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Circulating Coins: More Interesting Now, In 1900 Or 1960?

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n9jig's Avatar
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 Posted 10/28/2018  7:18 pm Show Profile   Bookmark this topic Add n9jig to your friends list Get a Link to this Message Number of Subscribers

I was driving the other day and as my mind wandered I pondered this question. Are the coins usually found in our change today any more interesting that it was say 60 years ago or 60 years before that?

Today we commonly find older composition coins (pre-Zinc pennies) and pennies with several reverse designs, nickels with several designs, Quarters with dozens of reverses and 2 obverses and the occasional dollar coin with a plethora or designs. About the only coins we don't see many different designs on is the coin we least see, the Half dollar with only the bicentennial design that pops up as an outlier. We even see the occasional clad dollar here and there.

In 1958 outside of the one-off steel penny that rarely if ever popped up in circulation the composition of all circulating coins hadn't changed appreciably for almost 100 years. Pennies were still a year away from the LMC design so most circulating pennies were still LWC's, an almost 50-year-old design. Nickels hadn't been changed in 20 years but Buffalos were still pretty commonly found. Dimes were slightly newer in design, at 12 years so Mercury's were still around as well. Quarters were the oldest front & back design around at 26 years so it is unlikely there were too many SLC's still running around but I suppose there were a few. There were probably a lot of LW halves around to supplement old Ben as they were still pretty valuable to pull from circulation on a whim for many people; they were worth about as much as $5 is today. There were no real circulating dollar coins, but one could get them at the bank if needed, probably Peace and perhaps occasional Morgans.

Almost 120 years ago at the turn of that century IHC's had been around for 30 or so years and the only small cents before that, the Flying Eagle, were probably rarely ever seen. One could have perhaps found the occasional nickel Indian Head but I suppose that would have been pretty wild. There may have been some Shield nickels around but the Liberty nickel would have been almost universal. Dimes, quarters and halves would have included the Barber and Seated Liberty varieties and the purchasing power at the time would have precluded a lot of casual collectors of these denominations. Dollar coins would have been almost all Morgan's most likely as it had been over 25 years since the Seated Liberty dollar had been produced. I wonder if any Trade dollars were circulating at the time?

I suppose that there would have been gold coin at this time too but I don't know how much use they had in daily individual commerce then.

While the change to clad from silver effectively removed most pre-65 larger denomination coins from circulation the fact that 50-year-old coins are so common these days to be merely a mild surprise (if even that) probably makes current circulation collecting more likely to find old coins of interest, even if just to fill a hole, than it would have been years ago. While we might think the coins we see today are boring due to lack of design changes, in actuality one can find multitudes of different designs on a pocketful of coins today except for the dime. Take a random roll of pennies, nickels, quarters or dollars and today you are most likely to find multiple designs while in 1900 or 1960 you would find just one or two on a good day. Today, on pennies and dollars, at least you can easily find 2 different metal combinations while in 1960 and 1900 they would have been all the same 3 types: Copper for pennies, cupro-nickel for nickels and 90% silver for the rest).

While we all probably pine for the silver days what we have now is likely more interesting than it was then, especially since one can afford to pull coins for collection much more than one could 60 or 120 years ago. Of course we all would love to be able to go back and preserve and hide away copious amounts of coins for us to find now but just put yourself in the shoes of a circulation collector then.
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 Posted 10/28/2018  7:45 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Short and sweet ; when I first started collecting coins common silver of the early 60's were of no concern to me . Yes I saved Mercury's ,SLQ's and WLH's but that's it .If I only knew that 1964 would be the last of the 90% silver coins
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llewellin's Avatar
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 Posted 10/28/2018  10:42 pm  Show Profile   Bookmark this reply Add llewellin to your friends list Get a Link to this Reply
Very nice thought and write-up. I am particularly interested in how long the large cents would still be found - I remember someone on here mentioning coming across them in the 1940s, so perhaps we can add them to the mix encountered at the turn of the 20th century. The thought about circulating seated liberty and Trade dollars is also so intriguing. Would anyone alive today have had the experience of coming across one in a face value transaction...
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 Posted 10/28/2018  11:35 pm  Show Profile   Check spru's eBay Listings Bookmark this reply Add spru to your friends list Get a Link to this Reply

Quote:
The thought about circulating seated liberty and Trade dollars is also so intriguing. Would anyone alive today have had the experience of coming across one in a face value transaction...


