Hobbies And Interests
Dollars for Cents
Coin collecting as a hobby dates back centuries, but it was popularized in the 16th century, and one of the first coin auctions was held in Holland in 1598. John Quincy Adams and Theodore Roosevelt were among famous U.S. coin collectors. The value of any given one-cent piece is set by "collector activity," basically what a collector is willing to pay. This is affected by rarity, demand, historical significance and the coin&'s condition and color. The vast majority of U.S. pennies were circulated, but uncirculated ones or "proof" copies are the most valuable. The American Numismatic Association has a 70-point grading scale, with the higher the grade, the better the quality and condition, and likely the more money a given coin will bring.
The Flying Eagle
The 1856 "Flying Eagle" is among the rarest U.S. one-cent pieces. Only 1,000 were minted, and collectors are paying an increasing amount for the coin. However, the piece must be authenticated, as 1858 Flying Eagle coins have been altered to appear as their 1856 counterparts. In 1950 such a penny in low-grade condition brought $60, while the same coin 60 years later commanded about $6,500. A coin in top condition in 2010 brought up to $50,000.
The Indian Head Cent
The "Indian Head" cent series has increased dramatically in value through the decades. The one minted in 1877 is considered particularly rare and valuable, and its color quality is key in helping set its price. In 1950 a low-grade coin brought about $9, while a coin in the same condition commanded $1,000 in 2010. Coins that are more red than brown tend to be valued higher. The top-quality coin 1877 Indian Head cent brought about $60 in 1950, compared with $12,500 in 2010.
Lincoln Pennies
Among the more valuable Lincoln pennies include 1909-S VDB, 1914-D, 1922-D, and 1931-S. The more reddish the tint in the copper, the higher the value. The 1909-S VDB was minted in San Francisco is scarce and in low-grade was valued at about $5 in 1950. Sixty years later, however, it was worth about $800. In top-graded condition in 2010, such a coin could bring in about $100,000. The 1914-D, minted in Denver, is also scarce and in low-grade was valued at about $2 in 1950. By 2010, it was worth about $200. In mint condition in 2010, such a coin could bring in about $40,000. The 1922-D (and no D), also minted in Denver. A few of these are missing the "D" mint mark, which might have occured when dies clashed and were repaired, leaving the "D" off. Because many of the "D" coins have been altered to remove the "D" in an attempt to increase the value, the coin should be certified by a coin-grading service to establish its value. An authentic "no D" 1922 penny in low-grade was valued at about $1.50 in 1950. By 2010, it was worth about $700, and in top-graded condition, the coin could bring in about $175,000. The 1931-S Lincoln cent was minted in San Francisco. It is considered rare because only 866,000 were minted. Its value was about 50 cents in 1950, but $100 in 60 years later. In mint condition in 2010, a red-tinted coin could bring in about $2,250.
Canadian One-Cent Pieces
Canadian one-cent pieces minted in 1858 and 1859 carry the image of Queen Victoria as a young woman and are British Colonial coins. When originally struck, these coins came 100 to a pound of bronze, as opposed to 80 to one pound. Bulkier, they were unpopular. The value ranges from $60 to about $200, depending on the quality.
Experimental One-Cent Piece
Some coins were not struck by the U.S. mint, though were likely made at the mint&'s request. It is possible the coins were made in an attempt to try a new alloy mix or minting process. Once such coin is believed to come from the WWII era and features a Lady Liberty head on one side, facing left. The reverse is a wreath of cotton tied with a ribbon and printed with "ACFH KOPRW 2358." It is about the same thickness as a regular penny, made with a steel alloy, and weighs 2.8 grams. The value of the coin in 2010 was listed at approximately $3,500. Occasionally these experimental coins or never-before seen coins will surface at an auction or coin collectors&' convention. In 2004, for example, a 1792 one-cent coin called the Judd-2 was discovered. The value of these coins depends on their condition and how much a collector is willing to pay.