Collecting valuable coins is a rewarding hobby and a way to invest in your financial future. Unfortunately, the process requires substantial time and effort. However, knowing which valuable coins to look for will help you become a knowledgeable collector.
Coins are fascinating for many reasons. Some people appreciate the precious metals like gold and silver that make up the currency, while others enjoy finding small mistakes in coins in circulation. Others like that something as small as a penny could be worth a fortune.
Factors for Determining a Coin’s Value
All coins in circulation as currency have a face value. For instance, a typical nickel is worth five cents. However, that doesn’t mean all coins are valuable.Several factors influence the value of copper, silver, and gold coins, such as mintage. Mintage refers to the number of coins the government copies to create a total supply of a particular currency. Fewer coins in circulation often increase their value.
Sometimes a large coin supply becomes smaller due to damage, wear, and removal from circulation. Coins with a lower surviving population rate can have a higher value, especially if their demand is high.
Nine Valuable Coins to Look Out For
1. 2008-W Silver Eagle Reverse of 2007 The reverse side of the 2007 and 2008 American Eagle silver dollar contains a small error. The “U” in “United” on the back of some 2008-W silver eagle coins came from an old reverse die the U.S. Mint used for the 2007 version.Because of the change, the letter U is slightly different. A typical 2008 reverse should have a spur or downstroke on the letter’s right side, and the 2007 version doesn’t have the same flourish.
The U.S. Mint struck tens of thousands of wrong designs before releasing 47,000 uncirculated 2008-W silver coins. Newer American eagle silver dollars feature the correct updated reverse lettering. Sales of these error coins can exceed $1,000.
One of the most expensive coins is the Flowing Hair silver dollar of 1794, and experts suggest the coin is the first silver dollar from the U.S. Mint. Though it has a face value of one dollar, the Flowing Hair silver dollar can exceed $10 million, which was its selling price at a 2013 auction.
The front of the coin features a side view of Lady Liberty’s face with long, flowing hair. The coin’s reverse side has an American eagle. The new design for the silver dollar through the 1850s replaced Lady Liberty’s flowy locks with the Draped Bust, which is also valuable.
The U.S. federal government issued the Flowing Hair silver dollar in 1794 and 1795. Today, about 150–200 of the original variety exist, and the older model is more common and less valuable.
In 2005, the U.S. Mint released a nickel with a buffalo on the coin’s back under “United States of America.” If you come across this coin with a mint mark of “D,” you could have the 2005-D 5C Speared Bison Jefferson nickel.
This nickel’s face value is five cents; however, its estimated worth is $1,265. The higher value is because of the faint appearance of a spear going through the buffalo under “States.” It might look intentional, but the defect results from using a die with a deep scratch during minting.
Because of its rarity, this coin can fetch millions of dollars in an auction. For example, a Florida auction sold a 1984-S Barber dime for $2 million.
This state quarter has an estimated value of $100. It might not be as valuable as other sought-after coins, but it does fetch a higher price than its face value. The 2005 Kansas State quarter is one of the more exciting error coins because of a typo.
During minting, grease build-up on the die for “In God We Trust” prevented the first letter T in “Trust” from stamping onto the coins. Without that letter, “trust” became “rust.” The location of the mistake was unintentional but comical, which is why many people want it for their coin collection.
If you value humor and American history, consider adding the 1787 Fugio cent to your collection. The collectible, also called the Franklin cent after Benjamin Franklin, might be the first circulated coin during the United States’ earliest days.
Franklin had a reputation for being humorous. The Fugio coin features a sun and sundial with “fugio” to their left. The Latin term suggests that time and the sun are flying.
Beneath the sundial are the words “Mind your business.” Its reverse includes the motto “We are one.” Thirteen links on the coin’s backside may symbolize the country’s original 13 colonies-turned-states.
You could see a 1943 Lincoln Head copper penny without trying because some are still circulating. Before 1943, the U.S. Mint made pennies with copper and nickel. However, the government began using steel for the coin’s production because that year’s war efforts required precious metals.
Somehow, the U.S. Mint struck a batch of pennies with copper instead of steel in 1943. Today, 20–40 of these 1943 Lincoln Head copper pennies might be left. The coin’s value averages 30–40 times more than its face value, but a 2019 auction fetched $204,000 for the currency.
On the quarter’s reverse side, you should see a cow head, a wheel of cheese, and corn on the cob. The problem is that the coin features an extra ear of corn. If you find one of these coins in good condition, its value will be higher.
This unique penny from 1955 includes a rare double image. Die misalignment caused the issue during the minting process. The lettering on the front of the penny overlaps slightly due to the error.
Be Careful with Fake Gold Coins
You could acquire valuable coins by purchasing or finding one in circulation. However, the unfortunate aspect of becoming a coin collector for profit or personal reasons is dealing with fake coins.Counterfeit coins are always in circulation, but the rate at which they hit the market is quickly rising. Advanced technology allows forgers to make authentic-looking worthless coins quickly, and forgers can make thousands of dollars on bogus coins with base metals like gold-plated tungsten.
Knowing the most valuable coins to look for isn’t enough to avoid counterfeits. Whether you collect coins as a hobby or investment, you must protect yourself against fakes. The best way to do that is to know what it means to be a valuable coin collector.
Many people in the valuable coin collection field consider the internet a reliable source of information. Unfortunately, it’s easy to spread misinformation online. The best ways to protect yourself against scammers with counterfeit coins are to seek expert opinions about a coin’s authenticity and invest in coin grading to learn its value.
