20 Interesting, Undervalued U.S. Gold Coins You Can Buy for Less Than $5,000

By Doug Winter on June 28, 2011 2:54 PM

Flynn Book Looks to Next Generation of Collectors

By Mike Thorne, Coins Magazine June 28, 2011

This article was originally printed in Coins Magazine.
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A friend tells me that stamp collecting is dying, and I’ve certainly seen evidence of this as I’m selling off my stamp collection. Catalog values, for example, have actually fallen over the years, sometimes precipitously. The stamps of countries that used to be popular to collect (e.g., United Nations) are worth virtually nothing.

The problem seems to be that young people are no longer attracted to the hobby. Is this true of coin collecting as well?

I certainly see no evidence of declining values of rare coins. Part of the reason, of course, is that many coins have some intrinsic value as precious metals. With increasing activity in precious metals comes increasing interest in coins, even those with no intrinsic value.

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Still, it seems to me that young people of today aren’t likely to be attracted to such a sedentary hobby as coin collecting, with all the electronic distractions vying for their attention. And that’s the purpose of the new paperback book I’m going to review for this column, to attract a new generation to the rewards of numismatics.

The book is Coin Collecting for the Next Generation, by Kevin Flynn. According to the author, “Readers [of this book] get information about how to make coins fun and exciting for young collectors. Coins are also a good teaching tool on many different subjects including history, math and drawing.”

The book is divided three major parts: The first part consists of many small “chapters” on kid-centered topics by Flynn. The second part is comprised of short “chapters” written by a variety of well known numismatists, such as Ken Bressett, David L. Ganz, and Harvey G. Stack. The book ends with several chapters with titles such as “Coin Trivia,” “Cool Stories for Kids,” and “Helpful Websites.” I’ll sample each section to give you some of the flavor of this small paperback.

Early in the book, Flynn considers the question of when to introduce coin collecting to a child. His answer is between the ages of 6 and 12, as a child under 6 probably won’t have the sustained focus needed to appreciate coin collecting and a teenager is likely to be distracted by too many other interests.

He points out the importance of the history represented on a coin and writes, “When kids start learning history in third and fourth grade is the perfect time to show them coins and help explain the historical significance behind the coin and the relationship between events, people, and places of the past.”

Flynn also discusses how to make coin collecting “fun and exciting,” two necessary components for retaining the interest of a child. One fun event he describes is “filling penny albums.” “This gives kids a jump start on collecting a series. It also gives them the experience of comparing coins and determining what they find appealing.”

In one chapter, Flynn discusses kid-friendly coin shows. Advertising for such a show should emphasize activities aimed at younger collectors, such as contests for articles written by junior collectors, grab bags of inexpensive coins, and the like. The main thing is to emphasize the family friendly nature of the show and to have kid-friendly dealers at the show.

In the section consisting of short chapters (or essays) written by numismatists of note, there’s one by Charmy Harker, the Penny Lady. According to Harker, “I try and encourage young people by engaging them in conversations about coins, asking them which series they’re interested in, finding out how they got started, who their mentor is, what questions they may have, etc.” Harker writes that she notices “more and more young women…becoming interested in coins, which is exciting and encouraging.”

Harker notes, “probably the most positive thing I do for kids (and most important, as far as the kids think!) is give them their first Indian cent.… I feel this penny is something they will most likely treasure, and perhaps this tiny copper disc will be the seed that is planted, grows, and blooms into a full coin collecting hobby for some of these young people.”

David L. Ganz’s chapter is titled, “Young Numismatists Needed to Grow the Hobby Tomorrow.” In it, he talks about his own collecting history, reinforcing Harker’s idea of an Indian cent as a seed when he writes, “I started collecting coins in 1960 at age 9. I found a circulated 1906 Indian head cent in pocket change as part of my 25c a week allowance…I was hooked.”

In his chapter, Youth Numismatic Educator and ANA Gov. Walt Ostromecki writes, “a recent ANA membership survey revealed that the average age of its membership (32,000) is approximately 60.4 years old! How sad.” He goes on to write that “shows that employ new, innovative methods” to attract families and youth may see their attendance skyrocket as a result.” In the final section of the book, there’s a “chapter” that presents “Cool Stories for Kids.” It probably won’t surprise you to learn that the stories feature marvelous coins such as the 1913 Liberty Head nickel, the 1804 silver dollar, and the 1894-S Barber dime.

