1944 steel cents from all three US Mints are extremely rare transitional errors occurring when leftover 1943 zinc-coated steel planchets became stuck in annealing furnaces, tote bins or coining presses. Because of their rarity, however–a few dozen have been actually found and authenticated–there are thousands of counterfeits, altered dates and copies flooding online coin venues.
The most common of these ultra rarities came from the Philadelphia Mint, which was using steel planchets to produce foreign coins. Some of those planchets got into the Lincoln cent bin. Fewer than 10 1944-D steel cents have been authenticated. These steel planchets were left over when the Mint started making copper cents that year. Steel planchets were mixed in totes mistakenly and were struck as 1944-S cents.
Step-by-Step Method
To test if you have one of these ultra rarities, use a magnet. If it sticks, you can continue to check if real.
Weigh the coin. If it weighs more than 2.7 grams, typically 3.1 grams, you have a fake.
If not, look at the second “4” in the date. If you spot anything suspicious, such as a scratch or tool mark–or weird spacing between numbers–you have an altered date.
Look for plating bubbles–tiny bumps–in the fields especially. You also might find pitting in these.
Check for strike. Zinc-plated counterfeits have mushy devices and dates. Authentic ones have sharper devices.
A key diagnostic is the word “Liberty.” Again, if mushy, you probably have a fake. In authentic examples, the word not only is sharp but also close to the edge. Striking copper differs from striking steel. The later has more hardness, pushing the “L” close to the rim.
Comparison of “Liberty”
Examples of Fakes
Online sellers on Temu and Etsy have flooded the market with all manner of fakes and replicas.
REPLICAS
CASTING BUBBLES
ZINC PLATED
It goes without saying that you should never bid on or buy a raw 1944 P/D/S steel cent that isn’t certified by a major holding company such as PCGS, NGC, ANACS and CAC. Even then, look up the certification number and check to make sure you are looking at the same coin because China also packages fake coins in fake holders. The best way is to wait for one of these rarities featured on a major auction house such as GreatCollections, Heritage or Stacks Bowers.
f you like posts like this, please go to our counterfeit archive with reports from Jack Riley, Jack D. Young, John Lorenzo and Michael Bugeja. Also, please 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 social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.
There are all manner of scams by people looking to cash in on collectors who do not know markers for ultra rarities. And when it comes to the 1982-D Small Date Bronze transitional error, there is a desperation by newbies educated by clickbait social media that the third example is out there in pocket change.
Sellers take advantage of such ignorance.
If you are interested in an article about the various types of 1982 cents, including all markers for the transitional error, click here.
But let’s cut to the chase with basic knowledge.
Only two 1982-D Small Date 3.1 grams have been found.
Here’s how they look close up.
Here are markers for the small date.
DO NOT bid or buy any coin that is placed on a scale reading 3.1. You’ll be buying a zinc small date, of little or no value. Or a coin on tinkered scale.
You will see several examples on eBay of sellers showing a regular 1982-D large date bronze cent in a PCGS holder. Sellers think if they claim a regular strike is the small date, you’ll believe it, only because it is holdered by PCGS and you don’t know the markers.
Here’s an example:
Here’s how to decipher.
There are two numbers below the condition. In this case below, 146021.58, means two things: 146021 goes to the CoinFacts designation and the 58, the condition, AU58. In the image below, you can see that the 146021 goes to the regular large date strike.
Here’s another example with the seller claiming this large date is a small date. Again, the 146021 gives it away.
The seller of the above coin did not take kindly to my message that this is a scam.
He doesn’t like his time being wasted. He just wants to waste your money.
Ultra rarities are not found in pocket change; when one is, that becomes a national news story. If you think you found one, do not post it on social media and claim authenticity. If you are so sure, send it to PCGS, NGC, ANACS or CAC. And if you want to buy an ultra rarity, make sure you know how to read the holder company label.
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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.
No one is exactly sure how this variety happened, but the US Mint–under pressure then to produce billions of coins–mistakenly used the reverse of a 1968-S Proof Dime for the reverse of 1969-P, 1970-P and 1970-D Roosevelt business strikes. The official variety is known as 1969 rev. of 1968, 1970 rev. of 1968 and 1970-D rev. of 1968 (FS-901).
