What Is A Wheat Penny?

 

The Wheat Penny is a popular American coin to collect because its design and composition represent the course of American history. Learn more about what makes this coin valuable to collectors and why our team enjoyed collecting them.

World’s First Coins Were Minted in Ancient Lydia

Ancient Lydia holds the distinction of creating the first coins in the world; at first not much more than blobs of metal with basic stamps, they soon evolved into beautiful works of art in and of themselves, featuring figures from Greek mythology.

Created as a means to authenticate payment, coinage represents a sea change in human development that was part of the increasing complexity in trade between peoples as far back as 600 B.C.

Coinage as we know it today was minted first in Lydia, an Anatolian kingdom with ancient Greek ties. The realm of the legendary King Croesus, it is only fitting that the coins produced there were of shining gold and silver. 

Gold staters from Lydia were first coins in the world

Croesus is responsible for constructing the temple of Artemis (Artimu in Lydian), which was one of what many historians consider to be the seven wonders of the world; Lydians and Greeks worshiped the same gods, as is clearly seen on their coinage.

The Lydian stater became the official coin of the Lydian Empire, which flourished for many years before it fell to the Persian Empire. The earliest coins of any on the planet are believed to date back to approximately the second half of the 7th century BC, during the reign of King Alyattes, who was in power from 619 to 560 BC.

Numismatic historians agree that the Lydian stater was the very first coin officially issued by a government and it served as the model for virtually all subsequent coinage everywhere.

Unlike other tokens, or items used in barter, coins are issued by a central authority or government. Of course, a coin can be made of any substance but because of a need for durability they were made of metal from this period onward.

Naturally, when made of a precious metal like gold, they had their own intrinsic value. Other features of coins which made them so revolutionary are that they are portable, hard to counterfeit, and have some kind of value, whether intrinsically or by a decree established by the government.

Gold coins from Lydia also featured stunning artwork, symbols of cities

According to the nineteenth-century historian Barclay V. Head, “the precious metals had long…commended themselves to the civilized peoples of the East as being the measure of value least liable to fluctuation, most compact in volume, and most directly convertible.”

The precious metals of gold and silver had long been used as currency in trace before the first coins came into being, of course. Either in the form of rings or ingots (or bars), they were used by traders all across the ancient world.

Their use, however, was cumbersome since they had to be weighed and verified each time such a transaction took place in order for their true value to be ascertained. This situation, however, created a Eureka moment for one unknown individual, who was the first person in the world to have the idea of creating one easily-carried token issued by a central government, with an agreed-upon value. 

With standardized weights, coins eliminated this time-consuming and vexing problem, making them quickly become a universally-accepted means of trade.

It was the great ancient Greek historian Herodotus, known as the Father of History, who said with perhaps some stretching of the truth that the Lydians were the world’s first merchants. Whether or not this is technically true, they undoubtedly lived at a great crossroads of peoples in Asia Minor, and had a well-earned reputation for being at the center of commerce.

In his work titled “The Coinage of Lydia and Persia,” Barclay Head acknowledged “the spirit of commercial activity which the natives of Lydia possessed,” while another 19th-century historian, Ernst R. Curtius, said they were like Phoenicians in that they occupied an essential niche in trade: “The Lydians became on land what the Phoenicians were by sea, the mediators between Hellas (Greece) and Asia.”

Situated near the Bosporus and Hellespont, which connect the Black Sea to the Aegean, it comes as no surprise that the Lydian Empire even as far back as the late 7th and early 6th century BC would already have risen to be a commercial power. 

Learn more about Ancient Lydia here...

You Inherited A Coin Collection...Now What?

Inheriting a collection of coins should be a positive experience. After all, someone has taken the time to pull this collection together and thought highly enough of you to bequeath it. The truth is when you inherit a coin collection, it can often lead to a lot of confusion and stress – especially when it’s not your area of expertise.

What Are the Most Common Inherited Coins?

If you inherit a coin collection, the first thing to do is to determine what type of collection it is. Based on my years of answering calls about collections people have inherited, they fall into four or five distinctly different categories. The most common is for material inherited from someone who saved coins on trips abroad, especially World War II veterans. These types of coins are interesting, but generally very low in value. The exception would be gold coins of course. For this type of material, local coin shops can handle liquidation for such accumulations.

