Although coins from several years may appear dark from improper annealing or alloy mix, so-called “Black Beauty” nickels were minted in Philadelphia in 1958 and 1959, containing trace amounts of cobalt and silicon during the refining process resulting in their fetching appearance.
Other “gunmetal” nickels might look similar due to overheated annealing, patina gone terminal, and metal-detected corroded coins. But these should not bear the nomenclature of “Black Beauty.” Here’s a panel of 1958 and 59 black beauties alongside an improperly annealed 1963 nickel.
If you find a 1958/59 “Black Beauty,” and wish to grade the coin, it should be uncirculated; otherwise, the cost of grading is prohibitive as these are not valuable errors. Typically, they go for under $50, although unscrupulous sellers like this one use the name “Black Beauty” for tarnished verdigrised coins, asking ridiculous prices (always check “sold” on eBay).
Also keep in mind that if you wish to have “Black Beauty” on the graded label, you should submit to ANACS.
Otherwise you will get an “improperly annealed planchet” label from PCGS or NGC:
Sometimes the improper alloy mix results in only partially black coins, as in this attractive 1959 example:
While many hobbyists search for 1958/59 “Black Beauties,” improperly annealed coins can be beautiful in their own right. Here’s a lovely Shenandoah quarter:
I call these “Bay Pony” coins after brown horses with black manes and tails.
Finally, for the literati reading this post, the name “Black Beauty” comes from an animal autobiographical novel concerning a thoroughbred who tells of owners who mistreated and ultimately loved him.
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If you favor finding errors and varieties, one of the easiest and readily available examples is the 1970-S Large and Small Date cents, both in business and proof strikes.
You should look for the Small Date cents, which command a higher premium. While these retail in red high mint state for hundreds of dollars, there also is an ultra rare double die worth thousands, to be discussed later.
Let’s start with the diagnostics as depicted below:
The small date has a high 7 and the large date, a low one. Also, the 7 is even with the 0 in the small date. The 7 in the large date descends a tad lower than the 0.
Here are the two varieties side by side in red high mint state:
Because the dates are similar in size, you will need a loupe at first to distinguish the varieties until you become more familiar with the differences.
To assess value, go to PCGS CoinFacts. You’ll see the small date variety has higher premiums.
(Right click photo to enlarge.)
The ultra rare double die obverse business strike is worth thousands and can be identified with or without a loupe:
Chances of finding the DDO are remote, but still possible, because many of the proof sets sell inexpensively and, because of that, often are overlooked.
If you want to learn more about the large and small date 1970-S cents, including its mint history, see this PCGS video:
The varieties also exist in proof state:
Again check retail values on CoinFacts, showing the small date variety commanding with higher prices. Nevertheless, both are affordable and still often found in overlooked proof sets.
(Right click photo to enlarge.)
Finally, if you are into rainbow coins, the 1970-S planchets have an impurity that results in lovely target toning, as in this example:
Happy hunting!
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Although “No FG” (designer Frank Gasparro’s initials) and “floating roof” of the Lincoln Memorial cent can be found on other dates, especially 1969-S and 1970-S cents, error enthusiasts should focus on the 1969-D cent, which has the highest premium along with an error designation, now being phased out, on the PCGS CoinFacts website.
Cherry Pickers’ Guide used to include this as an error but later dropped it from later editions.
I disagree with PCGS phasing out the error and Cherry Pickers’ dropping it. Here’s why: 1969-D Floating Roof is an over polished die, and historically, these have been errors as in the 1922-D missing mintmark and the 3-legged 1937-D nickel. The difference between the 1969-D floating roof and other dates concerns polishing v. die deterioration. That’s why the 1969-D is collectible.
Let’s start with diagnostics so you know where to look if you are searching for this variety.
Compare reverses of a regular strike vs. the FS-901 variety above. (By the way, the “FS” stands for Fivaz-Stanton, surnames of Bill Fivaz and J.T. Stanton, authors of Cherrypickers’ Guide To Rare Die Varieties of United States Coins):
1969-D “No FG” Lincoln cent, graded MS-66 RD (PCGS)
The 1969-D No “FG”/Floating Roof is fairly common and can be found in pocket change. PCGS has holdered fewer than 50 retailing for less than $100 in low mint state and up to $500 in MS65.
