For all the coin guys and gals, a little help.

[FlyingProspector]

Hey everyone, I was hoping for a little guidance in the coin world here. So for some reason I decided to go through a bunch of change I have here at the house and I came across some 60's quarters, 50's nickels and a few 40's wheat pennies. A quick google search on a 1966 quarter informed me that it is worth between $1 and $8 depending on condition, but at minimum it's worth a dollar. My question is this, is this true? And how old does something have to be in order for it to be worth more than face value? And what should I keep an eye out for and what's worth keeping? Thanks for the help!

 

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[Critical Recovery]

Any quarter 1964 and older should be worth much more than face value due to the silver content. 1965 quarters and later have no silver in them.
I can't imagine why that quarter would be worth so much.... Mint mark I guess?
I'm sure someone who knows coins better than me may have an answer, but as far as I know 1964 and earlier Roosevelts and all Standing Liberty and Barber Quarters are worth more than face.

 

[Mackaydon]

To have a 66 quarter worth nearly $10 it would have to be in MS 65 or better condition. To be valued at $1.00 (retail) would require MS-63 condition IMO.
Age, per se, does not determine value; only demand. I suggest you pick up a copy of The Official Red Book (by R. S. Yeoman); study it and you'll then know what to look for.
Don.....

 

[elijahhenry10]

I keep all wheats cents, and also nickels prior to 1960. Quarters aren't really worth much unless they are '64 and prior.

 

[geebtoke]

Also remember when searching the Internet to be sure the info you have is legit. Check multiple places. A coming could be worth 25¢ but some guy who sells the coin and has a bunch may list it on his site for more to perceive bigger value. I know basic stuff but always keep it in the back of your mind we sometimes get caught up hoping its worth more

 

[cudamark]

Hey everyone, I was hoping for a little guidance in the coin world here. So for some reason I decided to go through a bunch of change I have here at the house and I came across some 60's quarters, 50's nickels and a few 40's wheat pennies. A quick google search on a 1966 quarter informed me that it is worth between $1 and $8 depending on condition, but at minimum it's worth a dollar. My question is this, is this true? And how old does something have to be in order for it to be worth more than face value? And what should I keep an eye out for and what's worth keeping? Thanks for the help!

With coins, the important points are: Condition, year, and mint mark. A 1966 Quarter is only worth more than a quarter if it's uncirculated or has a mint error of note. Common circulated version aren't worth anything over face value. Any '64 and earlier half, quarter, or dime is 90% silver and has value beyond face due to it's silver content. Add to that any numismatic value. You can determine that with any decent coin book or web site dedicated to those values. '65-70 half dollars are 40% silver so they have value over face also. The only other silver coins after '64 that have silver are ones that came in proof sets or other mint special sets. Although it's rare to find one with a metal detector, it's not impossible. I found one in change once.

 

[ivan salis]

coin values are often due to these factors -- #1 the actual metal content of the coin gold / silver of course wil have many times the "face value' of the coin -- the second thing that often can make a coin valuible is if its a highly rare low mintage "key date / key mint mark" collectible coin needed for coin collectors to complete the coin sets * for these types of coins --"condition" is the key --the better shape it is in the more its worth . -- so the 3 big value makers in coins are #1 metal content , #2 rarity and collectible status , #3 condition -- so a silver coin ,that is rare and in great shape would have all 3 value factors --where a commonly minted quarter found in pocket chance would not.

 

[olfacere]

Others have given some good answers already, so I'll just simplify a bit. Here are the "rules of thumb." All modern currency is worth face value, so it's important to know where that "modern" line is. All dimes, quarters, half dollars, and dollars minted in 1964 and prior will (currently) be worth about 20x their face value due to being 90% silver. A 1962 quarter is worth about $5. A 1962 dollar is worth about $20. These values change as the trading value of silver goes up and down (and also suggests that our currency was worth about 20x as much in the 60's as it is now). Nickels have always been relatively unimportant, unless you get a special one. The same goes for pennies, but pennies (minted in 1984 and prior) are now worth about 3x face value for copper content (100 pennies is $3 in copper, though it is still illegal to melt them down). All modern pennies are made of zinc with only a tiny bit of copper.

