Coins Collection

If you are in search of finding a rewarding, exciting, fun hobby that you can easily enjoy, you don’t need to look any further than the coins you have in your pocket. Millions of people engage in coin collecting, a hobby that can be traced back to the ancient Greeks and Romans. Starting up a coin collection can be quite easy. In fact, you can begin building a collection with the very coins that you encounter every day.

There are many coin collecting goals that collectors try to accomplish. Perhaps you might want to collect each design of the United States’ Statehood Quarters. Or, maybe you will want to seek out coins with pictures of your favorite topics, such as animals, musical instruments, food, historic events, or public figures. You could venture into collecting coins from faraway, exotic countries and lands. You might want to gather coins minted during the year of your birth. Another fun idea would be to collect one coin of every date you can find of Lincoln cents or Jefferson nickels, for example. Remember, these are just a few of the endless possibilities for deciding what kinds of coins to collect.

Whatever your collecting interests may be, there are a couple primary ways to acquire the coins you want for your collection. You can typically locate plenty of cents, nickels, dimes, and quarters dating back to the 1960s with the coins in circulation (”circulation” includes the coins you can get at the bank, find in your pocket or purse, and give or receive as change when you buy something). However, if you are lucky, it is possible to find in circulation some coins dating back more than half a century, an occasional foreign coin, or perhaps even error coins. An “error coin” is, for example, one that bears a mint-made mistake, such as a double image of a design, a coin that has only part of its design showing, or a coin that looks as though it had a big piece of its metal bitten off by one of the machines at the mint.

Though you may be able to find in circulation all the coins you need for your collection, if you are hoping to find silver, gold, or obsolete coins, or those from many different countries, you will most likely have to buy what you want from a coin dealer. You should be able to locate a coin dealer near you by looking through the “coins” or “coin dealers” listings in your yellow-paged phone book. Also, there are hundreds of reputable, respected coin dealers who advertise online or in coin-related publications and ship customers their coins through the mail.

However, before you start gathering coins for your collection, there are a few basic things you should know about how to safely handle, store, and protect your coins.

First of all, be sure to either find or purchase a magnifying glass so that you can see all of the tiny details on your coins. A magnifying glass is a very important tool for coin collectors to have, and will help you to enjoy your hobby even more.

No matter how tempting it may be to make an old coin look shiny and new, don’t clean your coins. If you clean your coins, you may accidently end up ruining them. Not only can the cleaning alter the coin’s natural color and tone, it might also put many tiny scratches on the coin. Unless a coin you find has a lot of loose debris (such as dirt, dust, or mud) on it, which you can gently rinse off with pure water and softly pat dry with a clean towel, you are usually best to leave your coins in the same condition in which you found them.

Also, don’t let your fingers come in contact with a coin’s observe (the front, or “heads” side of the coin) or reverse (the coin’s back side, often called “tails”). If your fingers, which naturally contain oils, touch the coin’s surface, they could leave fingerprints on it; over time, these fingerprints may turn into ugly-looking smudges. The proper way to handle a coin is to hold it by its edge (the thin side of a coin), between your thumb and forefinger. Above all, never drop a coin.

It is also important to store your coins safely to help protect them. Keep your coins in a cool, dry place (a bookshelf, desk, or drawer is usually a fine place to store your coins). Also, don’t store your coins loosely in a box, jar, or other place where the coins will get jingled or jostled around. Instead, you may want to consider buying albums, folders, and other storage devices designed to help keep your coins safe and organized. Many large bookstores sell coin albums and folders (many that cost only a few dollars), and coin dealers sell many kinds of coin storage options.

There are all kinds of things you can learn about numismatics (this word sounds like “new-miss-mat-icks”), which is the study of coins. You can become a more experienced coin collector by reading books about coins, talking to friends about your hobby, and continuing to be interested and curious about the coins you see. As you will discover, coin collecting is a hobby that will allow you to make exciting discoveries, let you set and accomplish all kinds of challenging goals, and give you a chance to explore countless wonders. Welcome to the sensational world of coin collecting.

*Copyright 2006 by Joshua McMorrow-Hernandez

Joshua McMorrow-Hernandez is a twenty-five-year-old writer and honors college student majoring in the Liberal Arts. He has been an ardent coin collector since 1992 and has written a number of e-magazine articles about the hobby he has loved and studied for so many years. He also writes fiction works and is the author of the 2004 children’s adventure novel entitled “The Valley of Curiosity” (available for sale via http://www.iuniverse.com/bookstore/book_detail.asp?&isbn=0-595-30938-0 ). Joshua resides in Florida. You can read more about Joshua at his website: http://www.geocities.com/mcmorrowhernandez/mcmorrowhenandez-aboutme.html?1158871379826 .