Although this is a book about increasing numismatic interests in children, it is not aimed at children but rather at their parents, teachers, scout leaders, and so forth. If any of these labels fits you, then you may want to have a copy of Coin Collecting for the Next Generation.

According to the flyer I received with my copy, “Coin Collecting for the Next Generation is available for $12.95 per copy. Contact Kyle Vick at Stanton Books and Stone Mountain Supply, 1570 Holcomb Bridge Rd., Ste. 120, Roswell GA 30076.”

Collectors Bid Up Scarce Nationals

By Bill Brandimore, Bank Note Reporter June 28, 2011

This article was originally printed in Numismatic News.
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This month I have spent a fair measure of time on pricing large-size type notes. As I reported in the June issue, the Heritage auction at the Central States Show in Chicago was very strong. There were more bidders bidding, more fiddlers fiddling. More notes sold than in any Heritage auctions over the last two years. $500 and $1,000 notes showed modest gains. Scarce Nationals were strong, especially notes from areas that are seriously collected by a number of aficionados.

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This leads me to expect even stronger demand at the Memphis show coming up in June as this issue of Bank Note Reporter closes. If you haven‘t been to a Memphis International Paper Money Show yet, you need to go and experience it even if it is only to enjoy the ribs at Rendezvous. Lyn Knight makes an excellent host for the show.

World paper currency remains strong, as do large-size type and better Nationals. Fractionals and Colonial notes continue tepid. That makes this a great time to load up on these historical treasures. The 150th anniversary of the onset of the War Between the States should increase interest in Confederate, Encased Postage and Fractional Currency.

If you are computer savvy, look into Internet auctions by major auction players.There are buys out there. This is particularly true for bundled, or so called dealer lots. Perhaps this would be a good club idea. Look for bundled lots that the club can buy and distribute to participating members.

When you are buying a raw note, pay particular attention in grading the note. Look for tiny tears in the margins, repaired or otherwise. Look for pin holes. Be particularly fussy, as missing a defect on a note can cost you serious dollars. The professional graders are catching any and all problems.

If the problems are at all meaningful, you are likely to get a grade described as “apparent” or “net,” with the defect spelled out on the holder by the grading service. At auction, buyers are shying away from problems on notes that are spelled out in that fashion. Expect to see as much as a 25 percent discount on these notes. I recently received bad news on two notes that I had purchased quite a while ago. One was, I thought, a beautiful extra fine Porthole $5 note. It came back as an “apparent 35.” The defect was a small cut into the bottom margin of the note, perhaps 1/8th of an inch. It had been smoothed out with some sort of foreign substance. That will probably cost me $300 or more if I want to sell it. The second note was a First Charter Lazy Two. It was graded “Apparent 25, interior tear.” The tear was two punctures from a staple that had become enlarged in a very superficial manner. I suspect the financial damage will be $300 to $500. Ouch. The lesson is clear. Look carefully for pinholes or tiny edge tears. Prospective buyers will be very wary of “net” or “apparent” labels. Use a magnifying glass or loupe to avoid what I just described.

As painful as these revelations might be, it is better to know them as soon as possible rather than to be surprised by them when it is time to sell them.

I continue to recommend collectors work on small-size Federal Reserve Notes in addition to whatever else they might be doing. I think small-size notes are bargains now, but will catch on as large-size type notes get pricier and pricier. As always, I look for your feedback. Share your questions or concerns with me at billbrandimore@charter.net.

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Viewpoint: Pocket Change Still Yields Great Finds

By James Evans, Numismatic News June 23, 2011

This article was originally printed in Numismatic News.
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Many in our hobby are adamant that there is nothing good to find in circulation anymore. This is nonsense. There are many good finds in pocket change. What it takes is a focused approach and dedication. I’m not talking about going to your bank and buying a hundred dollars worth of rolled coins to pick through. Though, I do acknowledge such searches can be a wonderful way to add to your collection.

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I’m talking about looking through coins obtained from actual circulation, pocket change. I’m talking about taking a dollar bill out of your wallet and purchasing something for 15 cents just to get three quarters and a dime back. I’m talking about buying the 99-cent bottle of soda with the 5-cent deposit, paying with two dollar bills and hoping that the clerk won’t simply reach to the penny cup, take four cents from there and give you one of the dollar bills back. I’m talking about peering into the change drawer of a cash register as it opens, and asking the cashier if you can have that shiny coin on the top of one of the compartments. I’m talking about scouring the return slots of coin phones and vending machines, even hunting around Coinstar machines to find some forgotten coins that may contain the key to your collection. I’m talking about true circulation finds.

