Currency Collecting: A Numismatist Resource Haven

History of Numismatics

Numismatic Studies, the study of or collection of currency, has a long and rich history. So rich, in fact, that it was once called “the hobby of kings,” as King Louis XIV and Henry IV of France are two of many monarchs and people of power known to have been numismatics. More than simple coin collecting, numismatics is a study of culture through the study of currency. What is printed on currency is seen as a reflection of the values and hierarchy of cultures both past and present, and people who study numismatics try to piece together what they can about cultures through these words and symbols. The world of coin collecting and numismatics overlap, however, when the numismatist studies modern numismatics, which is the study of currency developed after the 17th century, or around the time most currency was machine struck. While early numismatic studies provide information of a more anthropological nature, modern numismatic studies reveal information valuable to the coin collector.

Most Valuable Coins Found in Pocket Change

• 1969-S Lincoln Cent With a Doubled Die Obverse
  • Because the first instances of this coin being moved into circulation were confiscated by the United States Secret Service, this coin is one of the rarest coins available.
  • It features a double die obverse, which means that the die (like a stamp) used to strike the coin actually had a kind of defect which produced a double or partially doubled image.
  • The fact of its rarity makes it one of the most valuable coins you are likely to find, with an estimated value of $30,000.
• 1970-S Small Date Lincoln Cent with a Doubled Die Obverse
  • The collector must be careful to check both sides of this coin, because if they both exhibit doubling, it is most likely a case of double striking (a die striking twice rather than a defective die striking once. Look for doubling in the “LIB” of “LIBERTY,” and “IN GOD WE TRUST”. This penny is worth about $3,000.
• 1972 Lincoln Cent With a Doubled Die Obverse
  • This coin shows very clear doubling all-around.
  • Look for a gouge mark above the “D” in “UNITED” to identify the die.
  • Without doing this, it is impossible to tell the worth of the coin.
• 2004-D Wisconsin State Quarter with an Extra Leaf
  • The die which struck this coin was defective, and as a result there appears to be an extra leaf on the lower left-hand side of the ear of corn.
  • Collectors are unsure whether this type of coin will have lasting value, but at the moment it is worth as much as $300.
• 1999 Wide “AM” Reverse Lincoln Cent
  • These were made from 1998 to 2000, with those made in 1999 being by far the rarest kind.
  • Erroneously struck with a proof die, which is usually used only when making proof coins (high quality coins made for collectors).
  • The “AM” in “AMERICA” is separated in the Wide variety. Normally the letters are almost touching.
  • These coins are worth up to $600.

The Most Valuable Coins

Rarity and beauty are two of the factors in coin collecting that determine value. Even pennies are worth thousands of dollars if their variety is rare enough. Below are examples of what coin collectors have determined to be the most valuable coins in the hobby today.

• 1933 Saint-Gaudens Double Eagle
  • These coins are famous not only for the fact that they had the highest value of any coin in history at twenty dollars, but also for their history.
  • They were taken out of circulation in 1933 when the gold standard ended. People were told to turn in all gold coinage. Most did, and all but one of the remainder of the coins was hunted down by the US government.
  • The coin was reportedly sold for $7,590,020
• 1913 Liberty Head Nickel
  • This coin also comes with an interesting history. It appears that in 1913 they were produced in secret for the sole purpose of making a profit off of them.
  • Only five were produced and then sold most likely by one of the men, Samuel Brown, who minted them.
• 1987 Brasher Doubloons
  • There were only seven of these coins made.
  • Thought to be the first gold American coin produced.
  • One of the most valuable coins in American numismatics.
  • Sold in 2005 for $2.9 million.
• The Australian Proof 1930 Penny
  • Most valuable coin in Australian numismatics and most valuable copper coin in the world.
  • Only six ever made.
  • Made only as commemorative tokens and were never put into circulation.
  • Sold in 2005 for $517,345.
• 1984-S Barber Dime
  • Only twenty-four ever made, with only ten accounted for.
  • Made only to be given to banker friends of the designer, Charles E. Barber.
  • Priced at $2 million

Associations and Societies

To learn more about numismatics, or to see if there is a numismatic society near you, below is a list of American and British numismatics societies.

