luster and no signs of wear. See the picture below for a visual comparison of the two.
As you can see, most Eisenhower dollars are readily available and are worth little more than face value. However, there are a few more valuable coins that are well worth keeping an eye out for.
While all Ikes intended for general circulation were struck in copper-nickel, the U.S. Mint also struck a number of S-mintmark coins (produced at the San Francisco mint) for collectors in 40% silver (each containing 1/3rd ounce pure silver). Not all S-mint Ikes are silver though, as the 1977-S and 1978-S Eisenhower dollars were both produced in copper-nickel.
The silver coins can be identified by their lighter color (see copper-nickel vs silver). A simple way to determine whether your Ike is silver or copper-nickel is the tissue test, as demonstrated below.
Simply place a facial tissue on top of your dollar coin and see whether the color that shines through is darker or lighter. The coin on the left is silver-clad, whereas the darker one on the right is copper-nickel.There is also one copper-nickel coin variety that commands a premium. The rare 1972 "Type 2" design variety with no mintmark is worth upwards of $30 in all conditions. Type 2 dollars are identified by the details of Earth, above the eagle on the reverse side of the coin. Next to the outline of Florida there are no distinguishable islands on Type 2 Ikes. On the less valuable Type 1 and Type 2 1972 dollars, there are distinct islands in the Caribbean. No other years in the Eisenhower Dollar series besides the 1972 feature the rare Type 2 design.
Here's a picture to illustrate the difference - note the small islands visible within the red circles on the Type 1 and Type 3 coins, while the Type 2 coin shows no distinct islands.
The Type 2 design is rough and undefined, with a barely distinguishable outline of the east coast, while small dots/islands can be spotted off the coast of Florida on the Type 1 and Type 3 designs. This can be tough to spot, so make sure you're using a magnifying glass or a jeweler's loupe to be sure.
Outside of the 1972 Type 2 and the silver Ikes, there are no real rarities within the series. Proof coins, specially produced by the U.S. Mint with mirrored surfaces and sold to collectors, are generally only worth a small premium.
But the lack of keydates means that a nice set of Eisenhower Dollars is easily attainable no matter what your budget.
Last updated 8/7/2018
To the uninitiated, eBay can be a scary place. Counterfeit coins are a very large and real risk, especially when it comes to high value gold. An inexperienced shopper can easily end up buying a worthless counterfeit coin produced in China or Eastern Europe. It pays to be cautious when shopping for any type of coins on eBay, and doubly so when you're looking for world or U.S. gold coins. In this article, we're going to share some helpful tips on how to avoid getting burned when buying gold coins on eBay.
The three coins in the picture on the left are all counterfeits. Our first rule may sound harsh, but it's true - if you can't recognize common counterfeit design flaws (AKA "diagnostics") on the type of coin that you're shopping for, you have no business buying raw coins. By "raw" coins, I mean coins not graded and slabbed by a third-party coin grading service like PCGS or NGC. Raw coins have no guarantee of authenticity and beyond the seller's say-so, and the grading is left up to the buyer's judgment. Buying a coin that has been slabbed by PCGS or NGC (the two top-tier grading services) gives you a guarantee that the coin is genuine and provides you with an expert assessment of the coin's grade. You should easily be able to find graded coins for all of the popular U.S. gold series - for ancient and foreign gold coins, your options may be slightly more limited. Slabbed coins tend to be slightly more expensive, but the peace of mind that third-party authentication provides is more than worth the added cost. **One note - make sure to check the slab certification number on the NGC or PCGS website to confirm it is a valid slab. Counterfeiters have recently taken to creating slabs along with the coins.
Now, there are some exceptions. You are generally safe in buying raw classic and modern gold coins from the eBay mega-dealers like APMEX, silvertowne. Those dealers do an enormous amount of business in American Gold Eagles and other gold bullion coins, where the time/cost of sending in a coin to get graded and authenticated is not the worth the time or effort. These dealers have two advantages for customers: a) they are large and established businesses (as opposed to small, fly-by-night dealers), with a vested interest in maintaining their longterm reputation; and b) they thoroughly inspect all the inventory they buy to identify counterfeits, prior to selling the coins to their customers. And that leads us to the next important rule:
It's important to remember that eBay is not a single entity, but it is instead comprised of thousands of individual sellers, each with their own set of morals and ethics. Check feedback score before bidding on a coin. As a baseline, aim for sellers with feedback scores in the thousands and with lots of coin listings - these are the types of established coin dealers who have more of a reputation to uphold. Target sellers with positive feedback percentages as close to 100% as possible - anything lower than 99.5% for a high-volume seller is a bad sign. If you're on the edge about a seller, read through the negative feedback to understand the complaints that other customers have had. While the seller feedback score does have its limitations, in general it is a good indicator of a sellers' trustworthiness. Better to pay slightly more for the coin from a seller with 10,000 feedback than the cheaper coin from a seller with 10 feedback. If you can, try to buy from sellers with a PNG logo in the search result for their coin. Those are dealers that belong to the Professional Numismatists Guild, which enforces a strict code of ethics on its dealer members.
When you see a raw gold coin going for less than spot with only a couple of hours left to go until the auction ends, our rule about avoiding raw coins might go out the window. But if we can't dissuade you from buying unslabbed coins on eBay, here at least are a few more words of advice to steer you in the right direction. Avoid raw Indian head quarter eagles, Indian head half eagles, and gold dollars - these are the three most heavily counterfeited series of classic gold coins. If you are not already a collector of these series, you will not be able to identify the key diagnostics to identify counterfeits. (Also, a large percentage of raw gold dollars on eBay are problem coins - either polished, cleaned, or removed from jewelry). All of the other series of U.S. gold are counterfeited as well, but not to the extent of those three. Weigh the coin after you buy it. If it's not within 0.1g of the mint standard (check the Red Book), open an item dispute and return the coin immediately. Even heavily circulated coins should still fall within 0.1g of the minted weight - the metal mass loss from circulation is less than you might expect.
To end this article on a happier note, after all the doom-and-gloom, here's a pic of a beautiful Saint-Gaudens double eagle!
]]>The Eisenhower dollar was the first dollar coin produced by the U.S. Mint since the end of the Peace silver dollar series in 1935. First struck in 1971, Ike dollars were created to commemorate President Dwight Eisenhower and the national space program. The obverse of the coin features a left-facing bust of Eisenhower, while the reverse side features a bald eagle landing on the moon (the insignia of the Apollo 11 mission). The U.S. Mint had stopped producing silver coins for general circulation in 1964, due to the rising price of silver, so circulating Eisenhower dollars were struck in a copper-nickel alloy. However, the Mint did produce special "S" mint (San Francisco mint) coins in a 40% silver alloy that were sold directly to collectors for a small premium.
The 1973 dollars produced for general circulation are still relatively common today, and are worth little more than $3-4 in mint condition. Silver "S" mint dollars are worth more due to the precious metal content - based on the current price of silver ($19 per ounce), 1973-S silver dollars are worth about $12 in mint condition. Circulated coins that show signs of wear and use are worth a few dollars less.
You may be wondering how to tell if your coin is silver or not. There are two ways to tell. First is by simply examining the edge of the coin - if the color is silver, then you have a 40% silver Eisenhower dollar. But if the color is red-brown, you are looking at the copper center of the less valuable copper-nickel Ikes. The other identifier is the mint mark, a small letter on the coin's surface that indicates which U.S. Mint facility produced that coin. Silver Ikes were produced at only the San Francisco mint, which means that any coin with an "S" mintmark is 40% silver. The mint mark for Eisenhower dollars can be located on the obverse side of the coin, directly underneath the bust of Eisenhower. 1973 Eisenhower dollars with a "D" mintmark (Denver mint) or no mint mark at all (Philadelphia mint), are copper-nickel.
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Anyone interested in gold coin investment has an unlimited range of options. But for the purposes of this article, I'll divide gold coins into just two categories - bullion coins and numismatic coins. Bullion coins are coins that derive most, if not all, of their value from their gold content. These include modern coins produced by the various national mints, like Gold Eagles, Krugerrands, and Maple Leafs, as well as a few 20th century circulating coins that were produced in large enough quantities to be common. Numismatic coins (which I will discuss in a later article) are coins with collectible value beyond their bullion value - foreign and U.S. gold coins that were originally produced for general circulation.
For investors looking for affordable gold coins, with the smallest premium over spot, bullion coins are the best bet. Many national mints produce their own series of gold bullion coins. The first modern gold bullion coins, krugerrands, were produced by South Africa in 1967 - these coins dominated the market up through the 1980s. Krugerrands are struck in an alloy of .9167 fine gold and feature Paul Kruger, a South African president, on one side and a springbok antelope on the other. Each krugerrand contains one troy ounce of gold. Canada was next to join the party, issuing the gold Maple Leaf 1oz coin in 1979. Maple Leafs have a .9999 pure alloy, making them the purest gold bullion coin worldwide. The U.S. responded with their own coin in 1986, the American Eagle. Featuring the iconic Lady Liberty design by Augustus Saint-Gaudens (originally used on circulating gold double eagle coins), the Gold American Eagle is also struck in an alloy of .9167 fine gold. American Eagles quickly swept the market, and today remain the "gold standard" of international bullion coins. Most recently, the U.S. Mint released a .9999 fine gold bullion coin of its own, the American Gold Buffalo.
The chart below provides a quick breakdown of the top gold bullion coins on the market, including the alloy and the denominations (or sizes) in which each coin is produced.
Picture | Coin Name | Nation | Alloy | Denominations |
---|---|---|---|---|
American Gold Eagle | United States | .9167 | 1oz, 1/2oz, 1/4oz, 1/10oz | |
Gold Maple Leaf | Canada | .9999 |
1oz, 1/2oz, 1/4oz, 1/10oz, 1/20oz, 1/25oz, 1g |
|
Krugerrand | South Africa | .9167 | 1oz, 1/2oz, 1/4oz, 1/10oz | |
Chinese Gold Panda | China | .9990 | 1oz, 1/2oz, 1/4oz, 1/10oz, 1/20oz | |
Gold Britannia | United Kingdom | .9170 | 5oz, 1oz, 1/2oz, 1/4oz, 1/10oz, 1/20oz | |
Vienna Gold Philharmonic | Austria | .9999 | 1oz, 1/2oz, 1/4oz, 1/10oz, 1/25oz | |
American Gold Buffalo | United States | .9999 | 1oz |
Any one of these coins represents a viable investment opportunity, but with their ample supply and demand, American Gold Eagles have the best liquidity of the bunch. Gold Eagles can be bought and sold in virtually every coin store in the country, whereas the others may be slightly more difficult to find.
Of all the denominations and sizes of coins, 1 ounce gold coins are typically the best value. The percentage premium that buyers should expect to pay on 1oz coins is much less than that charged on the lower-value coins. For example, a typical dealer might offer 1oz American Eagles at a 6% premium over spot price, and 1/10th oz Eagles at 15-20% over spot. The lower the value of the coin, the more of a premium dealers will have to charge to make selling it worth their while.
As mentioned above, any self-respecting coin store will buy and sell gold bullion coins, with buy/sell (bid/ask) prices linked to the current bullion value. It may be worth calling ahead to each of the coin shops in your area to compare prices before making the trip. Foreign gold bullion coins will typically have a larger bid/ask spread due to their decreased liquidity - that means that coin shop customers can expect to pay a higher premium over spot when buying, and receive a lower value below spot when selling back to the shop. Because of the high demand for them, American Gold Eagles usually have the lowest bid/ask spread, making them the most economical option.