The FS-901 refers to a catalog number identified by Bill Fivaz and J.T. Stanton, co-authors of the Cherrypickers’ Guide to Rare Die Varieties of United States Coins.
“Reverse of 1968” on these three dimes is a numismatic variety recognized by all major holdering companies. The 1968 reverse shows two distinct, well-defined, and sharp valleys in the torch flame, whereas the business strike reverse has a less defined, blurry flame.
The 1969-P FS-901 is generally considered the rarest of the three with about 15 holdered by PCGS. 1970-D FS-901 is the most common with about 30 holdered by PCGS. About 20 for the 1970 rev. of 68.
All of these varieties can be found in rolls, although they are very scarce.
While this is a rare variety by population data, PCGS values remain low, ranging from $50-100.
You can find the variety on eBay selling about the same or higher, although the coins are unholdered, as in these examples:
If you are a dime roll hunter, keep your eyes peeled for other Roosevelt dime varieties:
As you can see, there are not many varieties for Roosevelt dimes, but click the links above and go to Proxiblog for articles explaining die markers.
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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.
Many hobbyists recommend holdering coins only if they are valuable enough without considering other reasons listed here.
True, the cost to grade can be prohibitive for some collectors. Top companies charge anywhere from $25-38 per coin in addition to fees for membership, handling and mailing, with additional fees for error coins, varieties, special labels or quicker turnaround times.
If cost is not a factor, you might consider holdering a coin for reasons other than inherent value.
Authenticity
A slab provides assurance that a coin is genuine, reducing the risk of purchasing a counterfeit. China exports hundreds of thousand fake coins each year to the United States, especially ones with a Carson City mintmark. If you holder the coin with PCGS, NGC, ANACS, CAC or ICG, you will have a unique barcode or serial number, allowing collectors to verify the coin’s details. Additionally, PCGS and other companies embed security chips to guard against counterfeiting.
Storage
Slabs are sonically sealed in hard plastic, protecting coins from physical damage, such as scratches and drops, as well as environmental damage. Companies also sell containers for compact storage. What’s more, you can share your love of the hobby with family and friends, letting them hold the slabs without your worrying about the coins being improperly handled.
NGC offers some of the most advanced coin holders in a range of sizes to fit virtually every coin ever struck. The company writes, “Designed for long-term preservation and protection, the NGC holders are comprised of high-quality inert materials” with security features. “Collectors, dealers and even the Smithsonian Institution trust NGC holders to protect their most treasured rarities.”
Photography
Top holdering companies also provide photos of coins, sometimes for an additional fee. This is especially important for toned coins. For example, PCGS does a fine job enhancing the rainbow of colors that grace the patina. Photos are important if you keep your collection in a bank box or live somewhere else (i.e. a college student away from home) allowing you to see your coins when and where ever you wish.
PCGS TrueView images are perfect for toned coins like this:
Family
A “family” of coins share common design elements, denominations, mintmarks or thematic characteristics within a series. For instance, you may want to collect all five 1878 Morgan dollars or W-mintmark Quarters or perhaps an example of various errors or varieties, as in the seven 1982 cents or 1942-45 silver war nickels. In these cases, a slab’s labeling is important as you assemble the family of your choice.
Set Assemblies and Registries
A complete date and mint mark set of Morgan Silver Dollars (1878–1921) usually contains close to 100 coins. Because there are so many, some hobbyists prefer year sets. Other assemble sets of a specific mintmark, such as all the coins minted in San Francisco or Carson City. A date and mintmark set of Peace Silver Dollars (1921–1935) consists of 24 coins. Regardless of the set in question, collectors may include a lesser value coin in a holder merely to complete the set in question.
Veteran hobbyists also may participate in set registry competitions, again requiring every coin or variety in the series. One of the most popular PCGS set registries are “low-ball” ones featuring the most worn coins.
Selling
It is often easier to sell, trade, or auction a coin that is already certified, particularly online or to collectors who cannot inspect it in person. Some large auction companies such as GreatCollections or Heritage may require you to holder your coins before they will list them in their catalogs. If you holder with PCGS, NGC or CAC, your coins can be sold sight unseen because of the consistency and quality of the grading.