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The radical change in our coinage that was taking place in the early 20th century was not quite done by 1916. With the new Lincoln cent and Buffalo nickel now in circulation, and changes to gold coinage, it was now time for a change in silver, specifically, the dime, quarter and half dollar to undergo a facelift and eliminate the uninteresting Barber designs. In late 1915 a design competition was announced to replace the designs on the dime, quarter and half dollar. In 1916, Mint Director Robert Woolley told Mint Chief Engraver Charles Barber that Hermon Atkins MacNeil’s design had been accepted for the quarter and that MacNeil would be visiting the Mint to obtain information about preparing the needed relief models. As Walter Breen writes in his book entitled Complete Encyclopedia of U.S and Colonial Coins, “Barber was as usual, completely uncooperative.” Assistant engraver George Morgan, who would later become chief engraver upon Barber’s death, was apparently more helpful. In late May of 1916, with Morgan’s help, MacNeil’s models that could be used for fie preparation were approved.

The first Standing Liberty Quarter coins came of the Philadelphia presses on December 16, 1916 and the series continued through 1930. A mere 52,000 pieces were minted in those last two weeks of 1916 and were released to the public along with 1917 dated coins in early 1917. Legend has it that shortly after the release there was a public outcry over the exposed right breast of Lady Liberty. Others complained that the small eagle looked like a pigeon. Whether this led to the design change is not well documented as there were also stacking issues with the Type I coins. In any event, the design was changed in 1917 to cover the right breast with chain-mail as well as minor changes to the back of the coin which moved three stars beneath the eagle, thereby raising and centering the eagle. Thus was born the Type II Standing Liberty Quarter.

After a few years in circulation it became apparent that the date was wearing off way to fast. Unlike the Buffalo Nickel, someone at the mint did make changes and in 1925, the date area was lowered as to be protected by the rim of the coin resulting longer wear on the date field. Thus was born Type III which many consider a subtype.

In production for only fifteen years, the Standing Liberty quarter suffered an early demise. 1932 marked the 200th anniversary of George Washington’s birth was introduced as a circulating commemorative which is still in circulation today.

Collectibility

General

As one of our most beautiful coins, Standing Liberty quarters garner quite a following. A complete set in circulated condition, except for the 1916, can be had with only a few coins going for over $100 in circulated condition. Many of the later dates (1925 and after) in decent condition can be had for under $5.00. When grading this series for higher end coins, look to the right knee and center of the shield on the obverse and the eagle’s breast and left wing on the reverse as these will show wear before other areas. Additionally, very well struck coins will be graded as Full Head (FH). Coins graded as FH are much scarcer and will demand a substantial premium over non FH in the same grade. In order to be graded FH the coin must show three leaves in Liberty’s hair, the hairline along Liberty’s brow must be complete and the ear indentation must be evident.

Key/Semi Key Dates

Without a doubt, the key for the series for the common collector is the 1916 coin. With a mintage of only 52,000 it would seem that this coin should be quite rare. And while it is, it is not has hard to obtain, for a price, as it would seem. As with most new series, collectors and the general public hoarded the first coins of new issues. A G4 coin still retails for about $3500, so it is not cheap. In terms of scarcity in high grades, the 1916 date has more FH MS-67 coins graded by PCGS than any other date expect the 1930-P and 1930-S. Still, the 1916 will cost you more due to its popularity. A MS67 FH lists for over $90,000.00

The year 1917 consisted of Type I and Type II coins. Although the 1917-D Type II had a higher mintage (6.2 million vs. 1.5 million), the 1917-D type II in good (G4) condition retails for $40.00 vs. the 1917D Type I which goes for around $28. Since there were so very few 1916 coins, and they were produced in Philadelphia only, the folks out west probably thought 1917 was the first year and hoarded the first coins, that being Type I and ignored Type II coins of the same year. This price differential is also apparent in the 1917-S Types. Philadelphia minted far more coins in both Types in 1917 than the other two mints so there is not a big difference in price for this mint/date.