The next most common collection we encounter are those with Proof and Mint Sets. Coin collecting was hugely popular in the 1960’s and 1970’s, and the US Mint sold millions of these sets. They are very common and are relatively low in value. It is easy to establish values for Proof and Mint Sets. The annual Guide Book of United States Coins (Redbook) lists values for these. Wholesale value (what you could expect to get) is around 60% of the listed prices. Once again, your local coin shop can usually handle such a transaction. 

Another commonly encountered estate of coins inherited includes mostly beginner coins such as Lincoln wheat cents, common Morgan Silver dollars, Silver Eagles, and odd coins pulled from circulation over the years. The above-mentioned Redbook can be useful in establishing ballpark values. When deciding to liquidate the material, it is recommended that you obtain multiple offers from local coin shops, which can sometimes be very difficult if the accumulation is large. We have seen rooms full of this kind of collection. In this situation, you should select a small group of the coins you feel are the most valuable. Offer them to multiple shops, and this should give enough information to know who you should be dealing with.

How to prepare a coin collection for sale

You want to sell your family heirloom coin collection, but the coins don’t exactly look in tip-top condition. Before you launch into the kitchen cupboard to drag out the Lysol and an old toothbrush, make sure you’ve done your homework – or you’re at risk of significantly devaluing your inherited coin collection.

While you want your coins to be well presented when it comes to attracting buyers, cleaning them destroys what lays beneath that layer of dirt. This is something we sadly see happen time and again – where someone with the best of intentions wrecks their inheritance with cleaning products.

What you see on screen is not always what you have in your hand. It’s very easy to miss a tiny detail that could impact the value of your coin by thousands of dollars. Some minor flaws can easily be missed and make the difference between inheriting a rare coin that’s going to make you rich beyond your wildest dreams to having one that is actually worthless. 

Remember Precious Metal Pricing Affects Coin Values

If the collection contains large amounts of gold and silver bullion, it should be remembered that most offers will depend on the price of metal prices at the time.  Make sure the dealer clearly states the bullion prices the offers are based on, which will alleviate disappointment or problems if the price of gold and silver falls or rises sharply before the transaction occurs. 

Finding Expert, Reputable Coin Dealers

Finally, we come to the case of what to do when you inherit coins from someone who was a serious collector. Most serious collectors spent years or decades assembling their collection. You owe it to them to also be serious and careful about the disposal of their collection. Again, the most basic advice is to find someone with the expertise and skill to handle your collection. Finding experts you can trust will be very important. There are several good sources to find someone in your area or to find someone nationally who is an expert in the material you have inherited. The American Numismatic Association (ANA) money.org and the Professional Numismatic Guild (PNG) pngdealers.org both have lists of coin dealers you can contact when considering the sale of your collection. Both have databases to help you sort through dealers based on their location and specialties.

Continue reading about some ways to handle your inherited coin collection here...

Fun Facts About Sacagawea Golden Dollar Coins

The U.S. Mint issued the Sacagawea Golden Dollar from 2000 to 2008. It was the first dollar made with an outer layer of manganese brass, giving it a golden color. The obverse design features Sacagawea and the reverse depicts a soaring eagle. In 2009, the dollar transitioned to the Native American $1 Coin Program using the Sacagawea obverse paired with different reverse designs each year.

The Life of Sacagawea

Sacagawea was the Shoshone Indian who assisted the historic Lewis and Clark expedition. From 1804-1806, while still a teenager, she guided the adventurers from the Northern Great Plains to the Pacific Ocean and back. Her husband and their son, who was born during the trip, also accompanied the group.

At about the age of 11, Sacagawea was captured by a Hidatsa raiding party and taken from her Shoshone tribe. She was later sold into slavery with the Missouri River Mandans. They then sold her (or gave her away in a bet) to Toussaint Charbonneau, a French-Canadian fur trader, who made her his wife.

Hired by Lewis and Clark

Charbonneau was hired by Captains Lewis and Clark primarily because of the skills his wife, Sacagawea, possessed. Sacagawea was only 15 years old at the time and already six months pregnant. Despite these possible limitations for such an arduous journey, she knew several Indian languages, and being Shoshone, could help Lewis and Clark make contact with her people and acquire horses that were crucial to the success of the mission.