Another “floating” cent–in this time, floating “head”–can be found in the 2019 cent. Again, over polishing caused this error. Top third-party graders do not holder this error, but ICG does:
Don’t be fooled by the extravagant prices being asked for on eBay for “floating roof” cents–with or without the “FG” initials. Here’s an ugly one that even has faint worn initials going for almost $2,000.
As always with eBay, check the “sold” link for floating roofs. (To find the “sold” link, look on the lower left side of the page, as in this screenshot showing how much “floating roof” cents actually sell for on the platform.)
If you are interested in error coins, also see Proxiblog’s “Errors Worth Searching” article. As we have mentioned here before, you stand virtually no chance of finding ultra rare errors like the 1943 copper cent, the 1944 steel cent or the 1982-D Small Date 3.1 gram transitional error.
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The 1936 doubled die cent is intriguing because it is rare but still discoverable in pocket change and bank rolls. PCGS has only graded a total of about 150 examples in all grades combined in over twenty years. The doubling on this coin is significant and can easily be seen with the naked eye. However, there are three different doubled dies for this year and mint mark.
PCGS’s Jamie Hernandez compares this coin to the well-known 1917 doubled die, saying the 1936 types are scarcer but still out there in Wheat Cent hoards. “Surprisingly,” he writes, “the 1936 Doubled Die Type 1 is significantly more dramatic than the 1917 Doubled Die by a long shot.”
Take a look:
The doubling on the “6” in particular is dramatic.
Here are the two other major types, again compliments of the PCGS CoinFacts website:
The “6” is still readily visible but less sharp and somewhat mushy, as are all the other doubled dates and letters of this type.
Type 3 is less mushy but also somewhat faint.
As for value, again that will depend on condition. In F12, Type 1 retails for about $50; Type 2, $25; and Type 3, $10. In low mint state, the types go for hundreds of dollars and in high mint state, thousands.
Go to the PCGS CoinFacts site for specific dollar values according to numerical grades.
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In producing the 1960 and 1960-D cents, the U.S. Mint used dies that came to be known as large and small and misaligned ones that overlaid the small or large over the other.
The 1960 and 1960-D cents have small and large varieties. The 1960-D cent has a small over large date variety.
In proof state, the 1960 has small dates in red, cameo and deep cameo. You can also find 1960 Small over Large Date and Large over Small Date varieties.
First, let’s view the diagnostics so that you can identify large and small. We’ll begin with the 1960 business strike:
In the large date cent to the right, the “9” rises higher than the “1” and the “6,” higher than the “0.”
The 1960-D large and small dates have different diagnostics.
The ascender of the “6” of the small date rises just a tad higher than the “0.” The ascender of the large date is higher and more pronounced.
The 1960-D Small Over Large Date features both diagnostics.
As for values, the small and large date 1960/60-D in mint state are similar, averaging $3-140 (MS60-66). At 67 and above, red, values soar into the hundreds and thousands. These, however, are ultra rare.
The 1960-D/D Small/Large Date is more desirable, with values between $80-675 (MS60-66).
The varieties also exist in proof state. The 1960 large and small dates retail for less than $100 in mint state (MS60-66) and a bit more at MS67 Deep Cameo. At MS68, the small date is somewhat rarer, selling in the low hundreds.
The 1960 Large over Small Date Proof Lincoln Cent commands a nice premium, again in the hundreds, in higher mint and cameo states. The overlay of dies is easy to detect:
The 1960 Small over Large date is more dramatic and equally desirable with similar retail values.
Obviously you want to find a Small/Large variety in both business and proof strikes. Begin by learning to identify small and large dates in the 1960 business strike. Then advance to the 1960-D and finally to the small/large dates and proof strikes.
Happy hunting!
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The ability to grade is based on how many coins you have viewed as a hobbyist and how many numismatic books you have read and educational websites you have visited. In other words, it takes time and experience as well as equipment and resources. No single article, including this one, can train you to master the basics below.
But this article will get you started with the basics.