I think it's a certainty that some did. They may not be CCF members, though.
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 Posted 10/29/2018  02:34 am  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
It's interesting to compare the experience of American collectors with those in Britain. When I started collecting coins as a kid, you could still find Victorian bun pennies (issued 1860-94) and the occasional halfpenny of the same period. Threepences only went back as far as 1937 but there were two designs - George VI and Elizabeth II. Silver coins before 1920 were rare but there were still quite a lot of 1920-36 George V ones around. The low point for British collectors was around 1998 when the oldest coins in circulation were dated 1971 and there were few commemoratives around: things have livened up since with all the commemorative 50p and £2 coins!
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n9jig's Avatar
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 Posted 10/30/2018  08:59 am  Show Profile   Bookmark this reply Add n9jig to your friends list Get a Link to this Reply
I was in the UK (England and Scotland) in the mid 1990's (around 1994 I think) and while I was impressed on the amount of different denominations used (7 at the time, it was before the £2 came around) there wasn't much of a variety in designs. Weirdly the obverses looked all the same, just like my Canadian stuff...

I did find some old coins of smaller value-larger size. IIRC I came up with a couple 5p coins roughly the same size as the 10p coin circulating as 10p coins. I started keeping an eye out for them and snagged a few more. I also found a few 50p coins with alternate designs I think.
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 Posted 10/30/2018  10:08 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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Weirdly the obverses looked all the same, just like my Canadian stuff...
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 Posted 10/30/2018  1:27 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply
I think we need to define "interesting" as the likelyhood of coins going into sets and "sets" as what was actually collected at the time.

In 1900 numismatics was largely focused on the old coins and to a lesser extent proofs. Civil war tokens were widely sought. In those days there wasn't asmuch interest in moderns and people didn't collect by mint mark. Indeed, many had some preference for Philly coins but would settle for a branch mint. Trade dollars went at a discount based on actual silver value and official pricing. There was often a substantial discount and these were not even legal tender until 1965. If a collector could afford to set aside a lot of money in face value coins one could easily have had a complete Barber set(s) in AU to Gem condition. The transcontinental railroad had been in operation long enough that coins would be available from any mint though, of course, far away mints would tend to be only AU by the time you found one. Old silver was largely unavailable because it was heavier so most silver was less than 47 year sold. Large cents had been withdrawn in the 1860's and destroyed though were still seen rarely in circulation and everyone had a few. Gold circulated lightly in the west and was unusual in the east.

While collectors today would be in hog heaven in 1900, at the time most collectors had little interest in the coins and were collecting the "wrong" moderns anyway.

The same thing applied in 1960. There were many Gems and varieties issued each year but collectors were more interested in securing quantities of modern BU rolls. Worse there was "nothing" interesting in circulation because all the keys and key dates had long since disappeared. Collectors scoured the coins seeking rarities.

Today in addition to the all the coins out there they are generally older than they were in 1900 or 1960. They have not been picked over so rarities circulate alongside the common coins.

Virtually no one made much money pulling good coin out of circulation in 1900 or 1960. I think it could be done today but it would require a great dealof effort. Worse is that this door has been closing for several years and one will run out of time before he gets very far.

I would prefer the unpicked over coins of 1900 but only if it could be done with modern conveniences and old valuations. :0 . Right now is a great time to get started but one should not concentrate on searching pocket change so much as putting together collections. There are lots of very overlooked coins today and there's nothing like collecting toidentify what exactly these are.
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IndianGoldEagle's Avatar
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 Posted 10/31/2018  10:54 am  Show Profile   Bookmark this reply Add IndianGoldEagle to your friends list Get a Link to this Reply
The value of the dollar back in 1900 bought far more than today. Average wage back then was about $5 a week. So you can bet there were far more older higher denomination coins circulating then.
I started in the 1950's and you could still pull Liberty nickels, Barbers, and Indian out of rolls from the bank.
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cladking's Avatar
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 Posted 10/31/2018  2:19 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

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The value of the dollar back in 1900 bought far more than today. Average wage back then was about $5 a week. So you can bet there were far more older higher denomination coins circulating then.
I started in the 1950's and you could still pull Liberty nickels, Barbers, and Indian out of rolls from the bank.


