Coins Questions and Answers ( QA's )

What kind of paper money do people collect?

admin — Wed, 27 May 2009 15:10:42 +0000

Here are 9 different categories that are used.

1 ) large-size US type notes
2 ) US national bank notes (issued by local banks chartered by the US)
3 ) US fractional currency (notes from the 1800s of less than 1 dollar)
4 ) pre-US colonial currency
5a ) US obsolete notes (from private banks of the 1880s)
5b ) Confederate States of America notes
6 ) small-size US type notes (the size we’re familiar with now)
7a ) recent and general world paper money
7b ) older and rare world paper money
8 ) error notes, including printing, paper and cutting errors
9 ) Souvenir Cards

I found a quarter that is thinner than usual, and one side appears to be copper. Do you think that this is a true error or a manipulation?

admin — Tue, 19 May 2009 03:00:14 +0000

It’s a minting variety, caused by wear and tear, with one of the clad layers splitting off, either before or after the coin was struck. It could also have been removed after leaving the mint so it needs to be checked by a specialist. If it is a genuine error, it may hold numismatic value.

I recently received a dime in change, there isn’t a design stamped on either side, but the size and rim matches other dimes. Is this a slug?

admin — Tue, 19 May 2009 02:59:33 +0000

If the edge is reeded it is a slug, as there are known counterfeits of dimes and quarters made to use in slot machines that don’t have a design, but do have a reeded edge. If the edge is smooth then you have an unstruck planchet. A planchet differs from a blank in that the rim is raised on the planchet.

Can you explain the difference between a commemorative coin and a circulating coin?

admin — Tue, 19 May 2009 02:59:07 +0000

There are circulating coins, commemorative coins and circulating commemoratives so we need to look closely at our definitions. A circulating coin is one issued and intended for commerce, sometimes called a business strike. A commemorative coin is one issued, usually under a special law, to commemorate some historical event, person, place, group or anniversary. They are similar to medals, but they carry a denomination, a specific reserved to government issued coins. Circulating commemoratives combine the two divisions, in a coin which is both intended to circulate and to honor or commemorate something. The new State quarters are an example of a circulating commemorative, as were the Bicentennial quarters, halves and dollars issued in 1976.

I have a coin that looks like a cent, but it’s silver and dated 1983. What could this be?

admin — Tue, 19 May 2009 02:58:32 +0000

It’s very probably a normal cent that either lost its copper plating, or missed the plating operation during manufacture. Since mid-1982 our cents have been struck on copper-plated zinc planchets. A specialist would need to examine the coin to determine if it’s genuine or an altered coin.

What exactly is a proof coin?

admin — Tue, 19 May 2009 02:57:56 +0000

The original meaning of a proof was a coin struck to ‘prove’ the dies. More recently it has come to mean a coin struck two or more times with polished dies on a planchet which also has been polished. Thus a coin struck only once does not qualify as a proof. The US Mint sells proof coins in sets that come in hard plastic cases. You may still find a proof coin in circulation, discarded by a collector or dealer because of some defect. US proof coins are legal tender, just like regular coins.

What is the difference between a coin, token, and medal?

admin — Mon, 27 Apr 2009 20:13:15 +0000

This is important to know, because even many collectors confuse them, calling them all coins. A coin is a piece of (usually) metal with an assigned value, issued by a governing body. If it’s not issued by some form of government, it’s not a coin. A token is a piece that is privately issued, with or without a specified value, but often used in lieu of coins. A medal is a piece issued to commemorate, honor or recognize an event, place, person or group, with no stated value and not intended to circulate as money. A medal may be a private, or a government issue, but its sole purpose is to commemorate something.

When is the US Treasury going to release the new designs for the $10, $5, and $1 notes?

admin — Mon, 27 Apr 2009 20:12:41 +0000

Don’t hold your breath, The whole program is about a decade behind schedule now and falling farther behind with each denomination. The $10 ‘may’ come out next year, and the $5 a year or two after than. There are no plans to change the $1 note.

I have a penny with a picture of JFK (John F. Kennedy) next to Abraham Lincoln. Where did this come from?

admin — Mon, 27 Apr 2009 20:12:06 +0000

The JFK bust was added to the coin after it left the mint, just like the Liberty Bell, US map, state maps, Lincoln smoking a pipe or cigar, Masonic emblems, etc. These are classed as ‘novelty’ coins with little or no collector value, since they are altered coins.

I keep hearing reports about errors on some of the new State Quarters. Has only one been reported or are there several?

admin — Mon, 27 Apr 2009 20:10:56 +0000

There are numerous minting varieties, but not all are errors. Some can be chalked up to wear and tear on the minting equipment. Collectors are examining the State quarters much more closely, not realizing that the Washington quarters have always had a lot of minor minting varieties. For instance, die cracks are so common on the quarters that they have no collector value. Die breaks, however do have some value.

The most significant find so far are the 180 degree rotated reverses on some of the Pennsylvania quarters; which have been valued at more than $500 each. To tell whether your coin has a rotated reverse, hold it by the sides and turn the coin top to bottom toward you. If the reverse comes up right side up, it’s a normal coin. If it’s upside down, you’ve got one of the rare ones.