Coin Collector Blog

Mullen Coins Collection Blog provides valuable articles and content about coin collections, rare coins, currency, antiquities and interesting reviews of news and events within the numismatic community.
Interested in coin collecting? Learn the basics of coin collecting, coin valuation, and gain advice from top collectors.

Coin Myth #1: Old Coins Are The Most Valuable

old-coins

People who are new to coin collecting may assume that because many of the coins in numismatists’ collections are old that age is what makes them valuable. This is not true at all. Here we will talk about this myth about old coins and what does affect the value of coins, old or new.

Old Coins Aren’t Valuable because They Are Old

Ultimately, supply and demand determine the value of a coin just as they determine the value of everything else in a free economy. Coin dealers consider a number of factors when they value coins, including availability, metal content, condition, and the current popularity of specific coins. However, if there is no great demand among coin collectors for a certain coin, its value is going to be low. You can have an incredibly rare item, but if no one wants it, it’s not worth anything.

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The Rare, New 2019-W America the Beautiful Quarter Dollars

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This April the United States Mint announced that the West Point Mint was striking 2019-W America the Beautiful quarter dollars for general circulation. These 2019-W quarters will be added to commerce in select cities in 29 states throughout the year. The mint is releasing them into circulation as a bid to spur interest in numismatics among the general population. Coin collectors are already searching for and finding W mint mark quarters of the first two designs. The hunt for these coins is on.

The 2019-W America the Beautiful Quarter Dollars

The U.S. Mint has been issuing America the Beautiful quarters since 2010 at a rate of 5 per year. The coins depict national parks and other national sites. The five designs for the 2019 America the Beautiful quarters are:

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The Jefferson Nickel, a Classic American Coin

jefferson-nickel

Most Americans have Jefferson nickels in their spare change or under their couch cushions. Even if the vast majority of our purchases are done through electronic means these days, the nickel remain ubiquitous. We are all familiar with it and have made hundreds or thousands of purchases using a Jefferson nickel. What is the history and value of this popular coin?

 

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What Are Large Cents?

large-cents

If you’ve had a chance to browse Mullen Coin’s online inventory, you’ll see that we have a category for copper coins that is subdivided into small cents, two-cent pieces and large cents. What is the difference between a small cent and a large cent? Here we will discuss early American cents and which ones are most rare and valuable.

 

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The U.S. Mint's First Pink Coin

pink-coin Breast Cancer Awareness 2018 Proof $5 Gold Coin

The United States Mint unveiled its first “pink coin” in October of 2017. This coin, designed by Emily Damstra of the Artistic Infusion Program, is intended to raise awareness of breast cancer as well as funds for the Breast Cancer Awareness Foundation’s research programs. This is an interesting case for how activism and coin collecting intersect. Sales of the coin began in mid-March, and so far seem successful.

The Breast Cancer Awareness 2018 Proof $5 Gold Coin is the first pink gold coin that the U.S. Mint has ever produced. It is 85% gold, 14.8% copper, and 0.2% zinc and features a design of two women, breast cancer patients past and present, and a butterfly on the obverse. In the upper background of the obverse is a ribbon which references the pink ribbon the public has come to associate with the battle against breast cancer. A tiger swallowtail butterfly flies above the women and under the word “LIBERTY.” The butterfly is also the focus of the reverse.

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Should You Invest in Bullion or Bullion Coins?

bullion-coins

There is no shortage of advertisements encouraging people to invest in either gold or silver bullion as “the greatest investment of all time.” If you watch television, you’ve probably seen them and wondered if the hype about bullion is real. While it’s true that gold does retain value over time better than many other investments, you are guaranteed to lose money on gold if you buy it when the price is high and sell it when the price is low - just like with everything else. So what is bullion and why should you consider including it in your investment portfolio?

Bullion is “a bulk quantity of precious metal, usually gold or silver, assessed by weight, typically cast as ingots or bars, and sold by major banks and dealers.” Bullion is also available in coin form. Since 1986 the U.S. Mint has produced gold, silver, and platinum coins - the American Eagles - for banks, coin dealers, precious metal dealers, and brokerage firms to purchase, guaranteeing their precious metal content. There are two types of bullion coins. These are:

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Indian Head Gold Pieces Are Unique American Coins

Indian-head

Do you have an Indian Head gold piece in your coin collection? If not, why not? Both the half eagle and quarter eagle Indian Heads are great coins with a rare incuse design and an interesting history.

The Indian Head Design

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Giving the Gift of Coins

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This time of year the news is always full of stories of people being generous to others, and invariably there will be a report of a valuable coin being dropped into a Salvation Army kettle. On December 15, in fact, someone donated a gold 1979 Krugerrand coin in this way in Reno, Nevada. Even more interesting was the report that an anonymous donor was giving $86 million dollars worth of Bitcoin to charitable causes. This is a new twist on an old story!

For the coin enthusiast, the holidays are always a good time to spread numismatic cheer. In fact, it’s tradition. The wise men brought the infant Jesus gold, frankincense, and myrrh, after all, and, according to legend, St. Nicholas gifted bags of silver coins to the girls of a noble family that could not afford their dowries. This is what began the habit of hanging out stocking for St. Nicholas to fill. Most parents do not fill Christmas stockings with coins, but why not? It’s hard to find good stocking stuffers.

