A Treasure Hunt

Ever fumbled with your keys? Chances are you have! People notoriously drop things; they always have, and they always will. Some of the time they don't even realize it happened. From keys to coins to jewelry, it occurs each and every day.

Coins are undoubtedly the most common item dropped and are rarely picked up. Whether an earth-colored penny or a thin silver dime, they visually blend in or fall between blades of grass and ultimately become a part of history.

High foot traffic areas like parks, beaches, hiking trails, and sidewalks are common areas where coins are lost. Likewise, fields, yards, gardens, and anywhere people may have walked, worked, or congregated over the years tend to hide just as many secrets.

A coin dropped 100 or more years ago may have been common for the period however, as time moved on that same coin has transformed into a collectible relic. Any property with average human use will be hiding some secrets.

Numismatists as they are known are constantly buying, selling, and actively searching for collectible coins. In 2021, the three largest coin auction houses had sales of over 525 million. The price collectors pay for some coins is staggering.

In 2021, a 1933 $20 Double Eagle gold coin sold for a whopping $18.9 million. In that same year, an 1822 Half Eagle gold coin sold for $8.4 million. While finding one of these unique treasures is highly unlikely, the chances of finding rare collectible coins is surprisingly high.

While any older coin in good condition will sell, collectors actively seek ‘key date’ coins. This may include coins that have a low mintage for a given year, display minting errors, or ones that were struck on an incorrect planchet. There are literally thousands of varieties sought across all U.S. coin denominations.

For example, this 1969-S Lincoln Memorial Cent was struck with a doubled die during the minting process. When the die that struck this coin was made, the hub - which is used to make a specific coin die - hit the die twice. One in average condition might sell for $30,000. In pristine condition, this coin may fetch as much as $125,000. A good number of these mint errors were released into circulation before the error die was replaced.

The rare Bronze 1943 Lincoln Wheat Cent. As copper was reallocated to the war effort, the U.S. Mint required all 1943 cents to be made from steel. However, when the presses were fired up in 1943, some still contained bronze planchets from 1942. An unknown number of these coins were minted in bronze and released into circulation. Find one and you could be looking at $250,000 or more.

When a low number of coins are minted for a given year, values tend to soar. In 1916 the Philadelphia mint only produced around 52,000 Standing Liberty Quarters. This coin in poor condition is worth around $4,000, in excellent condition it is worth north of $40,000. That year the Denver mint also had low output. They produced a mere 264,000 Mercury Dimes. Values hover around $2,000 for poor condition and $30,000 for excellent condition.

While key dates drive demand for a particular denomination, the overall condition of a coin controls the price a collector is willing to pay. As condition climbs on a standardized grading scale, the price rises exponentially.

The US Mint releases coins into circulation and the longer a coin remains in circulation, the more impact day-to-day use can have on its condition. Excessive circulation can wear away high spots, introduce surface scratches. or dent the edges of a coin. Uncirculated, or lightly circulated coins always command the highest prices.

One can assume that most rare coins in circulation have already been found. However, there are some subtle ways a rare coin may remain undiscovered. It may be sitting in a coin jar, behind a dresser, or in between the cushions of a couch. Or it may very well have been dropped 100 or more years ago and has remained in the ground, preserved, uncirculated, and waiting to be discovered.

The biggest advantage of buried coins is they generally remain in the exact same condition as the day they were dropped. When lost and forgotten outside, mother nature takes over. Over time, the coin will begin to sink into the soil and become encased in its protective host material.

High value coins are often submitted to coin grading services like PCGS, NGC, or ANACS. Using a standardized scale, these companies grade a coin based on its condition. The scale categorizes the state of a coin as poor (lowest), fine (middle) or in mint condition (highest). Wear from circulation, scratches, and corrosion all play a factor in the grade a coin receives.

A graded coin is verified as authentic, documented, cataloged in a worldwide database, and placed into a sealed holder (slab). The coin is guaranteed. Collectors pay substantially higher prices for ‘slabbed’ coins as they have confidence in its condition and know it is not a counterfeit. Reputable auction houses will typically sell ‘slabbed’ coins exclusively.