Learn the Sheldon 1-70 scale on which coins are graded, establishing value. Here are designations: Poor (Po 1), Fair (Fr 2), About Good (AG 3), Good (G 4), Very Good (VG 8-10), Fine (F 12, Very Fine (VF 20-35), Extra/Extremely Fine (EF or XF 40-45), Almost Uncirculated (AU 50-58), Uncirculated/Brilliant Uncirculated (UNC 60-70).
Know numismatic terms (see this glossary) so that you can identify flaws, cleaning, condition rarities, varieties, errors and more. If a coin is dipped, for instance, or has machine doubling, it is not worth grading with a reputable holdering company (more on that later).
Know the various coin designations (see this post) so that you can identify full steps in nickels, full bands in dimes, full head in standing quarters, full bell lines in Franklin halves, and so on. Otherwise you will err when it comes to strike and value.
Start by grading a large coin with generous fields and well-defined devices, such as the Morgan dollar. This is the best beginner grader coin because of the prominent cheek of Lady Liberty on the obverse and eagle breast feathers on the reverse.
Purchase a coin scale and a loupe to detect counterfeits, polish lines, hairlines, bag marks and other conditions and defects. Coin microscopes are not very useful. You have to train your eyes, not compensate for them. After you have achieved some expertise in the hobby, consider a microscope for some varieties and errors.
Compare your coin with the various grades for each denomination as found on the PCGS Photograde website. The process of comparison sharpens your eye and deepens your knowledge.
Invest in a coin grading library, purchasing best-selling books like Official ANA Grading Standards for United States Coins Hardcover by Kenneth Bressett, The Official Guide to Coin Grading and Counterfeit Detection by John Dannreuther and Scott A. Travers, and Photograde: Official Photographic Grading Guide for United States Coins by James F. Ruddy.
Set up your own coin grading room where you can work undisturbed by humans, phones, pets and other distractions.
Invest in lighting. Fluorescent lights are useful if you are inspecting luster and high points of coins. This type of lighting is soft, but works well if you’re using a loupe. In general, many numismatists use a 100W bulb for uncirculated and circulated business strike coins and a 75W bulb for prooflike and proof coins. You can also purchase a LED desk with dimming and brightening levels. Some have USB charging ports and touch control features.
Wear gloves when you handle coins. If you don’t have any handy, grasp coins by the edges so that the oils of your fingers do not taint the fields and devices.
Grade from edges inward. Start the grading process by looking at the edges and rims to make sure there are no dents, bumps or defects. Then in a clockwise motion begin your inspection on the outer fields and gradually go inward toward the center of your coin. Do the same on both sides noting wear, hairlines, bag marks, cleaning, defects and other conditions that affect the value of a coin.
Learn what makes coins valuable (see this article). Join a local or online coin club. Visit Facebook coin groups where experts share their numismatic knowledge.
Choose a reputable holdering company, such as PCGS, NGC, CAC, ANACS and send a submission, realizing that you’re likely paying $40 or more for each coin, after fees, mailing and membership dues. Consult auction values (not retail ones) on PCGS CoinFacts and decide whether the cost is reasonable.
Do not buy AI-powered coin grading apps like CoinSnap. These are unreliable and often inflate prices for face value coins.
Anticipate grading miscalculations. This skill takes time. We all believe our coins are better than they actually are. That’s why third-party grading is important.
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Scammers have counterfeited coins since ancient times using base metals, diluting precious metal content, reducing weight and diameter, altering dates, adding or deleting mintmarks and making cast copies of struck coins.
This article documents factors that continue to undermine numismatics, discussing top counterfeit coins and how to detect them.
Why is this so important? China exports 100,000 counterfeit coins per month with the capacity now of producing millions more per year, typically sold via Temu and Etsy whose buyers then try to sell them on social media or online auctions.
Before we share details on detecting counterfeits, here’s a history lesson so that you know the current state of the compromised market.
Gold to Goldfish
Before internet, distributing counterfeits took time and effort with many showing up in pawn shops, flea markets, garage sales and estate auctions. Some scammers tried without much luck to sell to coin shops. On occasion, they partnered with unscrupulous coin companies to distribute their fake products.
But there were problems.