GreatCollections even notes certification in his banner: “Certified Coin and Paper Money Auctions.”\
Provenance
Serious hobbyists often are concerned about provenance of specific rarities. But even damaged or heavily worn coins may be family heirlooms, such as a grandfather’s “pocket piece.” A coin with deep personal history can be preserved in a “perfect” state by slabbing it, even if it is not especially valuable.
In the past, family members might have passed down coins that they wore as jewelry. This was especially popular in the 19th Century. Here’s a perfect candidate for a slabbed personal heirloom, an 1885 20th Anniversary medal commemorating Abraham Lincoln’s death.
Many collectors prefer raw coins to slabbed ones because they want to hold history. There certainly is a place for that. Just keep some of the low-ball Morgan dollars, for instance, so friends and children can feel the heft of the silver.
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There are many ways to figure the worth of a coin. Follow this step-by-step method, answering these questions along the way:
Is it certified?
Do you know denomination, series, strike?
Do you know the mintmark?
Do you know the Sheldon Scale?
Can you identify your coin on the Sheldon Scale?
Can you spot flaws affecting value?
Are you ready to estimate value now?
Do you know how to establish silver melt?
Is it certified?
If you have a coin certified by PCGS, NGC, ANACS, CAC and ICG, simply go to their verification sites and input the certification number on the label. Here are links:
If you have a coin holdered by another company, consider the coin inside “raw” or unholdered.
Do you know denomination, series, strike?
You need to identify these features, which every coin has:
Denomination Definition: The face value of a coin, or the specific amount of money it is meant to represent. Example: Common U.S. circulating denominations include 5 cents (nickel), 10 cents (dime), and 25 cents (quarter).
Series Definition: A series is the complete set of a specific coin design, minted over a period of years, usually including all dates and mint marks. Example: Lincoln Cent Series (1909–Present): Includes every date/mint combination of the Lincoln penny.
Strike Definition: Refers to the method of manufacturing used to create the coin. Types of Strike:
Circulation Strike (Business Strike): Coins made for everyday commerce, usually produced quickly in high volumes.
Proof Strike: Coins made for collectors, typically with higher pressure, multiple hits, and polished dies to create a mirror-like field and frosted design.
Special Mint Strike (SMS) / Burnished: Specific, high-quality finishes used for special sets.
Do you know the mintmark?
These are mintmarks for US coins identifying the facility of manufacture:
P – Philadelphia, Pennsylvania: The primary U.S. Mint. Most coins from Philadelphia historically had no mint mark, but the “P” now appears on most denominations except the penny. D – Denver, Colorado: Operating since 1906, this mark is found on most modern circulating coins. S – San Francisco, California: Since 1975, primarily produces high-quality “proof” sets for collectors. W – West Point, New York: Established as a mint in 1988, it mostly produces bullion and special collector coins.
Historic U.S. Mint Marks: These letters appear on older coins from facilities that are no longer in operation. C – Charlotte, North Carolina: Produced gold coins only from 1838 to 1861. D – Dahlonega, Georgia: Also produced gold coins only from 1838 to 1861 (not to be confused with the modern Denver “D”). O – New Orleans, Louisiana: Struck gold and silver coins intermittently from 1838 to 1909. CC – Carson City, Nevada: Famous for silver dollars, operating from 1870 to 1893.
Once you know the denomination, series and strike, you can go to PCGS CoinFacts to find the location of the mintmark.
Do you know the Sheldon Scale?
The Sheldon Scale is a 70-point numerical system to determine a coin’s condition and market value, ranging from 1 (Poor) to 70 (Perfect Mint State).
There are two main types of condition: circulated and uncirculated. Numbers 1–59 (Circulated), from poor to almost uncirculated.
Intermediate grades are Poor, About Good, Good, Very Good, Fine, Very Fine, Extra Fine, About or Almost Uncirculated, Uncirculated.
Here is a nifty chart for numbers and condition.
Can you identify your coin on the Sheldon Scale?
Identifying the condition is subjective, even for veterans; but you can come close if you compare your coin to the denomination, series and strike on PCGS Photograde, which provides photographs that you can use for comparison.
Example:
You have to compare obverse and reverse, but for purposes here, we’ll just do obverse.
