Category Archives: Insights

Vacation Plans Should Include Something For Your Favorite Hobby

Finding a vacation spot that pleases the entire family can be a challenge. Locating one that allows you to enjoy your hobby as well as providing entertainment for others is even more difficult. Take heart. It can be done and in fact there are several neat things you can do that will appeal to all ages and interests while giving you a chance to expand your involvement in the pursuit of coins and paper money.

A trip to Philadelphia to see our nation’s birthplace is one that is usually high on everybody’s list of travel spots. It is also a mecca for all coin collectors because it is the home of the primary United States Mint. A tour through the Philadelphia Mint is considered a highlight for most of that city’s visitors, and it is surely one that all collectors will enjoy. Family members who may not share your interest in actually saving coins, will find the experience engaging because they will get to see how the nation’s money is made in a modern manufacturing plant. The Mint, at 5th and Arch Streets, has regular tours from Monday through Friday during most of the year.

You can also get a similar tour of the Denver Mint located at 320 West Colfax Avenue in Denver, Colorado. They, too, are open for visitors Monday through Friday 8:30 to 3:00 year-round. Admission is free at both facilities. Unfortunately, the San Francisco Mint, and Fort Knox are closed to the public.

While in Washington, D.C. you must take a tour of the Bureau of Engraving and Printing. That is the place where they make our paper money. It is one of the top tourist attractions in Washington, and well worth a short wait to get in. You will find their building at 14th and C Streets, just south of the Washington Monument. Visiting hours are from 9 to 2 Monday through Friday.Admission is free; the tour takes about one-half.

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Snappy Coin Designs

Anyone who collects thematic coin designs knows that just about every animal imaginable has been shown on some coin, somewhere, at one time or another. One of the strangest and most infrequently seen, however, is the crocodile. Perhaps it is the vicious disposition of this critter that makes it so unpopular. If you are collecting wildlife coins you will have to look far and wide to find an image of the crocodile on a coin, but they do exist.

The first coin ever to use the crocodile as a design was a Roman bronze as of the first century A.D. It was made by Emperor Augustus and intended as a tribute to his friend Marcus Vipsanius Agrippa. The obverse of this coin shows the heads of both Augustus and Agrippa. The reverse indicates that the coin was to circulate in the Roman colony of Nemesis, and shows a crocodile chained to a palm tree.

Agrippa was an exemplary Roman commander who likely would have succeeded Augustus had he not pre-deceased the emperor in 12 B.C. Collectors do not have to search for 2,000-year old coins of Augustus to fill the crocodile slot in their numismatic zoo. Other coins have been made in much more recent times, and are far more readily available. One of the earliest modern pieces was made for Papua New Guinea from 1975 to 1984. It features a New Guinea crocodile and the saltwater crocodile.

There are distinct differences between the two, though I must confess I have never been close enough to either of them to notice. Preceding that coin was a 4 shillings piece from Gambia made in 1966 that shows the African slender-snouted crocodile. Other modern versions of the crocodile theme are found on the 1978, 500 pesos coin of Colombia depicting the Orinoco crocodile, and the 1976-1980, one dollar coin of Guyana showing the Caiman. An unidentified crocodilian appears on the reverse of the Cook Islands’ 1996 $5 coin.

The Nile crocodile, the one shown on the ancient Roman coin, is one of the best known biologically. Males average about 16 feet long today, but in earlier times they were even larger. Nile crocodiles will eat about everything they can find. The Cuban crocodile, which is most often seen in North America, is somewhat smaller than its African cousin, but is just as vicious. Anyone interested in studying crocodiles would do well to confine their activities to a collection of coins before getting involved with them in the wild.

