The controversial “Indian head” coins can be worth tens of thousands of dollars.
But coin experts recommend that you look for two important features of this 1888/7 coin before trying to cash in.
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In 2019, Heritage Auctions sold one of these 1888/7 cents for $72,000.
Next to the Lincoln Penny, the Indian Head Penny is one of the most popular small pennies that people collect, according to the United States Gold Bureau.
“These coins are almost as old as the US itself,” he added.
“It’s a very rare coin and it’s something I recommend you look for,” recommended TreasureTown in TikTok.
UNTIL THE DETAILS
A clip showcasing the exclusive coin expanded on some features that set this coin apart.
It was originally minted in 1887, but the final digit was later changed to show the number eight – highlighting its rarity and what makes it a collectible.
“Basically it’s an 1888 instead of 1887… there’s an exaggerated date on the [last number] eight,” said TreasureTown.
He described the adjusted coin as “one of the penny kings of the Indian head”, which is “worth thousands”.
“If you look really closely, you can see a little bump in the top left corner, but especially in the bottom left corner of that date, and [final] digit,” Treasuretown explained.
“They would have punched each of them individually.
“Sometimes you will see some ‘eights’ drilled to the edge of the [coin]. Sometimes that’s pretty worn down.”
When it comes to 19th-century U.S. bronze pennies, the Indian head penny’s outdate of 1888/7 is by far the most valuable, he said. World of Currencies.
The forum explained that sale values can be 250 to 1,300 times the nominal value of the coin itself.
“One reason the 1888/7 has such a high market price is because currently no other Indian cent has the sought-after overdate designation,” the website added.
What makes a currency worth more?
If you’re lucky, you might discover a coin worth hundreds of thousands of dollars.
Rarity, condition, collectivity and metal content can increase the value of a coin – regardless of its age.
“If a currency is relatively easy to acquire, its value is generally lower,” he said Warwick and Warwick Auctioneers.
The most valuable coins are generally those with a low mintage or with an accidental error.
Rarity can be created by errors, for example mistakes made during the minting process or when coins were issued in error.
And the better condition a coin is in, the more it will typically be worth.
Some specific designs and features of relatively common coins can be worth thousands.
Additionally, the push for rare and valuable coins is based on supply and demand, he said. N/AIt isdaq.
“Some historic Roman bronze coins that are 2,000 years old are so common and readily available that they can be purchased for as little as $25 or $50 each,” said Donn Pearlman, spokesman for the Professional Numismatists Guild.
The mintage of a coin is fundamental to its attractiveness to collectors.
Each coin has a mint number that indicates how many were made.
The smaller the mintage, the higher the value of the coin – as there are fewer coins available.
Their precious metal content is also interesting – those made from copper are not as valuable as a coin made from gold, silver, platinum or palladium.
“Many coin enthusiasts feel that the main center of the 1887 cent was used in the production of the 1888 issue,” said the US Gold Bureau.
But while it’s considered iconic, the little penny’s design is controversial.
One side features the goddess of Liberty – wearing an Indian headdress, with the words “United States of America” circling her portrait.
The year of the coin can be seen below it.
However, people criticized the coin for showing historical inaccuracy.
Additionally, at the time the coins were issued, “Native Americans were being forced from their ancestral lands,” the department said.
Indian pennies do not contain precious metals such as silver or gold – the US only accepted both as legal tender between 1792 and 1862.
The new Currency Act of 1864 authorized the production of pennies made from a bronze alloy – consisting of 95% copper, 5% zinc and tin.
The cents were struck at the Philadelphia and San Francisco Mint branches.
Americans should check their change to see if they have any historic coins – because they can be worth hundreds of dollars.
A limited edition coin featuring the car of an important Chinese figure has been valued at more than $100,000.
This story originally appeared on The-sun.com read the full story