In the 1980s and 90s, tens of thousands of hobbyists often read numismatic books and magazines, belonged to coin clubs and attended seminars at coin shows. They were informed. Internet was supposed to educate hobbyists worldwide. Instead, it undercut and then put out of business hundreds of brick-and-mortar shops, eliminating local experts.
As experienced numismatists know, the key to coin collecting is the ability focus to examine condition, flaws and errors. Many lack those skills now.
In the 1970s, attention spans averaged 30 seconds. It the 1990s, it dropped to 15 seconds, falling again in 2000 to 12 seconds. By 2015, it dropped to 8 seconds, below that of your average gold fish, according to Time magazine.
Counterfeiters took advantage of plummeting literacy rates and attention spans. They could easily scam new collectors who lacked numismatic knowledge and just wanted to score an expensive coin at bargain prices. That’s the ruse of internet.
Counterfeiters are improving their craft now with die struck fakes that have authentic die markers. Even experienced hobbyists are scammed by purchasing them. As such, newer collectors should follow these general guidelines:
If you are ready to bid hundreds of dollars on a coin, resist buying a raw one and shop for one holdered by PCGS, NGC, ANACS and CAC.
Be especially careful when purchasing raw coins from eBay and other online venues. TAI bots cannot detect counterfeits, so you are on your own.
Make sure the seller takes returns and has good reviews. Also, the number of positive reviews is a good indicator. If someone has 0 sales or even fewer than 100, do not take a chance.
Weigh the coin and go to PCGS CoinFacts for the date and mintmark, checking your coin against weights and dimensions.
Read this article about detecting counterfeits.
Easy Counterfeit Detection
One of the telltale signs of a Chinese fake is their difficulty in using the correct font when placing their counterfeits in PCGS or NGC holders. They also name the series. The only time grading companies do that is when two coins from different series were minted in the same year, as the 1921 Morgan and 1921 Peace dollar.
Here is an example:
Here is another roadmap to Chinese counterfeits without even examining the coin.
Another issue with Chinese fakes concerns whether they use the correct reverse. For instance, this coin purports to be an 1878-CC Morgan, a valuable coin. But it should have a rounded breast on the eagle and slanted top feather.
Popular Counterfeits
The most difficult fakes to detect are struck coins, using faux dies and alloyed or base metal planchets. The striking mimics the process used by the U.S. Mint, usually resulting in smooth or blurred devices because their machinery is inferior. Edges are particularly difficult to mimic, especially if they are reeded.
Here is an example of a base metal Morgan dollar that weighs 23.3 grams rather than 26.73 grams, according to its owner.
It’s easier to make cast copies, pouring molten metal into a mold made from a real coin. Again, details and devices are imprecise and blurry, often with casting bubbles and uneven thickness.
Coins most apt to be bogus are key dates that spike in value and are relatively easy to fake, adding or deleting a mintmark or designer initials, or altering a date.
Authentic ones from PCGS are displayed below.
The 1909-S VDB Lincoln cent is among the most frequently faked coins. You can take an inexpensive 1909 cent and add an “S” and “V.D.B” initials.
The 1916-D Mercury is an ultra-rarity with only 264,000 minted. All the counterfeiter had to do is acquire an inexpensive 1916 dime and add a mintmark.
The 1914-D cent is simple to fake by adding a mintmark to the 1914 cent or altering the first 4 of a 1944-D cent.
Then there is the key date 1922 no mint mark cent. These were actually struck in Denver. A Mint employee there over polished the dies, resulting in a weak “D” and then missing the “D.” All you need do is smooth by various means a better struck 1922-D, removing the mintmark.
The 1909-S Indian head cent is one of only two Indian cents with mintmarks, the other being the 1908-S. Counterfeiters simply add an “S” to an inexpensive 1909-P.
The same process of adding mintmarks is used for two of the most popular Morgan dollars, the 1889-CC (350,000 minted) and the 1893-S (100,000 minted).
Detecting Fakes
If you suspect your coin is not genuine, it does help to consult an expert. There are many in Facebook coin groups, with my favorite being Jack Young’s “Fun with Fakes.”