In 1999, along with probably 20 million or so people, I started a collection of the 50 state quarters. Along the way I’ve started five more collections of this series. Each collection is strictly circulation finds. The condition of each collection, and the difficulty of finding suitable specimens for each collection, offers an interesting look at the availability of coins in the series. It offers insight into availability both at the time of first release of each of issue, and availability of each type over time.

I started in 1999 with a $3.95 Littleton coin folder, which calls for one example of each quarter, regardless of mintmark. I put the quarters in as each new issue came into my hands, usually within a couple of months of being issued. The coins in this folder are all in wonderful condition, as near “BU” as can be expected when pulling coins from circulation. This collection has toned beautifully over the years.

In the early years of the program coins were plentiful and easy to find within a short time of entering circulation. Still, I remember a few that were noticeably more difficult to find than others. Rhode Island took a while to locate, Mississippi was hard to find and Kentucky was never plentiful. When I did find Kentucky quarters the reverse never seemed to have a good, clean appearance, and Maryland coins seem to have come off the presses with built in scratches. Still, the collection was assembled. The second half of the program had more instances of issues that were difficult to find, but these presented no serious problems.

I thought it would be fun to start a second collection of the same series, and in late 2003 I purchased a second folder, identical to the first. I kept the folder empty until Jan. 1, 2004, and started in. Circulation finds only, and no help from coins already lying around that had been acquired prior to Jan. 1, 2004.

This second collection proved a bit more trying for the first 25 issues. Also with this second collection, I started noticing which coins were not struck as well as others, and which issues were not as generously distributed in New England. I don’t travel out of the area very often, and almost all of my circulation finds are coins that were originally distributed in the area when they were new, or were brought here by others.

The second collection confirmed that Rhode Island was not well distributed in New England, and when it was found, it usually had lots of scratches and marks in the reverse field. Mississippi was also rare here. Massachusetts, Georgia and Virginia, with astonishingly large mintages from Philadelphia, were not seen all that often. Connecticut, New York and Louisiana were as common as mosquitoes on a muggy July evening, though the New York and Louisiana coins were of relatively poor quality.

I started a third collection on Jan. 1, 2007, with the same expectations for condition. It was decidedly harder to find near mint state issues from circulation. A lot of these coins had been out working hard for the taxpayers for eight years. Still, persistence pays off. Connecticut was relatively easy to find in nice condition, maybe due to the “Charter Oak” covering most of the reverse. Delaware was difficult to find in nice condition, perhaps due to the lack of reverse field detail. Rhode Island specimens were routinely poor, Massachusetts coins were even poorer, New York and South Carolina were no better. The Maryland issue seems to be the worst of all. The Maryland coins are, almost without exception, “uncollectible.” The reverse of the Maryland coins always seem filled with the same scratches, rim nicks and discoloration found on some of the other issues, but the scratches and imperfections on the Maryland coins seem deeper, and more plentiful. On the other hand, Mississippi coins, when found, are often quite nice. Kentucky coins are scarce, and usually in poor condition.

During one of my trips out of the region, driving home on U.S. Route 202, I stopped at a Border’s in central New Jersey. On the clearance rack outside the front doors was a Whitman state quarters album. This is the “deluxe edition” including slots for both a “P” and “D” specimen of each coin. The clearance price was $2.49, including 2 percent of the total collection already given to you in the form of a “P” and “D” set of Minnesota quarters.

I struggled long and hard with my principles about whether to include these two coins in the collection. Eventually, I included them. Minnesota quarters were plentiful in New England, and the given coins were no better than anything I could have found in change. The official start date of this collection was June 1, 2008, and as of this date, it is still unfinished. I count the Whitman folder as two collections, as I have to collect 50 specimens from each of the two mints that produce quarters for general circulation purposes. Philadelphia issues fill more slots than Denver issues at this point.

I started my next collection on Jan. 1, 2010. All the issues have now been struck, and all the coins are in circulation. In 2011 it is a real challenge to fill the 50 holes in the Littleton album with high quality specimens. I can find examples of each of the 50 issues in circulation, but many examples are considerably worn. In 2011, many coins that were plentiful when first introduced are no longer found. When they first came out in 2007, the North Dakota coins were in tremendous quantity. I could have put away several BU rolls of the North Dakota quarter in the first two months of circulation. Now I haven’t seen a one for over a year. Similarly, the Wyoming coin was also seen in large quantities in 2007, but has almost disappeared from circulation here. The same can be said of the quarters for Iowa, Alabama, Washington and Texas. The Idaho coin is now plentiful, when in 2007 it was not seen often, and Oklahoma quarters have been consistently available right from their first appearance.