For the common collector, filling the earlier dates, those before 1925 can become costly. Coins in G4 grades are usually not that eye appealing and can still cost you well over $100 such as the 1919 D & S, 1921 and 1923-S. Obtaining these in higher grades will reach near $1000 and well over $1000 for the 1923-S. For most other dates prior to 1925, consider spending $50-100 per coin. As we get into coins dated 1925 and after, prices drop considerably. This primarily due to the change to the date that enabled to withstand more wear. As previously mentioned coins dated 1924 and before wore the date out quickly. Coins dated 1925 and after were better preserved. It was not uncommon to find dated Standing Liberty quarters in circulation as late as the 1950’s. There one exception though to those 1925 and later quarters. The 1927-S was the 2nd lowest produced coin of the series with a mintage of only 396,000. Although this is a very low mintage, you can still obtain a F-12 coin for less than $100. Coins above that grade jump in price considerably. It is interesting to note that the famed 1932 D and S Washington quarters had higher mintages than the 1927-S yet you can get a G4 1927-S for less than $35.00 yet the 1932 D or 1932 S will cost you around $150. This anomaly changes though for higher grades as the 1927 S skyrockets in price while the 1932 quarters go up in price gradually until you reach mint state coins.

As with many series of the day, Philadelphia was the main producer of coins while the Denver mints and San Francisco mints had lower production totals making mint-marked coins “generally” more difficult to find and more expensive.

Errors

The only highly recognized error in the series is the 1918/17 overdate. This coin in FH Mint State condition exceeds the prices of the 1916 coin. (in MS-65 FH the 1916 lists for $35,000 while the 1918/17 lists for $300,000). PCGS has not yet certified a FH ms-65 FH 1918/17 overdate and has certified only 34 FH coins. In G4 condition the coins lists for $1,700.

There have been other reported errors/varieties such as small/large mint marks for the 1928-s. If you are into collecting errors and varieties for the Standing Liberty quarters then the book for you is Standing Liberty Quarters: Varieties and Errors, written by Robert Knauss.

Proofs

There were no official proofs produced for the Standing Liberty quarter although several satin-finish proofs of 1916 and 1917 are reported to exist.

Vital Statistics Summary

Key Coin Info

Designed by: Hermon A. MacNeil
Issue dates: 1916-1917
Composition: 0.900 part silver, 0.100 part copper
Diameter: 23.4 mm
Weight: 96.45 grains
Edge: Reeded
Business strike mintage: 12,253,200
Proof mintage: None

Designed by: Hermon A. MacNeil
Issue dates: 1917-1930
Composition: 0.900 part silver, 0.100 part copper
Diameter: 23.4 mm
Weight: 96.45 grains
Edge: Reeded
Business strike mintage: 214,516,400
Proof mintage: None

Keith Scott has been a collector for over 30 years and owns a small internet-based coin store at http://www.mountainviewcoins.com

Visit his website, http://www.mountainviewcoins.com/standing-liberty-quarters.php for a history of US coins, metal market updates and news about your favorite coins.

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The best place to start collecting would be with pennies, we will focus on the Lincoln Cent for the years 1909 through 1958, which are the Wheat Cents. There are still a number of “wheat cents” showing up in circulation, so it is possible to start a coin collection without spending a great deal of money.

While you are searching your pocket change for “wheat cents”, be sure to check for silver coinage and of course check those quarters. Then new 50 State Commemorative Quarters are a very good place to start since you can find five new states each year plus the different mint marks.

Getting back to pennies, which is where we want to start our new collection. The first Lincoln Cent was minted in 1909 and was made of copper. The mint continued to make pennies from copper until 1943, when for this year only, they were made of steel and zinc plated to prevent them from rusting. These coins appear to be silver or gray in color because of the plating. The pennies were made of steel because of a copper shortage brought on by the war, but they resumed using copper in 1944. Between 1909 and 1958 the penny featured Lincoln on the obverse (front of the coin) and the words “ONE CENT” over “United States of America” framed by bundles of wheat on each side of the words, there by getting the descriptive name of “Wheat Cents”. This is how the penny is called for the years 1909-1958. Other than a minor change in the composition of the metal which was 95% copper, 5% tin and zinc until 1943 when they were zinc plated steel, and then 1944 until 1958 when they were 95% copper, 5% zinc and no tin.

The Penny remained the same for 50 years. It was designed by Victor David Brenner, whose initials appeared on the reverse, of some, of the coins minted that first year. There are two varieties of the 1909, some have the VDB on the reverse, (back of coin) at the bottom of the coin at the 6 o’clock position, and others do not. The pennies were minted at Philadelphia, Pa. and San Francisco, Ca. The pennies from San Francisco have a small “s” under the date while the Philadelphia coins have no mintmark. The coins to watch for are the ones with mintmarks; this applies to all coins not just pennies. The value of coins is greatly based on rarity and with the Philadelphia mint being the largest of the mints; it was natural for them to produce the greatest number of coins. There is also a mint in Denver, Co. and a mint, which had been closed by this time in Carson City. The Denver mint put a small “d” under the date and on older coinage of other types you will find the letters “CC” for Carson City.

