Coin Collecting as a Hobby Through History

Coin collecting dates back to ancient times and is one of the oldest pastimes on record. Roman Emperor Augustus liked to give inspiringly designed coins to his friends.

Coin collecting has been a popular hobby for many great and well-known figures throughout history. King George III and at least three U.S Presidents in Thomas Jefferson, John Quincy Adams and Franklin Delano Roosevelt were all known to have had an active interest in coin collecting. In fact, John Quincy Adams, serving president from 1825 to 1829, collected and studied coins and used his knowledge to guide the direction of early American currency.

From about the 15th century onward, coin collecting was mostly reserved for kings and statesmen who employed specialists to scout Europe and Asia for coins of significance and beauty.

Numismatic research was encouraged by nobilities and a major trade in coins was encouraged by mass excavations of ancient sites. King Louis XIV of France kept a large collection that he actively tended to each day.

The Victorian years saw the creation of many numismatic societies and from there came an entire industry of dealerships and enthusiast magazines to support the hobby. By the 21st century, coins were an accepted form of investment and gold and silver coins have become a stable point of investment in uncertain economies. 

Today’s hobbyists, just like Augustus, still treasure coins for historical merit and the immense sense of achievement. Source

Are Old Pennies Worth Anything More Than 1 Cent?

Think that old penny you have in the drawer might be worth something? Well, some are, but most aren't worth more than their face value. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1958 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more."

If you find a 1943 copper Lincoln wheat penny, you might have something. These copper 1 cent pieces were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. The penny is worth some money, but only a few have gone for $1 million.

How can I tell if my pennies, coins are worth anything?

A quick Google search can give you an idea if the coin you have is rare or if it could be worth anything. But if you have questions, you can also reach out to the American Numismatic Association. The nonprofit educational organization is dedicated to educating and encouraging people to study and collect coins and other items related to it. Source

The Penny Dies at 232

 

After 232 years, the final pennies were minted in Philadelphia. The Treasury Department said the move was due to irrelevance of the coin and the expense to produce it.

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Martinez Coin And Jewelry Exchange 

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Penny Production B-Roll 2012

 

This video shows the United States Mint in Denver producing the Lincoln one-cent coin.

Early Liberty

When creating legislation for a national mint in 1792, Congress decided that coins should continue to represent the concept of liberty on the obverse rather than a real person. Many felt that putting presidents on U.S. coins was too similar to Great Britain’s practice of featuring their monarchs. Instead, they wanted coins to reflect the country’s founding principal of liberty.

The Coinage Act of 1792 stated that all circulating coins have an “impression emblematic of liberty” and the inscription “Liberty.” For more than 100 years of American coinage, that emblem would be the mythical goddess Liberty.

The U.S. Mint’s first coins were portraits of Liberty with free, flowing hair, such as the 1793 Flowing Hair cent. As the Mint refined its process, more detailed versions appeared beyond the simple portrait. Designs featured classical symbols such as the liberty cap and pole, used frequently when representing Liberty during the Revolution. In ancient Rome, the cap was given to freed slaves and the pole was used in the ceremony to free them.

Starting in the mid-19th century, the images of Liberty started to reflect a change in how American culture defined itself. Coin designs incorporated American symbols into the classical style. The Seated Liberty coins feature the Union Shield, adapted from the Great Seal of the United States.

Coins then started to draw on Native American themes for an even more American identity. In 1859, the Indian Head cent depicted Liberty wearing a Native American chief’s headdress. The Buffalo nickel in 1913 went even further, replacing Liberty with the portrait of a Native American man.

Another shift happened in the early 20th century when President Theodore Roosevelt wanted coins with more artistry that reflected a national identity and America’s growth as a global power. The first coin to meet this directive was designed by one of the leading sculptors of the day, Augustus Saint-Gaudens. The 1907 $20 Double Eagle is regarded as one of the most beautiful coins in Mint’s history. Sculptors Adolph A. Weinman and Hermon A. MacNeil redesigned other circulating coins in 1916.

Saint-Gaudens, Weinman, and MacNeil reflected an America built upon classical, republican ideals from ancient Greece and Rome where liberty is central. In their reflection of America as a global power, Liberty displays military might with shields, but also brings peace and enlightenment to the world with other symbols. Source

1907 Minting