People comfortable with buying gold coins online will find even better prices. Many large national coin dealers offer low premiums on AGEs and foreign bullion. APMEX and JM Bullion are two of the top online bullion dealers, both with accreditation and an A+ rating from the Better Business Bureau. There are many other websites that sell gold coins, but not all are as reputable - do your due diligence and look up a company's BBB rating and/or customer reviews before committing to a big purchase. eBay is another great venue for buying coins close to spot price - check out our helpful guide on how to buy coins safely on eBay.
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Picture | Title | Author | Published |
---|---|---|---|
|
A Guide Book of United States Coins AKA "The Red Book" |
R.S. Yeoman and Kenneth Bressett |
First published 1947, annual revised editions since then |
The Official American Numismatic Association Grading Standards for United States Coins |
Edited by Kenneth Bressett |
2005 (6th edition) | |
The Coin Collector's Survival Manual |
Scott Travers |
2015 (7th edition) | |
Numismatic Photography |
Mark Goodman |
2009 (2nd edition) | |
The Expert's Guide to Collecting & Investing in Rare Coins | Q. David Bowers | 2006 |
Easily the best-selling numismatic book of all time, The Red Book (known for its iconic red cover) has been published in annual editions since 1947. While it was originally published as a simple price guide for U.S. coins, The Red Book has evolved and expanded over time to include additional information about each series of U.S. coins, as well as tons of supplemental information about numismatics in general. The Red Book's prices are based on the retail prices of hundreds of dealers, which means they aren't a great measure of how much you can sell your coins for. For that, you would be better served looking at sold listings on eBay. But The Red Book's coin prices will provide a good idea of relative value and scarcity for beginning collectors, so that you can start to understand the keydates, semi-keys, and common coins within each series. And the supplemental information The Red Book contains is valuable for any collector just getting into the hobby.
Any price guide is useless if you don't know how to determine the condition, or grade, of a coin. This book presents the grading standards of the American Numismatic Association, standards that are used throughout the coin market. The book helpfully breaks down the main grades for each U.S. coin series into obverse and reverse pictures, along with line by line descriptions of the level of wear and luster for each grade. Each design of coin wears differently, so it's important to understand the particular areas to look at when judging grade on any given coin (particularly when judging About Uncirculated vs. Mint State).
Once you've mastered the basics of pricing and grading, this book should be your next stop. Filled with vital information on how to navigate the sometimes treacherous waters of coin collecting, this book touches on many subjects. Included are chapters on how to avoid scams, how to detect counterfeits, how to safely and intelligently buy coins online, how to secure and protect your collection, and many other need-to-know topics for the beginning collector. Reading through this book will give you a definite edge up on the rest of the new collectors who wade into numismatics without sufficient knowledge of how the industry works. Some of the information in this book has become a little bit dated over the years (despite the new editions), but the bulk of it is still enormously valuable.
This book may seem somewhat of an odd choice for the list, as not everybody has the need or desire to photograph their coins. But I would hazard a guess that the vast majority of collectors have bought, or considered buying, a coin online. What are you basing that purchase decision on? A couple of pictures, and maybe a line or two of text description if you're lucky. Having a working knowledge of the techniques of numismatic photography then becomes vital, as it can help buyers deduce how a coin actually appears in hand - no matter the quality of the online pictures. For the online coin buyer, this book will reveal the tricks of the trade and enhance your judgment of online coin listings. For the coin seller, this book is the source of information on coin photography techniques. Ever jealous of those eBay sellers with the studio-quality coin images? Odds are they've read this book. And ever wondered how to capture the rainbow toning on a slabbed Morgan, without getting that annoying slab glare? This book will make it easy.
This book represents somewhat of a stepping stone between coin collecting basics and the more advanced strategies of collecting. I would advise beginning collectors to read the other books on this list before opening this one. Written by the preeminent numismatist Q. David Bowers, this book delves into the ins and outs of the rare coins investment market, while also providing a history of the market from the 19th century onwards and an overview of the most important things to know when buying each of the major types of U.S. coins. Measuring in at a hefty 650 pages, this book is somewhat weighed down by Bowers' typically verbose prose. I would not recommend reading it cover to cover, but would instead suggest picking out the most interesting and relevant chapters for yourself. I personally found his chapters on the history of the rare coin market quite interesting, and would also suggest reading through his chapters on online buying and auction bidding.
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A quick chemistry note here: what coin collectors call "toning", a discoloration of a coin's surface, actually encompasses a wide range of chemical reactions between the surface of the coin and outside elements. For example, the "rainbow" toning seen on many Morgan dollars is the result of a reaction between silver and environmental sulfur, causing a silver-sulfide film to form on the surface of the coin. The refraction of light through the silver-sulfide film is what creates the vibrant coloration. Gold can also react with sulfur, though gold-sulfide film does not typically generate the same multicolored refraction of light.
Additionally, most gold coins are not pure gold—they are commonly alloyed with a small amount of copper. Circulating U.S. gold coins have generally been produced in a 90% gold - 10% copper alloy. Copper is more reactive than gold and even silver, and a small percentage of copper in a gold coin can lead to toning. Toning becomes more and more uncommon as the alloy increases in purity, and is only rarely seen on modern .9999 fine gold bullion coins (effectively pure gold). But, contrary to some skeptics' beliefs, even .9999 fine gold can tone. The color change may be very subtle, but it does exist. Just take a look at these .9999 fine modern gold coins produced by the U.S. Mint—there is a minute but definite darkening on certain areas of the coins (Martha Washington's shawl, the side and head of the buffalo).
So what types of toning can we expect to see on gold coins? If you're hoping for vibrant rainbow or textile toning, you may be disappointed. Gold toning often expresses itself in very subtle patina changes. The most common form of natural gold toning is a deepening of color from yellow to orange. If the toning progresses further, reds begin to emerge, and in the most vibrantly toned coins, you can even see some deep purples. Light rainbow toning is extremely rare, though it has appeared on a few Saint-Gaudens double eagles (and cleanly graded as natural toning by NGC or PCGS). But for the vast majority of toned gold, you can expect to see colors within the yellow-red-purple spectrum.
For the collector interested in acquiring a few gold coins with toning, there's good news! The premiums attached to attractively-toned gold are much smaller than the premiums placed on, say, rainbow toned Morgan dollars. One contributing factor is the high starting value of gold coins—while many numismatists are willing to pay even a 3X premium for a high-end toned silver dollar (let's say $180 vs. $60), very few would be willing to apply the same multiplier to a Saint-Gaudens Double Eagle with a book value of $1500. It's the same reason why doubled dies and other die varieties drive much less of a premium in gold, compared to copper and silver coins. But the other reason that toned gold doesn't demand a huge premium is that there simply isn't a large market for it. Many gold collectors are more attracted to bright yellow, lustrous mint state (AKA "investment grade" gold) coins than toned gold, and many others probably remain unaware of the fact that toned gold even exists!
Gold coins with original toning represent a much smaller portion of the overall gold coin market than do silver coins or even copper-nickel coins. Part of that is because of the previously mentioned fact that gold is less prone to toning than other metals used in coinage. But another suspected factor is that gold coins have been more prone to dipping over the years. "Dipping" is the process of immersing a coin in a mildly acidic solution, effectively stripping off any toning/patina and leaving a bright, untoned coin. Dipping was used heavily on both silver and gold coins by many collectors throughout the 20th century. Dipping continues to be practiced today, though there is now a greater market appreciation for coins with original patina. When performed carefully, dipping can make a coin appear to be in a higher grade. Gold coins were even more susceptible to being dipped during the 20th century, due to their higher value and the correspondingly larger benefit to securing a high grade.
Below are two examples of an early U.S. gold coin, the "Turban Head" gold eagle. The coin on the left (from the fantastic Coin Rarities Online gallery) has not been dipped, and has an original patina. Contrast its deep orange color with the unnaturally yellow color of the coin on the right (same series, different denomination), which has been dipped at least once in its 200-year life.
Toning can be found on all series of U.S. gold, from the very first Turban Head gold coins onward. Unfortunately, due to the high rate of dipping, it is often difficult to find old gold coins with original deep-golden toning. Many 18th and 19th century coins are unnaturally bright for their age, visible evidence of dipping and potentially cleaning. The more dramatic red and purple advanced-stage toning is even scarcer, but does seem to be slightly more prevalent on Indian Head quarter and half-eagles. It is possible that the higher number of toned Indian Head gold coins (not including the $10 eagle) is related to the particular treatment that planchets for those two series of coins received. As the first U.S. coins with an incuse design, the quarter and half-eagles proved to be difficult to strike at each of the Mint facilities where they were produced (Philadelphia, Denver, and San Francisco). Eventually, one of the mint superintendents devised a solution of having the planchets shaved slightly before striking. This relieved some stress on the coining press, allowing the design to be struck with full details. My hypothesis is that the unique treatment of Indian Head planchets somehow made the coins more prone to toning - it is strictly conjecture, though.
As you might imagine, a coin left buried for thousands of years will undergo some dramatic changes in its appearance. And if that coin sits buried in a sulfuric environment, the toning that results can be extraordinary. The most famous example of this is the Boscoreole Hoard, a cache of over 1000 Roman gold coins buried under volcanic ash from the eruption of Mount Vesuvius. The gold aureui lay buried and undisturbed from the time of the volcano's eruption in 79 A.D. all the way up to 1894, when they were finally unearthed. Volcanic ash is extremely sulfuric, and the sulfur in that ash caused deep red and purple toning to form on many of the coins. The coin below, an aureus of Emperor Vespasian from the Colosseo Collection, is one of the most vibrantly-toned in the hoard. The reverse of the coin features spectacular blue toning, which represents the next progression beyond purple on the gold toning color spectrum (orange-red-purple-blue). Purple toning itself is very rare, but blue toning is almost unheard of on gold.
"Do gold coins tone?" - CoinTalk forum thread
"What is Coin Toning?" - CoinNews.net article
"How to Tell the Difference Between Artificially & Naturally Toned Coins" - Silver Dollar Scoop article
Colosseo Collection - A stunning gallery of Ancient Greek and Roman coins, with valuable background information on each coin.
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Picture | Name | Selection | Price | Rating |
---|---|---|---|---|
. | Dansco Coin Albums |
All U.S. coin sets, many world sets (83 albums) |
$$$ | 4.8 |
. | Intercept Shield Album |
Only the most popular U.S. coin sets (30 albums) |
$$$ | 4.5 |
. | Littleton Album |
Popular U.S. coin sets (50 albums) |
$$ | 4.2 |
. | Whitman Album |
Popular U.S. coin sets (43 albums) |
$$ | 4.0 |
Dansco albums are the clear gold standard on the market. With their handsome brown leatherette covers and sturdy craftsmanship, Dansco albums are a great option for the collector desiring a sophisticated display album for his collection. Dansco albums generally cause very little toning, even over extended periods of time, making it safe to store your copper and silver coins in them without fear of a massive change in patina. That being said, no album can entirely protect against a coin toning—this is especially true if you live in a more humid environment. It is always recommended to store your albums in a cool, dry place, preferably with dessicants (i.e. silica packets).