Underestimate when you compare your coin to one on Photograde, adjusting for personal bias. In this case, you may be tempted to think your coin is almost uncirculated. But a strict comparison puts it in the Extra Fine category, somewhere between Very Fine 35 and XF45. Let’s go with XF45
Can you identify flaws affecting value?
There are dozens of possible flaws on a coin that lower value or prevent it from being “straight graded” (a numerical score). Here are major ones:
Cleaning: Harsh abrasive cleaning or polishing that damages the surface.
Environmental Damage: Corrosion, excessive toning, or verdigris.
Physical Damage: Major scratches, rim dents, or metal movement.
Altered Surfaces: Applying substances like wax, putty, or lacquer to hide flaws.
Questionable Color: Artificial re-toning, often used to make a coin look more attractive.
Filed Rims: Rims that have been filed to smooth out dents or damage.
Any one of the above flaws will reduce the value of your coin, depending on severity. In many cases, that is 25-50% of estimated worth.
Are you ready to estimate value now?
You know the denomination, series, strike and mintmark. You know the Sheldon Scale and have estimated the grade using PCGS Photograde. You eliminated possible flaws and think your coin can be straight graded.
Let’s continue with the 1900 Morgan Dollar at XF40:
Go to PCGS CoinFacts for retail and auction values for such a coin.
The retail value here is $85 (due at the time in part to the high price of silver). But only 20 have been slabbed at that grade, meaning it probably wasn’t worth the cost of grading. That is confirmed because there are no recent auction sales listed at that low grade.
Your coin is silver melt.
Do you know how to establish silver melt?
Here is the formula:
Multiply the item’s total weight (in troy ounces) by its purity percentage, then multiply that result by the current spot price of silver.
Again, let’s use that 1900 Morgan Dollar.
Morgan dollars (1878–1904, 1921) contain 90% silver and 10% copper, with a total weight of 26.73 grams, resulting in 0.77344 troy ounces of pure silver per coin.
The current market value for one troy ounce of silver, which changes frequently, happens to be $109 (during a spike in that precious metal). Thus, the silver melt value of your Morgan is 0.77344 times $109 = $84.30.
Keep in mind that coin dealers usually only buy 10-15% under silver melt. So you’re looking at about $71, depending on your buyer.
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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.
I enjoy browsing through various Facebook coin groups and seeing what collectors have acquired and enjoy. While scrolling through a rather large group I came across a post where a fellow collector had completed his Lincoln Wheat Cent collection. A major milestone for any collector! In the mix was a 1909s Cent, about which I commented, and later had a private message conversation explaining that this was a counterfeit and showed proof.
He stated it was bought on eBay from a non-reputable seller in a “shotgun roll.” These are rolls of wheat cents hand assembled with generally a nicer condition coin or key date on the ends. This fell within the 30-day return policy so the collector should get his money back after returning the coins to the seller.
Another online venue offered this counterfeit 1909s. Both coins share a common reverse that has been known for awhile.
Image comparison of both coins show many repeating marks. Highlighted in green are common to all coins with this reverse and include:
Lump at the edge of wheat stalk
Small lump inside of ONE
Highlighted in red are common but not seen on all examples.
Crack from the rim to Wheat stalk
Extending Crack through the stalk to the field
Being the Lincoln Cent series is one of the most popular to collectors and many key/semi key dates are needed to complete the set, it is of no surprise this counterfeit family is extensive. Other dates that have been seen from this family include the 1931s, 1955 “DDO”, and 1924D cents imaged below.
A close-up collage of identifying marks.
If anyone thought it was just key/semi key dates that are counterfeited, you would be wrong. Here is a common date 1958 exhibiting the “Lumped reverse.”
For more information, including die markers, see Michael Bugeja’s post, titled, “Identifying Fake 1909-S VDB Cents.” Now collectors have two comprehensive articles about this key date. Proxiblog strongly encourages any Lincoln cent collector to read and refer to these two articles before bidding on any raw 1909-S VDB. Also, make sure to check the certification to ensure that the holder also is not counterfeit.
Proxiblog advises newer collectors to 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. AI 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.
If you already bought the coin, weigh it and go to PCGS CoinFacts for the date and mintmark, checking your coin against weights and dimensions.
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.
Proxiblog also has more than a thousand friends and followers on Facebook Coin Groups and thousands more across YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.
