The Lincoln Cent – Part 3 – The Many Changes by Keith Scott
No real changes occurred in the cent from 1918 through 1942. In 1943, the cent would again see a dramatic change although not to its design, but rather due to shortages of copper caused by the war. At the time of World War II, the one-cent coin was composed of 95 percent copper and 5 percent zinc. These metals were denied to the Mint for the duration of the war, making it necessary for the Mint to seek a substitute material. After much deliberation, even including consideration of plastics, zinc-coated steel was chosen as the best in a limited range of suitable materials.
Production of the war-time cent was provided for in an Act of Congress approved on December 18, 1942, which also set as the expiration date of the authority December 31, 1946. Low-grade carbon steel formed the base of these coins, to which a zinc coating .005 inch thick was deposited on each side electrolytically as a rust preventative. The same size was maintained, but the weight was reduced from the standard 48 grains to 42 grains, due to the use of a lighter alloy. Production commenced on February 27, 1943, and by December 31, 1943, the three Mint facilities had produced 1,093,838,670 of the one-cent coins. The copper released for the war effort was enough to meet the combined needs of 2 cruisers, 2 destroyers, 1,243 flying fortresses, 120 field guns and 120 howitzers, or enough for 1.25 million shells four our big field guns. These pennies are sometimes referred to as silver pennies due to their color when in new/AU/BU condition.
On January 1, 1944, the Mint was able to adopt a modified alloy, the supply being derived from expended shell casing which when melted furnished a composition similar to the original, but with a faint trace of tin. The original weight of 48 grains was also restored. You may see many ads for these cents called war pennies.
In 1955, we saw the last of the “S” mint marked wheat pennies. The San Francisco mint ceased minting “S” minted coins of cents and dimes for general circulation at the end of that year. The nickel, quarter and half dollar ceased the year before. It would not be for another 13 years (1968) before “S” mint coins were produced for general circulation.
1959 marked the 50th anniversary of the Lincoln cent and the reverse was changed to what is now the current design, the Lincoln Memorial. On February 12, 1959, the new design was introduced as a part of the 150th anniversary celebration of Lincoln's birth. Frank Gasparro, the Assistant Engraver at the Mint in Philadelphia, prepared the winning entry, selected from a group of 23 models the engraving staff at the Mint had been asked to present for consideration. Since the cent had been in circulation for over 25 years, only the Treasury Secretary's approval was necessary. The imposing marble Lincoln Memorial in the Nation's Capital provides the central motif; the legends E PLURIBUS UNUM and UNITED STATES OF AMERICA form the rest of the design, together with the denomination. Mr. Gasparro's initials, FG, appear on the right, near the shrubbery.
In 1962, the penny underwent another change, although small. Mint officials decided to drop tin from the content of the Lincoln cent, because there were manufacturing cost advantages to a stable alloy of 95 percent copper and five percent zinc. This time, however, there was no particular interest because the change was not readily notice even though technically the Lincoln cent became brass, not bronze. In 1964, due to the announcement that silver would not longer be the major component of dimes, quarters and half dollars, there was a severe coin shortage for circulation. Although Lincoln cents were not the problem, government officials decided to not place mint marks on all coins in 1965. This continued for 2 more years (1966 and 1967), with the idea that this would keep collectors from hoarding all the coins needed for circulation. Some coins dated 1964 were actually produced 1965. Finally in 1968, mint marks were returned and the beloved “S” mint returned to circulation. The return of the “S” would be short-lived however. Unlike cents of earlier years with “S” mint marks, the cents of 1968-1974 would be produced in the multi-millions with a total number of “S” minted coins from this period totaling over three billion. Yes, that is billion. Still, it was a welcome change.
The price of precious metals in the 1980's was out of control and copper was no exception which took its toll on the Lincoln cent in 1982. The composition was changed to an alloy of 99.2 percent zinc and 0.8 percent copper, plated by pure copper resulting in a total composition of 97.5 percent zinc and 2.5 percent copper.
In my next part, I will discuss the changed that will be happening in the next few years to our beloved Lincoln Cent
Keith Scott has been a collector for over 30 years and owns a small internet-based coin store at http://www.mountainviewcoins.com. Visit his website for a history of US coins, metal market updates and news about your favorite coins.
The Lincoln Cent – Part IV – Upcoming Changes by Keith Scott
To review our last segment, the Lincoln Cent has undergone many changes. From the VDB initials controversy, composition changes and reverse changes nearly 50 years ago (from Wheat to Memorial). The versatile cent has seen its share of changes.
