A 1894-S Barber dime recently changed hands for $1.9 million. John Feigenbaum, a rare coin dealer in Virginia Beach, VA, escorted the dime from San Jose, CA, to the buyer in Manhattan. The appeal of this coin is not its beauty, but its rarity. Twenty-four were said to have been minted, and only nine are know to remain.
Numismatic value, which is the premium above either face value or metal content that coin collectors will pay, comes from a combination of condition, history, and rarity. The rarity of this coin is part of its history; the 1894-S was not minted for general circulation but for special VIP visitors to the mint. This specimen was in exceptional condition to boot.
I'm nervous enough carrying around relatively common coins that I buy at local shops. I can imagine Mr. Feigenbaum was more than a little edgy. He did likely get $57,000 for his sleepless redeye flight, though.
Here's a list of fifty highly-prized US coins.
The favorite coin of my smallish collection is an 1885-O Morgan dollar (eBay). It's in MS-63 condition and has an attractive rainbow toning that gives it character.
If you're a coin collector, what's the star of your collection?
Since I started collecting coins at a very early age when valuable coins could still be found in circulation, and since I have never had much money, my favorite coins are those I pulled from my change at face value.
Specifically, a 1932-S (San Francisco Mint) Washington quarter in Fine condition and a 1916 matte proof Lincoln cent which grades Extremely Fine. Proof coins are specially minted for collectors. Proofs before 1950 were sold individually; since 1950, proof coins have been packaged and sold in sets. Starting in mid-1937, the Mint produced "brilliant" proof coins which are highly polished and very reflective. Matte proofs have a different finish, which has sometimes been described as having a "sandblast" appearance. Proofs are also struck multiple times (usually twice) at die pressures greater than those used for general circulation coins. Proof coins thus display finer detail than coins struck for general circulation, for which high striking pressure was not a priority of the Mints. (Indeed, the San Francisco Mint often dialed down the striking pressure to extend the life of the dies used to mint coins. As a result, strongly struck S-mint coins are typically rare and prized by collectors.)
As with many of the "top" coins on that list – I can't argue with any of the Top Ten selections – the 1894-S dime has a story. 24 proof coins (no dimes were produced at San Francisco for general circulation that year, so circulated examples are known to be proofs) were struck for presentation. Legend has it that the Mint Director's daughter received three of the dimes and spent one on ice cream. As with many pre-20th century coins, the number of surviving specimens falls far short of the original mintage. The mantra of real estate is "Location, Location, Location." With coins, it might be "Attrition, Attrition, Attrition." These rarities are never going to become more common. (Hoards have surfaced in the past to increase the known supply, but I think there are few undiscovered hoards left.)
These high-end coins have never really excited me, as I'm never going to own one and will never even SEE many of them.
My personal favorites are proof Buffalo Nickels (1936 and 1937 only),proof Mercuty dimes (19036-1942), and proof Walking Liberty half dollars (1936-1942). (No I don't own any but I'd like to.) All had low mintages (four to mid-five figures per denomination per year) and in high grades can be gorgeous. The 1941 and 1942 proofs had the highest mintages and are the most affordable. These series are all very popular with collectors and will continue to be in demand for the foreseeable future. I also like Morgan dollars and there's a (political and historical) story there. Availability and pricing vary greatly due to large-scale melting of these coins which had sat in Treasury vaults for years. The Standing Liberty quarter (SLQ) (1916-1930) also gets a thumbs-up from me. These coins were never minted in huge quantities and are scarce-to-rare in high grades. The other coin types I mentioned are all available in quantity and thus have at one time or another been promoted by dealers. The SLQ is just way too rate for that.
The 1932-S quarter has the lowest mintage of any Washington quarter. All three mints (Philadelphia, Denver, SF) had low quarter production in that first year. The Washington quarter was originally intended as a one-year-only commemorative to mark the 200th anniversary of GW's birth. Its popularity turned it into a regular-issue coin produced every year starting in 1934.
The 1932-D with a slightly higher mintage is the highest-priced coin in the series in middle and higher grades. This is because more 1932-S coins were saved by collectors because the SF Mint was recognized as usually having the lowest mintage of the three Mints. Collectors didn't think to save the 1932-D until it had been in circulation long enough to take the vast majority of coins out of the average and higher grades.
It kind of makes you stop and think a little bit when you hand your change to pay for something. That dime in your hand might be worth $1 million a decade from now.
It makes you think long and hard to hand over your change to a cashier. It could be worth millions a century from now.
That’s cool that you have the 1885-O Morgan dollar. New Orleans and Carson City mints are my favorite to collect.
I would be sketched out carrying something valuable like that Barber. Wow! But in reality, you’re probably fine. I more worried about my house getting robbed or catching on fire.
MD