PCGS, NGC, ANACS, CAC, ICGS have certification web sites. You’ll gain knowledge about everything from counterfeit detection to retail, wholesale and auction values.
New collectors and others who have inherited coins typically ask Facebook coin group members what their holdered coins are worth. There is no need to do this. In fact, the question alone indicates that you do not know what you have, opening you up to low-ball offers and scam buyers.
This Facebook member posts photos of PCGS-graded coins and wonders what they are worth.
All he had to do was go to the PCGS certification site for the information. Just input the numbers and you get all the facts.
Did you catch what happened here? If so, you are beginning to understand why checking certs of ANY slabbed coin is worthwhile.
His coin is counterfeit. The label is the giveaway: “Morgan.” The Chinese forgot that the only time PCGS states the dollar is a Morgan is on labels for 1921 coins because the Peace Dollar was introduced in that year!
The person’s coins are counterfeit.
Here is another person asking about worth for this NGC coin:
NGC is not nearly as reliable with updating current value as PCGS. Note that this cert states “Price Guide Not Available.” NGC has been negligent with this for years, one of the reasons I prefer PCGS and CoinFacts. But you can still check the retail price by hitting the “Research this coin” tab.
Here are lookup sites for ANACS, CAC and ICG. Follow the same procedure.
If you want an estimate about what a coin dealer might pay you, you can access that information on the Greysheet wholesale website, requiring a subscription.
A better option to ascertain what a dealer might pay you, once again, is PCGS CoinFacts, an indispensable directory.
Let’s look up the retail and latest auction values (better than wholesale values because these states what people will pay) for that 1880-S MS64 Morgan mentioned earlier.
You get all the data for this coin, including mintages, which also play a role in value. But lower on the page you get population date and more specific details.
Better still, you can click the link for each auction. The first link, most recent sale 08/25, states someone paid a retail price in a Stacks Bowers auction. Why? Hit the link, and you get this superb coin, again with tons of data.
The ability to know retail and wholesale/auction values is a mandatory skill if you collect coins. Many just opt to go to a coin dealer who probably will use Greysheet wholesale and then deduct even more, especially if he owns a brick-and-mortar shop (he has to pay expenses, don’t you know).
Here is a typical advertisement promising to appraise coins and showing ones whose values are readily available online.
Wouldn’t it make sense, if this were your collection, to know what the retail and wholesale/auction values are before allowing someone else to tell you?
As you can see, checking certs guards against fakes and informs you in detail about your coin. Over time, you will learn not only the values but also all those data, helping you become the numismatist you were meant to be!
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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.
There exists a family of counterfeits that fooled collectors and grading services for decades. The “Micro O” varieties have always been scarce coins to come by, and in 2005, these were deemed counterfeit by PCGS when 3 examples showed repeating circulation marks between the 1896 O VAM-4, 1900 O VAM-5, and 1902 O VAM-3.
Pictured below shows the repeating marks found on the three dates, indicative of transfer die counterfeits.
Images courtesy of PCGS
Along with the announcement that these varieties were counterfeit, PCGS offered “buy backs” for coins it had authenticated. Some 95 examples were certified among the three dates. PCGS no longer will authenticate 1896-O, 1900-O, and 1902-O with micro mintmarks.
“Grading and variety experts at PCGS have recently uncovered undeniable evidence that three of the so-called Micro O’ Morgan varieties, the 1896-O, 1900-O, and 1902-O, are actually contemporary counterfeits, most probably struck outside the US Mint sometime in the early 20th century. This is a significant discovery and one that will certainly have an impact on Morgan dollar variety collectors.”
This begs the question of how many such fakes exist today in PCGS holders? Prior to 2005 the market exceeded $1,000 per coin in many cases and up to $5,000 in higher grades. Assuming PCGS paid fair market value then surely most of these were sold back!
This 1902 O VAM-3 sold at Heritage Auctions on November 19th, 2002 and realized a price of $192.
Two years later the price for these coins exploded with a VF20 example selling for $2,070 on November 4th, 2004.
Images courtesy of Heritage Auctions
Later another 1902 O VAM-3 in VF30 for $5,100 in a Superior Galleries auction. That was auction lot#871 in January of 2005. (No photos of this coin.)