First, a little about Young, an engineer and counterfeit expert. He has worked as a consultant to the Secret Service and U.S. Senate Finance Committee and is a well-known numismatic and award-winning author.
If you doubted the introduction of this article about the unsuspecting newbie, join his group and see all the eBay fakes that people buy now directly from China.
Here’s one:
To identify counterfeits, you need to read, just as Young and others have done to enhance their numismatic education. Many recommend the Red Book, or A Guide Book of United States Coins. You can also subscribe to educational numismatic sites such as Proxiblog.org.
Once you have learned from books, groups and websites, you need to master these detecting skills:
Visual inspection
Compare your coin to one graded by a top company, such as PCGS or NGC. I recommend PCGS Gold Shield coins with excellent TrueView photos that you can blow up and study. You can use a coin microscope to view the edges, dates and devices for strike evidence, looking for those casting bubbles or blurry details.
Here’s what I did to show the difference between a fake and real 1893-S Morgan dollar.
Check Metal and Patina
Experienced hobbyists have looked at so many authentic coins that they easily identify base metal ones by the toning of the fields. They know the ping of silver by sound alone. They do not need a magnet to detect base metals, but beginners might purchase one. If it sticks, you’re stuck with a counterfeit.
What to Do if Scammed
If you have purchased a fake coin, contact the seller and return it. Even though eBay has attracted counterfeiters, you might be protected if returns are accepted or if you make a complaint to the company (frequently unsuccessful).
If you used PayPal, you could open a case there.
If you bought the coin from an online auction company, such as found on HiBid.com or LiveAuctioneers, you may not be able to return the coin because auctioneers will insist that all sales are final. Technically, selling a fake is illegal. But good luck threatening and then suing an auctioneer if you have agreed to their service terms. The best you might do is share the Hobby Protection Act, which states:
“The manufacture in the United States, or the importation into the United States, for introduction into or distribution in commerce, or the sale in commerce of any imitation numismatic item which is not plainly and permanently marked ‘copy,’ is unlawful and is an unfair or deceptive act or practice in commerce under the Federal Trade Commission Act.”
In any case, do not try to sell the coin. Take the coin out of hobby circulation and use it as an educational showpiece to enlighten others. You can also report your case to the U.S. Secret Service field office. Finally, join “Fun with Fakes” on Facebook and share your story so that others know the pitfalls of counterfeit coins.
If you like posts like this, you can read more articles on counterfeit coins by Jack Riley, Jack D. Young and Michael Bugeja at this URL. Also, please subscribe so you can get our weekly newsletter and be informed whenever there is a new article or column.
If you like posts like this, subscribe so you can be informed whenever there is a new article or column.
Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and other social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
This post concerns modern business strike coins that you might find in pocket change or bank rolls. Omitted from this list are vintage coins minted before 1964 as well as proof strikes.
We’ll be looking at:
1960/1960-D Small Date Cent.
1998, 1999, 2000 Wide AM Cents
1976-D Bicentennial Quarter Double Die
Sacagawea Dollar Cheerios Dollar and Wounded Eagle
American Samoa Quarter W-Mint Mark Strick Through
1979 Susan B. Anthony Dollar Wide Rim
Let’s be upfront about the errors and varieties you will not find, however long you may look and be encouraged to do so by click-baiters on social media. These include:
These rarities are so low in number that finding any would qualify, literally, as a miracle.
Consider the ultra rare 1969-S DDO Cent, which sells for tens of thousands of dollars in any grade. Major grading companies have holdered fewer than 50 such 1969-S errors. Millions of collectors have been searching for them for decades with no luck. As such, it is a waste of hobby time to look for the above. But the hunt for errors and varieties is popular now in numismatics. So it you are into this game, let’s consider coins you still might discover with reasonable effort and patience.
1960/1960-D Small Date Cent
You want to identify and find the small date, preferably in mint state condition, worth $15-35.
The 1960 Small Date variety will have a smaller 0 digit and be oval in shape in the inside of the 0. The top of the 9 digit is lower and almost flush with the 1 digit as opposed to being larger and higher like on the large date variety.