At one time or another, there has been a Dansco album for every series of U.S. coins, as well as many world coins. You can also build your own album with any combination of album pages (many sold individually), as the pages are easily removed and rearranged. The one aggravating thing about Dansco is that they sometimes will temporarily discontinue certain albums. Currently the very popular 7070 U.S. Type Set album is discontinued, which means that old versions of the album now sell on eBay for 3-4x their retail price. Dansco is also at the upper range of the coin album price scale, but there is a price to pay for quality. Most Dansco albums retail for around $40, which should still be a relatively insignificant sum when compared to the cost of the coins they hold.
For the collector wanting the most peace-of-mind with regards to toning and tarnishing, Intercept Shield is the way to go. Intercept Shield albums are produced with a special type of insert that neutralizes corrosive gases before they reach the coins and cause toning. Unlike Danscos, these albums come with a matching slipcase for an added layer of protection. The main drawback to Intercept Shield is that their selection of albums is somewhat limited when compared to Dansco. You can find Intercept Shield albums for the most popular series of U.S. coins, but you won't be able to find, say, a Capped Bust dimes album or even a Liberty Head nickels album.
Intercept Shield albums sell for a comparable price to Dansco albums, around $40 apiece.
At a slightly smaller budget, you'll find Littleton albums. These green albums are produced by Litteton Coin Company, a large national dealer of U.S. coins. While fairly similar in build to Intercept Shield and Dansco albums, Littleton albums are much bulkier. The album is effectively a three-ring binder, which gives it an awkward wedge shape with a very thick spine. This makes it somewhat difficult to stack these albums or put them in a bookshelf. On the flip side, the three-ring binder system makes it much easier to remove and add album pages. Littleton albums are advertised as archival-quality, but are a relatively new addition to the market—it remains to be seen how well they protect coins against toning over a period of decades. In the short-term, at least, you should have no problems with coin stability. In terms of selection, Littleton has everybody beat except Dansco. Littleton covers all the popular series of U.S. coins, as well as a number of the more obscure sets.
Most Littleton albums are priced in the $20-25 range.
The granddaddy of them all, Whitman albums have been produced continuously since the 1930s. The first Whitman coin holders were simple cardboard boards with indentations for the coins. Collectors were encouraged to glue their coins into the board—unfortunately, this made the coins difficult to remove, and the glue damage was often irreparable. Next, Whitman moved into the now ubiquitous cardboard coin folders. These folders were a great affordable way for new collectors to start putting together a set of coins. What they lacked in stability (coins in these folders often took on a dark tone over time), they made up for in price. Whitman folders can still be found today at any coin shop, and many book stores, for only a couple of dollars each.
Later on, Whitman started producing coin albums like the ones above. Whitman albums have gone through several iterations over the years—the early albums were lightweight (even somewhat flimsy) and not designed to protect against toning. The more recent Whitman coin albums are similar in quality to those of the other competitors in the market. Whitman covers all of the more popular series of U.S. coins, but is still limited compared to Dansco's selection.
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Ebay is easily the largest marketplace for collectible coins. On the website, you can find everything from old U.S. coins to world coins to silver and gold bullion. What makes eBay great for coin buyers, is that prices are typically below retail—i.e., what you would expect to pay if you bought from a coin dealer. That means a lot of great deals can be found. Another one of eBay's pluses is its enormous selection. Unless you are interested in a very specific and small niche, odds are you will be able to find whatever you're looking for on eBay. The main downside to eBay is the obvious disadvantage of buying a coin that you can't see in-hand. It can be difficult to determine the quality (and even the authenticity) of a coin by only looking at a picture of it, and this problem is compounded by low-quality pictures and dishonest sellers. If you're a new collector just starting to get into the hobby, I would not recommend diving into the deep end on eBay first thing. Start out by buying a few cheaper coins, from sellers with high feedback scores (i.e. 99.9 to 100%) and lots of sales. Once you gain a better understanding of which sellers are trustworthy, and how a picture corresponds to a coin in-hand, then you can start to explore the more expensive and rare collectible coins. You can also check out our article for more tips on how to navigate eBay as a coin buyer.
Not comfortable buying online? Another great place to buy old coins is your local coin shop. Any decent sized city should have one or two, though it's possible they might be run more as a hybrid jewelry/coin shop. I always recommend taking a quick glance at the Yelp reviews before checking out a new coin store. Don't let one or two negative reviews keep you from going, but keep any customer reviews in the back of your mind while examining the shop's selection. You shouldn't expect to get eBay-level bargains at a typical coin shop, as the costs of running a brick & mortar retail operation have to be incorporated into the coins' prices. But you should be able to find most types of U.S. coins, and probably some inexpensive world coins as well.
This rule has been espoused by Q. David Bowers and many other celebrated numismatic authors over the years, but it is more than just calculated self-promotion. Now that we're living in the digital age, I think we can safely expand this principle—do the research first, whether it's within books or online resources, before buying the coin. In the coin industry, knowledge is the great equalizer. A massive coin dealer like Littleton can have the largest advertising and marketing budget in the world, but as long as collectors possess a working knowledge of coin value and worth, they'll stay away from that dealer's overpriced offerings.
An Indian Head quarter eagle on eBay with a Buy-It-Now price less than the gold value? $10 Morgan Dollars at a flea market stall? Keep on moving—it's hardly worth your time to even take a look. While good deals can still be occasionally cherrypicked, most coin sellers know the value of what they're selling. This is especially true online - don't expect that you're buying from some little old widow getting rid of her late husband's collection. Instead, there's a good chance you're buying straight from a Chinese counterfeiter. And if you are looking to take advantage of others, become a lawyer. We don't want you in this hobby.
What this means is that you should buy the coins that you personally find appealing—you don't always have to follow the crowd. If a complete proof set of Sacagawea golden dollars sounds like an exciting thing to collect, then more power to you. And just because everybody else is buying Baseball Hall of Fame dollars doesn't mean you have to too.
If you want to make money, buy a stock. For 99% of collectors, collectible coins should not be considered part of an investment strategy. While coins tend to hold their value better than most other hobbies (I'm looking at you, Beanie Babies), they are consistently outperformed by the stock market. Many coins even lose value over the years. The coin market is very volatile and prone to bubbles. During the 1980s In the eyes of many numismatists, the recent surge in popularity (and marketing) of modern date MS-70 coins is another bubble waiting to be popped.
Don't buy a coin with problems just to fill a hole in your set. You will only end up regretting your purchase, and replacing it later on. You may even have to sell the inferior-quality coin at a loss. For a practical example, let's say you're working on a complete date set of Wheat pennies. Your local coin shop has a 1909-S VDB on sale, but the coin shows obvious signs of a past cleaning. Don't feel like you have to buy the coin just because it's available. Coin collecting is a patient man's game. When considering a coin purchase, always ask yourself the question - "is this the best I can do?" If not, put away your wallet and keep looking.
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Despite its infrequent appearances in general circulation, the Kennedy half dollar remains one of the most popular modern coins to come out of the U.S. Mint. After John F. Kennedy was assassinated in 1963, the U.S. Congress unanimously passed a bill to honor the late president by adding his image to the half dollar coin. Kennedy would replace Benjamin Franklin on the coin—so-called "Franklin half dollars" had been produced since 1948. Kennedy was also considered for the quarter but Jackie Kennedy requested the half dollar design instead, as she thought it less fitting to have George Washington replaced.
When the new coins were first released to the public in 1964, demand was immense. The late president's popularity, coupled with the novelty of a new coin, led to massive hoarding of 1964 Kennedy half dollar coins. To keep up with the demand, the U.S. Mint produced an unprecedented 430 million coins dated 1964 - more than the entire mintage of the Franklin half dollar series. Thanks to that, 1964 half dollars are readily affordable today in any condition.
1964 was also the final year that the Mint produced dimes, quarters, and half dollars in a 90% silver alloy. In 1965, due to the rising price of silver, the Mint switched to a copper-nickel alloy for dimes and quarters, and a 40% silver alloy for half dollars. Half dollars were struck in the 40% alloy for six more years, until finally being switched to copper-nickel as well in 1971. With its 90% silver composition, the 1964 50-cent piece contains about 1/3rd of an ounce of silver. Because it is such a common coin, the price of silver largely determines the value of the 1964 half. While coins were produced at both the Philadelphia and Denver mints (Denver coins can be identified by a "D" mintmark under Kennedy's bust), both year/mintmark combinations are worth the same amount. The price guide below breaks it down. All values are taken from the Red Book, a Guide Book of United States Coins.
1964 Kennedy Half Dollar Value | ||
---|---|---|
Year |
Circulated |
Uncirculated |
1964 | $5.00 | $9.50 |
1964-D | $5.00 | $9.50 |
eBay is far and away the largest platform for buying and selling coins of all types. The eBay categories you'll want to be focusing on are U.S. Gold Coins, Bullion, and World Gold Coins. The U.S. Gold category is made up of coins that were struck by the U.S. Mint for general circulation, as opposed to coins sold directly to collectors. American gold coins were produced in many different denominations ($1, $2.50, $3, $5, $10, $20) from the 1790's up until 1933, when FDR took the nation off the gold standard. The coins in this category have greater collectible value than those in the other two categories because of strong collector interest in U.S. coins, which means you'll have to pay a premium over bullion value. If you're looking to buy an old American coin that was actually used and handled by people, and has some real history to it, then this is where you'll want to look.
If, on the other hand, you're more interested in the precious metal than the coin itself, the Bullion and World Gold categories might be more up your alley. The Bullion category is primarily comprised of bullion coins produced by various national mints - American Eagles, Canadian Maples, South African Krugerrands, etc., though you can also find a small selection of gold and silver coins and bars struck by private mints. If you're looking to get gold for the cheapest price, and don't care about collectible value, this is the category you want. World Gold similarly has many cheap gold coins—because there is considerably less demand for foreign coins than for U.S., it's possible to buy a 19th or early-20th century gold coin for only a small premium over spot. And if you're a history buff like me, World Gold is a great place to shop in. You might be surprised at how affordable 19th century coins from, say, the Prussian Empire or Napoleonic France can be. No matter which category you shop in, our article on how to win eBay auctions provides some great tips on how to snag a good coin at a good price.
Outside of eBay, there are a few national dealers that are a good place for buying gold. My personal favorite is APMEX - they have a solid reputation for fair and honest dealings (unlike a few other of the large megadealers...) and my transactions with them have been positive on the whole. They offer a great selection of both old and modern, world and U.S. gold. Another good option for modern gold coins is to cut out the middleman and buy directly from the Mint. The U.S. Mint offers all of its new releases directly to the public on USMint.gov, and most of the national mints of other countries do as well. On the Mint's website, you can buy any of the bullion coins in the gold American Eagle lineup (1/10 oz, 1/4 oz, 1/2 oz, or 1 oz .9167 fine gold), the gold American Buffalo (1 oz, .9999 fine gold), as well as whatever gold commemorative coins they're currently offering. As of October 2014, that includes the $10 coins from the First Ladies series, as well as the 50th anniversary gold Kennedy half dollar.
Don't feel like buying online? Look to your local coin store; every decent-sized city should have at least one. I like to take a quick glance at the Yelp reviews before checking a new coin store out—it gives me a good idea of whether the owner is an honest dealer or just out to make a quick buck at the expense of the customer. Any halfway-decent coin shop should have a selection of both gold bullion and collectible coins, pegged to the current price of gold. Hybrid coin-jewelry stores and most pawn shops will also have bullion, but tend to have worse prices than dedicated coin stores.