These coins still exist in ANACS holders with most available ones in Gen5 and Gen6 slabs. I had purchased this 1900 O VAM-5 VG Details example in August of 2024 for $150. This coin resides in a Gen6 ANACS holder that was used from 1999-2005. During the same time my friend and fellow counterfeit researcher Jack Young acquired one as well. Both of which have consecutive certification numbers pictured below. My example (top) and Jack Young’s example (bottom).
Recently an 1896 O VAM-4 appeared in a Great Collections auction in a Gen5 ANACS holder. After buyers fees this coin landed at $200. I was fortunate to acquire this example.
At the same time of this listing was also another 1900 O VAM-5 that sold the same night as the 1896. I happened to be the underbidder and the coin sold for $140 prior to fees. Later that night I received a message that a friend and fellow collector had won and the coin found a good home! This coin also resides in a Gen5 holder which was used between 1996-1999 to put a time-frame to when this coin was certified.
I hope to see these coins grow in popularity! The exact story is unclear as to who made these or when although a few theories are posed. A likely theory was disgruntled mint employees after the New Orleans Mint closed in 1909. These coins circulated indicating they were struck in a time when the price of silver was still well below the face value of the coin.
Since the discovery of these “Micro O” counterfeits, 32 die varieties have been linked to this massive operation. Two other Micro O varieties exist (1901 O VAM-42 and 1902 O VAM-96). Those were omitted from this article due to having a different reverse than the three discussed. Many of the varieties associated with this “family” are readily available and can be cherrypicked for the price of an average Morgan Dollar.
These contemporary counterfeits will pass virtually every test including measurement, weight, and Sigma Metalytics examination since these scan closer to sterling silver. The “mix matched” dies make telling many varieties easy to spot at a glance by using incorrect reverse hub types for the years.
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You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.
Inspire love of the hobby in your children, nieces, nephews, grandchildren and friends by gifting them one or more of iconic designs by the U.S. Mint, all for under $150.
With Christmas, Hanukah and the New Year nearly upon us, you may need to do last-minute shopping at a nearby coin shop or via the internet with trusted sellers on eBay or numismatic companies like APMEX. And don’t forget the U.S. Mint.
We’ll start with the Red Book, a must-have publication for any new hobbyist. Experienced collectors can use A Guide Book of United States Coins to research these gifts below so that you can share their numismatic stories and histories.
You can get this reference book for under $25 from eBay, Wal-Mart or Whitman Publishers.
Also, don’t forget the Mint by considering its holiday gift giving products. Many such products will cost more than $150. But others for less that amount may make nifty gifts, including Christmas ornaments, which sell for $35.
Now let’s consider some of the Mint’s most popular coins.
1909 VBD Cent
Experienced collectors can include a note explaining why this coin is a must-have in any collection. The “VDB” initials stand for the coin’s designer, Victor David Brenner. But government officials were concerned that they were placed in too-prominent a position and gave Brenner too much notoriety. You can snare one at APMEX for $99 in uncirculated red condition.
There is more history associated with the Lincoln cent. Research and share it and why 1909 was the first year of this coinage.
1864 Large Motto Two Cent
You can find several examples graded by PCGS, NGC and ANACS for under $150. When you search for this on eBay, choose the low price filter and include the grading company initials with “1864 Two Cent Large Motto.”
In your gift card, research and then tell the story of the motto “In God We Trust,” which first appeared on this coin, which indirectly conveyed that the Union would win the Civil War. But there is much more to this legacy. In 1956, Congress declared it the official motto of the United States.
Cite the various mottos of America beginning with the Fugio cent and what they mean about our country.
Buffalo Nickel Types I and II
You can find these two types for under $50 at APMEX. Hobbyists buying these as gifts should refresh their numismatic knowledge by researching the three Indian chiefs that formed a composite of the obverse. Even more fun would be telling the tale of Black Diamond, the model buffalo at the Central Park Zoo at the time.
The Buffalo nickel, designed by James Earle Fraser, was part of the U.S. Mint’s effort to make coinage more appealing and symbolic.
Also relate why there are two types. Hint: The raised mound on Type I caused the denomination to wear off prematurely. This introduces new hobbyists to varieties.
