Hobbies And Interests
History
The American fascination with coin collecting first reached something like its modern form in the second half of the 19th century. The founding of the American Numismatic Society and the American Numismatic Association gave ordinary people an opportunity to share in a hobby once reserved for noble and royal connoisseurs. Reforms of the American monetary system gave impetus to collectors desirous of preserving the nation's original coinage. Among the first coins collected by the American Numismatic Society was an 1825 Liberty Head half-dime--an appropriate symbol of the nation's heritage.
Types
Coins popular with American collectors include early issues, like the half-dime. America's first coins often had names that differ from those we know today. Others, such as the Morgan Silver Dollar, represent prized issues of familiar denominations. Morgan Silver Dollars were minted from 1878 to 1921 and include a variety of slightly variant issues. Most valued by collectors are the rare 1878 and 1879 versions that bear images of eagles with seven or eight tail feathers.
Features
Collectible American coins can be gold, silver or base metal. Coins made of precious metal naturally possess a high intrinsic value. Gold and silver bullion trades daily on major commodities markets, but coins of less valuable metal can be important for historical or sentimental reasons. In recent years, Lincoln cents have become especially collectible. Issued in dozens of versions from the early 1900s to the present, they portray one of the nation's most celebrated presidents in a variety of poses and scenes.
Considerations
Numismatists may look for coins that recall specific episodes in American history. Images and text often record events, but the coins themselves can tell their own stories. Wartime shortages of material have resulted in steel and aluminum pennies. The 1943 Steel Penny is America's only magnetic coin. The pennies are solid steel with a thin coating of zinc, are silver in color and are often mistaken for dimes. Many were withdrawn from circulation after World War II. Surviving examples are worth $10 or more.
Benefits
The benefits of collecting American coins include the vast array of resources available to both amateur and professional numismatists. Information is abundant, even on extremely rare issues, like the 1913 Liberty V Nickel and the 1793 Chain Type Large Cent. Only five of the 1913 nickels were ever minted, and these were given out illegally prior to their official release. On the other hand, the 1793 Chain Type Large Cent was released in an issue of barely 36,000 because of its unpopular depiction of chains symbolizing slavery.