Large Cent discussion

[Old Dog]

To my knowledge it takes an act of congress to remove value from a given piece of currency.
Just as it takes the same act to give it value.

A silver dollar minted in 1800 says on the reverse one dollar.
It is still today as currency worth a dollar.

The same goes for all us currency...
Gold silver copper NO matter
Although for the life of me why someone would spend something like that is beyond me.

OD

 

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[Skrimpy]

To my knowledge it takes an act of congress to remove value from a given piece of currency.
Just as it takes the same act to give it value.

A silver dollar minted in 1800 says on the reverse one dollar.
It is still today as currency worth a dollar.

The same goes for all us currency...
Gold silver copper NO matter
Although for the life of me why someone would spend something like that is beyond me.

OD

That's the way I understand it too. Any good or service is legal to trade for other goods or services as far as I know (as long as it's not illicit drugs, prostitution, untaxed good and the remaining list of illegal things). If I want to sell a good/service and take payment in only chickens this is completely legal, but the only things that are worth goods/service in trade as CURRENCY is anything that Congress has deemed CURRENCY. As far as "legal tender for trade", an 1806 large cent is still legally one cent, but that doesn't mean someone won't pay more or give more goods/services in exchange for one. Does it mean I can legally use it as one cent? Yes. I would be stupid to, but I can't be prosecuted for passing a counterfeit because Congress deemed it legal tender and never repealed the issue. Although most tellers would either pocket the thing or hand it back to you asking for "real" money, it is still within the bounds of the law to use most of US minted coinage for it's face value in trade (I have read on here that the only exception is the 1933 double eagle). What does all this mean? I think it means ANY coin minted ONLY by the authority of Congress except the 33 double eagle is worth AT LEAST its face value in trade. Could it be worth more? Sure, to a collector or someone that knows what it is and how much it's worth. Could it be worth less? Yes if it's not IDable we don't know it's legal tender. So all your barely IDable large cents are actually worth face value. I have a couple of them that are so worn they are almost un-IDable. I'm going to try to use one as a penny in trade and see what happens.

 

[Mackaydon]

Skrimpy:
Two of the original 1933 specimens were given by the Mint to the U.S. National Numismatic Collection at the Smithsonian Institute. These were two legal specimens to become part of a coin collection.

On July 30, 2002, another 1933 Double Eagle was sold to an anonymous bidder at a Sotheby's auction held in New York for $6.6 million, plus a 15-percent buyer's premium, and an additional $20 needed to “monetize” the face value of the coin so it would become legal currency, bringing the final sale price to $7,590,020.00, almost twice the previous record for a coin. Half the bid price was to be delivered to the United States Treasury, plus the $20 to monetize the coin, while Stephen Fenton was entitled to the other half. The auction took less than nine minutes.
Don....

 

[fiatboy]

I'm going to try to use one as a penny in trade and see what happens.

PLEASE post what happens. I've always wondered what would happen if I used a large cent or a half cent or a three cent or any atypical coin in regular use. And be mindful of where you choose to use your large cent. Keep us updated!

 

[Skrimpy]

I'm going to try to use one as a penny in trade and see what happens.

PLEASE post what happens. I've always wondered what would happen if I used a large cent or a half cent or a three cent or any atypical coin in regular use. And be mindful of where you choose to use your large cent. Keep us updated!

Of course I will, but like I said, as far as I know, and none of the numerous people here that are smarter than I on these matters have contradicted my statement that I thought they were still legal tender. Therefore my thoughts are still that as long as it was at one time deemed legal tender, it still is and could be used as such. Then for my next trick I will try to buy a six pack of Bass with a cage full of chickens.

 

[fiatboy]

lol

Good luck! And as far as I know, they are still legal.

 

[Old Dog]

You may have trouble passing them but they are legal render.

OD

 

[Skrimpy]

You may have trouble passing them but they are legal render.

OD

Not that it wouldn't be fun but i may not need to try this. This weekend I met a retired SS agent. I asked him about this issue and he said, well of course its legal tender and can be used as such but you would be stupid to do it because either the person taking the transaction will either say "Thank you very much" and put it in their pocket, or they will accuse you of passing fake money and call the authorities on you. He said that in the long run it wouldn't matter but you might have to deal with a SS agent to get cleared.

 

[Don in SJ]

Found this on turning in Large coppers on a Coin World site.

http://www.coinworld.com/newcollector/spotlight/cent-flyingeagle.asp

Legislation approved

On Feb. 21, 1857, coinage legislation was passed by Congress authorizing production of the small cent. The legislation ended large cent production, with the public being encouraged to redeem all large cents.

To assist in redeeming not only large cents, but all formerly circulating foreign coins which were declared to no longer be legal tender by the legislation, booths were set up in the yard of the Philadelphia Mint open to the public to allow them to exchange the now obsolete coins following the availability of the 1857 Flying Eagle cent on May 25. The new cents were available in bags of 500 pieces.

A booth was set up to redeem cents and another to redeem silver foreign coins. Half cents were also phased out by the same legislation.



Don

 

[Old Dog]

I tend to agree that the Flying Eagle Cents are a very handsome coin,
I have a couple and must admit they are very appealing, but very hard to get and afford a good copy of.
A poor one can sell for 25 to 30 dollars.

Think I'll look a bit harder the next time I'm out on an old site.

OD

 

[Skrimpy]

I tend to agree that the Flying Eagle Cents are a very handsome coin,
...

I agree. I like the look of all the old pennies. Especially the ones with the wreaths and/or shields. I prefer them to the wheaties and mems. Nuttin against Lincoln, I just like the design better. I really like the design on the two center. It's a nice size and it has got both the shield and the wreath. As for the silver I like the capped bust, the seated coins, and the walker. Nice, nice designs. I don't like the new stuff. They look like tokens to me.

 

[Old Dog]

Managed to put a type set together of the bust halves
From the 1800 to the end started early and managed EF 40 minimum on grade to AU 58on the other end. The worst one to get was the last on made! The reeded edge Bust Half just about beat me up in EF grade. Th Bust halves are crazy expensive now.

Boy they sure are pretty though. These were made when coins were art.

OD

 

[fiatboy]

I like the look of all the old pennies. Especially the ones with the wreaths and/or shields. I prefer them to the wheaties and mems. Nuttin against Lincoln, I just like the design better. I really like the design on the two center. It's a nice size and it has got both the shield and the wreath. As for the silver I like the capped bust, the seated coins, and the walker. Nice, nice designs. I don't like the new stuff. They look like tokens to me.

I completely agree.

 

[leddel]

flying eagles are beautiful coins and hard to come by all though i have found a site that has produced five last year ,two 57's and three 58's . good post guys

 

[Old Dog]

Leddel,
Pulled up a 57 Large letters this spring that was part of an old fruit jar cache someone lost track of around 1895. At least that was the newest coin in the jar.

send me an email and I'll send a picture.
These were made when coins were art.

OD

 

[Skrimpy]

Leddel,
Pulled up a 57 Large letters this spring that was part of an old fruit jar cache someone lost track of around 1895. At least that was the newest coin in the jar.

send me an email and I'll send a picture.
These were made when coins were art.

OD

Stink Pot! Post a pic of that cache or nobody will believe you! Or at least PM me the pic.