With vacant holes in the last three collections, I have made some rules for my collecting priorities. If I find a suitable specimen, it has to go in the vacant hole for the oldest collection. If I find a superb specimen I already have all the holes in all the folders filled for, I go back to the oldest collection and see if the new coin is better than what I already have.

One observation I have made is that coinage doesn’t travel much now. When I started collecting there was a decent assortment of “P,” “D” and “S” mintmarked circulation coins every time you checked your pocket. Now it is a rare to see a single D mintmarked coin here. Why is that?

My theory is that coins have taken on a strictly local circulation area. People don’t take pockets of change with them anymore when traveling. People receive coins in change, take them home, place them in a cup on their dresser and deposit them at a bank, or use them locally. When going out of the area, people take ATM cards. More and more people use electronic debit transponders to pay their tolls instead of cash.

Still, circulation finds are out there! You simply have to put your mind to the task of going out to search for them. The 50 states quarters will never be rare, but it is an interesting hunt to find them. Anyone can throw money at dealers or the Mint to get pristine examples of these delivered to their door. But how many collectors have the energy, patience and perseverance to assemble one or more BU, near BU, AU or XF sets of these coins from circulation finds?

I have chosen to focus on the 50 states quarters, but similar efforts can be made for any circulating issue. Try assembling a “one a year” XF or better collection of post 1964 dimes from circulation, or an XF collection of post 1982 cents. You will be undertaking years worth of gratifying collecting. These collections won’t be worth more than face value, but the side benefit is that you won’t die wondering if your heirs are going to be scammed by someone purchasing your collection. If my grandchildren take my collections apart and spend them at face value, they will get my full cost of the collection back, minus the cost of the albums that is.

I hear a lot of complaining about “overcharging by the Mint” and the “poor quality” of its products. I refuse to pay more than 25 cents for any coin, and when the next generation of collectors comes along in my family, I’ll be ready to show them that they can spend a little, but gain a great deal of satisfaction from collecting.

I intend to start a new state quarter collection every two years. Hopefully in 10 years or so I will be able to update Numismatic News on where the hunt has led me at that time.

James Evans is a hobbyist from Leominster, Mass. To have your opinion considered for Viewpoint, write to David C. Harper, Editor, Numismatic News, 700 E. State St., Iola, WI 54990. Send email to david.harper@fwmedia.com.

Quarter Gets More Silver in 1873

By Paul M. Green, Numismatic News June 23, 2011

This article was originally printed in Numismatic News.
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Every so often you get a pleasant surprise. It may not be on the order of winning the lottery, but every little bit helps and that is how Americans might have seen the situation back in 1873. Back then many were quite aware of silver and gold and when the weight of the quarter was raised from 6.22 grams to 6.25 grams that meant every quarter contained a small additional amount of silver. It was not the sort of thing that caused anyone to go out and buy a new horse or offer to pay for a round of drinks at the local saloon, but it was still something. And where the government is concerned, something is always better than nothing.

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Historically, the government had been fairly careful when the amount of silver or gold in coins had been changed. There were design changes or at least arrows put at the date to identify coins with a slightly different amount of silver whenever that had happened in the 1800s. This was the case with the new quarters. Arrows were placed at the date in 1873 and 1874.

It did not happen at the start of the year, so some of the old and slightly lighter quarters were produced before the new ones were ready. This was especially true at the branch mints, where the information and the new dies came later.

We cannot be exactly sure what the situation was in Carson City during the period of transition to the new design and size. What we do know is that Carson City produced 4,000 examples of the old weight with no arrows at the date. It also produced 12,400 1873-CC dimes with no arrows and only one is known today, suggesting all of the others were melted. In the case of half dollars, however, 122,500 were produced without arrows before the change was made and those half dollars, at least in circulated grades, are available today. It was a situation where one denomination was melted and another circulated, so there was no specific rule as to what to do about the older size, no-arrows Carson City coins.

In the case of the quarter, the logical expectation would be that with the lowest mintage for the three no-arrows denominations, they would have been melted. This appears to be the case although not to quite the degree as the no-arrows 1873-CC dime. About half a dozen examples of the 1873-CC no-arrows quarters are known to exist. An example changed hands in April of 1999 when an MS-62 was sold by Heritage for a price of $106,375. The others are believed to be in similar grades with a current price estimate of $75,000 just for a VG-8.