At MS60 to MS 63, the Small Date 1960/1960-D is scarce but still discoverable in pocket change. However, any example at MS64 and higher typically will come from previously unopened bank rolls.
1998, 1999, 2000 Wide AM Cents
While the 1992/1992-D Close AM is nearly impossible to find, you still might discover in pocket change and rolls the 1998-2000 Wide AM varieties (worth $15-100+ based on mint state grades).
Before sharing your finds on social media, be forewarned that many new hobbyists believe they have struck it rich with a 1998-2000 Close AM Cent. (They are thinking about the 1992/1992-D Close AM Cent.) When it comes to these three later dates, you are supposed to find the Close AM. It’s the Wide variety that is collectable.
1976-D Bicentennial Quarter Double Die
The 1976 Bicentennial Quarter is one of the most sought-after modern coins being collected today. The 1976-D DDO is included here because collectors often overlook the doubling on the “R” of “Liberty.”
PCGS has labeled this double die FS-101, and depending on the condition of the coin these can be valuable, selling for hundreds of dollars.
A lesser double die is the FS-102 variety:
To see if you have found one of these, again compare the “R” in “Liberty” and you will note that the FS-102 variety lacks a clear double die on the left stem of the letter “R”:
These double dies are rare. PCGS has only holdered fewer than 60. However, it estimates that 850 are out there. So you still can find one.
Sacagawea Dollar
Cheerios Dollar
Dated 2000-P, the coin was a prototype in an advertising promotion to advance numismatics. The new dollar was included in one in every 2000 boxes of cereal. Veins of the tail feathers are distinct in the Cheerios prototype but missing in the regular coin.
Here’s an illustration with the Cheerios coin on the right:
Uncirculated examples of the prototype are worth thousands of dollars, beginning in low mint state MS60 retailing for $1,550 and $11,500 in MS68. Many people who bought the cereal containing a coin eventually spent them, so you can still find them in circulation, although that would be a rare occurrence. Remember, only 2000 of the prototype were minted. No one knows how many were spent.
Wounded Eagle
There is another Sacagawea variety containing a die chip in the breast of the eagle, as if it had been struck by an arrow or dart. Here is an illustration of the “Wounded Eagle” variety:
Note the die chips on the breast and area of the breast. This is a much desired variety that can still be found in pocket change. Depending on condition, it typically sells for $50-100 in high mint state.
American Samoa Quarter W-Mint Mark
First of all, every 1999/2020 W-mint mark “America the Beautiful National Park” quarters have collector value because of their scant mintage of 2,000,000 for each issue. See this post for more information about the set of 10 W-mint mark quarters.
The 2020 American Samoa Quarter features a fruit bat, with the mother bat hanging upside down holding her offspring. Here’s the official design:
A dramatic error exists with the Samoa quarter. A strike-through occurred on multiple coins, obscuring part or all of the mother bat’s face. Here’s a PCGS example:
The raw version shown below was offered on eBay for $360 dollars in mint state. That is a reasonable Buy-It-Now offering.
1979 Susan B. Anthony Dollar
Narrow and Wide Rim
As the names indicate, the difference between the varieties concerns how close the date is to the rim.
These varieties are not especially valuable, but they do train the eye to look for differences. PCGS values for MS65 Susan B,. Anthony coins are $22, narrow, and $55, wide.
If you know numismatic terms, you can find valuable errors in pocket change, rolls and auctions. Any coin might contain one of the following flaws or designations:
BROAD STRUCK: A minting error resulting in a coin outside its collar. CLIPPED: A planchet missing part of its design when the blank in question was improperly punched CUD: A flaw that raises metal near the collar or edge, caused by a damaged die at the mint. DIE CHIP: A small piece of metal not part of the original design comes into contact with the metal dies. DIE CRACK: A defective line caused by a faulty die. LAMINATION ERROR: A portion of a coin’s planchet due to impurities of the planchet. MISALIGNED COLLAR: A strike in which the die does not square up perfectly with obverse or reverse, resulting in a partial collar or mint error, usually not very valuable. (See COLLAR.) REPUNCHED: A variety of a coin whose date or mintmark seems double struck. STRUCK THROUGH GREASE: A clogged die that strikes with a mixture of lubricant and metal dust.
