Finding error coins in your daily pocket change can be fun and profitable and it's very easy to do. Develop good coin-checking habits from the very beginning and you may locate some error coins and die varieties that are circulating right now. If you are looking for more of a challenge, you may want to go to a coin show or coin shop and look through the dealer's inventory for errors and varieties that she may have missed. There are still many new discoveries waiting to be found. Some of them will be minor with very little numismatic premium. Also, it could be a very rare case that you discover a major mint error that could be worth significant money.
Finally, remember to set your expectations in line with what is currently circulating. In other words, valuable error coins are possible to find, however, the reason why they are valuable is that they are rare. If you could go to the bank, get a few rolls of coins to search, and pull out a few hundred dollars worth of rare coins, everyone would be doing it. Hence, they would not be rare. It is not uncommon to go through ten, twenty, or more rolls of coins and not find anything of value.
The following materials will help you identify rare and error coins that you may find in circulation:
- Magnifying glass or loupe. Suggested at least a 7X to 10X power.
- A good desk lamp with an incandescent bulb
- A soft cloth or pad
- Your daily pocket change (or buy rolls of coins to search!)
When you find an error coin or die variety that is worth keeping, you will want to store the coin properly to make sure it doesn't get damaged.
How to Search Your Pocket Change
If you take a structured approach to search your pocket change, this task can be completed quickly and efficiently. As you practice, you'll become quicker and quicker. The more coins you search through, the more likely it will be that you will find something of interest or of value.
Sort Your Coins into Groups by Denomination
Always examine your coins in batches of similar coins. For instance, check all of your pennies, and then your nickels, then your dimes. Your eye will get used to seeing each type after the first couple of coins, so you can quickly scan them once your brain has become familiar. The more dramatic the error or variety is, the more valuable it will be. If you don't have enough pocket change to dig through, you can always acquire rolls of coins through your local bank.
Also, you are more likely to notice differences from one coin to another when you check them in groups of like types. Don't get caught up in minutiae! If the doubling or other flaw is so insignificant that it is hard to see with a 10x loupe, it's usually not worth much.
Examine the Coin's Obverse Inscriptions
Look carefully for anything in the lettering that seems odd or unusual. Many doubled die varieties show doubling in only part of a word. Die abrasion, polishing, or greasy dirt collecting on the die face can cause letters to fail to strike accurately upon the coin. Turn the coin around and look at it from different angles. Check carefully for missing letters, doubling, and other oddities in the inscriptions.
Examine the Date and Mint Mark
The date and mintmark should be a special focus of your attention because these are among the most valuable errors you are likely to find in circulation. Many things can go wrong in this area, including repunched mint marks and dates, overpunches, various types of doubling, and other errors.
While you are looking through these coins, also checked to see if it is an obsolete coin that somehow ended up in your change. For example, people have been known to find Indian Head pennies or Buffalo nickels in circulation today. Also, be on the lookout for altered coins that have been made to look like real mint errors. If in doubt, you can take your find to a coin show or coin dealer for an expert opinion.
Examine the Primary Devices and the Coin as a Whole
Take a look at the coin's primary device, such as the portrait. Consider the obverse side of the coin as a whole.
- Does it look right?
- Is there visible doubling anywhere on the coin?
- Is there anything missing?
- Is the coin made out of the proper metal (for example a dime struck on a copper planchet)?
You want to look for die cracks, cuds, and missing elements. Pay close attention to the portrait's eyes, ears, mouth, and chin, looking for signs of doubling. Be sure to look at the rim, too, watching for anything abnormal.
Be careful as you check each coin. There are some unscrupulous people that will try to fool you by modifying genuine U.S. coins to make them look like error coins. For example, somebody can take a hacksaw and cut a coin and half to make it look like an error coin. As you become more and more familiar with coins, you will be able to recognize modified coins versus true mint error coins.
Turn the Coin Over, Checking the Die Rotation
Carefully and systematically turn the coin over from top to bottom (not side-to-side). If the coin was right-side-up before turning it over, the reverse should be exactly right-side-up as well. The U.S. Mint takes great care to ensure that the die rotation on U.S. coins is correct, so coins which are significantly out of rotation are moderately valuable error coins. Get in the habit of checking rotation on every coin you handle. You don't want to miss the 180-degree rotation errors, as they are the most valuable of all!
Examine the Reverse
Following the same sequence as you used for the obverse, examine the reverse side of the coin, with the coin oriented upside down. Check the inscriptions and devices for any doubling, missing elements, or other oddness. Pay close attention to the mint mark, if present. Try tilting the coin at various angles to the light, which can sometimes make details easier to see.
Check the Edge
The final step in checking your coin should be to examine the edge. Roll the coin along your palm, so you can see all of the edge while you watch for seams, lines, missing reeded edges, and other abnormal factors of the edge. If the edge has letters, look for doubled or missing letters.
Set Aside Anything That Looks Odd
Practice these steps until you can perform them very quickly. Each coin you examine should take no more than 15 to 20 seconds. When you get used to seeing the detail on different coin types, you'll develop an eye that will allow you to scan coins even quicker. Set aside any coins that you think might be different than normal so that you can examine them at your leisure under good lighting with strong magnification. At first, you might end up finding a lot of worthless varieties, but you'll be amazed at how much two seemingly alike coins can differ in the details!
It can be helpful to get a couple of good reference books on error coins and die varieties written especially for beginners. For general information about mint errors and varieties, "The Official Price Guide to Mint Errors" by Alan Herbert is helpful. Another excellent book for beginners is "Strike It Rich With Pocket Change" by Ken Potter and Brian Allen. Both of the books contain many close-up images of what to look for on the coins, along with rarity and pricing information.
Edited by: James Bucki