Coins to save, and coins to spend

Some coins are “savers” and some are “spenders.” Do you know the difference? (Updated June 23rd, 2017.)

At one point we had lunch with some good friends. During the festivities, I saw a wooden piggybank-like thing on a shelf above the kitchen sink, part of which was a lucite window that showed the contents.

I asked, “So who was the cool person that gave you guys $2 bills?”

Later in the afternoon, they let me go through the contents of the bank. It was a collection of interesting coins that they had gotten as gifts over the years.

These coins were conversation pieces. Some were valuable.

The US Mint has put a nice twist on our coinage recently. The cent had four designs in 2009 to celebrate Lincoln's 200th birthday. The nickel's obverse was reworked in 2004, along with four designs on the reverse. The state quarter series was a lot of fun, and they've since branched into national parks. And, frankly, I liked the Presidential $1 coins until they stopped it.

As neat as designs like these are, though, they don't make the coins particularly valuable by themselves.

The populations of the coins are too big. They're not rare. Anybody can make a collection easily.

The majority of the coins our friends had fallen into this category: cool coins that were worth their face value. In other words: pocket money to spend. But they were pleasantly surprised that some of their coins had a bit more value, even in obviously circulated condition.

What are some coins worth saving? Which can you spend?

Here are a few examples of each kind:

• Franklin half dollar.  These were produced from 1948-1963. They are 90% silver coins. One dollar face value of silver coins at this time contained 0.71 troy ounces of silver. At today's silver price, that makes this single half-dollar worth a bit over 14 times its face value. So, I suggested that they save this. (I've starred the ones I'd save in the pictures.)
• Mercury dime. No, not Freddie Mercury, but Mercury the god. These were produced from 1916-1945. The Roosevelt dime replaced it following FDR's death that year. These are also 90% silver, so they should save this one.
• Bicentennial quarter. The mint produced these quarters were produced in 1976 in large numbers. The silver had been removed from new quarters in 1965, so these quarters contain no precious metal. So, they should feel free to spend these if the need.

• Wheat cents. The cent had the portrait of Abraham Lincoln beginning in 1909, the year of his 100th birthday. The Lincoln Memorial was the design on most years 1959 and after, but prior to that, the reverse design had wheat stalks. Aside from being 95% copper, they're at least 65 years old now, so I suggested that they save these even if it wouldn't send them on a cruise.
• Sacagawea and Susan B. Anthony dollars. I'm probably in the minority, but I like dollar coins. I think they're fun. The Sacagaweas were produced beginning in 2000, and the Susan B. Anthonys were minted for a few years beginning in 1979. The circulated versions contained no precious metals, and demand for even mint condition ones hasn't kept up with inflation. Spend'em.

• Kennedy half dollars, 1971 and on. The Kennedy half dollar began circulation in 1964, following JFK's assassination. The coins in 1971 and later contained only base metals. The 1976 coin had a different design on the reverse for the bicentennial. Still, though, these coins can be spent.
• Kennedy half dollars, 1965-1969. Same design but much different composition. This particular range of years is 40% silver. About seven of them contain an ounce of silver, so they're worth about $3 apiece. I recommended that they save these.
• Eisenhower dollars. These are honkin'-big coins, and called a “noble failure” by numismatist Charles Morgan. Whether or not you save or spend these depends on whether they're silver or not. It would be fairly unusual for the silver coins to be circulated because they were sold in sealed plastic. In general, silver Ikes are whiter and duller than circulation-strike Ikes.

You never know what might be in your pocket. Check your change!