Expert: Joe Hylas - 10/19/2008

Question
QUESTION: Hi, Joe -
I have a packaged 1903 Indian head penny with the markings "V.G." and "65" on the package. I assume VG is "very good" condition but I'm not sure about the 65. I tried checking the value in one of the on-line guides and got more confused - it was asking for one of several two-letter "designations". From my earlier forays into coin collecting, I thought these might be mint indicators, but that's just a guess. There doesn't seem to be any such demarcation on the coin.

Can you give me any idea if this coin is worth anything, and if so, who might be interested in buying it?

Thanks!
Rob

ANSWER: Hi Rob,

V.G. is the grade, it signifies the coins is VERY GOOD.

65 is most likely the price that was paid for the coin.  That would be 65 cents which is about what they are/were worth for the past 5 years.

Regards
Joe Hylas
www.AllCoins.US

---------- FOLLOW-UP ----------

QUESTION: Thanks, Joe!

Could you explain the following information I found in an on-line pricing guide?
It appears that these are examples for two different types of 1903 Indian head pennies, with varying "designations" and some other numerical categorization.

Type 3, Bronze, PR
Description Desig 60  61 62  63  64   65    66     67   68
 1903      CAM  135 150 175 450 825 2,000 3,650 12,500  -

Type 3, Bronze, MS
Description Desig  4 12  40   55   60   63  64  65  66  67
   1903     BN    3 5  ▲14  23  ▲47  ▼72 90 150 260 800  

Answer
These are 2 different types of coins.  First off, when a coin is made for commerce purposes, it is struck as a mint condition coin hence the designation MS as seen in the second listing.  Every coin coming out of the mint in this manner is mint state, however as ithe coin shows wear, the grade decreases and it is no longer mint state.
Coins are graded numerically from 0-70 with 70 being the perfect mint state coin, howver mint state goes as low as 60.  Below 60, the coin will show wear.

PR (proof) coins are strcuk especially for collectors by a differnt process and in limited quantities.  Rarely are these coins mistakenly put into circulation, hence most are still available in high grade.

If your coin is worn, which I suspect it is, if you can not read the word LIBERTY in the Indian's headband, it is VERY GOOD condition and I stand by my first answer.

I hope this helped.

Regards
Joe Hylas
www.AllCoins.US
Omega Precious Metals