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The Eisenhower dollar series was created to commemorate the late president Dwight Eisenhower, with the first coins being produced in 1971. All of the dollar coins produced for public circulation were made on a copper-nickel planchet, the same type used in U.S. quarters, dimes and half dollars. A few special types of "Ikes" were struck in a 40% silver alloy, and sold by the U.S. Mint to coin collectors for a small premium.
In 1972, the U.S. Mint produced the normal copper-nickel coin for circulation at two mint branches, Philadelphia and Denver. Denver mint coins can be recognized by the small 'D' mintmark directly above the coin's date. These dollars are common, and are worth only $1-2 in any condition. Philadelphia coins can be identified by their lack of a mintmark. While most of these coins are common as well, there is one notable 1972 Philadelphia variety with a greater value.
The rare 1972 "type 2" design variety is worth upwards of $40 in all conditions. Type 2 dollars are identified by the details of Earth on the reverse side. Next to the outline of Florida, there are no distinguishable islands. On the less valuable Type 1 and Type 2 1972 dollars, there are visible and distinct islands in the Caribbean Sea.
The picture below illustrates the difference: Type 2 is on the far left, followed by Type 1 in the middle and Type 3 on the right.
Interested in learning the values of all Eisenhower dollars? Click the link to see our price guide for the entire series.
The most basic mistake I see newbie eBay bidders make is mis-timing their bids. If you place a bid near the start of an auction, you are hurting yourself by driving up the price of the item. Bidding too early increases the chances that you'll get into a bidding war with another buyer. As a seller, I love when two or more bidders get into a bidding war early in the auction. Generally, you should place your maximum bid as close as possible to the end of the auction. This is called "sniping." The reason for sniping an auction at the last second is to prevent other bidders from having a chance to respond. One well-timed snipe can make a bidding war avoidable. If you don't have time to sit around at your computer all day and wait for auctions to end, there are several free online sniping services that do the hard work for you. The one I use is Gavel Snipe—simply enter the auction url address and your maximum bid, and Gavel Snipe will automatically place your maximum bid 20 seconds before the auction ends. You can place a snipe any time - I usually place the snipes on Sunday for any auctions that are ending in the coming week. Thanks to this service, I've won dozens of coins that I otherwise wouldn't have a chance to bid on.
However, there is one notable exception to the above sniping rule. While most sellers start their auction listings at the default value of 99 cents, some sellers set the start price to the minimum amount of what they're willing to accept. For instance, you might see a Morgan dollar with a starting price of $20. As long as somebody bids on it, the seller is guaranteed at least $20—this helps eliminate the risk to the seller of an item drawing a small number of bids and selling for a low price. It also serves as another way for sellers to basically enforce a "reserve" price, though without the negative stigma that arises from setting an actual reserve price (note to sellers - don't set a reserve on your auctions, it will only drive away bidders). In many cases, the seller foolishly decides to set their starting price above 99 cents but below the item's true value, hoping that the good deal will drive multiple bidders. Unfortunately for the sellers (as I've personally learned), this strategy does not work most of the time.
This explanation might be a little bit confusing, so let's take the example of the Morgan silver dollar with a starting auction price of $20. Now, say the actual value of that Morgan is closer to $25-30. The seller hopes that starting the auction with a below value price will induce multiple bidders to jump on and drive up the price. Instead, what usually happens is that after the first bidder places a bid, the rest are scared off. The reason for this? The rest of the potential bidders assume that the first bidder has placed a maximum bid up to the real value of the coin ($25-30), so they believe that there's no longer a point in bidding on the coin. As a result, the auction ends with only a single bid, and the $30 Morgan dollar sells for $20. You would be surprised at how often this happens.
The takeaway here? Always place an early bid on those slightly-underpriced auctions. By establishing your bid on the coin, you'll make other potential bidders less interested and increases your chances of getting a good deal.
So I don't end up with an even longer essay on bidding strategies, I'm going to separate my tips for placing offers on Buy-It-Now/Or-Best-Offer listings into a separate post. Stay tuned!
In this article, I will discuss the values of Kennedy half dollars, minted from 1964 to the present. The Kennedy half dollar, as you might guess, was created to honor President John F. Kennedy. After his assassination in 1963, Congress quickly and unanimously passed a bill to replace the half dollar's current Benjamin Franklin design with a portrait of Kennedy.
For the first year, Kennedy half dollars (along with all quarters and dimes) were struck in 90% silver. But silver prices, which had been rising sharply for several years, soon reached the point where it was no longer cost-effective for the U.S. Mint to produce silver coins for general circulation. In 1965 the dime and quarter were switched to a composition of copper-nickel, to match the 5-cent nickel. There was more resistance to changing the composition of the Kennedy half dollar - no politician wanted to be the one who voted in favor of switching the popular president's coin to a base metal composition. In the end, Kennedy half dollars stayed silver for six more years (from 1965-1970), though with a reduction in silver purity from 90% to 40%. It wasn't until 1971 that all circulating Kennedy half dollars were switched to a copper-nickel alloy.
In terms of half dollar value, the more silver the higher the price. The value of a 1964 half dollar depends heavily on the price of silver. 1964 half dollars (as well as their 40% silver brothers) were hoarded heavily, so their numismatic (collectible) value is relatively low compared to their silver bullion value. Each 90% silver 1964 half dollar contains 0.36 troy ounces of silver, and each 40% silver 1965-1970 half dollar contains about 0.15 troy ounces. At current silver prices ($21/oz), the 1964 half dollar is worth $7.50 in silver alone, plus an additional dollar or two in numismatic value. The 1965-1970 half dollars are worth $3 in silver, with negligible numismatic value. Coins in better than average condition are worth slightly more, though the premium for mint state coins isn't very large.
Post-1970 copper-nickel half dollars are worth relatively little compared to their silver predecessors. For all circulated half dollars (those showing signs of wear from being used), the collectible value is close to nil - those coins are worth only face value. That includes the 1976 bicentennial half dollar, which was produced in very large quantities. But in addition to the copper-nickel 1976 half dollar, which was produced for general circulation, a separate 40% silver version was sold directly to collectors for a small premium. The way to identify these silver 1976 half dollars is to find the mintmark, indicating which U.S. mint facility produced the coin. 1976 half dollars with an 'S' mintmark, for the San Francisco Mint, are the 40% silver version and are worth upwards of $5 (at current silver prices). For all uncirculated copper-nickel half dollars (those with no signs of wear), there is a little more variance in terms of value, with a few relatively more valuable dates.
The table below is a price guide to the Kennedy half dollar series, divided by condition and mintmark ("D" = Denver mint, "S" = San Francisco mint, and "P", or no mintmark = Philadelphia mint). You can find the mintmark above the date and below Kennedy's neckline (see image). Silver coin prices are based on the current value of silver ($21/oz as of this writing). All other prices derived from A Guide Book of United States Coins (AKA The Red Book).
Because of their immense historical significance, Roman Empire coins are in great demand. But thanks to the Empire's massive size and lengthy lifespan, the coins of the Romans remain readily available and affordable. Bronze Roman coins can be purchased for less than $10, and a decent silver denarius can run you as little as $40. (Gold coins, unfortunately, go for a minimum of 4 figures).
But where can you buy authentic Roman coins? In this article, I'm going to walk you through a few of the possibilities.
eBay is the world's largest marketplace for coins - more coins are bought and sold on eBay every day than on any other website. The main upside to eBay is the selection - as the site's offerings are listed by individual sellers, you can find an extremely wide variety of coins on any given day.
That wide selection includes Roman coins. eBay offers three categories of Roman coins - Roman imperials, Roman provincials, and Roman republic issues. "Roman imperials" technically refers to coins of the Roman Empire produced within the Empire's heartland, Italy. But for all intents and purposes that categorization is meaningless on eBay, as most sellers of ancient coins are unaware of where their coins were minted.
Roman provincials are Roman Empire coins that were struck outside of Italy - in this category, you can expect to find a lot of eastern Roman coins. Roman provincials often sell for less than their "imperial" counterparts, as the demand is somewhat lesser.
Finally, Roman republic issues are coins produced under the Roman Republic, which was the predecessor of the Empire. The Roman Republic was founded in the 6th century B.C. and lasted 500 years, until Emperor Augustus abolished it in the late 1st century B.C. There were many fewer Roman coins produced under the Republic, so these coins are accordingly much more expensive than the later imperial coins.
The main downside to buying ancient coins on eBay is the lack of seller standards - anyone with an internet connection can sell coins, and nothing stops many of those sellers from listing counterfeit coins. Many ancient coin experts estimate that more than 1/3rd of all ancient coins on eBay are counterfeit - if you are not an experienced collector, it can be difficult to tell what is a counterfeit and what is authentic. This problem is only magnified for more valuable coins.
VCoins, another online numismatic marketplace, serves as a more trustworthy alternative to eBay. Unlike on eBay, every seller on VCoins has to go through a special approval process in order to sell on the website. The VCoins staff holds all of the sellers to a strict code of ethics, which includes an agreement to not knowingly sell any counterfeit coins.
The average VCoins seller is much more knowledgeable about ancient coins - you can expect to find a higher-end selection than on eBay. VCoins offers some truly exceptional coins, but as you might guess, the downside is the price. Most coins on the website are fairly expensive - buyers are paying not only for quality, but also for the level of assurance that comes with the VCoins seller standards.
For experienced collectors of ancients, VCoins is a godsend. But for beginning collectors, the website can be a little bit intimidating and overwhelming.
So what should you do if you're looking to buy your first Roman coin? Risk buying a counterfeit on eBay, or drop big money on a VCoins listing? Here at Silver Dollar Co, we'd like to offer a third alternative. Our brand-new ancient Roman coins section has a wide selection of affordable bronze and silver coins. Unlike eBay, all of our coins are covered under a lifetime authenticity guarantee. And our selection of Roman bronze coins starts as low as $9 (with free shipping) which means that we have something to fit every budget.
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I’ve decided to write this guide in order to share some of my own methods for mailing coins – after nearly a decade of selling on eBay and other websites, I’ve yet to receive negative feedback for a coin that’s been damaged in transit. Shipping coins securely doesn’t have to be expensive or time-consuming. If you use my method, you can all-but-guarantee that your coins will travel across the country and arrive unharmed, for a cost of about $2.
First off, buy yourself some flips. If you toss your coin into a plastic baggie or straight into the envelope you run the risk of adding hairlines and scratches as the coin slides around in transit. While I always recommend buying archival quality non-PVC flips, nearly any type of Mylar or cardboard flip will do as long as it protects the surfaces of the coin.
Once I’ve got the coin in a flip, I then place it in a corrugated cardboard Safe-T-Mailer and seal it up. These mailers add a further protective barrier around the coin, shielding the coin from dings or dents and preventing the coin flip from sliding around in the envelope. You can encase one or multiple coin flips within a single Safe-T-Mailer. As a disclaimer, I am not promoting this product on behalf of the company that makes them. I honestly believe that it’s a great tool for shipping coins, but I’m sure there are similar products out there that accomplish the same job just as well.
For my envelopes, I go with size #000 bubble envelopes. These are the smallest standardized size of bubble envelopes out there, but they’re just big enough to fit a Safe-T-Mailer with a few coins inside. I’d be comfortable shipping up to maybe 4 or 5 ounces within one of these guys – after that, you’re probably going to want to upgrade. A single Morgan dollar weighs in at less than an ounce, so 4 ounces is a lot of coins. At that point, you may want to look into a Priority Mail flat rate box.
