The Oneida Daily Dispatch (Oneida, NY)
Collecting History
When is a quarter worth more than 25 cents? Or a penny more than 1 cent? For coin collectors, a single coin can be worth many times its original value. And as time goes by, some coins become much more valuable.
Whether exploring the history of a nation’s currency, hunting for a particular coin or learning about the value of money, coin collecting has much to offer enthusiasts (enthoo-see-uhsts) of all ages. (An enthusiast is someone who is very interested in a certain subject, sport or hobby.)
American coins
In the United States, coin money is minted, or made, by the U.S. Mint, which has been a part of the federal government since 1792. Before that, each state made its own coins, and buying things from other states could get confusing.
The U.S. Mint makes millions of coins each year. The most common coins are those we use every day, including the penny, nickel, dime and quarter. Halfdollars and dollar coins are also made in large numbers. These are said to be in circulation
— they are used by people to buy things.
Most U.S. coins are made in either Denver or Philadelphia. On a coin, a “D” or “P” shows where it was minted. Most proof coins (those made for collectors) and some older coins have an “S,” which shows that they were minted in San Francisco.
Valuing coins
Several factors determine the value of a coin: • Condition. When you carry coins in your pocket or wallet, they constantly knock into each other. This can scratch and dent them.
That’s why many collectors look for “uncirculated” coins, which are more likely to be in good condition.
Valuable coins may be graded by numismatic experts, who look for flaws.
Numismatics (new-miss-mat-icks) means the collecting of coins or paper money. A collector is called a numismatist (new-miss-ma-tist).
• Mintage. A coin’s mintage means the total number produced. For example, more than 1.7 billion nickels were minted in Denver in 1964. But in 1950, only 2.6 million nickels were made in Denver. Generally, the lower the number of coins made, the more valuable the coin. Coins with low mintages are often called “rare.”
• Metal. Before 1964, many coins contained silver or gold, which are called precious metals. Today, silver and gold are worth a lot of money. So even a coin in poor condition will still have the value of its metal content.