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Should You Leave Your Coin Collection to Your Heirs?

heirs

Last time we discussed some of the practical considerations coin collectors need to keep in mind if they intend to leave their collections to their heirs. This time we’ll talk about whether you should leave all or part of your collection to your loved ones. What are some reasons you might choose to gift or sell it beforehand instead of leaving it to friends or relatives in your will?

Families are complicated, and, sadly, money can cause problems in families. These problems can persist for years after an estate has been transferred. The question of fairness in terms of who gets what and who might deserve it more often comes up in these situations, even when people explain their wishes in person to everyone. If you think there’s a possibility that your heirs will fight over your collection or that hard feelings will arise between them because of it, it might be better to sell the collection ahead of time and leave cash amounts behind in your will. While it’s very satisfying to leave a collection to someone who will value and cherish it, weigh that against any damage that might be done to relationships because someone feels slighted or overlooked.

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Will Your Coin Collection Be an Inheritance?

coin-inheritance

Coin collecting, like golf, is a hobby people can and do enjoy over a lifetime and one that can grow more enjoyable and satisfying with age (and additional resources). At Mullen Coins we see many older clients, and some of them are at the point in their lives when they are trying to decide what they will do with their collections due to downsizing, investment liquidation, or when making a will. No one enjoys thinking about death, but for many collectors, their coins are personally very meaningful, and so it’s appropriate that they are afforded this consideration.

The first thing that all coin collectors need to decide is if they want to sell all or part of their collections or if they want to transfer them to their heirs. This may be a complex decision if the collection is quite valuable, if there are multiple heirs, or if one or more of the heirs has an interest in coins. For people who are worried about arguments breaking out among family or friends later, selling a collection and dividing the money between heirs is one way to bypass that problem.

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What Are Pedigree Coins?

What Are Pedigree Coins?

There are many things that make objects valuable. Origin, usefulness, condition, scarcity, and history all make a difference when considering value. We understand this easily when it comes to other items. For instance, a pipe may have value to someone who likes to smoke a pipe and no value to someone who doesn’t. A pipe made from rare or valuable wood might have value as a piece of artistry. The same pipe once owned by Sir Arthur Conan Doyle would be a very sought after item among Sherlock Holmes fans, and if it could be proven that Conan Doyle smoked that pipe while he wrote A Study in Scarlet that item would even more valued for the role it played in the history of an iconic fictional character. The proof that that particular pipe was owned by Conan Doyle and smoked during the writing of a specific novel would be its pedigree. It’s much the same with coins.

We’ve often discussed the importance of scarcity in regard to coin value. Mint origin is also important to collectors who like to locate and purchase all variations of a certain coin. Coins that have never circulated are much more valuable than ones that have. All of these things factor into the determination of value. If a coin has a rare pedigree, this can make a large difference as well.

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What Was Executive Order 6102?

What Was Executive Order 6102?

Previously we talked about the Great Depression and what its effects were on coins minted during that era. However, the largest coin disaster of the 1930s was Franklin Delano Roosevelt’s infamous gold confiscation. His Executive Order 6102 of 1933 strikes fear, or at least anxiety, in the hearts of some coin collectors (and gold bugs) even now. Many coin collectors view the U.S. government’s confiscation of gold with anger and loathing as well as feelings of foreboding for the future. When a government has the right to or enforces a perceived right to confiscate gold bullion and gold coins from its own population, what does that mean for coin collectors today? Well, it’s not as ominous as you might think.

While what happened is a tragedy for historic gold coins and collectors, it’s unlikely to reoccur today because FDR’s confiscation of gold was done to bail out the Federal Reserve which in years prior to the Depression had issued millions more in gold-clause notes than it had gold to back them with. Today the Federal Reserve no longer has to pay back its liabilities in gold. It hasn’t since 1971 when President Richard Nixon closed the international dollar-gold exchange window.  

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The Most Collectible Lincoln Wheat Cents

The Most Collectible Lincoln Wheat Cents

Last time we discussed the origins of the 1909 Lincoln cent. This coin has been around for over a hundred years in various forms, and we’ve gotten used to seeing it in purses, on sidewalks, in cup holders in cars, and under the cushions of our couches. Have you ever wondered if any of those pennies you’ve overlooked for years are valuable? Many of them are. In fact, the most rare type of Lincoln wheat cent - the 1943-S - sold for $1 million dollars in 2012.

The United States entered World War II after the Japanese attack on Pearl Harbor in December of 1941. During the war years, the availability of metals significantly decreased as they were assigned for artillery use. This meant a change in the metal composition of the coins minted, therefore in 1943 the copper cent became a zinc-plated steel penny. U.S. mints struck more than a billion of this new coin between the mints in Philadelphia, Denver, and San Francisco. The public didn’t particularly take to it, although coin collectors have softened on it over the years and have come to view it as a novelty. These steel cents are available for purchase very inexpensively in either circulated or uncirculated condition.
 