Mercury Dime Roll
The Mercury Dime, another coin by Adolph A. Weinman, showcases Lady Liberty with a winged Phrygian cap, making her resemble the Roman god Mercury. Research that ancient deity.
You can get a roll of these from APMEX for under $150.
If you give this as a gift, be sure to explain the value of silver and how you can use the Red Book to find values for each year in the roll, explaining mint marks and other features of this iconic dime. It introduces new collectors into roll hunting.
1917 Standing Liberty Dollar, Type I and II
This coin must be age appropriate because Type I features a partly naked Lady Liberty. I leave it to you to explain why the original bare-breasted design was considered too controversial at the time, resulting in her wearing chain mail in Type II.
Nevertheless, the devices, shield and portrait of Lady Liberty by Hermon A. MacNeil are among the most elegant designs. Research how MacNeil beat famous designers like Adolph A. Weinman in a U.S. Mint competition. That was quite a coinage feat!
Walking Liberty Half Dollar
You can purchase the 1945 date in uncirculated condition from APMEX for under $50. You can also find “Buy It Now” BU examples on eBay graded by PCGS, NGC or ANACS for under $100.
In your gift card, research and describe the symbolism of one of the Mint’s most beautiful designs, featuring Lady Liberty marching with conviction toward a new dawn for the American republic.
Morgan Dollar (1878-1904, 1921)
You can purchase an uncirculated common date Morgan for under $50 at APMEX. When you give the Morgan as a gift, make sure it is not holdered. You will want your recipient to feel the heft of this 90% 26.73 gram silver coin.
You can also research the person on whom Lady Liberty is based, Anna Willess Williams, a Philadelphia school teacher and philosopher. She agreed to be a model for designer George T. Morgan only if her name was kept out of the newspapers. As you might anticipate, it wasn’t.
MEMORABLE MOMENTS
A holiday coin gift has two dates: the one on the denomination and the holiday year in which it was given, inspiring memories as you share your research and instill the love of numismatics in your relatives and friends.
No matter how you look at it, selling coins evokes feelings. Perhaps you are ending your interest in the hobby and will have to find other ways to spend your free time. Perhaps you inherited a collection and now must dispose of it for heirs. Or maybe because you just need the money.
Experienced hobbyists know the basics of how to sell coins. But newer or “never” hobbyists may have a difficult time because the process requires a modicum of numismatic knowledge, which this article provides. And, of course, money is at stake in the form of precious metals and intrinsic values.
Here are seven steps that I have used in selling my coins. They worked for me. You may experience different results.
Step 1: Read the Red Book and consult the Blue Book
The Red Book, otherwise known asA Guide Book of United States Coins, is required reading. You have to know what you actually have. Google, eBay, Etsy, YouTube and other online listings are unreliable and often erroneous.
The Red Book shares retail values and the Blue Book, wholesale, or what a coin dealer is apt to pay you–important later.
The Red Book has updated pricing and auction data with detailed expert commentary and photos–more than 2000 images, 7,600 listings and 32,500 coin values. You’ll learn about each denomination, type, mint error and varieties as well as read articles about investing, grading and holdering coins, and detecting counterfeits.
Click here or the photo below and scroll down to “HOW TO USE THE RED BOOK” to view a Proxiblog video on the book’s utility.
Step 2: Separate coins according to denomination
To view the various denominations, again consult your Red Book or PCGS CoinFacts, a free encyclopedia of U.S. Coins.
You will find at PCGS CoinFacts detailed photos and retail/auction values of coins from half cents to gold issues as well as commemorative coins, bullion, territorial issues and patterns.
But the utility now is using the Red Book or CoinFacts to separate your coins into categories.
Step 3: Divide collection again by precious metals
These will mostly be silver and gold coins but also platinum, palladium and rhodium.
Familiarize yourself with spot price values. A fine resource is provided by the coin company APMEX, which gives updated values of all precious metals. Click the photos belowfor gold and silver values to view what your coins are worth apart from collector premium.
Step 4: Create an inventory of your collection
Create your inventory by denomination. You can do this manually via pencil and paper but eventually you want to have this in digital format. You can use Word for this. It’s a hassle, but you also should photograph obverse and reverse of each coin and include that in your inventory. You can do this with any mobile phone with a decent camera. Photos also will help your appraiser later in the process.