I didn't start until 1957 but by then there wasn't much left. Sure there were still heavily worn and cull Indian cents but almost everything before 1909 was cull. Indeed, nickels before 1926 were essentially non-existent except for culls and buffalos with the date worn off. You could still find a few one digit dates of common Philly issues from the teens. Dimes before 1916 were culls and quarters before 1925 were as well. Half dollars went back to 1916 but the rarities were long gone.

These coins simply were not very old like they are today. The oldest coin was a 1909 cent and it was only 48 years old.

In contrast you can still find cents back to 1919 (99 years old)and nickels back to 1938 (80 years old). Dimes and quarters can easily be found back to 53 years old.


I don't know how many of the pre-1853 coins were circulating in 1900 but wager none really did. Older coins had been melted and shipped abroad many times because of their higher weight. Large cents were withdrawn.

Perhaps a few Three Cent Nickels and Two Cent Pieces still circulated lightly but these weren't common or they'd be more heavily worn. These coins weren't very old in 1900 anyway.
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 Posted 11/01/2018  07:59 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Way back when I was a kid not to many people collected coins. At least where I lived. And coins like any Seated Liberty, Standing Liberty, Walking Liberty, etc. coins were common. I remember getting mad at our Mint for stopping the Mercury dime and coming out with a Dime with some guy's face I didn't know. Next I got mad when they stopped the Indian Head Nickel although that happened before I knew about it. When I was a kid Shield nickels and Liberty Head Nickels were so common no one collected them. For some reason the only people I knew that collected coins were into Mercury dimes. One kid I knew had all the Washington quarters from 1932 to 1950 and he sold them to me for face value. He just thought collecting coins was a waste of time. My Dad used to give me an allowance in Silver Dollars. I spent them as fast as he gave them to me. Why not. No one collected Silver Dollars.
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 Posted 11/01/2018  10:20 am  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
Way back when I was a kid not to many people collected coins. At least where I lived. And coins like any Seated Liberty, Standing Liberty, Walking Liberty, etc. coins were common. I remember getting mad at our Mint for stopping the Mercury dime and coming out with a Dime with some guy's face I didn't know. Next I got mad when they stopped the Indian Head Nickel although that happened before I knew about it. When I was a kid Shield nickels and Liberty Head Nickels were so common no one collected them. For some reason the only people I knew that collected coins were into Mercury dimes. One kid I knew had all the Washington quarters from 1932 to 1950 and he sold them to me for face value. He just thought collecting coins was a waste of time. My Dad used to give me an allowance in Silver Dollars. I spent them as fast as he gave them to me. Why not. No one collected Silver Dollars.


You're pretty lucky since right about the start of WWII would have been the best time ever to collect from circulation. The depression forced lots of people to spend their coins and others to slow down setting aside coin. BU rolls of '26-S buffalos were getting spent to buy necessities and all manner of old coin was reentering circulation. Coin collecting was just emerging for the first time in history as a mass market but most of these new collectors were setting aside only Lincoln cents.

Even coin types that didn't circulate freely in 1900 would have seen some light circulation.

By the end of the war all those workers in the factories had snapped up a lot of the rarities but other coins like the '32-S quarter could still circulate if it weren't high grade. Indeed, there were pretty good finds right up through the mid-'50's and Q David Bowers found an '09-S VDB to launch his career ~1952 if memory serves.

I didn't have a large number of coins to search in 1957 and didn't start checking rolls until 1959 but I saw enough coins to get a feel for what was available and it wasn't much.
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Afab67's Avatar
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 Posted 11/02/2018  3:27 pm  Show Profile   Bookmark this reply Add Afab67 to your friends list Get a Link to this Reply
To be honest, I never liked it when the U.S. starting producing coins that carried the likeness of actual people instead of Liberty.I'd prefer it if we went back to that.
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jbuck's Avatar
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 Posted 11/03/2018  12:18 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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...Liberty.I'd prefer it if we went back to that.
It is a popular idea.
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