The 1943 copper cent is another story. The reason that some 1943 pennies are so collectible is - as is often the case - due to a minting error. In 1943 between 30 and 40 Lincoln wheat cent coins were struck on copper planchets, likely leftover from 1942.  Because of their rarity, the Philadelphia copper cents are worth more than $45,000, the San Francisco copper cents are worth $100,000, and the one known 1943-D (Denver) copper cent is likely worth more that $500,000. No question they are the most collectible U.S. cents on the coin market.

Interestingly enough, the same thing happened in reverse the following year when the 1944 Lincoln wheat penny was stamped on leftover steel planchets. The U.S. Mint returned to using copper for coins in 1944, recycling metal that came from spent ammunition shells. These pennies differed from the pennies minted between 1909 and 1942 which were 95% copper and 5% zinc and tin. Pennies minted from 1944 to 1946 contained no tin so they were slightly different in color than the earlier version, but this is only visible in uncirculated coins now. The 1944 steel cents are worth upwards of $125,000 as well.

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What Is the Difference between a Coin and a Medal?


Coin collecting has come crossover with other hobbies like stamp collecting or antiquing in the sense that these hobbies involve people seeking out everyday items that have managed to increase in value over time, no matter their original value.

When a single coin is minted among thousands, tens of thousands, or millions, the odds that it will become very valuable over time are small. However, as we discussed before, coins can be struck with errorsthey can be melted down, or otherwise be lost to time, with the result being that a once common coin becomes very rare. People will pay a great deal of money for rare coins. The same is true for everyday objects, and some of them are very coin-like so they have quite a bit of overlap with coins.

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The First American Commemorative Coin

The First American Commemorative Coin

Can you guess what the very first commemorative coin the U.S. Mint issued was and when?

If you guessed the 1892 Columbian half dollar, you would be right. This coin was unique in American history in its historical significance, its purpose, and its appearance. Let’s examine these further.

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Why Collect Double Eagles?

Why Collect Double Eagles?

Double eagles are another type of collectible coin rooted in a key period of American history - which makes collecting them interesting for both coin and history aficionados.

Would there have been a double eagle coin without the California Gold Rush? Very likely not. The double eagle, a $20 U.S. coin, was first minted in 1849, two coins in proof, after an Act of Congress authorized them. Prior to this there was neither gold in quantity to mint them or a practical necessity for a $20 coin. Double eagles began to be minted regularly the following year, in 1850, and continued to be until 1933. Before 1850, the largest coin denomination was the $10 eagle. Since the face value of the new coin was twice that of the eagle, it was called the double eagle.

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How Do Coin Errors Occur during Minting?

How Do Coin Errors Occur during Minting?

Those unfamiliar with the ins and outs of coin collecting may be surprised to learn that coin errors - mistakes made when coins are minted - often enhance rather than detract from the value of said coin. While flaws that decrease a coin’s attractiveness can also decrease its value, error coins, or flawed coins made in the mint during the coin-making process, are also rare. This is because minting defects happen rarely, particularly with the advent of modern technology. Additionally, most error coins are detected before they are issued into the coinage, and they are recycled and remade in their proper form.

In order to understand why errors occur, it’s useful to understand how coin minting has been done historically and is done now. Here’s a fun primer from the U.S. Mint. A problem in each step of the minting results in a different type of coin error. Here are some of the most common types:

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5 Ways to Introduce New Coin Collectors to the Hobby

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As with any hobby, any good coin collector wants to find other people who share his passion and are willing to participate in exploring it with him. There are many groups, local, state, national, and international, dedicated to bringing coin collectors together, but another way to make this goal happen is to convert the people around you to your hobby.

Who should you start with? Well, cross off the people you know have no interest in collecting, paying attention to value and detail, or exploring history. Those are prerequisites for this hobby. To quote a famous book, “Cast not your pearls before swine.” Instead, look around your circle of acquaintance for like-minded souls, and, if they are few and far between, look younger. While you may have coworkers or friends with similar interest, people get set in their ways as they age. The great thing about younger people is that they have so much world to be introduced to, and they are still excited about that introduction. So if you have kids or nieces and nephews, they may the ideal audience to share your coins with.

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How to Detect Counterfeits

How to Detect Counterfeits
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As a Grand Rapids coin dealer, we at Mullen Coins have an especially strong interest in the detection of counterfeit and altered coins. In point of fact, anyone who deals with rare coins will develop a basic understanding of how to detect counterfeits, whether out of interest or necessity. If you are considering purchasing a rare date coin, or if you are looking to sell your coins, you may need to pay special attention to authenticity.

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To Be a Better Coin Buyer, Be a Good Coin Seller

To Be a Better Coin Buyer, Be a Good Coin Seller

I urge you to occasionally sell some of your coins—you will become a wiser, more educated collector. [You may also avoid unpleasant surprises when you do decide to sell some or all of your collection.]

Learn from my own story…I started collecting coins as a child.  Like most new collectors, my method was a trip to the bank to get rolls of Lincoln cents to search for better dates to put in my Whitman blue book.   It was a really fun treasure hunt.  I was buying valuable coins at face value!  But I did not sell any.

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