• American Numismatic Society - Exactly as the name suggests, this society is nationwide and dedicated to American collectors.
• Royal Canadian Numismatic Association - Formed in 1950, the RCNA is devoted to those who enjoy coin collecting predominantly in Canada and the USA.
• World Internet Numismatic Society - With the invention of the Internet, information abounds. WINS takes this idea and runs with it.
• British Numismatic Society - The trouble with numismatics in the United States is that Native Americans operated on a barter system, and so the chances of coming across an ancient coin are slim. The BNS circumvents that problem, with resources regarding more ancient relics.
• The Royal Numismatic Society - Founded in 1836 as The Numismatic Society of London, this site is more scholarly than the rest, holding regular lectures and publishing academic papers in the field.
• Numismatic Association of Australia - Acts as a united voice for all major numismatic organizations in Australia.
• Professional Numismatists Guild - A group of professionals dedicated to making the hobby safe for collectors and investors.
• Central States Numismatic Society - A site dedicated to numismatics in the Midwest. Membership, however, does not require being from those states.
• Mansfield Numismatic Society - A regional society, MNS is located in Mansfield, Connecticut, but their website provides quality information to people worldwide.
• Victoria Numismatic Society - Located in British Columbia, Canada, this society, founded in 1955, has special consideration for children.
• Washington Numismatic Society - As opposed to those sites which strive to give you the information you need to make money off your collection, WNS, in their own mission statement, states that their “purposes do not include operations for pecuniary gain.”
• Ancient Numismatic Society of Washington D.C. - This site links to many web pages focusing on the collecting of ancient coins, as opposed to most American numismatic sites, which are mostly dedicated to American currency.

Publications

Numismatics is a hobby with passionate and learned members, many of whom contribute to the following magazines.

• Numismatic News - Providing weekly reports on news concerning U.S. coin collecting.
• The Numismatist - With print and online publications, The Numismatist provides its online members with a resource which provides much more than those featuring only print additions.
• American Numismatist Society Magazine - This magazine benefits greatly by being under the control of the preeminent American numismatics society.
• Coin World Magazine - Published weekly, this publication is the most widely read coin collecting magazine in the world.
• COINage Magazine - A popular and appealing magazine for those new to numismatics and those who are looking for a fresh perspective.

Coin Resources

• PCGS CoinFacts - A regularly updated resource dedicated to providing fast and accurate coin grading.
• Coingrading.com - A textbook within a website, the knowledge here is encyclopedic in scope.
• The National Numismatic Collection - A product of the Smithsonian Institution, The National Numismatic Collection is an online tour through the museum.
• NumisMedia - A network for numismatists to communicate within their community.
• Rare Coin University - This site is not only a “university,” with constantly updated articles, but is also a place to shop for and buy coins safely online.
• Coin Collecting News - The goal of this organization is to provide coin collectors with a central place at which they can find daily coin collecting-related articles.
• CoinCollector.org - Coin collecting news, information, and commentary.
• COINSHEET - This site is valuable to the collector who wants to make money off his or her collection. This is because it tracks the prices of gold and silver all day every day. Also, it is a directory with links to even more reading.
• Silver Coins - A news and information website, featuring, among other things, a section on coin collecting software.
• Coin Collecting – New York Better Business Bureau - Encompassing much more than simply New York, this site is less about coin information than how to choose a safe place from which to buy your coins.

Paper Money Collecting Resources

• Collect Paper Money - Money, world currency, or bank notes, paper money collectors of all stripes will want to check out the information on this site.
• Paper Money Guide - This site features advice as well as books for further reading.
• The Coin Site - Despite its name, The Coin Site has many valuable resources for paper money collectors.
• BankNoteWorld.com - A site designed by an individual collector for the purpose of spreading the lessons he has learned.
• Society of Paper Money Collectors - Through this site, you can see if there is a SPMC near you.
• One Dollar Bill Collector - As the name indicates, a site entirely dedicated to the collecting of one dollar bills.
• Gold Run Investments - Advice on investing in gold and paper money.
• International Bank Note Society - A site dedicated to giving advice to enthusiastic bank note collectors.
• Banknote$ of the Modern World - Along with the services most bank note collecting services provide, you can also get advice on grading your bank notes. This will give you an idea of how much they are worth.
• Reno Coin Club - Another page within a coin collecting site, this page gives an excellent history and overview of how the collecting of paper money and bank notes fits into the larger arena of numismatics.