Mint Marks are Important, learn to watch for them.

Back to pennies, in 1909 when the first Lincoln (wheat cent) penny was made, they minted 72,702,618 in Philadelphia without the designers, Victor David Brenner, initials. They produced 27,995,000 with the VDB on the reverse of the penny. This same year, 1909, San Francisco minted 1,825,000 without the designer’s initials and 484,000 with the initials VDB on the reverse at the bottom of the coin. So now for the economics lesson of supply and demand and how it affects price. If you had a 1909-penny in “good” condition it would be worth about 75 cents, in “mint” condition it would be valued at about $14.00. If you had a 1909 with VDB on the reverse in “good” condition, it would be worth about $1.80, in “mint” condition ( I can’t explain this ) the value is about $9.00 ( the only apparent reason for the penny with the lower mintage being worth less in mint condition then the plain 1909 in mint condition, would be that in numismatic records kept by the grading services, there are probably more 1909 VDB’s on record than plain 1909’s) If you had a 1909s in “good” condition it is worth $37.00, in “mint” condition about $120.00. Now if you were lucky enough to find a 1909s with the initials VDB on the reverse in “good” condition it is worth $350.00 and in “mint” condition it is worth $680.00 or more. Not bad for a penny.

In all coin types and series there exists what are known as “key dates”, for now lets just say they are important because of a number of factors (another big subject), but that they are important in collecting coins of all types, not just pennies. The “key dates” for the Lincoln penny 1909-1958 are:

1909s
1909s VDB
1914d
1922
1931s

The semi-key dates, also valuable, but not as significant as the “key dates” are: 1910s, 1911d, 1911s, 1912s, 1913d, 1913s, 1914s, 1915, 1921s, 1922d, 1923s, 1924d, 1926s, 1931d, and 1933d.

This takes you through the “wheat cents” 1909-1958, along with keys and semi-keys each series of coin has Error varieties, Die varieties, and double die varieties which are also worth more than the common date coins. These again are subjects in themselves but a brief description is needed to make you aware of what to look for in collecting coins.

Error varieties are any condition, which may have existed resulting in a coin being struck and getting into circulation in a condition of appearance to be other than what was intended by the U.S. Mint. Simply said if it looks different than all the other s as a result of a mint mistake and not tampering or defacing by an individual, than it is an error, and they tend to be worth more.

Double Die varieties are actually errors because the coin after being stamped does not exit the die but remains in the die and is struck again causing parts of the design to be duplicated. Sometimes the duplicate is very noticeable other double die varieties require a powerful magnifying glass or microscope to see them.

Die varieties are the result of many dies being used to mint any particular series of coin. They could never produce this many pennies with only one die. Each die has its own characteristics, small differences between dies, which are noticeable enough that you can distinguish pennies or other coins being minted by a particular die.

As you may become educated at this point into the many details of coin collecting, let me say this now. Coin Collecting should be no more involved, difficult, or time consuming than you want it to be. The main objective of coin collecting is enjoyment, if you are interested in investing, find a Stock Broker. Lastly, I borrow this comment from another person whose name I don’t remember, but who deserves the credit none the less. “As a coin collector, you are not a coin owner, but a coin keeper. Although you have the actual coins in your possession and legally they are yours to hold, buy, sell or trade, while they are in your possession you should do everything possible to maintain the condition and appearance of the coins.”(To who ever said this, I apologize for not being able to quote you verbatim or give you your due credit) “As keepers of coins, we enjoy our collection, than pass them to the next generation of keepers.” This was significant to me personally, as it links, you, others, and me in a great chain from past through present and into the future as we are the keeper of coins, coin collectors and Numismatists.

Enough now of history, economics and philosophy, let’s collect coins.

To start, get yourself a magnifying glass, the bigger the better. Search your coins in a well-lighted area to be better able to spot errors, mintmarks, and to read dates on some of your more worn coins. Determine what coins you will collect and purchase a bookshelf folder for that denomination or series. Whitman, Dansco, Harris & Co. and a few others put out these folders. The Whitman folders are probably the most familiar; they are blue folders about 8 inches high, 6 inches wide and about

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