These guidelines that I've mentioned work as a good foundation, but then there are special series, mint errors, short runs (only a few coins of a certain type in a certain year came from a certain mint), and stuff like that. To get more than these general guidelines, you need to start learning individual coins and series. It's good that you have a place like Tnet where there are a bunch of people interested in the same thing.

 

[FlyingProspector]

Fantastic information thanks everyone. So what's the deal with these wheat pennies and why does everyone keep them? (Please excuse my ignorance on the matter)

 

[Critical Recovery]

Fantastic information thanks everyone. So what's the deal with these wheat pennies and why does everyone keep them? (Please excuse my ignorance on the matter)

Wheat pennies were produced from 1909 to 1956.
They were the back of the lincoln design (The design after the Indian head) and Wheaties are Lincolns between 1909 to 1956 that have the wheat design on the back. After 1956, the back of the lincoln cent has the lincoln memorial on it. (referred to as memorial cents)
There are a few new back designs in the past few years (shield, log cabin...but not worth anything really)
They were all copper (well 95% I think..)til 1982 and now they are zinc with a thin copper coating, some people call them "Zincolns."

Wheat pennies are worth a bit more mainly because they are no longer being made, and some mint marks are worth more due to scarcity, like most coins.

 

[Coureur de Bios]

We have a tendency to collect, accumulate, hoard, or whatever term or reason apples, obsolete types of coins. The wheat penny falls into that category. First designed by Victor D. Brenner to commemorate the centennial of Abe Lincoln's birth. The wheat back design prevailed from 1909 until 1959 when the back was redesigned to the memorial type to commemorate the 150th year and changed again in 2009 with four different designs in the same year commemorating different aspects of Lincoln's life. Then again, 2010 began the current shield motif.

As has been said, value is based upon scarcity, which is generally related to the number minted; condition, and metal content. 1982 saw the penny minted for part of the year in the usual 95 percent copper and was changed to copper coated zinc later on the year. Then, of course, there's the steel, zinc coated penny of 1943, content changed due to the war.

Every type of coin has key dates that make them more valuable. Every "coin shooter" MDer should get a blue or red coin value book.

 

[Coureur de Bios]

Oh crap, gotta love these little keyboards. Last word, second line should be "applies" not "apples". Point is, we all like obsolete coinage.

 

[FlyingProspector]

LOL hey I like apples too

Again great info thanks everyone

 

[cudamark]

Others have given some good answers already, so I'll just simplify a bit. Here are the "rules of thumb." All modern currency is worth face value, so it's important to know where that "modern" line is. All dimes, quarters, half dollars, and dollars minted in 1964 and prior will (currently) be worth about 20x their face value due to being 90% silver. A 1962 quarter is worth about $5. A 1962 dollar is worth about $20. These values change as the trading value of silver goes up and down (and also suggests that our currency was worth about 20x as much in the 60's as it is now). Nickels have always been relatively unimportant, unless you get a special one. The same goes for pennies, but pennies (minted in 1984 and prior) are now worth about 3x face value for copper content (100 pennies is $3 in copper, though it is still illegal to melt them down). All modern pennies are made of zinc with only a tiny bit of copper.

These guidelines that I've mentioned work as a good foundation, but then there are special series, mint errors, short runs (only a few coins of a certain type in a certain year came from a certain mint), and stuff like that. To get more than these general guidelines, you need to start learning individual coins and series. It's good that you have a place like Tnet where there are a bunch of people interested in the same thing.

If you have a genuine U.S. minted 1962 dollar coin, it would be worth a whole lot more than $20 because it would be unique!! Real U.S. silver dollars are worth more than just the silver content so you have to pay a slight premium even for one very worn.