You also have to remember what you paid for your coins. Note that in your inventory, along with the date of sale, if you can remember it. Bookkeeping is important, as you will learn in Step 7.
Once you have a draft of what you own, consider downloading an application for a formal inventory of your coins.
There are many low-cost and free coin collection applications. Coin Week has recommended the low-cost Coin Book Pro.
You will immediately have a sense of relief once you have completed your inventory. That sense comes from due diligence.
Step 5: Learn grading basics
Start with the Sheldon scale
The Sheldon Grading Scale describes the condition of a coin without damage or other flaws, earning a number between 1 (lowest) and 70 (highest). The scale is used by PCGS, NGC, ANACS and other grading companies. The grade is an indication of value.
Know key dates of the series
Here is a nifty chart that many coin shops use on their sites. It’s not comprehensive and doesn’t include what we call “condition rarities,” or coins that are common in lower grades on the Sheldon scale but rare in about uncirculated or uncirculated condition. But it will give you an idea about dates and rarities.
Do not use digital applications to identify your coin and grade it. Programs like CoinSnap powered by AI are notoriously inaccurate. Instead, train your eye by comparing your coin to the denomination and condition as found on PhotoGrade. You may have a tendency to overgrade and overlook flaws. That’s okay. You’re not expected to be an expert grader. But a little knowledge goes a long way.
You can find a list of numismatic terms on the Proxiblog site. Click here.
Step 6: Get an appraisal
Before you sell your coins, you need to have an expert give you a fair evaluation of their worth. The best way is to contact a friend, colleague or acquaintance who knows coins. There is trust there. Keep in mind it is not enough merely to send to your appraiser the denomination, date and mint mark of your coins. Condition is everything. If your hobbyist friend lives out of town and cannot eyeball your collection, you will have to send photos of obverse and reverse of each coin or set.
You can also go to a nearby coin shop. Make sure the owner is a PNG member as they are committed to honesty and professionalism. You can find a directory here.
There also are online appraisal sites. One of the most popular is Coinappraiser.com. Visit the site. It also has useful articles about selling, auctioning and grading coins.
Step 6: Sell or consign
The coin buying world is full of scammers. DO NOT sell on social media like Facebook, Etsy or YouTube or accept payment via Venmo or other non-traceable monetary venues. You will want payment by money order, bank wire or cash (if local).
If you have valuable coins, the best place to sell them is at Heritage and GreatCollections. The problem here is that major auction houses only accept coins holdered by PCGS, NGC, ANACS, ICG and CAC. It is beyond this article to explain the cost and procedures of getting coin graded. GreatCollections has a form to submit raw coins for you at discount prices. In other words, you won’t have to pay extra for grading and also can avoid membership, handling and postal fees.
You can consign your raw and holdered coins to an online auctioneer. This requires you to (a) contact the auction house, (b) ask if they will consign your coins and (c) request a contract and terms of service (usually a 10-20% selling fee).
You can find menu tabs of online sellers at Proxiblog’s home page. We are not endorsing these auctions as places to sell coins. Suffice to say that we have either bought or consigned coins to a few of these and find them reputable. Your experience may differ.
Step 7: Accept Reality
Unless you are a skilled hobbyist, chances are you bought or purchased coins with flaws or have dozens or even hundreds of raw coins that have little value, despite what the Blue and Red books state. Sellers have to earn a profit, too, and may not want to photograph, list and pay fees for your coins on their sites unless they are fairly confident that they will sell.
Even coin shops, loaded with junk coins and low value mint sets, typically will only be looking at the precious metal or rarity of your coins. You can sell part of your collection or hold out for a price for everything, even coins of little value or ones holdered by bottom-tier companies that exaggerate condition.
In other words, anticipate low-ball offers and seller’s remorse.
Sometimes it is worth taking a loss and focusing on what you can get for inexpensive coins or sets, just to dispense with them. A typical coin dealer will usually pay about 70-75% of current market value.
Now for the ultimate reality check: taxes. Refer back to your inventory. You will need to know what you paid and what you received for your coins. You should have these data in your inventory.
The Internal Revenue Service classifies gold and silver as collectibles. Capital gains are taxed at a maximum rate of 28% of any profit. Go to this IRS site for more information.
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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.