So what does the future hold for the Lincoln cent? Legislation was recently passed authorized a plethora of coin changes. One of those changes included the cent. The Lincoln cent Title III to the Presidential Dollar Coin Act calls for the elimination of the Lincoln Memorial reverse to be replaced with four different designs depicting the life of Lincoln. In the text of the law the new reverses are referred to as “(A) his birth and early childhood in Kentucky; (B) his formative years in Indiana; (C) his professional life in Illinois; and (D) is presidency, in Washington D.C.” These changes would appear in 2009.
In addition to these circulating designs, the legislation also says, “The Secretary of the Treasury shall issue 1-cent coins in 2009 with the exact metallic content as the 1-cent coin contained in 1909 in such number as the Secretary determines to be appropriate for numismatic purposes.” Will this be a fifth design or a wheat cent? Who knows? It will be a coin struck as proof or uncirculated as non-circulating legal tender.
For 2010 and beyond, the legislation states, “The design on the reverse of the 1-cent coins issued after December 31st, 2009 shall bear an image emblematic of President Lincoln's preservation of the Untied States of America as a single and united country.” This could be an unspecified design or could revert back to the Lincoln Memorial. Since this is several years away, no decision on this appears to be immanent. One question that does appear to be answered is that the cent will continue to be produced despite some calls for its discontinuance. Many believe the penny is no longer useful and should fade away much like the ˝ cent. We shall see.
Keith Scott has been a collector for over 30 years and owns a small internet-based coin store at http://www.mountainviewcoins.com. Visit his website for a history of US coins, metal market updates and news about your favorite coins.
Your Coin Collection Is Worth How Much? by Lesley Chew
Ever wondered? I bet you do every time you look at your collection.
Coin collecting can be a very lucrative hobby. If you are a serious investor in coin collecting or have been coin collecting for some time now, you definitely will want to know what your coins are approximately worth. This usually happens when you are ready to buy that unique coin or when the time is right to sell a coin.
There are numerous factors to consider when evaluating how much your coin collection is worth. Three main criterias are : 1. The condition of the coin 2. The demand for the coin 3. The series
There are many resources available to help you in this process, but it is important to know that they are just a guide. The range of coin collecting prices is valuable information to be privy to since price knowledge will aid in purchasing the coin at the correct price, selling a coin without losing money and a healthy respect for that coin in knowing its worth. There are some free resources for ascertaining coin collecting prices. This include websites that provide broad based information, coin research and ancient coins.
Broad Based Informational Websites As the name suggests, these websites are all encompassing meaning they offer only an approximation of coin collecting prices. These are usually free to register and to access the information. Usually the reflected prices are those from transactions that were conducted both in the wholesale market, as well as through auctions. These coin collecting prices are not exclusively from this company's auctions but reflect other coin prices.
Research Websites Coin collecting prices can also be researched at various websites which offer such online services. Again these websites require registration prior to gaining access to the website at no cost. Often, the coin collecting prices reflected are based solely on the auctions conducted by the company that sponsors the website.
If you go to one of these sites, coin collecting prices can be researched using the several factors which includes the coin's face value, the year of production, the minting location, grade, and slab.
Ancient Coins Some other websites also provide users to value unique collections. These type of websites provide coin collecting prices but they mainly concentrate on ancient coins, such as Celtic, Byzantine, Roman, and Greek coinage.
Other similar websites that focus on providing coin collecting prices can be viewed for ancient coins, and these prices are reflected through auctions held in Europe. One caution in regards to the pricing reflected on this website is that the coins typically are higher priced coins as compared to other websites.
Do your research not only online but offline as well by going to trade shows, your local shops and stick around collectors like yourself to get a realistic price range.
Lesley is the webmaster and writes articles like Determining Coin Collecting Pricesfor the Coin Collecting Resource website. Visit the website to discover interesting facts and tips in all aspects regarding this fascinating hobby of coin collecting.
Coin Collecting – A Rewarding Hobby By Charles Roman
One remarkably rewarding hobby, in more ways than one, is coin collecting. Though it may not have the same visceral excitement as, say, hang gliding, it has a subdued joy that is more than worth the experience. The simple joys of finding a coin you’ve been looking for or discovering a mint-condition penny from forty years ago is a pleasure that is not to be missed. While this may be difficult for some to understand, coin collecting is a reward all its own and, for those who do it, there is nothing else like it.
