Coin collecting is a wonderful hobby; many people collect valuable coins in their leisure time and use them as a safety blanket for their future finances. Even though coin collecting is rewarding, it is still time-consuming and requires much effort. But, if you have the relevant knowledge of which valuable coins you need to look out for, you will succeed in your coin collection.
There are different reasons why different people enjoy collecting coins. For some, the charm is in the metal of the coin, while for some, it is about the unique differences and the high value.
Coin collectors look for coins that give them a flashback to the past and are not as commonly found as they were. It does not matter why you collect coins; all you need to do is make sure you know which coins are worth collecting.
Factors for Determining a Coin’s Value
To understand the value of a coin, you must learn that all coins have a particular value. While they may have a face value, they may not be valuable. Many factors contribute to the value of a coin. For instance, coins made of copper, gold, and other valuable materials will hold more value as compared to other coins. Moreover, the mintage also significantly impacts the value of the coin. The number of copies created by the government of a single coin is called the mintage. If there are less coins circulating, then that may increase their value.
Coin supply may also wither down due to extraneous factors such as wear, tear, and even removal from circulation. Coins that survive these extraneous factors are more valuable as the demand is higher than the supply. There may be mistakes on coins; for a collector, these mistakes can sometimes increase the coin's value. On the other hand, some collectors only collect coins in the best conditions possible. There are also some collectors who go for coins that have specific detailing.
Nine Valuable Coins to Look Out For
2008-W Silver Eagle Reverse of 2007
You can find an error on the 2007 and 2008 American Eagle Silver dollars. On the other side of the 2008-W silver eagle coins, you will find that the U in the United is from a reverse die used by the U.S. Mint for their 2007 edition.
This slightly changes the appearance of the U. Typically; the 2008 reverse must have a downstroke or a spur on the right side of the letter. This is not found in the 2007 version.
Then the U.S. Mint decided to strike tens of thousands of coins with the false design and circulated 47,000 2008-W coins in its place. The coins with this minor error can be sold for up to $1,000.
Flowing Hair Dollar
If you are looking for one of the highest valued coins, then the Flowing Hair Dollar is a must-have. This silver dollar dates back to 1794. This is said to be the first silver dollar from the U.S. Mint. The dollar has a face value of 1 dollar, but its value can go over $10 million. This was the selling price of the coin at an auction in 2013.
You will find a side view of Lady Liberty on the front of the coin. The side view includes her long flowing hair; on the reverse side, you will find the American Eagle. In the 1850s, the coin design of flowing hair was replaced with a Draped Bust. That also holds a lot of value.
There are only 150 to 200 original Flowing Hair silver dollar coins. The older version of the coin is more in number and is not of the same value.
2005-D Jefferson Nickel with Speared Bison
The U. S. Mint 2005 released a nickel that had a buffalo on one side of the coin under the 'United States Of America' banner. There was a defect on this coin that resulted from a deep scratching that happened during the minting process. These defected coins are called the 2005-D 5C Speared Bison Jefferson nickel. The face value of these coins is 5 cents. However, the value can go up to $1,265.
There is a faded semblance of a spear that goes through the buffalo right under the States. The spear may look as if it's intentional, but it is not.
1984-S Barber Dime
The 1984-S Barber Dime is one of the most valuable coins out there, as there are only nine such coins in the world. The engraver Charles E. Barber only produced 24 of these coins. The coin features Liberty's profile and 'One Dime' on the other side. These coins are extremely rare and thus are extremely valuable. Once at an auction in Florida, the coin was sold for $2 Million.
2005 Kansas “In God We Rust” State Quarter
The 2005 Kansas state quarter is known for a typo. When the coins were being minted, there was grease on the first letter of the word 'Trust' in the phrase 'In God We Trust. This prevented the letter T from being printed on to the other coins. The coins now say, 'In God We Rust.' This typo makes the coin value, and the value amounts up to $100.
1787 Fugio Cent
The Fugio Cent is a coin for people who appreciate a sense of humor. The 1787 coin is called the Franklin Cent and is named after Benjamin Franklin. It is probably the first coin that was circulated in the United States. The coin has a sun and a sundial with the word 'fugio' on its side. It is a Latin term that translates to 'time and sun is flying.'
Right beneath the sundial, you will find the words 'Mind Your Business. On the other side, you will find 'We Are One. There are thirteen links on the back of the coin that is a symbol for the original 13 colonies that turned into states.
1943 Lincoln Head Copper Penny
The Lincoln Head Copper Penny is a 1943 copper coin in a batch of steel coins. These coins were minted during wartime. At that time, valuable metals were used for war-related uses. Therefore, coins were made out of steel. At present, there are around 20-40 coins circulating. These pennies are very valuable and can make up to 40 times more than their face value. In 2019, the coin was valued at $204,000 at an auction.
2004 Wisconsin State Quarter with an Extra Leaf
The 2004 Wisconsin State Quarter also has a prominent error. The error is a cow's head, a wheel of cheese, and corn on the cob with an extra ear of corn. These coins have an estimated value of $1,499. The face value remains at 25 cents. There are speculations that illustrate that a U.S. Mint employee deliberately made the error.
1955 Doubled Die Penny
This 1955 Penny is rare because it has a double image. The misalignment of the die is the reason why the lettering on the front of the penny overlaps and turns into an error. There were over20, 000 pennies double that went into circulations in 1955. The lettering has increased the coin's value by up to $1,800.
Be Careful with Fake Gold Coins
You should get the valuable coins from a purchase or find one during circulation. There are many counterfeit coins out there that collectors must be wary of. There are several fake coins in the market circulating. With the advancements in technology, forgers can make the coins much more quickly and at a faster pace. These coins look authentic and can be made in bulk with gold-plated tungsten.
You may know what coins are the most valuable, but that still will not help you differentiate between fake and real coins. It does not matter whether you collect coins as a hobby or if you keep it as an investment; you must be sure to stay away from fake coins. To avoid counterfeit coins, you need to make sure that you know all the prerequisites to be a valuable coin collector.
Despite popular belief, the internet is not a safe space to find out whether a coin is counterfeit. There is a lot of misinformation online, and to safeguard yourself against scammers, you must get an expert's opinion and learn about the coin's authenticity. You can invest in coin grading and learn the coin's real value.
Final Thoughts About Valuable Coins
If a coin is valuable, that does not mean you will find them in museums or with private collectors. Many coins stay in circulation; getting your hands on one can be luck, or if you are a big fan of collecting coins, you may buy them. When buying coins, you need to consider that valuable coins such as gold may be a tax liability.
If you want an expert to help you, contact What Is A Gold IRA and get all the information you need about opening a gold IRA. The free tool online, 'Find A Gold IRA Partner,' is also excellent for starting your investments in precious metals.