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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
Have you stopped viewing the news because you no longer can tell fact from factoid? Social media is to blame. People no longer want information; they seek affirmation. Same with coin collecting, and click-baiters on YouTube, TikTok, eBay and Etsy provide it.
This post is about how to be a coin collector. Memorize this mantra: The value of the hobby is the hobby.
Stop Searching Minor Errors
A prime example is the 1969-D floating roof cent or get-rich-quick ones that have long been discovered, such as:
Only fools will buy the ridiculous 1969-D floating roof cent below. That is not a mint error. The floating roof mirage only means the U.S. Mint continued to strike coins with a worn die. But hucksters on eBay will sell you one for hundreds of dollars.
Here’s an example of a face value cent:
Here is a hyped value example on eBay. No one will buy this coin for that astronomical price; but newbies will look for one (they aren’t difficult to find) and then believe they have struck it rich.
Buy the Red Book
The Red Book’s official name in A Guide Book of United States Coins. It not only contains all the denominations, errors, varieties, histories, and so much more–it also explains the hobby in much greater detail than this post. See my video about the Red Book:
Choose a Precious Metal
These are coins made of gold, silver, palladium and platinum, all available as bullion from the U.S. Mint:
Yes, these coins can be expensive, especially gold and platinum; but silver is reasonable with spot prices typically rising over time. These are investments that you might collect and leave as legacy for your heirs.
Choose a Denomination
Here are the most popular coins to collect:
Morgan Dollar (1878-1904/1921): 90% silver and 10% copper. Large coin reminiscent of American culture and history, weighing 26.73 grams.
Franklin Half Dollar (1948-63): 90% silver and 10% copper. An easy series to collect with affordable key dates, challenging hobbyists to replace coins with ever higher uncirculated ones.
Washington Quarter (1932-64): 90% silver and 10% copper. Like the Franklin Half Dollar, a relatively easy series to collect with only one affordable key date (1955), all still available across the Sheldon grading spectrum. Moreover, this denomination has an additional designation, full bell lines, knowledge of which can bring substantial values.
American Silver Eagle: (1986-): 99.9% silver. Among the most beautiful of designs by Adolph A. Weinman, portraying the the Liberty Goddess on the obverse originally used on Walking Liberty Half Dollars (1916-1947).
Browse the Red Book for a series that speaks to you, looking at first for easy ones to assemble, such as the Kennedy Half dollar (1964-) and then more challenging ones, such as the Mercury Dime (1916-45).
This Mercury Dime series has expensive key dates and desirable varieties and errors. For instance, the 1916-D has a mintage of a mere 264,000. Even lower mint state examples command values above $1000. And then there are these valuable errors, 1942 over 41 and 1942 over 41-D, and regular/micro mint mark varieties in the 1945-S example, also depicted below:
Collect Year, Mint Mark and Varieties Sets
After you choose a denomination, or several, start collecting by year (year date set). For instance, it is relatively easy to collect every year of the Mercury dime, substituting the easily found 1916 dime for the rare 1916-D dime. If you are more ambitious, try for the entire set (all years, mint marks). Then go for the entire set with major varieties (1942/1 error, 1945-S/micro S).
The beauty here is that once you have a set, or nearly one, you can begin replacing lower grade examples with higher ones, selling the lower ones to finance the higher ones. That is the joy of collecting.
Key Date Sets
These key dates are among the most difficult to collect because prices, such as the aforementioned 1916-D Mercury Dime, are so expensive. But over time you can amass a collection of the most desirable key dates and varieties, such as these:
Indian Head Cent: 1877, 1888/7
Lincoln Cent: 1909-S VDB, 1914-D, 1922-D Missing D Strong Reverse, 1955 Doubled Die Obverse
Two-Cent: 1864 Small Motto, 1867 Doubled Die Obverse
Three-Cent Silver: 1855
Three-Cent Copper Nickel: 1883, 1884, 1885
Shield Nickel: 1880, 1883/2
Liberty Head Nickel: 1885, 1886, 1912-S
Buffalo Nickel: 1914/3, 1916 Doubled Die Obverse, 1918/7-D, 1926-S, 1935 Doubled Die Reverse, 1937-D 3 Legs.