To understand the pleasure of coin collecting is to understand the pleasure of discovery. You do not collect coins just to have metal lying around, you collect coins to find something new. This is because, with the number of coins minted around the world, there is always something new to discover. There are always more coins, more designs, more commemorative editions, and more periods in history to explore. Which means that completing a coin collection is impossible, because there are always more coins to collect.
However, it is not only the coins themselves that make coin collecting so enjoyable. There is also the fact that there is always something more to learn about coins and coin collecting. The joys of discovery are not only in the coin shops, they are also in the mind. With every article, book, or simple observation there is something new to learn, ponder, or finally decide. The exploration of topics and knowledge has its own rewards and coin collecting provides plenty of opportunity to do just that.
Of course, coin collecting has more tangible rewards as well. Coins do tend to increase as the years pass on, so there are monetary rewards in addition to the mental rewards. And there is a certain excitement in finding a unique coin that is worth a whole heck of a lot of money. And, when you do manage to do that, you not only get the satisfaction of discovering something unexpected, you can keep it for its investment potential over the long haul. After all, rare coins are not getting any more common, so they are only going to increase in value over time.
So, with all these exciting facets to a coin collection, how do you actually start with coin collecting? The best thing to do is to just start looking through the change you have on hand right now. After all, all the coins that are now being collected were once change in someone’s pocket. So start with the coins you already have, learn about them, and then move out from there. And, as you collect more coins and learn more about them, the continual process of discovery will be its own reason for continuing your explorations. Then, when you finally discover the joys of simply collecting coins for the sake of collecting coins, you will be able to assemble an impressive set of coins that will be an investment all its own. Which will make a lot more people happy about the fact that you enjoy coin collecting so much.
The History of the Flying Eagle and Indian Head Cent – Part 1 by Keith Scott
The Flying Eagle Cent was first produced as a pattern cent in 1856 and then officially produced for only two years; 1857 and 1858, but the idea of producing a smaller cent to replace the larger “Large Cent”, first surfaced in 1837. Dr. Lewis Feuchtwanger devoted a significant amount of time attempting to convince Congress in using his own composition of copper, nickel and zinc which produced a silvery appearing coin. The coin was lightweight and durable. Congress rejected his proposal but that did not stop Feuchtwanger. He produced his own tokens with the declared value of once cent. Still no luck.
Around 1850, the price of copper rose to a point that caused concern for the Mint. The Mint experimented with a smaller sized coin with several designs and metal combinations. In 1851 the price of copper subsided and the urgency for a new cent went away. In late 1852 and early 1853, the price of copper once again rose to historic levels of 42 cents per pound. The Mint estimated that when copper was over 40 cents per pound, the Mint suffered a loss when making the Large Cent. In 1853 some patterns were created, but still no definite orders for change. In 1854 and 1855 even more pattern cents were produced. These patters were similar to other Liberty Head designs of the times. Still, no orders to change.
In 1856, the Mint’s melter and refiner, James Booth, determined that a mixture of 88 parts copper and 12 parts nickel with a weight of 72 grains would be an ideal metal for a new cent. This alloy would be known as the copper-nickel alloy. The end result would be a coin that was small but thick so as to not be confused with silver denominations at the time including silver three-cent pieces, half-dimes and regular dimes. If you have ever held a Flying Eagle, you will immediately notice the thickness as compared to a modern day Lincoln Cent as well as these other silver denominations.
Finally, on July 11, 1856, Mint Director James Ross Sweden recommended the new style. The Mint’s Chief Engraver, James B. Longrace, was tasked with preparing new patterns with the new metal and size. The new design featured an eagle flying to the left. The eagle motif was the same design used on the Gobrecht Dollar. It has been speculated that the eagle design is that of Peter the Eagle who was a mint resident during the 1830’s and is now stuffed and a permanent residence. The difference in design though was that the eagle motif on the cent is flying horizontally while on the dollar coin the eagle is flying at a slight angle upward. For the reverse of the new cent Longrace choose to reuse a design he created for the $1 and $3 gold coin. It is interesting to wonder why new designs were not created for such a monumental change. It is a fact that Longrace copied his designs and other designs for changes such as the two-cent piece and the shield nickel.
In late November of 1856, some pattern cents were struck for distribution to congressmen, newspaper editors and for anybody of influence. It still remains a mystery today as to how many were actually produced. Nearly 300 have been certified by PCGS and although they were never meant for circulation, many of the graded coins are in lower/circulated grades. During this time, it was not uncommon for the mint to re-strike coins for collectors and consequently, sometime after 1856, additional 1856 pattern cents were produced in proof format. Like the other patterns, many of these also reached circulation.