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Record Breaking Penny

A record-breaking sale price of $112,500 brought new meaning to the phrase “a pretty penny” when a 1943 copper version of the Lincoln cent was purchased by an East Coast collector in 1999. The coin is considered one of the best preserved of an estimated population of only 17 surviving examples. Collectors have been searching for the almost legendary 1943 copper cents since the pieces were first made during World War II. There is no explanation as to how or why any of the cents of that year were not made of the authorized material that was supposed to be zinc-coated steel. Nevertheless, a few exceptional coins did escape the careful inspection of the Mint and found their way into circulation. In the past other examples of the elusive 1943 copper cents have sold for similarly high prices. A Very Fine specimen went for $51,750 in a 1999 auction, and another sold for $82,500 in 1996. The record-breaking price of $112,500 was attributed to this choice piece being a lovely red and brown Uncirculated example. It is believed that this sale marks the highest price ever paid for any Lincoln cent. The coin, which had been in the collection of a Southern California collector for more than 40 years, was placed on the market and purchased by a Texas dealer who later sold it to another dealer. The piece subsequently went to the lucky collector who wanted it for his specialized set of Lincoln cents. No one knows for sure how many wrong-metal cents were made in 1943. The most likely explanation for the mix-up is that a few old copper (actually bronze) blanks were left in the coinage machine and accidentally got mixed in with the steel blanks during production. A similar error occurred when a few dime blanks were mistaken for steel and were also used to make cents that year. Only about 15 of the silver cents are known to exist, but their value is considered to be much less than the copper version. Normal 1943 zinc-coated steel cents are common and valued at less than one dollar each.

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Paper Profits

There is money to be made in making money. Only, do not try this at home. The government takes a dim view of people who go into competition with them and try making their own paper money.

The cost of producing United States currency is about one cent a note regardless of denomination. Two-thirds of the currency notes produced are the $1 denomination. The life of those dollar bills averages about 18 months, and then other notes replace them. Higher denominations last much longer in circulation but eventually wear out and have to be reissued. Bills that are called in are totally destroyed by shredding and burning.

The size of all currency notes is 2.61 inches by 6.14 inches regardless of denomination. Thickness is .0043 inches, which means there is not much paper in a $100 bill. There are 233 new notes to an inch (not compressed) and 490 to a pound. A million notes of any denomination weigh approximately 2,000 pounds and occupy approximately 42 cubic feet of space. Each year the government uses over 3,500 tons of paper and 1,000 tons of ink to produce the money you use.

The Washington Bureau of Engraving uses unique papers and inks and Printing to insure the quality and security of United States paper money. Would-be imitators are not able to purchase the special kinds of materials that are needed to make even reasonable copies of the nation’s currency. The penalties for trying are much too severe for anyone to ever consider going into business for himself or herself.

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Morgan Dollars Were Made at Many Mints

The ever-popular Morgan dollars are collected in many ways. Only the stouthearted attempt to save one of each date and mint mark, and it is vary rare to find anyone looking for minor varieties of the various dates. Yes, there are such collectors, but most people take a less aggressive position and are very happy with limiting the scope of their sets.

Owning even one or two of the famous Morgan silver dollars is thrilling. They were the mainstays of American coinage from 1878 to 1921, and were used for many years thereafter as backing for U.S. currency. The design, by artist George T. Morgan is considered a classic, and the coins are made doubly desirable by their high silver content.

One of the most collectible groups of Morgan dollars is a set of five pieces comprising one coin made at each of the different mints that produced them. It is an obtainable challenge that appeals to many people who would not want to attempt a complete run of all dates. The value of such a set will vary according to the condition and the dates that are included, but would not be beyond the means of most average collectors.

Coins that would be included in a mint mark set will be from the Mints in Philadelphia, Pennsylvania (no mint mark); New Orleans, Louisiana (O); Carson City, Nevada (CC); Denver, Colorado (D) and San Francisco, California (S). The piece from the Denver Mint will have to be one that is dated 1921 because that is the only year when Morgan dollars were made there. The most difficult mint mark dollars to find are the pieces made in Carson City. Mintage quantities were small each year that dollars were made there from 1878 to 1893, and examples are priced higher than Morgan dollars from any other mint. The most common, and least expensive coin in a mint mark set will be one from Philadelphia dated 1921.

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