Valuable Coins in Your Pocket Change

It seems like most of the population has no idea that valuable coins are floating around in circulation, or that some coins can be valuable.  The US has not had a major design change in decades.  There have been changes to the reverse design on cents, some nickels, and all those state and ATB quarters, but for the most part the obverse is the same.  This year has a P on the cent.  Jefferson turned his head, and Washington was modernized, but we have the same Presidents on our coins going back for over 50 years.  Kennedy halves don't get used all that much.  A lot of people don't even know halves are out there.  Cash registers only have slots for 4 different coins.  Dollar coins are a novelty.  We've had the same Lincoln Cent for over 100 years.  Washington quarters started off 85 years ago.  Jefferson nickels go back 79 years, Roosevelt is the new kid on the block at 71 years.  Some of these kids don't even know who Roosevelt was.  The coins used most, cents through quarters, are essentially the same used for 4 generations. 

Our circulating coinage has become as comfortable as an old shoe.  We've been using them all our lives.  We can tell at a glance what denomination we have, then toss it all in a coffee can without a second thought.  My grandmother uses to say a nickel would buy a loaf of bread.   I don't remember back quite that far, but I do remember bread for a quarter.  Inflation over the last few decades has gradually brought up the price of everything.  Pocket change does not buy what it used to.  As our society becomes more cashless with debit cards and electronic transactions we are using money less.  When I had the diner, a third of sales was electronic.  At Christmas that climbed to 90%.  Little attention is given to coins.  It's a hassle and a bother.  Old change gets treated the same as new change.  It all goes from the store to the coffee can, then the coinstar machine counts it up for us so we don't have to roll it. 

There's a lot of interesting coins to be found in circulation, if you find that sort of thing interesting.  You can build a complete collection from circulation if you know what to look for.  Some of those coins can be valuable.  There are old dates, rare dates, silver, copper, and foreign coins that are overlooked.  There are 3 ways coins have value.

• Face Value: The value shown on the coin.
• Melt Value: This depends on the metal composition of the coin 
• Numismatic Value:  Date, mintmark, and condition determine rarity and value

Coin Roll Hunting is a hobby where people can search through rolls, picking out those interesting and valuable coins.  People do it all the time and have some success.  Depending on your level of experience and coin knowledge you can conduct a search and find different sorts of coins.  A Deep Search involves looking closely at the details on a coin as a jeweler looks at a gemstone.  You don't need to get that intense to find stuff.  Just keep your eyes open and know what to look for and you can pick out some collectible coins. 

A Topical Search can be done by anyone with a little knowledge.  You don't need special magnifying glasses.  Just lots of change.  Instead of looking at how many feathers on the left wingtip of the eagle, you look at the profile.  Indian?  Keep it.  There's silver out there that is worth 14 times the face value of the coin.  A quarter worth $3.50?  Yup.  They are out there.  Find a few of those and you can pay your cell phone bill.  Let's have a look at each denomination and I'll offer up some pointers as to what to keep a eye out for.

A general rule: If you don't know what it is or what it is worth, keep it. 

Cents

Before the Lincoln Cent were made, the US produced the Indian Head Cent. 

The front (obverse) has a portrait of an Indian with a war bonnet. On the back is a wreath and ONE CENT.  Old and worn out these are still worth about a buck.

Wheat Cents have Lincoln on the front.  From 1909 to 1958 the reverse has wheat ears and ONE CENT. 

These are collectible.  If you have a bunch of them they are worth about a nickel each.  Some dates can be worth considerably more.  The 1909-S VDB pictured here has a market value of hundreds of dollars.  If you see the wheat design, pick it out of circulation.  You can take a closer look at it later.

Nickels

Buffalo nickels have a buffalo on one side, an indian on the other. If you find a buffalo on one side and Jefferson on the other, leave it.  Buffalo nickels with the date worn off are worth a quarter or more.  With the date intact, about a dollar.  Certain dates and mintmarks can be worth a handsome price

V nickels have a big roman numeral V (5) on one side, the head of woman on the other (Lady Liberty).  FIgure a dollar or two for a well worn V-Nickel, with better dates being better money.

Jefferson Nickels with a big letter, P D or S, over the dome on the back were made during WWII and contain silver. 

The copper and nickel was needed for the war effort so silver was used as a substitute.  These War Nickels are 35% silver.  That silver content makes these worth about a dollar regardless of the condition the coin is in.

Silver Dimes, Quarters, Halves

Look at the edge, if its a sold white-grey color without a brown stripe it may be silver. Date will be before 1965.  The current price of silver is around $17/ounce.  These pre-1965 coins are 90% silver. One dollar in face value in any combination will weigh about an ounce, giving these silver coins a melt value of about 14-15 times their face value.  If you keep your eyes open you'll find silver now and then.  Kennedy Half Dollars are unique in that they were produced with 40% silver from 1965 through 1970.  The edge is white-grey but they are only worth about $3.50 each.  Still not a bad haul for 50¢.

Dimes

If the portrait has wings on its head, it's a Mercury dime.

Back side will be similar to normal dimes but different when you get a good look.

Find an old one with a Greek looking head on the front, it's a Barber. No, not a hairstylist.  Its the last name of the fellow who designed the coin, Charles Barber.

Barbers are over a century old but are still found from time to time.  There are older dimes.  If you find something you can't identify, go to the General Rule: Keep it until you can identify it.

Quarters

Liberty standing, holding a shield, eagle in flight on the back

The same Barber design: Greek looking head on the front with a spread eagle on the back

Halves

Half Dollars don't circulate like they used to.  You may come across one on occasion to discover their size and prominence sets them apart from quarters:  They weigh twice as much. 
Ben Franklin and a Liberty Bell

Portrait of Liberty walking in sunshine with a perched eagle on he back. 

The Barber design

Dollars

If its BIG, keep it, invite the customer back or go back to the place you got it. 
Dollar coins have long been desired by vending companies but the old silver dollars and the more modern Eisenhower dollar coins are just plain big and clumsy.  

The large dollars are not in circulation.  You can't often get them at the bank.  People don't spend them...usually.  If you come across one, snatch it.  Eisenhowers, if not dinged up, are worth a couple bucks.  The old Peace and Morgans are highly collectible and usually worth more for their numismatic value than silver value.
Ikes were produced from 1971 to 1978 then cancelled.  In 1979 the US Mint unveiled that hideous small dollar coin with Susan B Anthony on the front.   The Pet Rock was more popular.  After 3 years the SBA was also cancelled.  The public simply had no interest.  Another attempt at producing a small dollar coin for circulation was made in 1999.  This was supposed to have the Sacagawea design but it was not ready in time so that awful SBA design was used for a year with the same results.  Go figure.  In 2000 the Sacagawea design was used, this time with a hange in alloy to give it a more golden appearance.  The coin was widely promoted, with 5000 pieces being hidden in Cheerios in place of the secret toy surprise.  If you can get one of those Cheerios Dollars, they are worth Big Money.  These are still produced, but have been relegated to being a commemorative style coin.  The next attempt at a small dollar is the President series.  Again, these are as attractive as a sack of hammers and as useless as tits on the Pope.

The Morgan Dollar, named for the designer George Morgan.  Uncirculated examples sell in the $50 range for common dates, well into the 10s of thousands for rare dates.  Even well worn they will fetch $15-$20.

The Peace Dollar, so named because production began shortly after World War I, with 'Peace'  shown prominently on the back.