Rare coins price news – Lincoln pennies from early 1900s sell for $1,175 each as experts urge to search your collections
RARE coins have the potential to turn your pocket change into a payday – with two pennies recently selling for more than $1,100 each.
The 1909 penny is considered to be valuable and unique.
Only 484,000 cents have been issued with VDB initials, according to Professional Coin Grading Service president Ron Gruth.
The initials “V.D.B.” on the back of the coin, which mark the initials of designer Victor David Brenner, are what make the coins so valuable.
According to USA Coin Book, the 1909 coin is worth $917 in average condition and up to $2,222 if in “Uncirculated (MS-63).”
Read our rare coin blog below for the latest news…
WHY LIVING PEOPLE DON’T APPEAR ON US CURRENCY
In 1866, a federal law was enacted preventing any living person’s image from being printed on American money.
Lady Liberty first appeared on American coins, while the American eagle appeared on the reverse side.
Presidents have traditionally been featured on money, dating back to 1909 when Abraham Lincoln became the first to appear on a US coin.
BLACK DEATH-PERIOD COINS FOUND IN ENGLAND
In June 2021, two rare gold coins were found by someone using a metal detector in the small town of Reepham.
The coins date back to the 14th century, according to Smithsonian Magazine.
Both featuring Edward III, the coins are worth an estimated $16,650.
IS YOUR CHANGE WORTH A FORTUNE?
If you believe that you have a rare coin then you might hold some serious value.
The most valuable coins are usually those with a low mintage or an error, as they’re deemed the most valuable by collectors.
MOST US MONEY IS ABROAD
Between half and two thirds of the US currency circulation is currently held abroad, estimated the Bureau of Engraving and Printing.
Several countries use and accept US currency as a form of payment, including Ecuador.
OLDER COINS ARE TYPICALLY MORE VALUABLE
Some coins draw attention on basis of how old they are.
Keep in mind that the value of the coin could depend on the grade and condition.
And any coin is only worth how much someone else is willing to pay for them, so you’re not guaranteed to make a mint when you’ve found an uncommon coin.
The first animal to appear on a US coin was an eagle, in 1794.
Following the eagle was a bison, which appeared on the nickel from 1913 until 1938.
HOW TO CLEAN RARE & OLD COINS WITHOUT DAMAGING THEM
Old coins shouldn’t be cleaned as it could possibly lower their value or even worse, permanently damage them, experts have said.
If you want to clean a coin, consider one that has sentimental value rather than monetary or one that isn’t rare, they add.
CARSON CITY MINT
Legislation was passed in 1863 to build a mint in Carson City, as it was difficult to transport gold and silver through the Sierra Nevada Mountains to the San Francisco mint.
The Carson City mint was completed in 1869 and the first coins were struck with the year 1870.
For only 23 years, the Carson City mint produced gold and silver coins.
Because of this, Carson City Morgan Dollars are especially rare.
Be sure to check your spare change for these other rare coins.
RARE SET OF DOLLAR COINS SELLS FOR $3,045
A set of 13 Morgan Silver Dollar coins sold for more than $3,000 earlier this month.
This set of Carson City Morgan Silver Dollar coins dates back to between 1878 and 1893, according to the seller.
The full set includes the following coins:
HOW TO KNOW IF A BANKNOTE IS REAL: BLUE SECURITY RIBBON
One thing that stands out about the $100 is its unique blue ribbon that runs vertically just to the right of Mr Franklin.
This time you don’t need to hold a light to the bill to see it, as this vertical ribbon is clearly visible.
HOW TO KNOW IF A BANKNOTE IS REAL: SERIES YEAR
But there is another clear way of telling the series year of the bill.
Somewhere on the bill, there will be a smaller print of the “Series” with the year number below it.
On the $100 banknote, this is located to the right of the orange bell.
HOW TO KNOW IF A BANKNOTE IS REAL: LETTER AND NUMBER IN THE CORNER
You should also notice a letter and a number in one of the corners of the bill.
For instance, one $100 banknote has an “E” in capital letters next to a small font of the number “3” in the right-hand corner on one bill.
HOW TO KNOW IF A BANKNOTE IS REAL: FACE PLATE AND BACK PLATE NUMBER
As you may expect, the face plate number of any banknote is found on the face of the note and the back plate number is found on the back.
The face plate number will look similar to the letter and number we broke down above – with the difference being that the face plate has an additional number.
