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The rare Penny Eminently historic and unquestionably rare, the Penny was a product of the Great Depression. Decimal currency changeover posed an imminent and very real danger to coin collectors - the melting down of undiscovered rare pieces. Collectors keen to complete sets of all coins minted in Australia rushed to acquire the elusive pieces at rapidly escalating prices.
We are well into the decimal era now, so no one checks for pennies in schoolyards anymore. But, the backs of old couches and the deep recesses of old furniture are still to this day routinely checked. Just in case. Struck in , during the Great Depression and with unemployment tipping 30 per cent, the notion that coins could be saved or kept as a collectible was nonsensical. Any coin that came into a family's hands was used.
The point at which the Penny became a collectible, and was taken out of circulation, determines the extent of wear the coin sustained. And hence its price. Set your budget. As with all purchase decisions, the first step is to set your budget for Pennies are available across a broad range of prices. Understanding the value of the Penny. Circulated - but nice to the eye. A hint of the central diamond, or one side of the central diamond, also is visible. The 'Diamond' Penny was taken out of circulation and became a collectible earlier in its life than the 'Classic'.
Evenly toned and again aesthetically pleasing. A Penny that has undergone minimal circulation and became a collectible very early on in its life will be graded a minimum of 'Good Very Fine' and up to the finest known at 'About Uncirculated'.
The 'Diamond and Pearl' Penny is extremely rare, perhaps forty to fifty would be available. The coin will have a complete and strong central diamond that almost leaps right out of the coin.
This is an elite coin that became a collectible very early in its life and is of the highest rarity. Waiting lists are the norm for a Penny of this calibre.
Verify the Quality. Irrespective of the quality level and the dollar level, if you are a potential buyer of a Penny then the best advice we can offer you is to only consider a coin that is visually very attractive and that has no obvious defects from its time in circulation.
The simple point - of acquiring a Penny that looks 'good' - really counts when, further down the track, it comes time for you to sell and realise on your investment.
The Penny was not discovered until the s, allowing at least a decade of circulation before collectors even knew of their existence. Which means that most of the Pennies had been handled, mishandled, dropped, scratched, or rattled around in change. Do not accept the huge unsightly gouge. Note, there will always be some signs of circulation with a Penny, but if they overwhelm the overall aesthetics of the coin, then in our view, do not buy it. Storage, how well a coin has been preserved, is also a contributing factor to the value of a Penny.
If there are tell-tale signs of poor storage, the coin should be knocked back. Our attitude with Pennies is clear. There are a number of Pennies around, but not all of them are worth owning. First up take photographs of both sides of the coin.
We can purchase the coin outright. Close inspection of the shoulder along the back finds a faint outline indicating the lapel to the coat. Lincoln's coat and shirt are still separated although wear has flattened the contour. A clear bowtie remains. Major details to the coat and lapel are visible. Nice surfaces remain on the example wheat cent; no distracting marks and discoloration catches the eye.
Circulated wheat cents from the early years are collectible when displaying eye appeal. Demand from collectors is steady, holding values strong. Good Grade: Heavy wear smoothing the design and connecting major areas places a wheat cent in Good grade. Lincoln's cheek and jaw are now connected. Most of the detail within his hair is missing. A flat area extends along Lincoln's back merging all lines of his coat. Just traces of the lapel line over the coat are visible.
Lapel detail separating the shirt is worn almost smooth below the bowtie. A slight amount of detail is visible placing this coin solidly in the good grade. Bold features remaining: Lincoln's portrait, legends, and date add to appeal.
Although heavy wear is present, these major details remain. Nice even toning is a plus to the example penny in good grade. Grading Lincoln Wheat Pennies covers additional points in greater detail when judging condition.
Both the obverse and reverse of these wheat pennies have many areas to examine to help confirm and establish a grade. When grading is complete you are in a position to realize true market value. There is one overriding element that determines value of any wheat penny; condition. Dates and mint marks are separated by rarity but all are judged by their current state of preservation. Maintaining the condition of your coin going forward is needed to assure future value. Collectors have a choice from a variety of coin holders, each specific in their level of protection.
Coin Tubes are excellent when keeping large amounts of average circulated pennies safe from further abrasions and the elements. Any above average condition wheat penny and all Extremely Fine grade and above are best stored in an individual holder. Saflips are specifically designed for coins, providing safety from further contact with other coins and handling.
Article: Safe Coin Stroage. High end cents both in value and condition need a high level of protection. Imaged is a wheat penny in a PCGS holder. A valuable wheat cent is now protected, assured of its authenticity, and the grade assigned is market accepted, strengthening value.
Article: Coin Grading Services. These levels of protection each suited to your coin's condition and value halt a steady decline in preservation of copper coins. US Mint.
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