You can buy both the bubble envelopes and Safe-T-Mailers in bulk, which significantly cuts down on the cost. I would estimate that I spend about 25 cents on packaging for each coin I ship. Unless a buyer requests otherwise, I send the coins via USPS First Class Mail (2-5 business days). If you’re selling through eBay, you can buy postage online and print out USPS labels from the eBay website. If not, you can do the same thing at www.paypal.com/shipnow. The current cost of a 3 ounce or less envelope with tracking number included is $1.93. That means that my total cost for shipping is just over $2, a very reasonable cost to pass onto my buyers. And for higher-value coins, I can comfortably absorb the cost myself and offer free shipping.
If you use my shipping method, you’ll make your buyers happy in more ways than one. The packaging not only protects the coins, but also helps present your buyers with an image of competence and trustworthiness. If a person receives two identical coins, one taped to the inner side of an envelope and one securely packaged with a tracking number, they’re going to look more favorably on the seller who shipped the coin well. It’s a simple method, but it can make a world of difference.
]]>One of the most common mistakes is also one of the most potentially harmful. Never hold a coin high over a hard surface. Countless coins have been dinged, scratched, or otherwise damaged from being dropped on concrete floors or glass display cases. When at home, I always make sure to hold my coins over a soft surface.My go-to is a black velvet pad. Even if I accidentally drop a coin, the fall isn’t going to do any damage.
Coin shows are a slightly different situation. While some dealers have soft presentation pads available for shoppers to examine their coins over, many don’t offer any sort of cushioning between the coin you’re looking at and the hard glass display case. That’s why I like to bring along a piece of soft fabric of my own. It not only prevents significant damage if I do drop a coin, but also gives me (and the dealer!) peace of mind.
Another don’t – never touch a coin’s surfaces with your bare fingers. This goes double for uncirculated and proof coins – if even the tip of your finger brushes the coin’s surface, you risk permanently harming the luster or blotching the mirror finish. Cotton gloves are a cheap and easy way to prevent your skin oils from getting on the coin. If those oils do get on a coin, over time they will turn into nasty spots and fingerprints that are very difficult to remove without damaging the coin. For lower-grade circulated coins (assuming they’re not very valuable), cotton gloves are not usually necessary. To minimize the area affected by skin oils—carefully hold the coin by the rims with clean, dry hands.
As in all things, common sense applies. When removing a coin from a stapled cardboard 2X2 flip, remove all of the staples with a staple remover before attempting to remove the coin itself. Separate coins out individually as much as possible –keeping coins in a big pile or even a bank roll will lead to unnecessary contact marks, especially with larger and heavier coins. And don’t eat or drink while handling coins.
In order to keep this article short and to the point, I’m going to leave proper coin storage methods for a future article. If you have any coin handling suggestions of your own, please leave a comment below and I’ll add it to the article!]]>Sulla did not remain in Rome for long. After King Mithridates of Pontus massacred 80,000 Romans in Asia Minor, Sulla marched east with his troops. He first besieged and brutally sacked the city of Athens before meeting Mithridates in open battle on the plains of Chaeronea in central Greece. With a force of 40,000, Sulla nearly annihilated the 120,000-strong Mithridatic army. After one more battle, Sulla effectively defeated Mithridates and was able to concentrate on Rome once again.
By this time, Marius and his allies had retaken control of the city. Sulla and his troops marched on Rome once more. Marian armies were raised to stop his advance, but they were easily swept aside by Sulla. The Marian forces regrouped for a final desperate battle (50,000 dead) outside of the gates of Rome, but Sulla eventually prevailed once more. Sulla had broken what remained of the opposition and stood as the master of Rome.
The Senate quickly declared Sulla dictator, giving him absolute control over all of the Republic. This was an groundbreaking step, which set the precedent for the dictatorship of Julius Caesar a generation later. With absolute power in his hands, Sulla began a thorough purge of Rome, executing thousands of Marian supporters. The young Caesar was nearly executed himself but was saved by the appeals of some of Sulla's supporters. In his memoirs, Sulla wrote that he regretted sparing the man's life, predicting that his ambition would ultimately render him a danger to the state. After thoroughly eradicating the Populare opposition and strengthening the traditional Roman aristocracy and Senate, Sulla willingly abdicated and resigned from the dictatorship. He died peacefully several years later.
While strengthening the traditional hierarchy of Rome in the short term, Sulla significantly weakened the foundations of the Republic. Sulla set several dangerous precedents - he gained personal allegiance from his armies (whose allegiance should have been to the Republic alone), marched on Rome with those troops, and subverted the traditional Roman government structure by assuming the role of dictator. More than any other Roman, Sulla's actions set the stage for the rise of Caesar, the fall of the Republic, and the beginning of the Roman Empire.
On the right is a rare silver denarius of Sulla, struck shortly after he regained control of Rome. Earlier ancient Roman coins featured Roman gods and mythical scenes. But by the time of the late Republic, most Roman denarii (which were produced by wealthy individuals rather than the state) featured the profiles of powerful men and leaders of Rome. Just as in politics, Sulla took a traditionalist approach to his coin's design. The obverse side of the coin features the bust of the goddess Roma, the divine personification of the city of Rome. The reverse features Sulla himself driving a quadriga, a sort of four-horse chariot.
This particular coin, featuring beautiful multicolored envelope toning is currently for sale at Silver Dollar Co.
Take a close look at the four coins above.
Which of the four would you guess are artificially toned and which are naturally toned?
The answer? All four were cleanly graded as having natural toning by PCGS. Despite the kaleidoscopic colors, none of these Morgan dollars are considered artificially toned. But how can a collector understand the difference between vibrantly toned stunners like the coins above, all worth a hefty premium because of their toning, and an artificially toned problem coin worth no more than silver melt value? This article will explain the primary visual differences between naturally and artificially toned coins, allowing any coin collector to confidently and safely buy toned coins.
For those unfamiliar with the term, toning is a catchall word used to describe the coloration resulting from various chemical reactions that take place on the surface of a coin. Toned coins can range the spectrum—from jet-black to a multicolored rainbow. In the marketplace, attractively toned coins can demand substantial premiums and often sell for two times, three times...even as much as ten times the price of a equivalent untoned coin.
But one major problem within the toned coin market is determining the origin of the toning itself. Toning is not always the result of natural chemical processes. There are various techniques that can be used to artificially induce coloration. These methods are frowned upon by serious collectors, and artificially toned coins are viewed in the same negative light as cleaned, or polished coins. All of the reputable coin-grading companies refuse to grade artificially toned coins, instead assigning those coins a 'details' or 'net' grade. But it is not always easy to tell the difference between naturally (NT) and artificially toned (AT) coins, even for experienced collectors. In this article, I'm going to discuss a few ways to tell the two apart.
First off, it's important to clarify the differences between toned coins of different metals. Silver is the most chemically reactive noble metal, and often reacts with sulfur to form multicolored "rainbow" toning. Copper is even more reactive. The most typical form of toning for copper coins is a gradual darkening over time, from red mint luster to a brown patina. The vast majority of pre-20th century copper or bronze (copper-tin alloy) coins have a natural dark brown color. Those that have red mint luster have most likely been either dipped or otherwise restored, or coated in shellac or lacquer by early collectors. Coins with their original red mint luster get an "RD" designation added to their grade and demand premiums over brown or red-brown coins ("BN", "RB"). Multicolored toning is possible with copper coins, particularly U.S. Lincoln cents, but is slightly more likely to be artificial on modern coins. Nickel, or copper-nickel, coins are the least prone to toning. Attractively toned examples of nickel/copper-nickel coins should always be viewed with a certain level of skepticism, though it's still quite possible for the toning to be natural, particularly for proof Jefferson nickels (see Robec's Images Gallery for some great examples). A large portion of natural nickel toning is the result of environmental exposure or extreme conditions. That makes nickel coins especially prone to artificial toning methods that recreate those environmental conditions. Gold coins also have some potential for toning (most often red or purple colors) but are much less reactive than either copper or silver coins.
Setting aside the toning propensity of different metals, the coloration itself will almost always help you determine whether you're looking at an NT or AT coin. Most artificially-toned coins have extreme coloration - the motto of the coin doctors seems to be "Go big or go home." A deep blue or purple surface, especially when coupled with abrupt color transitions, is an extremely strong indicator of artificial toning. Take a look at the 1991 American Silver Eagle coin on the right. ASE's are almost pure silver, so dramatic toning is not uncommon. But in this case, the coin has an unnatural deep aquamarine color as well as a very incongruous patch of violet/orange in the center of the obverse. That sudden contrast of colors is a telltale sign of rapid toning, which is almost always artificially induced.
Here's another example. This is a Morgan dollar sold by a high-volume eBay seller - he cooks these coins up to induce ugly "oil-spill"-style rainbow toning, then sells them for a premium. Notice the angular color swatches, and the abrupt transitions between colors. The colors are almost neon—this silver coin looks like something right out of a psychedelic trip. Stay far away from coins that look like these two, or else you risk overpaying for a junk coin worth no more than bullion value.
Now compare those two coins to the beautifully-toned Morgan dollar on the right. The toning is still dramatic, but in this case the colors are much more of an evenly-balanced pastel—not neon—palette. There are no abrupt color transitions; the toning gradually blends from color to color- yellow to gold, gold to red, with a hint of purple and blue on the peripheries.
A couple times now I've seen this question asked by beginning collectors - "If the coin is only toned on one side, doesn't that mean it's not natural?" The short answer to that is no. While environmental factors are responsible for natural toning, it is quite possible for the obverse of a coin to be exposed to different factors than the reverse, or vice versa. Take the Morgan dollar, for example. Despite its massive popularity with modern collectors, the Morgan dollar was not a very popular coin while it was being minted. The dollar coins were large and unwieldly, and most people found paper money much more convenient to use. But because of the lobbying efforts of powerful silver mining interests in Nevada and other western states, the U.S. Mint still produced millions of the coins every year. A huge number of Morgan dollars never even saw circulation, but were instead held in bank vaults for decades on end. Within the bank vaults, the coins were held in burlap sacks, sacks that had been treated with a sulfur-based dye. Those conditions were extremely conducive to toning, but not all coins held in the bags toned. Toning only occurred on the surfaces of coins that were directly in contact with the sulfur-coated fabric. That's why so many Morgan have vibrant toning on one side, and absolutely no toning on the other side. Many Morgans also show crescent toning, where another coin sat between the Morgan and the bag, leaving only a small portion of the first Morgan in contact with the bag.
While this was by no means a comprehensive write-up, it should hopefully provide collectors with at least a couple of helpful tips for avoiding AT coins. We'll be addressing some further aspects of the NT/AT split in future articles, including the subtle distinction between naturally-toned and "market acceptable" coins.
Monster Rainbow Toned Morgan Dollars - Jhon E. Cash (quite possibly the most comprehensive information resource on the web on toned Morgans)
Coin Toning - Reid Gold Coins Guide
Fake Rainbow Toned Coins - CoinTalk Forum Thread
Signs of Artificial Toning on Coins - Gainesville Coins
eBay helpfully provides the option to search through previously completed listings, so you can see how much a specific item has sold for in the past. A few months ago, I decided to start to record the prices and times of completed listings of four types of coins, in an effort to determine the most optimal days and times for buyers to buy and sellers to sell their coins.
