For this blog I would like to answer some of the most frequently asked questions about Lincoln Wheat cent collecting and what is happening in the coin collecting industry in general.
I will add new comments as I learn what is taking place and I hope the people reading this blog will help to make this a forum that will answer their questions and allow them to make comments as they see things developing as well.
As the site develops I hope people will be inspired to enter the hobby and express their ideas on any topic which may be of interest to the reader. Among these may be: starting a business after retirement, or how coins can be a source of remembrance. Who knows what people will blog on in the following months and years. Please come back and see for yourself.
Finally please keep an eye on the www.Reminicents site for new items which are constantly being added. If you have any ideas for future products please contact me through the site. Who knows, you may turn out to be a jewelry designer as well!
- What is the technical term for coin collecting?
The study of coins is called numismatics and those who participate are called numismatists. I suggest you learn these two terms because they really impress people when you learn to use them correctly.
- What is the most commonly collected coin from the Lincoln Cents Collection?
The Lincoln cents started in 1909 and were designed by Victor David Brenner (VDB). His initials were placed on the reverse side in the minting process but the country thought it looked too regal and the initials were removed a few months into the minting process. The two mints in operation at the time, the San Francisco (S) and the Philadelphia (blank mintmark) produced only 484,000 and 27,995,000 coins with the initials and 1,825,000 and 72,702,618 coins without the initials. These numbers are small compared to current minting numbers and were produced one hundred years ago. This makes these coins highly sought after and they are known as "keys" to the collection.
- What are the other keys?
Because coins vary in their needs to commerce, certain other years are also very rare. Today the hardest coins to find are the 1914D (Denver mint), the 1913S and the 1922D. Certain early teen years are also considered semi-keys and have high surcharges when purchased. Again this is very elementary and I suggest the reader consult numismatic magazines and books for more information.
- What is the difference between a wheat back and a memorial cent?
Wheat backs were minted from 1909 to 1958 and can still be found in very limited quantities in general circulation.
Memorial cents were minted from 1959 to 2008 and the reverse contains the Lincoln Memorial. Originally, it was designed to commemorate one hundred and fifty years since the birth of Abraham Lincoln.
- What is currently on the reverse of the coin?
This year, 2009, the one cent coin will have four new reverse images following Abraham Lincoln's life from Kentucky, Indiana, and Illinois and finally his presidency. These coins are commemorative because it is Abraham Lincoln's two hundredth birthday and the one hundredth anniversary of the coin. These coins will be minted every three months and will never be minted again by our government. Needless to say they will be highly collected and bring in millions of new collectors.
- What was used for the one cent coin before the Lincoln one cent coin?
The Indian head cent was minted from 1857 to 1909. Prior to this there were large cents and even one-half cents. Again, the reader needs to do research into this fascinating history.
- What is the one cent coin's composition?
Currently the one cent coin is only coated in copper and is mainly zinc. Prior to 1982 the coins were 95% copper and are all becoming rarer and rarer due to their collectability. In 1943 due to a shortage of copper they were composed of steel and are gray in color. There were fluctuations during the years and a coin book will give the break down.
- Are there any books you recommend?
The reader is urged to check out the Official Red or Blue Books of United States Coins by R. S. Yeoman or some of the weekly publications found in your local library.
- How are coins graded?
There are a number of companies that grade coins and assign numbers from one to seventy. One is judged a much worn coin and seventy being an uncirculated, perfect coin. Because there are so many books on the subject the reader needs to research books or stop by your local coin store to see these coins in capsules once they have been graded.
- Are coins a good way to save for the future?
Coins are in a bull market at the present time and are selling for premium prices in most cases. Presently 2009 appears to be the golden opportunity coin collectors and speculators have been waiting for because the mints in our country are only at about thirty percent of their production levels due to the recession and coins are not needed by private industry. Adding to this is the fact that the mints have to change their production goals every few months to accommodate the territorial quarters and the four new Lincoln cents.
Older coins have gone up in value as well because when these new coins are minted they bring in thousands of new collectors , or ones trying to fill their old collections and speculators who are looking to invest in things beside the stock market and the banks poor interest payments on accounts.
In short a perfect storm is brewing.
