Expert: Dmitry Livshits - 10/24/2009

Question
QUESTION: I have a few coins I was wondering about. here are the photos. I have some more I will have to scan and send you but here are three I was curious about =) Two are foreign and one in USA

ANSWER: Hi Paul,
The two foreign coins are spendable British 20 pence coins. The current exchange rate is around 65 cents for the two.
The wheat penny is a common date, but due to the excellent condition it is worth $2-$3.
I'll await your other coins.
Thanks for the question! =)

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QUESTION: I have searched these coins and found a 1982 20 pence coin going for US$80, the 1938 Lincoln Wheat Penny for almost US$900 yet you say 65cents for the 82-20pence and $2-$3 for the 38-lincoln wheat penny....?? Just trying to understand what is going on and if there might be a difference in the coins or what you have seen?

Answer
Paul,
People often list them at unrealistic prices hoping to land a buyer. This tactic very rarely works.
As for the 1982 20 pence, there were over 740 million minted. So The only thing that can actually sell for $80 would be a scarce proof issue, which only has a mintage of 107,000 or an error coin. The ones in the picture are regular, non-error issues. As such they are worth their current exchange value in currency. Nice and shiny mint condition examples do sell for a couple dollars.
The US penny can certainly be worth $900, if it's professionally certified and graded as an an Mint State 68 or higher. This would be a virtually perfect coin, with almost no visible marks even under 10x magnification. Grading is extremely important for US coins, since so many were made. Just for reference, a Mint State 65 is nearly perfect and virtually un-distinguishable from a Mint State 68 to the bare eye. However, a certified coin in that grade will sell for $50 or less for this particular date. The difference is that there are thousands of Mint State 65 coins, but only a handful of the Mint State 68. The "population" of coins dramatically decreases with each successive grade, while the value dramatically increases.
The 1938 cent in the picture you posted has slight wear on the high points, which makes it an AU (Almost Uncirculated). This is a common grade and as such typically sells for just a few dollars.
Thanks again for the questions! =)