I picked four coins that are relatively standardized—that is, there isn’t a huge amount of variation in quality or value between individual specimens. Large price variations would skew my data. I also had to avoid coins that derived much of their value from precious metals (i.e. coins such as double eagles, bullion coins, common-date silver, etc) as bullion price fluctuations would throw off the data. The final criteria was that the coins had to be sold frequently on eBay. I could track the price of mint state 1909-S VDB cents, but it would take me a very long time to accumulate enough data points for my study to be statistically meaningful.
The four coins I eventually settled on were: circulated Columbian Exposition half dollars, PCGS/NGC-graded MS-64 1881-S Morgan dollars, PCGS/NGC MS-65 1945-S Mercury dimes, and 1890-1900 circulated British crowns (featuring Queen Victoria).
When collecting the data, I ran a quick eye over the sold listings and avoided coins with exceptional qualities that would raise the selling price significantly (such as “+”, “*”, or CAC slab designations, rainbow toning, etc). I also restricted myself to auction listings (as opposed to Buy It Now) with at least two bids. My reasoning was that BIN listings and completed auctions with only one bid represent a single person's perception of how much a coin is worth, as opposed to the evaluations of multiple bidders. The more people that bid on any given item, the closer we can get to the true market valuation. If one person foolishly bids on a coin that’s priced double book value, then recording that value would throw my data off. After collecting the data, I discarded all outlier prices* so that unusually fierce bidding wars or massive bargains wouldn’t inflate or deflate my numbers.
Now the data wasn't exactly as definitive as I would have hoped, but some interesting trends still emerged. Thursday was the highest sell price day for 3 of the 4 coins, while Wednesday and Sunday had the lowest sell prices on average. From this rudimentary analysis, it appears that Thursday might be a good day for sellers to set their auction end-dates, while eBay buyers should keep an eye out for bargains on Wednesdays and Sundays.
The Time vs Price graph (all times Pacific Standard Time) contains the data points from all four coins, normalized by the mean. Normalizing the data allowed me to include all the points on a single combined graph as opposed to four individual graphs. The line through the graph is a line of best-fit, which means that half of the data points are above it and the other half are below it. The best-fit line provides an idea of the general trend of prices over the course of a single day—as you can see, it gradually increases from early morning up into the evening. It appears that the vast majority of eBay auctions end at around 6:00 pm PST (9 Eastern). There aren’t enough data points from listings later at night or early in the morning to really make any definite conclusions but it appears that the ideal time for sellers to set their auctions to end is somewhere around 5 to 7pm PST. The best time to look for coins to buy is, as you might expect, earlier in the day or very late at night (probably because most people are either sleeping or at work).
Obviously there are some limitations to this analysis, the largest of which is a simple paucity of data. The prices I collected represent only a few months worth of data, on a very small number of coins. I personally plan to continue to collect data for these coins and to start collecting data on several more as well. If anybody else is interesting in this sort of thing, I would highly encourage you to begin collecting data on specific coins you’re interested in buying or selling. I'd be happy to share my own data as well. Who knows what interesting trends might appear?
*For outliers, I discarded all values more than 2.5 standard deviations above or below the mean.
The 1921 Morgan Dollars had some of the highest mintages of the series, with tens of millions of coins produced. As a result, these dollar coins are fairly affordable in most grades. The mintmark can be located on the reverse side underneath the eagle and above the letters "D" and "O" of "DOLLAR". Coins minted in Philadelphia have no mintmark, Denver a "D" mintmark, and San Francisco an "S" mintmark. Silver dollar values are taken from the Red Book.
Condition | |||
---|---|---|---|
U.S. Mint Branch | Good | Extra Fine | Mint State |
Philadelphia mint | $20 | $30 | $45 |
Denver mint | $20 | $30 | $50 |
San Francisco mint | $20 | $30 | $60 |
The first year of the Peace Dollar series was struck in high relief, which means the design features of the coin stick out farther from the surface. This high relief design was difficult and impractical to produce, and in 1922 the Peace Dollar was switched to a lower-relief design. Only about 1 million Peace Dollars were produced in 1921, making this dollar coin much more valuable than most others within the series. The 1921 Peace Dollar is also highly-prized by collectors for its striking design, as the high relief version brings out all the details in the artist's vision. All 1921 Peace Dollars were minted in Philadelphia, and have no mintmark.
U.S. Mint Branch | Good | Extra Fine | Mint State |
Philadelphia mint | $50 | $85 | $300 |
For a more comprehensive look at Morgan and Peace dollar prices, please read our article on Peace and Morgan silver dollar values.
This article was last updated 5/19/15.
While the likelihood of finding a 1909-S VDB penny decreases with each year, many rare and valuable coins can still be found in ordinary pocket change. In this article, I'm going to point out a few of the more valuable coins to keep an eye out for.
Pre-1965 US dimes, quarters, and half dollars were all struck from 90% silver. From 1965 to 1970, half dollars were struck from 40% silver. And from 1942 to 1945, nickels ("war nickels") were struck from 35% silver to conserve nickel for the war effort. Silver currently sits at $20/oz, which makes these coins all worth at least a few bucks (check here for the current values). Don't feel like checking the dates of every coin you get? You don't have to. Because of their silver composition, these coins tend to have a lighter color than modern copper-nickel coins. One notable exception is the war nickels, which are often tarnished and darker. Another way to check for silver is by taking a quick glance at the coin edges. Modern coins are produced with a copper core sandwiched between layers of nickel—look at the edge of a dime, nickel, quarter, or half dollar, and you'll see the brown/red copper color. Old silver coins, on the other hand, have a completely silver/grey edge. While most silver coins have been picked out of circulation over the years, many can still be found if you keep your eyes open.
1982 Philadelphia "No P" dime - In 1982, a small number of dimes lacking mintmarks were accidentally produced at the Philadelphia mint. Important note: prior to 1980, Philadelphia dimes had no mintmark. The only dime without a mintmark that is worth anything is the 1982. Value: $50+ (higher for uncirculated grades)
1995 Doubled Die Penny - Take a close look at 1995 pennies with no mintmark (produced by the Philadelphia mint) and look for doubling of "LIBERTY" and "IN GOD WE TRUST." Value: $20+ (higher for uncirculated)
Other doubled die pennies to keep an eye out for: 1969-S (doubling on all parts obverse side except mintmark), 1970-S ("LIB" and "IN GOD WE TRUST"), 1972 (all parts of obverse), 1983 (lettering on reverse). Many of these doubled die varieties are quite valuable, with some demanding prices into the thousands of dollars.
2004-D Wisconsin State Quarter Extra Leaf - Normal Wisconsin quarters only have two leaves on the ear of corn. Two rare error varieties of the D-mintmark quarters (Denver mint) have an extra leaf. Value: $100+
For an exhaustive list of error coins and varieties to hunt, check out The Cherrypickers' Guide to US Coins by Bill Fivaz. Fivaz provides a comprehensive list of valuable error coins that can still be readily found in circulation.
U.S. pennies prior to 1982 were struck in 95% copper. In 1982, the U.S. Mint switched to a copper-plated zinc alloy in an attempt to cut down on costs due to the rising price of copper. Copper has continued to rise in value, and each pre-1982 penny contains approximately 2 cents worth of copper at current prices. That might not sound like much, but many investors expect the price of copper to rise substantially in the near future. In any case, it might be worth your while to set aside those copper pennies for now. In a few decades or even years, copper might be the new silver.
Family/friends often come up to me with unusual coins they've found in circulation, hoping I'll tell them that they just struck it rich. Unfortunately, a lot of uncommon coins aren't worth much at all.
Dateless Buffalo nickels - While somewhat of a rare find, dateless Buffalos unfortunately are worth little more than face value (perhaps 25 cents each). The raised design of these nickels (produced from 1913 to 1938) led to the date wearing out very quickly. Dateless coins in general aren't worth much to collectors.
Bicentennial quarters and half dollars - Hundreds of millions of half dollars and billions of quarters were produced to commemorate the nation's bicentennial in 1976. Both are in ready supply in secondary markets like eBay, so circulated coins are worth only face value.
Wheat pennies - Most of the Wheat pennies found in circulation are of later dates, with lower mintages. Wheat pennies were struck all the way up to 1958, and 60 years isn't a very long time in the coin world. Most Wheat pennies from the 40's and 50's are worth little more than 25 cents. Older dates, particularly S-mints, can be worth substantially more.
Modern half dollars + small dollar coins - Just because you've never seen one before doesn't make it valuable. Half dollars and small dollar coins (such as the Sacagawea, Susan B. Anthony, and Presidential dollars) never see much circulation among the general public. But such large numbers of them are minted that they are neither scarce nor valuable.
At its peak, the Roman Empire was one of the most powerful civilizations this world has ever known, controlling the entire Mediterranean region, North Africa, and Europe as far north as England. The Roman Emperors effectively controlled the entire Western world, through a combination of administrative skill and military might. But before the Empire came the Republic, a republic that lasted from the 6th century B.C. until Julius Caesar effectively destroyed it 500 years later. Instead of a single Emperor, the Republic was controlled by the Senate, a powerful group of rich and privileged Roman citizens. This system survived more or less intact over the centuries until certain Romans began to openly covet more power. These Romans used their popularity with the common people and the Roman military to place pressure on the Senate. A series of brutal civil wars broke out, culminating in the triumph of Julius Caesar over the Senators and their allies. A conspiracy deprived Caesar of his life but it was already too late for the Republic to be saved. After Caesar’s assassination, his great-nephew Octavian destroyed any remaining republican threats and consolidated his power to declare himself Emperor Augustus and bring a permanent end to the Republic.
Just like modern coins, ancient Roman coins came in various denominations. Here are the most common ones:
As, the lowest denomination. First cast in bronze, later struck in copper.
Dupondius, a brass coin worth two asses.
Sestertius, a large brass coin worth two dupondi.
Follis, a bronze coin with a thin silver coating, struck until the late 3rd century AD.
Denarius, a small silver coin worth 4 sestertii. First struck in the 3rd century BC as an almost pure silver coin but gradually reduced in purity to less than 50% silver before being abandoned entirely in the 3rd century AD.
Antoninianus, a slightly larger silver coin worth two denarii. First struck in the 3rd century AD in 40% silver but gradually reduced in purity to a silver coating over bronze. Abandoned 4th century AD.
Aureus, a small high-purity gold coin worth 25 denarii. First struck regularly under Julius Caesar, last struck 4th century AD.
Solidus, Constantine’s replacement for the aureus. Used by the Byzantine Empire for seven centuries after the fall of Rome.
Generally, Roman coins are separated into three main categories—Republican Era, Imperial Era, and Provincials.
First came coins of the Roman Republic (509 B.C. - 27 B.C.). When the Roman Republic was in its infancy, coins from the many Greek city-states were the main means of commerce. The early Romans copied these coins, which were based on the drachma denomination. It wasn’t until the 3rd century B.C. that the denarius and other uniquely Roman coins started to be produced, mostly struck by wealthy individual moneyers. These Republic coins originally featured symbolic imagery of gods and mythology, but as time went on, more and more men began appearing on the coins. Powerful Romans added their own ancestors’ faces to the coins they struck. In the 1st century B.C., as the Republic was gradually crumbling, some of the Romans we consider most famous today appeared on coins. In many cases, these coins provide the only remaining evidence of what those famous men actually looked like. Julius Caesar was the first to break with tradition by placing his own portrait on denarii, the first time a living Roman had been displayed on Roman coinage (see picture at right). Coins struck by Julius Caesar are in extremely high demand today—those featuring his portrait go for thousands of dollars, while those only featuring his name go for hundreds.
