Frequently Asked Questions
Q. How do I clean my coins?
A. Actually it is recommended that you don't clean your coins. The reason behind this recommendation is quite logical. If you use abrasive materials, or harsh cleaners, valuable detail made be scratched or eaten off the coin. These details are often very important to the coins value. The closer a coin is to its original "minted" condition, the more value it has. If you still wish to clean the coin, use the mildest non abrasive soap deluted with warm water. A mild hand soap, or other liquid soap is fine. Take your time and do not scrub with any abrasive sponges, scouring pads, or wire brushes. Some people use olive oil or gun oil to clean copper and bronze coins. While this does not remove corrosion, it does restore some of the coins original appearance.
Q. What is the American Numismatic Association and what does it do?
A. Founded in 1891, the ANA received a Federal Charter by the United States Congress in 1912 and renewed it in perpetuity in 1962. The ANA maintains the distinction of being one of few organizations to operate under a Federal charter. The purpose of ANA is to advance and promote the study of coins, paper money, tokens, medals, and related numismatic items as a means of recording world history, art, economic development, and social changes, and to promote greater popular interest in the field of numismatics. Today, with about 28,000 members, the non-profit educational group is the largest numismatic organization of its kind in the world. The ANA was formed to advance the knowledge of numismatics along educational, historical and scientific lines, as well as enhance interest in the hobby. Click here for more details.
Q. What is the Numismatic Guaranty Corporation and what does it do?
A. The NGC grades and authenticates all coins submitted to it. The NGC guarantees that all coins submitted to it are examined three NGC grading experts in accordance with NGC grading standards and procedures. In the event the purchaser of an NGC coin believes that the coin has been overgraded with respect to such standards and procedures, the purchaser may submit any such coin to NGC for a review of the assigned grade. If the grade determined under such review is lower than that originally assigned to the coin, NGC shall, at their option, either replace the coin or pay the difference between the current fair market value of the coin at the newly established grade and the current fair market value of the grade originally assigned to such coin. Visit their website.
Q. How can I tell if my 1943 penny is of value?
A. If your penny is non magnetic it is not the standard penny from 1943. Because of its collector value, the 1943 copper cent has been counterfeited by coating steel cents with copper or by altering the dates of 1945, 1948, and 1949 pennies. The easiest way to determine if a 1943 cent is made of steel, and not copper, is to use a magnet. If it sticks to the magnet, it is not copper. If it does not stick, the coin might be of copper and should be authenticated by an expert. If your penny clings to the magnet, it is made of steel, and therefore it is a 'common' 1943 penny and has less value. To find out about coin experts in your area, you may contact us or call the American Numismatic Association at (719) 632-2646. Your penny should look like the one below.
Q. Why does my 1943 penny have a funny silver look to it?
A. If your penny has a silver color to its appearance it may be a steel penny. If it is magnetic it is the standard penny from 1943. The reason pennies from 1943 are made of steel is simple. Nearly all circulating pennies at that time were struck in zinc-coated steel because copper and nickel were needed for the Allied war effort of World War II. Approximately fourty 1943 copper-alloy cents are known to remain in existence. Coin experts speculate that they were struck by accident when copper-alloy one-cent blanks remained in the press hopper when production began on the new steel pennies. A 1943 copper cent was first offered for sale in 1958, bringing more than $40,000. A subsequent piece sold for $10,000 at an ANA convention in 1981. The highest amount paid for a 1943 copper cent was $82,500 in 1996. Refer to the image below.
Q. Is my coin made of silver?
A. If you have a silver colored penny, it is not silver, but steel. If, instead, you have a dime, quarter, half-dollar, or dollar from 1964 or earlier, there is a significant amount of silver smelted into them. Certain 1942 nickels and all nickels dated between 1943 and 1945 also contain small amounts of silver, as do half dollars minted between 1965 and 1970. To determine if your 1942 nickel contains silver, look for a 'P' or 'S' above Monticello's dome. From 1878 until the early 1960's, coin collectors could walk into any federal bank, hand the teller a twenty dollar bill, and demand change in genuine, U.S. Mint silver dollars. But, those days are gone forever. When silver soared to $50 an ounce, silver coins disappeared from U.S. circulating currency. Today, silver dollars are highly prized by coin collectors who hoard them away as valuable pieces of America's frontier history.
Q. When do statehood quarters come out?
A. Statehood quarters usually come out every ten weeks.
Q. Is the 1913 nickel rare?
A. Yes, the 1913 nickel is rare. However, only if it has a V (Roman Numeral 5) on the back. If it does not, it is not rare.
Q. What is a mintmark and how do I find it?
A. Many mintmarks can be letters placed beside the "head" on the "heads" side of the coin as shown, but not all mintmarks are on the "heads" side of the coin. Some are in various locations, and not all coins have mintmarks. If a mintmark is present, it should be one of the letter or letter combinations listed in the next question. Locations for the mintmark may be on the "heads" or "tails", usually toward the bottom of the coin. Some nickels and other coins have had mintmarks above or below the buildings on the tails side of the coin. The only real help is knowing the letters of which to look. Also if the coin has no mintmark it usually meant it was minted in Philadelphia. The image below is a good example of where the mint mark of your coin is.
Q. How many mintmarks are there, anyway?
A. Since 1981, coins have four distinct mintmarks. Philadelphia uses either a 'P' or does not stamp a mintmark at all. Almost all U.S. coins lacking a mintmark are minted in Philadelphia, Pennsylvania. Denver, Colorado uses a 'D' for its mintmark. San Francisco, California uses an 'S' for its mintmark. And last, and less common, is 'W' for the mint in West Point, New York. On older coins mintmarks include 'C.C.' for Carson City, Nevada. 'O' is used for New Orleans, Lousiana. The final year for the Carson City mintmark was 1893. The final year for the New Orleans mintmark was 1909. Neither of these mints or mintmarks are used today.
Q. What does the term "proof" refer to?
A. "Proof" refers to the method used to produce the coin. Proof coins are made by polishing the dies and sandbasting the blanks that the coins are to be made. Proof coins are made especially for coin collectors. All modern coins from the San Francisco mint are minted as proof coins.
Q. Are proof coins more valuable than non-proof coins?
A. In most circumstances, proof coin are more valuable than non-proof coins.
Q. What makes a coin valuable?
A. There are, actually, many things that can make a coin valuable. One of the most common reasons pertains to the availability of the coin. Some coins are rare because few were minted. Some are rare due to mistakes or errors that were made and not caught until a few of the "mistakes" hit circulation. One such error included a rare "steel" penny. When the mint went back to using copper in 1944, some of the blanks for 1943 "steel" pennies were still in the hopper of the minting machine. Since the machine could not tell the difference between the blanks, it printed some steel 1944 pennies.
The two next common reasons coins are valuable are as follows. First some old or ancient coins are all corroded, worn, or damaged, except for a few that are in good or better condition. Even when there is an abundance of coins, if only a few are in good shape, these few are of great value. Another reason for coins to be considered valuable is demand. At times, there are coins of a particular type or mint that are more popular and, therefore, of very high demand. These coins will be priced higher because they are harder for dealers to keep in stock because of the quantities sold. This causes greater work and overhead for dealers and distributors, and therefore increases the cost. There may also be other reasons for a coins "higher" value, but they are less common.
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