The new weight, with-arrows 1873-CC quarter had a mintage of 12,462. It might be thought they would have survived being slightly heavier, but survival prospects in Carson City at the time were poor and saving potential was minimal. It currently lists for $3,500 in G-4, and that price rises to $35,000 in MS-60. It should be noted that the with-arrows 1873-CC moves relatively little in price, in part because it does not trade actively.

Grading service reports show totals that support the current high prices. Professional Coin Grading Service reports a total of 18, of which a single MS-64 was by far the best. In fact, that MS-64 was nine points higher than the second best, which was a pair of AU-55 examples. The overwhelming majority (11 of the 18) were in heavily circulated grades.

Although the no-arrows version is the better of the two, it has to be said that any 1873-CC is an extremely tough coin from what was a remarkable year at Carson City.

The mintage on the 2011 1 oz silver Chinese Pandas has been increased from 3,000,000 to 6,000.000. No word yet on how many of the additional ones will make their way to the USA and EU market. What will now happen with premiums in the after market? Is demand still there to treat them as more then a bullion coin?

Let us know your thoughts. The Chinese market is as strong right now.

The Coin Analyst: Are MS-70 Coins “Value Traps”?

By Louis Golino on June 23, 2011 12:01 AM

Panda Chosen For Its ‘Rock Star’ Status

By Peter Anthony, World Coin News June 20, 2011

This article was originally printed in World Coin News.
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“Whether a cat is black or white makes no difference. As long as it catches mice, it is a good cat.” While pandas don’t catch mice, the Chinese still consider them a kind of cat. The word “panda” translates to “bear cat” and collectors and dealers often refer to pandas as cats. So, speaking of felines, why do bear cats appear on the most famous series of coins minted by China? Interestingly, the adage about black cats and white cats is part of the answer.

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After the Communist Party took control of China 62 years ago, it made every effort to root out any trace of capitalist leanings in the country. The circulating coins of that era (more about them another time) reflect the low level of economic activity. Precious metal coins for collectors were out of the question. It wasn’t until the country’s supreme leader Mao ZeDung was an old man that the first tentative steps to open the economy were taken.

One of the politicians who pushed for modernization was a clever fellow named Deng Xiaoping. He had suffered quite a bit under Maoism but each time managed to rise toward the top again. Three years after Mao died, Deng Xiaoping became China’s leader. “As long as it catches mice it is a good cat,” was Deng’s way of saying that China was open to whatever policies were needed, including capitalism, to get the country growing again. Given the opportunity, the country’s economy was soon off like a rocket and the Chinese Mint with it. The mint quickly entered the profitable field of collector coins.

The first numismatic fruit of the new freedom arrived in 1979: a coin celebrating the UNICEF Year of the Child. It was an interesting choice of subject with hints of politics as well as commerce to it. On the one hand the coin is a charming tribute to childhood. On the other, its subject reflected China’s desire to engage the outside world and to be part of international organizations, the most important of which was the World Trade Organization. Demonstrating its support for the UN and UNICEF was one small step on the road to full WTO membership.

In 1982 the mint released a series of gold coins with purely commercial intentions: the Panda. Why pandas? After all, their place in Chinese culture and lore is minor. Why not use an important symbol like a dragon instead? Pandas were given the nod because the coins were meant to attract foreign buyers, and they are the rock stars of the animal world.

How popular are pandas? According to surveys, the panda is the world’s most beloved animal, and there are product endorsements to prove it. There is a Panda car, a Panda Bank, Panda pots and pans, a chain of Panda restaurants, a Panda telecommunications company, a Panda TV show, a chain of Panda kitchen and bath stores, Panda security software, Panda florists, Panda cabinets, a type of fiber optic (Panda=polarization-maintaining and absorption-reducing), countless panda toys, panda movies and sequels, plus the panda is the symbol of the World Wildlife Federation. Even the latest update to Google’s search engine is called Panda.

By the way, I can’t resist adding that Panda cars are Italian, not Chinese. The Italians snagged the name first. When a Chinese car company tried to market a Panda car they were sued by Fiat and had to quit selling them outside of China. Luckily for the mint, no one had thought to trademark pandas on coins before.

So when China decided to develop a new export coin series, the ever-popular bear cat was a natural subject choice. The 1982 gold Pandas were minted in 1-ounce, 1/2-ounce, 1/4-ounce and 1/10-ounce sizes. The Chinese Mint initially targeted Pandas to jewelry buyers and gold investors, so that’s what their earliest brochures focused on.