Washington Quarter Dollar: 1932-D, 1932-S, 1937 Doubled Die Obverse, 1950-D/S
Morgan Dollar: 1889-CC, 1893-S, 1895-S, 1903-O (not to mention VAMs, varieties and major errors).
Peace Dollar: 1928, 1934-S (not to mention VAMs and varieties.
You can strive for key dates across one denomination or one of the dates from each of the above series. In any case, these will always be in demand and you can collect ever higher grades, creating a substantial investment.
Know Numismatic Terms
If you are planning a trip abroad to a country with a different language, you buy a tour guide book, use AI for translations, or just memorize the operative phrases before you travel. You need to do the same with coin collecting.
How many of these numismatic terms do you know?
If you do not know terms, please consult this illustrated glossary so that you not only know the definitions but also can identify them because of photos.
Other Features
There is so much more to the hobby than what I have suggested here. You have to learn how to grade, understanding the Sheldon scale (beyond the scope of this article). Also, many coins are condition rarities, common in lower grades and rare in higher ones, such as the 1884-S Morgan Dollar. Some coins have destinations that increase value, such as full bell lines, full bands, full steps, etc.
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The year 2000 was special in numismatics, with the introduction of the Sacagawea dollar named after a teenage Lemhi Shoshone woman who aided the Lewis and Clark Expedition exploring the Louisiana Territory. The design was innovative and the occasion celebrated.
To mark the occasion in 1999, the U.S. Mint partnered with General Mills for a “treasure hunt,” producing some 5,000 Sacagawea dollars with one placed in every 2000 Cheerios boxes.
Cheerios Dollar
Dated 2000-P, the coin was a prototype. Veins of the tail feathers are distinct in the prototype but missing in the regular coin. Here’s an illustration with the Cheerios coin on the right:
Uncirculated examples of the prototype are worth thousands of dollars, beginning in low mint state MS60 retailing for $1,550 and $11,500 in MS68. Many people who bought the cereal containing a coin eventually spent them, so you can still find them in circulation, although that would be a rare occurrence. Remember, only 2000 of the prototype were minted. No one knows how many were spent.
Wounded Eagle
There is another variety containing a die chip in the breast of the eagle, as if it had been struck by an arrow or dart. Here is an illustration of the “Wounded Eagle” variety:
Note the die chips on the breast and area of the breast. This is a much desired variety that can still be found in pocket change.
Mules
There are also two “mules,” or coins from another denomination appearing on the Sacagawea dollars. Depicted below, the one on the left has a Washington Quarter obverse and a Sacagawea reverse. PCGS has graded 5 of these with prices into the hundreds of thousands. The mule on the right features a 2000-D Sacagawea obverse and South Carolina State Quarter reverse. PCGS has holdered only one of this type, selling in 2022 for $66,000 at Heritage Auctions.
Here are PCGS retail and auction prices for these varieties:
VIP Strikes
In advance of the release of the 2000 Sacagawea dollars, the Philadelphia Mint invited dignitaries, hobbyists and special guests to a striking ceremony. Those in attendance were sent these special strike dollars after the 2000 coins were officially released by the mint. Appropriately, these have become known as the “VIP” Special Strike dollars known for their satin surface and sharply struck devices. Another first strike ceremony was held at the Denver Mint in early 2000. Here is an illustration:
Estimates are some 600 Philly pieces and 120 Denver pieces were sent to respective attendees. So again, these are especially rare. Theoretically, a few of these could have made it into circulation by mistake. But odds are again you never will find them in pocket change or bank rolls. PCGS has only graded three Philadelphia VIP strikes and two Denver strikes. As you can imagine, these are ultra rarities.
Goodacre Presentations
Finally, the designer of the coin, Glenna Goodacre, received a $5,000 commission paid with and prepared by special strikes with a burnished satiny appearance, close to the VIP examples. Some of these still contain the original ceremonial holder by the U.S. Mint. Many also were graded by ICG with some crossed over later to NGC, PCGS and ANACS. You can purchase these for reasonable prices in the hundreds rather than thousands of dollars for a Gem example.
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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
