Pennies, Nickels and Dimes. The bane of pockets, purses and couches everywhere. But don't toss that loose change out, you could be overlooking some very valuable and important coinage. And you could be missing out on some great fun and history. Most collectors, including myself, got our start in numismatics by collecting Cents, Nickels, and Dimes.
The lowly penny, officially known as the Cent, has been around in various forms since 1793 when the first large cent version was minted. Over the years the Cent has evolved and changed into the coin we have today. It wasn't until 1909 that the figure of President Abraham Lincoln graced the obverse of the penny. The penny represents one one-hundreth of a US dollar and is the smallest form of US currency minted. From the first penny minted in 1793 till 1982 the penny was mostly copper. From 1982 on the penny is comprised of a zinc core with a copper coating. The only exception to that was in 1943 when for a short time the penny was made of zinc coated steel. For many penny coin collectors the prize is having a 1909-S VDB in their penny collection. The current Lincoln Cent originally released in 1909 with the famous Wheat reverse changed to the Lincoln Memorial reverse in 1959. In 2009 it was changed yet again with 4 reverse designs released in a 1 year span with the reverses depicting different stages in the life of President Lincoln. In 2010 it will change again to the new Union Shield design.
The Nickel, representing one twentieth of the US Dollar, hasn't always been a nickel. No! In the beginning it was made of silver and called a Half Dime. The first nickel that was actually called a nickel wasn't minted until 1866 and was known as the Shield Nickel. A nickel has been minted continuously since that time and have gone through multiple revisions and changes, including a time when they were made of copper, silver and manganese.
The Dime, which is worth one tenth of a US Dollar, is the smallest in diameter of all coins currently in production. However, it wasn't always the smallest. That honor goes to the $1 Dollar Gold coin minted during the 19th century. One of the first coins minted, it was authorized by the Coinage Act of 1792 and was one tenth the silver weight and value of a silver dollar. As of 1965 the silver content was removed from the dime and it's composed of 75% copper and 25% nickel. Silver proof sets, available since 1992 from the US Mint and not for general circulation, are available and composed of 90% silver and 10% copper. Like all U.S. coinage the Dime has gone through multiple revisions and designs.
Collecting pennies, nickels and dimes is a great way to help youngsters learn the "value" of money and saving. Something the U.S. could do with a bit more practice at. It's also a way of beginning a hobby that provides historical education, fiscal values and is modest in cost especially with the more modern coins.
In 2009 the U.S. Mint introduced the Lincoln Bicentennial series on the 200th birthday of President Abraham Lincoln. These one cent coins were an immediate hit with the public and are highly sought after. Four different reverses of the Lincoln series are to be produced in 2009.
So why collect coins? Great question, and one that for every 10 people you'd ask you might have 10 different reasons. Some collect because the history associated with a particular coin. Others because it's like having a miniature art collection. Others still because they hope the coins will appreciate in value. And on, and on. For me it's a little of each of these. For you it may be a different reason. But we all share a common interest and passion in what has been called "The Hobby of Kings."
If you are new to collecting coins it is wise to understand that counterfeits of coins do exist. In order to protect your investment it's recommended that you purchase expensive and/or rare coins that are guaranteed genuine or are certified by the third party certification services NGC (Numismatic Guaranty Corporation), PCGS (Professional Coin Grading Service, ANACS (American Numismatic Association Certification Service) or ICG (Independent Coin Grading Company). While most of the coins discussed here are modest in cost there are others that are very scarce or rare and their acquistion cost can be very high.
The history of U.S. Coinage is filled with political intrigue, mystery, smoke-filled backroom arm twisting and a lot of good old practical thought about how the U.S. monetary system should be designed. It has proven over the years to be a coinage system that has worked. And, the best of all from my viewpoint, it has given us some of the best, most interesting and collectible coins available today. PenniesNickelsNDimes.Com is intended to be fun and informative for all collectors, young and old, new and wizened. We hope you enjoy looking around, come back and visit often and recommend us to your friends.
Happy collecting!