Surprise! The image of a seated Panda peacefully munching on bamboo shoots enchanted coin collectors and the entire supply was quickly gobbled up. Prices leapt to $4,000 for a coin with just $300-$400 of gold in it. The bear cat was out of the bag and the rest is history.

Last month I pointed out that Pandas often make the switch from bullion coins to numismatic items when the original supply from the Mint runs out. What difference does that make? Here’s an example: recently, while the price of silver dropped from $49 an ounce to $35 an ounce, the price of a 2009 1-ounce silver Panda went up from $90 to $100.

The 2010 silver Pandas may be inching toward numismatic status, too. They now sell for a 5 percent premium over the 2011 coins and are a year ahead of the 2011 on the curve. The 2010’s mintage is less than the 2011’s, yet it still sells at prices relatively close to its silver content. This one looks like another attractive Panda for silver fans.

Buffalo Bill’s Indian Head

By Tom LaMarre June 21, 2011

This article was originally printed in Coins Magazine.
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I’m not sure whether it’s fact or Hollywood fiction, but the 1944 movie “Buffalo Bill” has some interesting references to Indian Head cents.

Filmed in glorious Technicolor, the movie stars Joel McCrea as “Buffalo Bill” Cody. It tells the story from his days as an Army scout and hero, to the period of his marital difficulties and political ostracism, and his comeback as a supreme showman.

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In the movie, Buffalo Bill gets into trouble when he disagrees with the government’s Indian policy. During a Washington reception, he is expected to echo a general’s opinion that “The only good Indian is a dead Indian.”

Instead, Buffalo Bill praises the admirable qualities of Indians. At one point in his speech, Cody holds up an Indian Head cent and says, “This is the only Indian most people know.” The camera moves in for a close-up of a bronze Indian Head cent, dark from circulation.

When Buffalo Bill’s enemies spread the lie that he did not kill Chief Yellow Hand in a skirmish with Cheyenne Indians, he becomes a penniless outcast working at a New York City side show.

Cody sits on a life-size wooden horse as a barker offers a reward to anyone who will hold a silver dollar for Buffalo Bill to shoot. There is only laughter from the crowd, until Bill’s estranged wife, played by Maureen O’Hara, steps forward. Instead of a silver dollar, she holds an Indian Head cent between her thumb and forefinger. Bill blasts it out of her hand as the audience gasps.

The movie ends with Cody’s triumphant years in “Buffalo Bill’s Wild West” and a strong feeling of nostalgia.

Favorable sentiment for the Indian Head cent was also on the rise in the 1940s. The popularity of coin folders was partly responsible. Many hobbyists enjoyed the challenge of filling the spaces with Indian Head cents taken from circulation.

It wasn’t an easy task. A collector wrote in the April 1940 issue of Hobbies magazine: “To get a line on Indian Head pennies in circulation, I interviewed a newsboy, a collector himself. ‘I handle 3,000 pennies a week on average, and Indian Heads will average one Indian to each 1,000 pennies.’ No wonder we have so much trouble filling our penny boards.”

The challenge became even greater during World War II, although the government was urging Americans to put Indian Head cents back into circulation to help the war effort. An item in the December 1942 issue of Hobbies said, “It begins to look as if the market will be swept clear of large lots of Indian Heads.”

After checking with rare coin dealers, Treasury officials claimed that most Indian Head cents in circulation were worth only face value.

The Treasury tried to enlist the nation’s 30 million schoolchildren in a drive to put “idle” Indian Head cents back into circulation.

Mint Director Nellie Tayloe Ross said that many tons of metal could be saved for the war effort if Indian Head cents were kept in use, reducing the demand for new cents. Ross suggested the exchange of piggybank hoards of Indian Heads for war savings stamps or bonds.

However, many people, not just coin collectors, found Indian Head cents irresistible. In September 1943, New York Yankees star Joe DiMaggio recovered the lucky Indian Head cent he’d put in a trolley fare box by mistake. DiMaggio called the 1905 cent his “home-run penny.”

Most of the Indian Head cents in circulation in the 1940s were dated from the late 1880s to 1909. Today, the majority of these dates are valued at less than $3 in Very Good-8. For $30, you should be able to buy a Mint State-60 Indian Head cent from 1898 to 1908.

In 1909, the Indian Head cent gave way to the Lincoln cent. Buffalo Bill died in 1917, having performed in “Buffalo Bill’s Wild West” until shortly before his death.

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