Perhaps the most famous of the Republican era coins is the coin struck by Marcus Junius Brutus, Caesar’s close friend and assassin. Brutus and his conspirators expected to be cheered as heroes for killing Caesar, but they underestimated the public’s love for him. The assassins were forced to flee Rome before their ultimate defeat by the combined forces of Marcus Antonius and Octavian. Before his defeat and suicide, Brutus paid his soldiers with this denarius. The obverse features a portrait of Brutus himself, while the reverse shows a “liberty” cap between two daggers with the words “EID MAR.” Brutus chose a design to boost his soldiers’ morale, by reminding them of the fateful blow for liberty and freedom that had been struck on the Ides of March. There are estimated to be only 60 “eid mar” denarii in existence. Because of their great scarcity and extraordinary historical significance, each one of these coins sells for hundreds of thousands of dollars.
Even excluding the coins of famous men, Republican era coins in general tend to demand higher prices than Imperial era coins. This is mainly a factor of their scarcity. The Roman Empire produced a much greater number of coins than did the individual moneyers in the Republican period. Nevertheless, many attractive silver denarii of the Republic can be found for around $50. Other base metal denominations are much cheaper. Won't settle for anything less than gold? Expect to pay thousands of dollars for a gold aureus. When buying a high-value coin, make sure the seller is reputable or buy only third-party authenticated coins. The ancient coin market has a very high number of counterfeits, especially on eBay.
"Collecting Ancient Roman Coins" - Coins-Auctioned.com
"Where to find Ancient Roman Coins" - Silver Dollar Scoop
"Roman Imperial Coin Denominations" - Doug Smith's Ancient Coins
The U.S. Mint has lost not only its sense of creativity, but also its sense of aesthetics. Our coins used to be works of art. I'd like to use this article to point out what's been lost, by showcasing some of the most beautiful designs from U.S. numismatic history.
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Indian Head penny (1859-1909)
The predecessor of the Lincoln penny. Despite its name, this coin doesn't actually feature an Indian. Rather, it is Lady Liberty making a bold fashion statement by wearing an Indian headdress. Preceded by the short-lived Flying Eagle cent series, these pennies were basically the first real modern-sized cents struck by the Mint. From the beginning of U.S. coinage in 1793 up to 1856, pennies were large half-dollar chunks of pure copper. Rising copper prices eventually forced a switch to smaller cent coins, struck in a hard copper-nickel alloy.
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Buffalo nickel (1913-1938)
In 1904, President Theodore Roosevelt started a push to redesign the nation's coins on more artistic lines. This nickel was one of the ultimate results of his efforts. Designed by acclaimed American sculptor James Earle Fraser (who also created the famous sculpture "The End of the Trail"), this coin features the weathered profile of a Native American chief. Various Native Americans claimed to be the model for the coin and successfully exploited the resulting publicity, though Fraser maintained that he created the portrait as a composite. The identity of the buffalo was also a matter of contention, though the buffaloes themselves showed little interest in asserting their claims. Despite its name, actually made of mostly copper (as are the modern Jefferson nickels).
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Mercury dime (1916-1945)
The predecessor of the Roosevelt dime. Lady Liberty decided to play dress-up again, this time wearing a winged cap reminiscent of the Roman messenger god Mercury. The reverse of the coin features the Roman fasces, a symbol of martial power and authority, along with an olive branch, the traditional symbol of peace. This coin was first struck in 1916, at a time when the U.S. had not yet entered into the First World War. The design strongly reflects America's isolationist stance— the nation wanted peace, but was powerful, unified, and prepared to fight if provoked.
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Standing Liberty quarter (1916-1930)
The only coin to feature a topless Lady Liberty! The predecessor of the Washington quarter. Again, this coin strongly reflects the historical climate of its time. Liberty is looking towards the east, facing the European war, with her shield pointed in the same direction. She holds an olive branch in the other hand (she was originally designed holding a broadsword but that was deemed too overtly belligerent). In 1917, as the U.S. was preparing to enter war with Germany, the coin was redesigned to give Liberty a chainmail vest.
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Walking Liberty half dollar (1916-1947)
Widely considered one of the most beautiful coins ever designed (of any country). Lady Liberty strides towards the rising sun of a new day, draped in the American flag and holding branches of laurel and oak, symbolizing civil and military glory. On the reverse, a powerful eagle perches on a mountain outcropping next to a small pine sapling.
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Peace silver dollar (1921-1935)
The previous silver dollar series, the Morgan silver dollars, had last been struck in 1904. But the silver mining industry wanted a subsidy. Thanks to their tireless lobbying efforts, the Mint was forced to start striking dollars yet again. A design contest was held for a dollar that would capture America's desire for peace after the end of the Great War, and the winner was the young Italian sculptor Anthony de Francisci. Francisci's original design had the eagle holding an olive branch and a broken sword, but public outcry over what was perceived to be defeatist symbolism forced the Mint to remove the sword. Francisci had originally hoped to work from more beautiful female models for his design of Lady Liberty, but in the interest of time was "forced to settle" for his wife's profile.
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When Teddy Roosevelt began pushing for a top-to-bottom redesign of U.S. coinage, he wanted the internationally-renowned sculptor Augustus Saint-Gaudens to design all of the nation's new coins. Unfortunately, redesigning most coins required Congressional approval, and Teddy wasn't a patient man. But one coin that didn't require the approval of Congress was the double eagle, a heavy coin containing nearly an ounce of gold (currently worth $1200) and, with a face value of $20, the highest denomination struck by the Mint. Teddy quickly set Saint-Gaudens to the task. The ever-enthusiastic president encouraged Saint-Gaudens to produce a high-relief design for the double eagle, despite warnings from everybody actually working at the Mint. Saint-Gaudens wanted to use Roman numerals for the date, but again met objections from mint officials who worried that most Americans wouldn't know how to read it. These objections were quickly overruled by the president. Roosevelt also requested that Saint-Gaudens omit the words "In God We Trust" from the design, a phrase that had appeared on all U.S. coins since the time of the Civil War.
The final product you see above. Roosevelt loved it, exclaiming "It is simply splendid. I suppose I shall be impeached for it by Congress, but I shall regard that as a very cheap payment!" Unfortunately, the ultra high-relief design ended up taking 11 strikes of the dies on each coin to bring out all of the details. As all other circulated coins require only one strike, this meant the design was a bit impractical. A new lower-relief version was designed. Congress was outraged over the omission of the religious motto and forced it to be inserted. The Chief Mint Engraver quietly removed the Roman numerals in favor of a traditional date. Only 11,000 of the double eagles featuring Saint-Gaudens' intended design were ever struck. Each of those coins now sells for tens of thousands of dollars.
Unfortunately, Saint-Gaudens was in ailing health at the time and was unable to meet Roosevelt's wishes to work on the entire lineup of U.S. coins. This is one of the only coins he actually managed to design before succumbing to cancer. The Saint-Gaudens double eagle owes its existence to the quixotic enthusiasm of Teddy Roosevelt and the supreme talent of Augustus Saint-Gaudens. While it may have not been the most practical coin ever produced, it was an artistic masterpiece.
In last Friday's blogpost, I discussed how to value U.S. Morgan dollars (1878-1921) and Peace dollars (1921-1935). In today's post, I'm going to write about a lesser-known American silver dollar—the Trade dollar.
Unlike the Morgan and Peace dollars, Trade dollars were never intended to circulate within the U.S. They were produced exclusively for the purposes of international commerce, designed to compete with the silver dollar-size coins of other nations in the East Asian trade. In the late 19th century, China quickly emerged as an economic powerhouse in the Pacific. At the time, most international trading was backed by hard money, with large silver coins being the most frequently traded currency. But the Chinese were very particular about the silver coins they would accept. The normal U.S. dollar coins didn't meet the mark—they were approximately 0.5g lighter than the most widely-traded coins, the Mexican Peso and the Spanish Dollar, which means they contained less silver. U.S. merchants were forced to exchange their own coins for Pesos and Spanish Dollars before they could trade with the Chinese.
As a result of lobbying by these merchants (as well as silver miners), the U.S. government authorized the creation of a new, heavier coin in 1873—the Trade dollar. Whereas normal U.S. silver dollars (such as the Morgan and Peace dollars) weigh only 26.73g and contain .7734 ounces of silver, the Trade dollar tips the scales at 27.22g and .7874 ounces of silver.
With mintages in the hundreds of thousands to low millions (minus all the coins lost in the Chinese trade), the Trade dollar is considerably rarer than the Morgan and Peace dollars and subsequently commands a much higher price for all date and mintmark combinations. As you can see in the picture below, the Trade dollar's mintmark is located below the "S" in "GRAINS". The following mints produced Trade dollars: Philadelphia (no mintmark), San Francisco (S mintmark), and Carson City (CC mintmark). Of those three, coins with Carson City mintmarks tend to have the lowest mintages and are the most valuable.
Collectors can expect to pay a minimum of $100 for a circulated Trade dollar. Below, I've listed the keys and semi-keydates of the series. If a coin is not included in the list, it's worth $100. All values are for coins in "Good" circulated condition. Coins in better condition will be worth more.
Mintmarks are small letters added to the coin's design that indicate where the coin was minted. The U.S. has operated a wide variety of mints over the years, each with its own letter. Mintmarks play a large role in determining a coin's value. For instance, an 1885 Morgan dollar with an O mintmark (for New Orleans) has a mintage of 17 million coins and a low value. But an 1885 Morgan with a CC mintmark (for Carson City) has a mintage of only 228,000 coins and a much higher value because of its rarity. Another important thing to note is that if your coin appears to be missing a mintmark, that means it was struck by the Philadelphia mint. Philadelphia was the only mint to not make use of a mintmark, as it was the first U.S. minting facility founded.
Keydates are the rarest date/mintmark combinations of a given series of coins. These are the coins that will often sell for ten or even one hundred times as much as a more common coin within the series.
Semi-keys are the more uncommon date/mintmark combinations within a given series. These coins might be worth several times the value of a typical common coin within the series.
Morgan Silver Dollars (1878-1921)
Peace Silver Dollars (1921-1935)
6. Flea markets
Flea markets have been described as garage sales on steroids. They sometimes stretch for what appear to be miles, and the amount of "stuff" for sale is almost beyond comprehension. In this apparently never-ending field of used goods one can usually find at least a few tables featuring old coins. Silver coins can be frequently found, even including the occasional silver dollar. And oftentimes those selling the coins aren't completely informed about the ins and outs of numismatics, so the astute collector can find some real bargains. As with garage sales, haggling is encouraged!
7. Church rummage sales
Now I know this may sound a bit strange, but hear me out. Church rummage sales are events where church members donate old and used items to the church to sell and raise money. Church volunteers sell the items. Old coin collections make frequent appearances at these events. People recognize that old coins have some value, but don't want to go to the hassle of selling the coins themselves so they donate it. And odds are the church volunteers have little knowledge about any coins they happen to be selling. Knowledge is your friend—use it to scope out underpriced coins. If you don't feel like you have a secure grasp on coin prices, bring a price guide! The Red Book is the most widely-used coin price guide out there, and the most recent edition is available for less than $10.