Her contribution far exceeded anything Lewis and Clark had expected. She provided crucial knowledge of the topography of some of the most rugged country of North America and taught the explorers how to find edible roots and plants previously unknown to European-Americans. With her infant son bound to her back, she single-handedly rescued Captain Clark’s journals from the Missouri whitewater when their boat capsized. If she had not, much of the record of the first year of the expedition would have been lost to history.

Most crucially, however, Sacagawea and her infant served as a “white flag” of peace for the expedition. They entered potentially hostile territory well-armed but undermanned compared to the Native American tribes they met. Because no war party was ever accompanied by a woman and infant, the response of the Native Americans was curiosity, not aggression. They talked first, and Sacagawea often served as the translator. Not a single member of the party was lost to hostile action.

After the Expedition

It is not surprising that after their trip ended, the adventurers felt a lifelong debt to Sacagawea. In fact, Clark wrote to Charbonneau that Sacagawea deserved a greater reward than what the expedition gave her. His sense of indebtedness to Sacagawea is reflected a few years later when Clark accepted responsibility for educating Sacagawea’s son and, after Sacagawea’s death at the age of 25, for a daughter as well. Sacagawea’s grave is in Lander, Wyoming.

The Coin Design Selection Process

The public played a unique and historic role in picking a design concept for the dollar. In June 1998, the Dollar Coin Design Advisory Committee (DCDAC) convened in Philadelphia to decide on a design concept in a public session. The committee included a member of Congress, a university president, the president of the American Numismatic Society, the under secretary of the Smithsonian Institute, a sculptor, and an architect. U.S. Mint Director Philip N. Diehl chaired the committee in a non-voting capacity.

The DCDAC listened to 17 design concept presentations from members of the public, as well as to numerous messages submitted by the public. The committee recommended that the dollar coin bear the image of Sacagawea.

The Public Reviews the Designs

The Mint invited 23 artists to submit designs with an image of Sacagawea for the obverse and complimentary reverse eagle designs reflecting peace and freedom. The Mint then invited representatives of the Native American community, numismatists, artists, educators, historians, members of Congress, Mint and Treasury employees, and other members of the public to review and comment on all designs received. In addition, historians advised the United States Mint on the historical merits of each finalist design.

Using these comments as a guide, the Mint narrowed the designs to seven and submitted them to the Commission of Fine Arts in December 1998.

Choosing the Final Design

The Commission of Fine Arts provided its recommendation to the Mint. After much review of all the input received to date, the Mint presented the final designs to the Secretary of the Treasury. On May 4, 1999, the Mint unveiled the selected design by sculptor Glenna Goodacre at the White House.

The Mint consulted with historians and Native American representatives on several aspects of the design. Historical records use conflicting spellings of Sacagawea’s name. Based on several highly regarded contemporary works, the Mint decided to use the “Sacagawea” spelling. The issue of how Sacagawea would have carried her baby is also one that the Mint spent a great deal of time examining. Consultants concluded that it is reasonable to assume that at some point on her journey, Sacagawea carried her son on her back in Hidatsa custom instead of a Shoshone cradleboard. 

Characteristics Of The Sacagawea Golden Coin

Obverse Design

The Golden Dollar's obverse, or heads, has Sacagawea portrayed in three-quarter profile. In a departure from numismatic tradition, she looks straight at the holder. Glenna Goodacre, the artist of the obverse, included the large, dark eyes attributed to Sacagawea in Shoshone legends. Goodacre used a present-day Shoshone college student, Randy'L He-dow Teton, as her model.

On her back, Sacagawea carries Jean Baptiste, her infant son. Six months pregnant when she joined the Lewis and Clark expedition, Sacagawea gave birth to Jean Baptiste early in the journey.

Reverse Design

Designed to complement the obverse, the selected reverse features a soaring eagle encircled by 17 stars. The 17 stars represent each state in the Union at the time of the 1804 Lewis and Clark expedition.

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Fun Facts About The Half Dollar

The half dollar is the United States’ 50-cent coin. The person on the obverse (heads) of the half dollar is John F. Kennedy, our 35th president. He’s been on the half dollar since 1964.