The new design was a hit and in 1857, The Coin Act of February 21, 1857, eliminated the large cent and authorized the production of the new cent. Finally, in April of 1857, production of the new cent began. They were stockpiled for several weeks until the official release date on May 25th, 1857. As was typical of the time, the public clamored for the new coin while several newspapers highly criticized its design. The public traded in old large cents and other silver coins for the new cent. Due to demand, the Mint produced over 17 million cents, which far exceeded any previous mintage of the Large Cent. With the new coin not authorized until February, the Large Cent saw a very low mintage in 1857 crating a rarity. Another 24 million Flying Eagle cents were produced in 1858. Despite the early popularity, the Flying Eagle Cent needed a change. And change it did. Please see Part 2
Keith Scott has been a collector for over 30 years and owns a small internet-based coin store at www.mountainviewcoins.com and writes articles for www.articlefree4all.com. Visit his websites for a history of US coins, metal market updates and news about your favorite coins.
History of the Famous 1913 Liberty Nickel Submitted by: Keith
The Liberty Nickel, commonly known as the 'V' nickel for the Roman Numeral 'V' on the reverse was officially produced from 1883 to 1912. We use the word officially because one of the most famous coins of all is the 1913 Liberty Nickel which was produced under suspect circumstances. Sometime well after normal production stopped for the Liberty Nickel series, a few 1913 Liberty Nickels surfaced. In December 1919, Samuel W. Brown put an advertisement in The Numismatist offering to pay $500 for 1913 Liberty Nickels. It is a known fact that he was the first person to advertise for this date. It turns out; Brown was employed by the mint at the time of the suspected minting of the 1913 coins. He worked in the coining department. Although no one now knows for sure how the 1913 coins were produced, there are a couple theories: It is speculated that the coins were produced in late 1912 when dies for the next years coinage were being made, and before it was decided that 1913 would be the introduction of the Buffalo Nickel. The coins could have been produced early January 1913. The first 'experimental' Buffalo Nickels were struck on January 7th, 1913 but production did not take place until February 15, due to various design problems. It would not have been unusual for someone in the Medal Department of the Mint to strike a few examples for cabinet/display purposes. Since the Buffalo Nickel was not yet officially approved, striking a few Liberty Nickels would not have been illegal. While no one knows for sure how Brown came into possession of the nickels, it is possible that he received them from engraver George T. Morgan, who produced rarities upon occasion for sale to dealers. Considering the effort required to produce them, such as making the dies, preparing the machinery and then finally striking the coins, it is amazing that no-one came forward to claim participation or to profit from the coins. After running the ad, Brown displayed the nickels in 1920 at an ANA convention. Now the word was out, 1913 Liberty Nickels actually existed. A few years later, a prominent coin dealer of the time, B. Max Mehl or Fort Worth, TX, advertised to pay $50 a piece for a 1913 Liberty Head Nickel. He knew he would never get one though. He was a marketing genius and as a result of his advertisements, coin collecting became all the rage and his publication, Star Rare Coin Encyclopedia sold very well. People began checking there change in hopes of finding the coin. To this day though, only 5 have ever surfaced and it is believed that the five known, are the only ones in existence. In January 1924, August Wagner, a Philadelphia coin dealer advertised for sale the five nickels presumably on behalf of Samuel Brown. From there, they have had a host of owners. Until recently, one of the 5 pieces (the Walton Coin) had been missing for 40 years. Mr. Walton-a dealer, would take his coin to shows along with a duplicate. On his way to a show he was killed in a car wreck and his coins were scattered on the roadside. His heirs did get his coins back, but were never sure if the 1913 Liberty Nickel coin they had was the fake or the original. A major dealership once called the real coin a fake. In 2003 at the ANA Show, the coin was authenticated by several experts and the mystery of the missing coin ended. It was also at this convention that all 5 1913 Liberty Nickels were displayed together for the first time since 1920. How famous is the 1913 Liberty Nickel? It was the first coin to sell for over one-million dollars. It was also featured on the old show Hawaii Five-0.
About Author: Keith Scott has been a collector for over 30 years. His website has US coins for sale. He also writes Coin Collecting Articles for fun. Visit his websites for a history of US coins, metal market updates and news about your favorite coins.
