Finding Rare US Coins and Knowing What to Look For
Finding Rare US Coins and Knowing What to Look For
Rare US coins are not easy to find, or they would all have been found by now! That's not quite true in fact, because coins become rare for one of three main reasons:
a) They were minted in limited numbers, such as the large cent or the 1833 $5 Half Eagle. There are only three of these known to be in existence and if you were lucky enough to uncover a fourth, you would be able to sell it for around for $5 million. Another example is the 1913 Liberty nickel: only five are known to exist. The last one of these to be sold fetched $3.7 million.
b) They were minted in error, such as the copper 1943 penny. Although pennies were made from copper and nickel until World War 2, it was changed to steel coated with zinc because copper was needed for the war effort. However, a few pennies were mistakenly made in copper and nickel in 1943, and are now worth a lot of money. If you find a 1943 penny that does not take a magnet, then it might be worth $10,000 - $100,000!
c) They contain mistakes, such as the 1937-D three-legged buffalo nickel, with a rear leg completely missing, This is worth $575, while a 1916 double-die Buffalo nickel in good condition can be sold for $3,500. A 1969 Lincoln cent with a double die on the obverse side (heads) is worth up to $35,000. The entire side must be double died except the mint mark - which was punched as a separate operation in 1969.
It is worth checking your loose change if you know what to look for, although in order to have a chance of finding rare US coins in your pocket you have to learn how they are made and the features of each design. No doubt many valuable American coins have changed hands many times before somebody noticed the features that made them so valuable.
The general way to collect valuable American coins is to pay as much as you can for them while knowing and understanding exactly what you are paying for, and then keeping them for as long as possible, It is a fact of nature that all coins become increasingly rarer through time, but whether they become valuable or not depends on how common they were when you locked yours away.
It certainly pays to know your coins, and also to be able to tell a fake from a genuine coin. Although the vast majority of coins never gain any more than their face value, many do, and even if a dollar only sells for $35 at auction that's a good profit. If you are looking to make thousands from rare US coins, then you need a lot of learning and a lot of luck.
Saving or collecting rare US coins requires a good knowledge of the subject. For example, while most people believe that old Greek or Roman coins are valuable, the truth is that they are not because such coins are commonplace, particularly Roman coins. The valuable coins are those that were struck in limited quantities or that were withdrawn due to errors in the date, lettering or design.
Collectors should be aware of the number of counterfeit coins in circulation. If you collect valuable rare US coins you should make sure that you are either trained to spot the fake or that you take an expert with you when you intend to purchase. All may not be as it seems, but if you get that one break then it can be a very lucrative one!
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