The design on the reverse (tails) is from the Presidential Seal. It shows an eagle holding an olive branch in its left talon and 13 arrows in its right. In front of the eagle is a shield. A ring of 50 stars surrounds the design. The design is full of symbols that mean other things. The eagle is our national bird. The olive branch symbolizes peace and the arrows represent war. There are 50 stars for each of the 50 states.

The U.S. Mint made the first half dollar in 1794. It was made of silver. For more than 150 years, a woman representing liberty was shown in various poses on the obverse of the half dollar. An eagle was on the reverse.

Since 2002, the Mint makes most half dollars for collecting. But if you’re lucky, you may still find one in your change.

In 1948, an image of Benjamin Franklin replaced the figure of Liberty. Although he was never president, like the other people on our coins, Franklin did a lot of work to help shape the country.

In 1964, the Mint switched the half dollar design to honor President John F. Kennedy who died the year before. He has been on the obverse ever since.

The reverse has shown the Presidential Seal design except in 1975 and 1976. During those years, the reverse showed a building named Independence Hall in Philadelphia, Pennsylvania. It’s the site of many important national events, like the signing of the Declaration of Independence and writing the U.S. Constitution. The special design was in celebration of our country’s 200th birthday.

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Fun Facts About The Nickel

The nickel is the United States’ five-cent coin. The person on the obverse (heads) of the nickel is Thomas Jefferson, our 3rd president. He’s been on the nickel since 1938, although the current portrait dates to 2006.

We know the five-cent coin as a nickel, but it wasn’t always so. The first five-cent coins were made of silver, not nickel. In the Mint’s early days, all coins had to be made of either gold, silver, or copper.

The nickel is the only U.S. coin that is called by its metal content – even though the metal in a nickel is only 25 percent nickel. The rest is copper.

The first five-cent coin in 1794 was called a half dime. It was much smaller than today’s nickel.

The five-cent coin we call the nickel was created in 1866…but the Mint kept making the silver half dime until 1873. So both kinds of five-cent coin were circulating at the same time. The new nickel was larger than the silver half dime and easier to handle.

A woman symbolizing liberty was used in different poses on the five-cent coin until 1913. From 1913 to 1938, the Mint made the “Buffalo” nickel which showed an American bison on the reverse. The bison was the second animal, after the eagle, to appear on a U.S. circulating coin.

In 1938, President Thomas Jefferson appeared on the obverse of the nickel. The Mint changed his portrait in 2005 during the Westward Journey Nickel Series. His portrait changed again in 2006. This time, Jefferson faced forward for the first time instead of the usual right-facing portrait.

Monticello, Jefferson’s home, was on the reverse of the nickel from 1938 to 2003. In 2004 and 2005, the Westward Journey Nickel Series brought four new reverse designs. The new nickels celebrated the Louisiana Purchase and Lewis and Clark Expedition, which happened during Jefferson’s presidency. In 2006, the reverse design went back to showing Monticello.

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What Types of Coins Does the U.S. Mint Make?

 

 

"Ask the Mint" answers real questions from students across the United States! 

In this video, they explore the different types of coins made every day by the U.S. Mint. 

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Caring for Your Coin Collection

To retain the value and look of your coin collection, proper care and storing are essential.

Tools to help you organize and care for your collection include:

• A high-quality magnifying glass for coin inspection
• A soft cloth or pad to hold coins over when viewing them
• A plastic ruler (metal rulers may scratch coins)
• A general coin reference book that includes information on dates, mint marks, major varieties, grading guidelines, and prices
• Good lighting
• Soft cotton gloves
• Coin holders or albums for storing your coins 

Handling Your Collection

Hold a coin by its edges between your thumb and forefinger over a soft towel or surface. Wear soft cotton gloves to protect the coin’s surface from fingerprints and the natural oils on your skin, which can be corrosive.

While you may be tempted to polish your coins to make them look shiny and new, proceed with caution. Polishing and/or cleaning coins can reduce their value. Older coins that show deep age coloration are more desirable than coins whose surfaces have been stripped away by improper polishing or cleaning.

If you do polish a coin to remove dirt, use mild soap and water. Once you’ve washed the coin, pat it dry with a soft towel. Brushing or rubbing can scratch a coin’s delicate surface.

Storing Your Collection

• Keep coins cool and dry

Sharp changes in temperature and moisture cause discoloration that devalues coins. Avoid talking directly over coins; tiny droplets of saliva can also create spots on a coin. Just like fingerprints, these marks are difficult to remove.

