Did you ever think that the loose change jangling in your pocket might be worth a fortune one day? Most of the coins in circulation are worth just their face value, but some rarities–especially ones with minting mistakes–can fetch collectors unimaginably large sums.
This little world, numismatics, sometimes sees common coins that look totally ordinary bringing millions of dollars because of some tiny production flaw that revealed them as valuable treasure instead:Production mistakes that brought staggering prices:In Secret CashMany people ignore their loose change, throwing it into jars or allowing it to gather articles in cup holders. But sometimes this everyday currency contains extraordinary secrets. Mistakes made at mints–the U.S. officially chartered factories where our money is made–might occur and numismatists (coin collectors) search for them frantically.
Some of these mistakes have resulted in coins worth not hundreds per cent but thousands or even millions of dollars.
Take the 1943 copper penny, let’s say. During WWII copper was needed for the war effort, so the U.S. Mint made pennies in steel instead. However, a few copper pennies were accidentally produced in that year when they used copper blanks for testing their presses. These very rare mistakes now fetch more then $1.7 million apiece transfer of ownership
Eight Multi-million Dollar Errors”We should explore eight of the most valuable error coins out there that just might suddenly alter someone’s financial situation.”
The 1794 Flowing Hair silver dollar Number of products: $10 millionDespite not strictly being a modern error coin, this first-ever U.S. dollar showed numerous strike inconsistencies. The best preserved specimen sold at auction in 2013 for over $10 million, making it one of the most expensive coins in history.
Take the 2005-D Uncirculated 24 karat gold edition Arkansas state quarter for example, these “P” coins were a type of quarters struck from 1979 to 1864 instead of the regular P-shaped coins—denoting Philadelphia upon 1965 ‘s switch-over from all denominations.
So although there are ten coins in any set to commemorate things like this particular state’s 150th birthday and its bird, the P coins are as rare as they come: One can fetch a range rover if it still has all four wheels on it, while such P coins fetch much more than multiples of what either their normal or 1984 or 1990 extra-cup.
2. The 1943 Copper Lincoln Penny – Estimated Value: $1.7 MillionHowever, because these coins mistakenly struck copper planchets when the mint was supposed to use steel during World War II mean ever they were brought up for discussion at last year ‘s long-anticipated auction or what people know now as “The King Farouk sale.” Only around 20 are known to exist, so there is big demand among collectors.
3. The 2007 “Godless” Presidential Dollar – Estimated Value: Up to $600,000 for Perfect SpecimensSome Washington and John Adams Presidential dollars were struck without the edge lettering that should have included “In God We Trust” and the mint mark. While there are vast numbers, prices for perfect specimens in circulation defy imagination.
4. The 1955 Doubled Die Lincoln Penny – Estimated Value: $114,000This famous error occurred when the die used to strike the coin was not properly aligned during its hubbing process–thus creating a clearly visible doubling effect on date and lettering. About 24,000 entered circulation before this error was finally caught.
5. The 1969-S Lincoln Penny Doubled Die Obverse – Estimated Value: $126,500Like the 1955 error, but much scarcer with only a few dozen known to exist today. The doubling on the letters and date can be clearly seen with the naked eye.6. The 1972 Lincoln Penny No Mint Mark – Estimated Value: $30,000 for Perfect SpecimensSome people have had Philadelphia Mint 1972 cents without the required mint mark struck from them.
This is a valuable variety sought after by many collectors.7. The 2004-D Wisconsin State Quarter Extra Leaf – Estimated Value: $6,000 in Perfect ConditionThis quarter has an extra leaf on the ear of corn in the Wisconsin design. It may have been caused by a die gouge but amounts to a visually attractive variation that commands high prices even without a blemish.:
The Mule Sacagawea/Quarter of 2000 – Expected Value: $100,000
A line is produced from this one dollar face of the Sacagawea dollar obverse plus a Washington coin reverse. Approximately 20 have been discovered, and as such they can only be bought by collectors who are very much in the Know.
From penniless to rich through an Error Coin
What makes these stories so irresistible is that many of these valuable error coins have at one time been right beside us in everyday use. People have found million-dollar coins in their small change, in the collections that they have inherited and even been handed out as change coming from daily transactions.
Consider the 1943 copper penny that a New England family found in their late father’s holdings. What their old man had been collecting without much thought as to anyone else’s interest was a curiosity of the past to be auctioned off successfully for more than 200,000 dollars education fund his grandchildren.
Or take the Texas woman who received as change a ‘Wisconsin Extra Leaf’ quarter from the grocery store, realized its rarity because she had read about it in a magazine, and sold it to gain enough cash put down on her first house.
Hunting for Valuable Error Coins
Although the chances of finding a coin worth millions remain very small, relatively minor but still valuable errors are nevertheless discovered and put into circulation all the time. So here are some tips to help you avoid missing one:
Educate yourself: Read up on the most commonly valuable errors by means of books and websites that will tell you about what to look for.
Check your change: Get into the habit of running quickly through the coins that are handed back to you.
Look for irregularities: Should sections be missing, extra features present, an off-center strike occur or metals the wrong kindused in a coin may show it potentially is worth something.
Use magnification: Many errors may be very subtle and call for closer inspection with a jeweler’s loup or a microscope.
Check the dates: Certain year dates are more prone to contain errors of value than are others.