For instance, the face plate would read something like “E 52.”
The face plate on the $100 bill can be found above the “Federal Reserve Note” and to the right of the “100” number.
The back plate number can be found at the bottom-right corner of the banknote on the reverse side.
But if you don’t care for any of these tricks – then there’s always the counterfeit bill detector pen.
HOW TO KNOW IF A BANKNOTE IS REAL
There are several ways to check if a dollar bill is real in order to avoid being left out of pocket.
The use of a counterfeit bill could lead to a maximum 20-year prison sentence, according to federal law.
We explain some ways you can authenticate a banknote yourself, with the help of the US Secret Service.
We’ll use a $100 note, featuring Founding Father and inventor Benjamin Franklin in the center as an example here.
WHAT WAS THE COINAGE ACT OF 1792?
Passed by US Congress on April 2, 1792 this act established the dollar as the US standard of money.
It also regulated coinage by establishing the United States Mint.
PLACES TO SEARCH FOR RARE COINS: BANKS
Banks are often used for depositing or withdrawing cash – but did you know that they give coins as well?
What you need to do is ask your teller for a wrapper of pennies in exchange for an equal amount of cash.
“This method was rather popular in the 1970s and 1980s because old silver coins could often be found mixed into the bank rolls,” Joseph Yaffe, co-owner of precious metals dealer of Gainesville Coins, told The Sun.
“Today you can still come across an occasional error coin by searching coin rolls.”
If you fail to find anything rare, you can always deposit the coins back into your account – so there’s not really much downside to it financially.
PLACES TO SEARCH FOR RARE COINS: YOUR HOME
While this might sound obvious, you may be surprised by how many uncommon pennies you might have in possession somewhere.
Check your piggy bank, pockets, under your sofa, or anywhere you might store money.
This way will not cost you anything, aside from getting a little bit of dirt or dust on your fingers.
HOW MANY COINS ARE IN THE US?
There are an estimated $10billion in coins in people’s cars, pockets and homes throughout the US.
WHY DOES PRESIDENT LINCOLN FACE RIGHT ON THE PENNY? PART 2
There are also reports that the Lincoln penny was following European tradition.
According to CoinSite, when a new monarch was installed, their bust or profile faced the opposite direction of the person preceeding them.
Because the Liberty figure faced left on the Indian cent, it could be said that Lincoln faces right to honor this tradition.
WHY DOES PRESIDENT LINCOLN FACE RIGHT ON THE PENNY?
It is believed that Lincoln faces right because the sculptor Victor David Brenner based the design of the penny off of a portrait of the president in which he was facing right.
BILLS COST JUST CENTS TO PRODUCE
The cost to produce bills can range from about a nickel a note to just over a dime.
- $1 and $2 bills: 5.6 cents per note
- $5 bill: 11 cents per note
- $10 bill: 11.7 cents per note
- $20 bill: 10.8 cents per note
- $50 bill: 12.9 cents per note
- $100 bill: 13.2 cents per note
520-YEAR-OLD COIN FOUND IS ‘INCREDIBLE TO IMAGINE’
The coin in question is known as a Henry VII half groat or two-penny piece, the outlet reported, and it is expected to be on display at the historic site for the 2022 tourist season.
“It is incredible to imagine that this coin was minted in England and was lost in Cupids over a hundred years later,” said Steve Crocker, the provincial tourism, culture, arts, and recreation minister, on Wednesday in a statement.
“It links the story of the early European exploration in the province and the start of English settlement.”
520-YEAR-OLD COIN FOUND
A coin minted more than 520 years ago was recently found in Newfoundland.
Archeologists there found what might be the oldest English coin found in Canada ever.
“The rare silver coin – around the size of a US nickel and just smaller than a 10p coin – was discovered at the historic site of Cupids Cove, the first English settlement in the nation,” the BBC reported.
WHAT IS THE LIFE EXPECTANCY OF A BILL?
Surprisingly, the life expectancy of a bill is no longer than 15 years.
After being worn out, bills are taken out of circulation.
Below are the average life expectancies for each dollar bill:
- $1 bill lasts about 5.8 years
- $5 bill lasts about 5.5 years
- $10 bill lasts about 4.5 years
- $20 bill lasts about 7.9 years
- $50 bill lasts about 8.5 years
- $100 bill lasts about 15 years
During the copper shortage, the US Mint produced pennies that looked very much like dimes.
In 1943, pennies were created from zinc-coated steel.