• Use original holders

All modern coin sets and coins should be bought and sold in original cases and capsules. The Mint sells coin sets in protective plastic cases called lenses or in folders. Individual coins are packaged in capsules fitted into folders or boxes.

In addition to original holders, other storage options include:

• 2″ x 2″ cardboard or plastic holders
• Plastic tubes or capsules
• Sleeves or envelopes
• Albums

For high-value coins, use hard plastic holders. Professional coin grading services use sealed holders called slabs to protect authenticated and graded coins.

Use acid-free cardboard and plastic holders free from polyvinyl chloride (PVC). Acid and PVC can ruin a coin’s surface. PVC eventually coats a coin with sticky green slime.

• Save documentation

Some coins and coin sets come with a certificate of authenticity and/or an information card.

• Keep them safe

A safe-deposit box at a bank is ideal. If you have a home collection, ensure that your home insurance covers full replacement costs. 

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The 10 Rules of Successful Coin Collecting

1. Education 

The most successful coin collectors take time to learn as much as they can about numismatics. They not only study coins but the dynamics of the market as well. To learn about coins, I strongly suggest that you buy and read as many books as possible. You can supplement these books with specific catalogs that relate to your chosen field of specialization. A serious collector might even go as far as creating a database of prices that relate to his specialty. Other suggestions for new collectors include subscribing to periodicals such as Coin World and Numismatic News. You should join the American Numismatic Association and use their library (they will send books by mail to members). Become friendly with other collectors and communicate with them by phone or e-mail. And don’t be afraid to ask questions.

2. Specialization 

It is too hard to begin a coin collection without having goals and boundaries. I have always been a strong believer that it is better to view numismatics with a “micro” perspective as opposed to a “macro” perspective. As an example, if you start by collecting Charlotte gold coinage, your “world of focus” becomes 52 specific issues. It is realistic to assume that an intelligent individual who is willing to commit time to this area of study could become relatively knowledgeable within a year or two. To become similarly knowledgeable in a larger field of study (such as all branch mint US gold coins produced between 1838 and 1907) requires many more years. Becoming a well-versed specialist will allow you to level the playing field between you and dealers and it should enable you to make better purchases. 

3. Patience 

We live in an era of immediate gratification. New collectors often have the urge to jump in very quickly and complete their sets as fast as they can. The best coin collections are built over the course of many years. Sometimes, it is possible to purchase a number of great coins in a very short period of time. But most times, the opportunities to purchase great coins are few and far between. The new collector should avoid the temptation to buy the “wrong coin” just because he needs it for his set and he does not want to wait. Impetuous decisions are invariably incorrect and usually prove costly over the course of time.

4. Connections 

It amazes me how many serious collectors get their “meatiest” information on topics such as pricing, market conditions and future trends from such third-hand sources as newsletters, coin magazines and coin brokers. This information is almost always well out of date and totally biased. (Remember that most newsletters which recommend specific coins are written by dealers who have taken a position in what they are touting). The only way to get real information about the coin market is from a dealer or collector who regularly attends shows and auctions. This discounts most coin brokers/salesmen as they get diluted information from their superiors and then pass on these half-baked “truths” to the masses. I personally view it as my duty to pass on accurate information to good clients. Conversely, I will not willing pass this information onto “tire kickers.” The best way to get good information is to establish a good working relationship with a well-connected, reliable dealer.

5. Thinking Like a Collector 

Anyone who approaches numismatics with a dispassionate attitude is a virtual certainty to lose money. Conversely, most pure collectors make money; often times in spite of themselves. This is because they buy coins for the right reason: they love them. They what interests them and they carefully research their purchases. They know for example, that a coin similar to one they just purchased sold for 10% more at a major auction. They know that they are not buying overhyped coins at the height of a promotional period. They are not buying coins just because a voice at the other end of the phone told them to and they are not buying them because this person told them their new coins would “increase in value 50-75% over the next three years.” Remember this rule because it may be the most important one of the ten listed here: learn to think and act like a true collector and you will have more fun now and have a better chance to expect a reasonable profit on your purchases over the course of time. 