8. Parking meters
I've already mentioned getting to know someone who works as a cashier, and who handles a lot of change. Another similar job is that of the parking meter attendant, who regularly empties parking meters for a municipality. A significant amount of change goes through this person's hands. Any oddly-shaped or weighted coins (think silver coins!) are captured and removed by the attendant. Becoming friends with that person means you'll get a first look at anything valuable that comes out of the meter. Who knows, you might even find a gold sovereign!
9. The ice-cream man
Here's yet another job that might just seem like a subset of anything where a lot of change passes from one person to another. But, as with some of our other entries on this list, the ice-cream man comes with a twist. Ice-cream trucking is the ultimate cash-and-dash business. The transaction takes a minute or so, and the customer and vendor might not ever see each over again.
Back in my college days, I had a roommate who worked as an ice-cream man during the summer. He knew I was a coin collector, so he would regularly come home with Wheat pennies, silver coins, even including a few Morgan silver dollars and Peace silver dollars! I paid him four times face value for each coin and we both left happy. Add an ice-cream man to your ever-growing bevy of friends and you'll be rolling in rare coins in no time!
10. The beach
Beaches are one of the top places for finding valuable coins. Just think about it—every day during the summer, hundreds of people lie down on the sand—the odds of something falling out of their pockets is immense. And if its a popular beach that's been used for many decades, the odds of finding silver coins buried in the sand is even greater!
But don't bring a shovel to the beach and just start digging—you might get a few strange looks. What you need is a metal detector. A metal detector can be set to detect any sort of metal you'd like to look for. Setting it to detect silver will yield you copious amounts of pre-1964 silver dimes, quarters, and half dollars. Inexpensive metal detectors are widely available. Amazon is currently selling a highly-rated metal detector for under $50. Find 10 silver quarters or 5 silver half dollars, and the detector will have already paid for itself.
That concludes Part 2 of my blog on hunting down great coin deals. I hope you found it informative and helpful in hunting down rare coins of your own! If you have any questions or comments on what I should blog about next, please leave a comment below. Happy hunting!
The Coin Collectionary is a great resource for coin collecting hobbyists and serious numismatists alike.
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Like many hobbies, coin collecting has its share of great stories. I've heard tale after tale of a friend or fellow collector who found the perfect coin by complete and total accident. Sometimes it's a silver dollar used as part of a purchase at a fast-food restaurant. Or maybe it's a Walking Liberty half dollar that turned up in your grocery store change.
But how do you put yourself in a position to find those coins? While it may seem like dumb luck, there are certain strategies you can take to improve your chances of hunting down rare coins in general circulation. I've decided to write down a list of the 10 best places/strategies for cherrypicking those hidden treasures.
1. Your local bank
Where better to look than a place that stores thousands and thousands of coins? If you have been banking at one particular institution for a while, they probably won't mind informing you when new rolls of coins are delivered. That allows you to come in at a regular time and either take out a few rolls, or swap some that you had out before with some that you haven't had a chance to look at yet. You might be surprised at the old coins you find hidden away in rolls. Whether it's wheat cents, silver war nickels, or silver half dollars (the most common find), there are plenty of great coins just waiting for you to take them out of the bank vaults.
2. Anywhere with a cash register
Cashiers have tons of coins pass through their hands on a daily basis. If you've got a friend who works at a movie theater, grocery store, convenience store, etc, ask them to keep an eye out for old coins. They can set aside any coin that's out of the ordinary and let you exchange your own change for it later. If you don't have any cashier friends, make some! A charming smile and a $20-bill handshake is a great way to make a new friend who will be happy to keep an eye out for old silver coins.
3. Coin Star machines
These machines, which allow customers to turn their change into cash or gift cards, are found in many grocery stores around the nation. Coin Star machines will automatically reject any coins that don't fit the weight requirements of modern copper-nickel coins, which means many old silver coins end up in the reject pile. Ask a grocery store manager what happens to those rejects. Chances are they get thrown away but another $20 handshake might see them end up in your pocket.
4. Pawnshops
This one would seem like a logical place to look for older coins, the type with some collector value. When people fall into financial straits, many times the first thing to go is grandpa's old coin collection. As a result, pawn shops are often full of a wide variety of coins. Unlike coin dealers, pawnshop owners don't necessarily have a lot of knowledge about how much coins are worth. While some pawnshop owners will do their best to research and properly price every coin that enters their shop, many won't be willing to invest the time and effort. It's quite possible to find rare gold and silver coins at pawnshops for a fraction of the price you might expect to pay for them at a coin store.
5. Garage sales
If you are the garage sale type, you know that these sales are filled with an even more eclectic assortment of items than pawnshops. There's everything under the sun, from old fishing gear to bicycles and piles and piles of old clothes that people are always trying to get rid of. In the chaos of consumer detritus one can occasionally find the odd coin collection. When you come across such a find, you often have a treasure or two in front of you for a very low price. And if the price isn't low enough, haggle! Keep an eye on the classified section of your newspaper for garage or estate sale ads that mention coins. You might just find a 1933 St. Gaudens Double Eagle next to that creepy set of dolls.
That concludes Part 1 of my blog on hunting down great coin deals. Part 2 to come soon!
Don't feel like hunting? Here at Silver Dollar Co. we do the hard work for you. Pick out a gem from our selection of high-quality Morgan silver dollar and Peace silver dollar coins.
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Let's say Jim just inherited some old silver coins from his grandfather, perhaps a few Morgan dollars, and decides he wants to sell them. Jim doesn't know anything about coins, so he decides to take them down to his local coin store or pawn shop and ask the dealer how much they're worth. The coin dealer offers him $50 on the spot, and to Jim, $50 for a few $1 coins seems like a pretty good deal. He happily walks out of the store with $50 in his pocket to put towards that nice watch he's been saving up for.
Jim just lost $450.
Jim lost the money because he made a big mistake—he didn't do the proper research before trying to make a sale. While many coin dealers are honest, it's always safer to learn the value of your coins before trying to sell them.
For those who want the quick and easy route, there are many great online resources for finding out how much your coins are worth. One of my personal favorites is Fiverr, where you can get an honest coin appraisal from a professional numismatist for only $5. Whether you've got a large collection or just a few silver coins, all you have to do is send a few pictures and a short description and he'll tell you how much your coins are worth. The reason I refer people looking for appraisals to Fiverr instead of coin dealers is because the numismatists on Fiverr are an unbiased third party. Because they're not looking to buy your coins, they have no incentive to cheat and give you a lowball appraisal. All you get is an honest, straightforward valuation.
But for those who like to do their own research, you might be wondering what actually makes a coin valuable? There are several main factors:
Age: How old is it? In general, old coins tend to be worth more than coins struck more recently. The older a particular coin is, the greater the collectible and historical appeal. Older coins also tend to be more scarce, as many coins are lost or destroyed over time. This is by no means an absolute rule—for example, you can still buy many ancient Roman and Greek coins for a paltry sum. But as a general rule, for any given coin series (i.e. Washington quarters, Mercury dimes, etc), older coins will tend to be relatively more scarce and valuable.
Condition: Nicer coins bring higher prices. The greater the amount of detail and the smaller the amount of visible wear, the higher the price. Uncirculated or “mint” coins are the cream of the crop, and bring the highest prices. An uncirculated coin is a coin that has no visible signs of wear or use—it was never used by the public. Uncirculated coins usually have luster—the original sheen or shininess of the metal preserved from when the coin was first struck. This Walking Liberty half dollar is a good example.
Type: This is probably the single biggest determinant of value. How much a coin is worth depends on how big the market for that particular coin is. For example, U.S. coins are much more widely collected than any other nation’s coins. The market for American coins is bigger than any other market within the field of numismatics (other large markets include British coins, Ancients, and bullion coins). This means that even if a Canadian coin is relatively more rare, chances are it still won’t be worth as much as a more common U.S. coin. Certain series are also much more widely collected than others. Hardly anybody collects Jefferson nickels, so good luck selling them. But Mercury dimes are highly collectible and will sell in any date or condition.
Rarity: Rarity is comprised of all the other factors previously listed. Age, condition, and type all play a role. But the central determinant of rarity is how many coins were actually minted. Coins with certain date/mintmark combinations might be much rarer than others because their mintages were so small. For example, U.S. coins with a “CC” mintmark are generally much rarer than coins from the same series with other mintmarks because the Carson City mint struck a relatively small number of coins.
Given those factors, where do you then look for prices? Look to the holy book of coin collecting, The Red Book, AKA "A Guidebook of United States Coins." The Red Book has accurate and up-to-date coin prices for every single date and mintmark combination of every single U.S. coin. Whether you're an aspiring numismatist or just want to get rid of some coins, The Red Book is the one book you should buy. And it's available in both hardcover and Kindle formats!
If you have any questions about valuing your collectible coins, or suggestions on what I should blog about next, please leave a comment!
Yes, it's true, if you take a silver dollar on your next grocery shopping trip you'll be able to buy little more than a couple candy bars or maybe a small bag of Cheetos. But if you decide to waste your silver dollar by spending it, you've just made a huge mistake.
Silver dollars have two main sources of value: bullion value and collectible value.
Bullion value is the value of the silver within a silver dollar. Each American silver dollar, including the Morgan silver dollar and the Peace silver dollar contains approximately .77 troy ounces of silver.
When silver dollars were originally made, the price of an ounce of silver was less than $1. During the early 20th century, American silver mines began to dry up while demand for silver steadily rose. The result? The price of an ounce of silver rose above $1, making it impossible for the government to produce any more silver dollars without losing money on each one. Even the government eventually realized that continuing to produce silver dollars was a bad idea.
Since then, more and more silver dollars have been melted down into silver. As the price of silver continued to rise from the 20th century up to the present, millions and millions of silver dollars found their way into metal refineries, where they were melted down and refined into pure silver. As I write this, the current price of silver is about $22 per ounce. After a meteoric rise over the past few years, the price of silver has temporarily cooled down this summer. Now is the perfect time to invest in silver and silver dollars. The price of silver is project to only increase from here on out due to increasing industrial demand. If you buy a silver dollar now while prices are low, you'll earn even greater gains as the price of silver rises.
Collectible value is the value of a silver dollar to collectors. Silver dollar coins have immense collectible value for a variety of reasons: they're historical artifacts that provide a physical connection to a different era, they're beautifully designed works of art, and they're big freaking chunks of silver! Silver dollars have always been some of the most desirable coins to collectors. Holding a large silver dollar in your hand lets you really imagine all the people who used it at one time or another. Silver dollars are a particularly exciting coin in that respect, as they circulated most heavily throughout the Wild West. Cowboys, outlaws, and all other sorts of characters may have spent the very coin you now own.
Because of their high collectible value, silver dollars have continued to increase in price over the years. The millions and millions of silver dollars melted down mean that the remaining coins have become even more valuable to collectors! As the remaining supply of silver dollars diminishes and dwindles, the price of silver dollars will only rise. The sooner you buy, the better.
And please, next time you want a bag of Cheetos at the store, put it on your credit card.
Suggested Links:
Read our companion blogpost, How Much Are Silver Dollars Worth?
COINSHEET Numismatic Directory is a comprehensive worldwide resource for coin and currency related websites, which includes over 3000 listings.
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