Coins

Hi, Tom:

Thanks for the update on your coin. In fact, with a few exceptions, most Indian Head pennies made since 1879 or so are actually both common and not particularly valuable, unless in uncirculated grades.

Despite the damage, your 1886 cent still makes for an interesting item in the collection of family heirlooms, though, as you mentioned it belonged to your grandmother-in-law.

Joshua,
I took the coin to a local dealer who confirmed the date is actually 1886 and not 1826. There is slight damage near the second 8 and he also said it was a weak 8 and he could see why I saw it as a 2. He said the coin is basically worthless due to the damage and that it isn't all that rare.

Tom,

You're right, Indian Head pennies were first struck in 1859. What you must have is an 1826 Coronet Head large cent. If it is damaged, as you say, it will be worth less than the book value of about $30-35 and up. The extent of the damage will determine its approximate value. Cleaned, dented, and corroded pieces are worth a fraction (sometimes less than half) of the value of regular pieces.

Thank you Joshua for your time and expertise with answering this question.=)

Hi, Melissa:

Well, unfortunately if the magent does NOT stick to your 1944-S cent, as you say, then what you have is NOT a "real" 1944 steel penny, so the coin you have is not rare.

I looked up some reent information on the 1944-S steel cent to include it here in this posting. You might want ot read this very interesting Coin Link article that discusses the 1944-S steel cent and some background information about both the rare 1943 copper cents and the other 1944 steel cents--http://www.coinlink.com/News/us-coins/world-war-2-penny-errors-star-at-ana-convention-part-2-374k-record-price-for-a-lincoln-cent/ .

As far as if San Francisco was a site where the steel pieces were "disposed," so to speak, I actually don't know, but I can say with absolute conviction is that your grandmother was certainly collecting coins at, I believe, one of the best times for the hobby during the 20th century!

Thank you Joshua,
So are you stating I may have a rare coin or no? It may be a fake right? Did they dispose the coins in San Francisco after they realized the mistake? If so when? My grandmother worked next to the Mint in the 40's... She was one hell of a coin collector. It wasn't until her death did I find her collections.

Hi, Melissa:

As a magnet DOES stick to steel pennies, what you have is not a steel penny. Actually, there are reports of a few 1944 steel pennies which were struck after the "regular" production of steel pennies in 1943 (hundreds of millions of '43 steel pennies were made).
1944 steel pennies are highly rare.

Unfortunately, your coin was likely electro-plated or otherwise altered for the very purpose of purporting it as a "rare" 1944 steel cent.

Hello, Karen:

It's hard to say what pieces your father-in-law received so much money for as there are so many coins which could potentially bring in hundreds of dollars each.

What I can say is that the coins you have there, while considered "common" based on the descriptions you give, are all worth premiums signifcantly above face value. Any silver coin is worth at least bullion value and, in many cases, a premium on top of that if the coins are scarce dates, higher-grade (not much wear), or otherwise have desirable collector qualities.

What I recommend doing, especially as you seem to have so many coins there, is to bring them to a coin dealer and try and get a simple, sight-seen appraisal (this may or may not be free). After you get an evaluation of your coins, which ones are there, and what each is worth, you may decide to sell certain pieces and then keep the rest for sentimenal purposes, sell them all, or perhaps not sell any as the money you get may not be worth "giving the coins" for, especially if they are sentimental to you and your family. I understand. There are certain coins I would never sell because of sentimental value, too....

By the way, as far as the 1924 silver dollar goes, that is actually called a "Peace" dollar. The obverse (heads side) has an image of a bust of Liberty which looks strikingly like the head on the Statue of Liberty and the reverse (tails side) shows an eagle. The piece was largely inspired by patriotism and the urge, indeed, for peace after World War I.

All the best to you!

Hi, Karen:

The 1879, 1881, 1882, 1883, and 1884 pennies are worth at least $3-5 each if the coins are worn to wear only the very basic details of the design are actually visible. As the wear on the coin becomes lighter, values for each coin begin to rise above $20 each.

The 1921 dollar is a "Morgan" dollar (so named for the coin's designer, George T. Morgan) and is typically valued $20-30 depending on wear.

The silver penny you have is actually a zinc-coated steel cent made in 1943 to save copper (for ammunition) during World War II. While a common coin and usually valued at 25 cents to $1 in worn grades, it still is a wonderful coin to have in a collection as it is a one-year-only type coin and also stands out from the copper pennies we are used to seeing(!)

Hi, Shon:

The value for an 1861 penny, as listed here at The Fun Times Guide to Coins, is $20 for a typical well-worn piece up to $300 for a mint-condition coin. Values, however, will be lower for a coin that is cleaned, bent, scratched, or otherwise damaged.

Hi, Cavella:

If you have taken the coin to dealers and they can't figue out the origin, and metal tests indicate real gold (the only official United States gold Indian Head coin from 1907 is a $10 Eagle piece), then you may have some type of novelty coin.

It's possible somebody cast a die from a real Indian Head cent (using molds) and then used the private die on a penny-sized gold planchet (essentially a blank coin) to strike a "gold Indian Head" cent. Just a thought, though.

If the coin is really gold (and not just gold-plated), then its metal value should somewhat mirror the bullion value of an 1840s-1920s $2.50 gold coin, which is roughly the same size as a one-cent coin. That means the coin has roughly $100-120 of gold in it....IF it is 90% or greater comprised of real gold.

Bear in mind, this advice is purely speculation, but I hope it does provide some kind of direction for you.

Hi Crystal,

Indian Head pennies dated from the 1900s generally are worth between $2-5 in typical worn condition (so long as they are without damage, like bends, scratches, cleanings, corrosion, etc.)

Donna,

Both of your Indian Head pennies should be worth $2-5 each if in typical, worn grades and not showing any signs of damage (corrosion, discoloration, cleanings, scratches, etc.)