6. Connoisseurship 

I define connoisseurship as the ability to discern true quality in a specific field. In numismatics, the connoisseur is able to determine which coins have the most aesthetic eye appeal and which, literally, stand apart from the “typical” piece. A numismatic connoisseur, for instance, is able to appreciate a truly original gold coin with rich, “crusty” coloration. He is able to innately sense that 150 year old coins do not have to be big and bright in order to be desirable. Connoisseurship is a natural ability. You either are able to naturally determine the “best” or you are not. If you are not a born connoisseur (and very few people are) then you should find a dealer who has this ability to assist you with your purchases. I would estimate that less than 5% of all coin collections are “connoisseur quality” and those that are typically the ones that show the greatest financial appreciation over the course of time.

7. Learning to Grade 

I have seen people spend millions of dollars on rare coins without having the slightest idea how to grade. They put their complete trust in dealers and in third-party grading. Frankly, this attitude leaves me baffled. If I do not feel very comfortable grading a specific type of coin, I do not buy it. As an example, I think Indian Head half eagles are extremely hard to grade. To be totally honest, I can’t grade the damn things. My solution? I don’t buy them. By the same token, I feel that I am a world-class grader of Liberty Head half eagles. So I buy a lot of them. There are some simple rules when it comes to grading. First–and foremost–you need to view as many coins as possible. I would recommend that you attend shows and auctions and carefully look at coins. Secondly, I would take one of the grading classes offered by the American Numismatic Association at their annual Summer Seminars. Thirdly, I would make the decision to specialize, so that you have fewer types of coins to learn to grade. Fourthly, I would try to learn grading tips from the dealer(s) that I buy the majority of my coins from. Finally, I would always remember that while third-party grading is a great safety net for the beginner, there is nothing like your own knowledge. 

8. Thinking Long Term 

Coins are a terrible short-term investment. Even if you buy coins at a fair “retail” mark-up, you are still paying at least 10-20% over typical wholesale prices. This means that any coins that you purchase have to go up at least 10-20% for you to break even. When coins were heavily touted as investments in the 1980’s, the common logic was that you needed to hold at least three to five years. I would suggest that you should plan to hold your coins at least ten years and preferably more. The greatest collections (Eliasberg, Pittman, Norweb, etc.) were built over the course of fifty+ years.

9. Quality Not Quantity 

Let’s say that you have a coin budget of $20,000 per year. I would suggest that you purchase four or five really nice $4000-$5000 coins each year than twenty $1000 pieces. The coin market of the future will be even more predicated on quality than it already is. High quality coins will become harder to find and, consequently, more expensive. The decision to purchase the best coins you can afford will prove to be very intelligent over the course of time. A few years ago, another dealer had an advertising campaign that basically said that your entire collection should be able to fit into a PCGS shipping box (i.e., it would be twenty coins). While this never really caught on, I think his idea actually has some merit. If you have decided to be more of a “generalist” buyer than a “specialist,” I like the concept of having a small collection of great coins instead of a large collection of nondescript coins.

10. Buying the Best You Can

Understand if you are new to coin collecting and you know next to nothing about coins and the coin market, you have no business purchasing $10,000+ items. I would strongly suggest that you start small and take at least three to six months to study the market. Once you feel more comfortable, you can take a bigger plunge into the coin market. 

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Types Of Counterfeit: Altered Mintmarks

There are many ways that counterfeiters attempt to alter a coin’s mintmark. For example, they could add an “S” mintmark to a 1909 VDB Lincoln cent to make it appear to be the rare and desirable 1909-S VDB, or they could remove the mintmark from an 1895-O Morgan dollar to make it look like the extremely rare 1895 issue. There are two primary types of altered mintmarks:

Added mintmark. A mintmark can be added in a number of different ways. Sometimes the counterfeiters will literally glue the mintmark on. Other times they may use a tool to sculpt a mintmark. Occasionally fakers will even drill into the edge of the coin and push up a mintmark from the inside! These embossed mintmarks are especially common on coins with mintmarks near the edge like Buffalo nickels and can be extremely difficult to detect.

Removed mintmark. As the name implies, this is when the counterfeiter simply removes the mintmark from the coin. Tool marks will generally be obvious to the trained eye. 

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Women On Coins

 

Learn about the history of women on United States coins. See which women are currently honored on our coins and medals.