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Coin and Paper Money Collecting/1906 indian penny
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Question
I just read "Papajack's" answer to the value of this unique penny. He is on vacation so I hope you can answer.
So, what he is saying is that a rare penny dating back 103 yrs ago, in very fine condition is only worth $1.00! I find that hard to believe. Explain please. Thank you.
Hi Chrissie,
It's a matter of supply and demand. There were almost 100 million of these pennies minted in 1906. While only a fraction of them remain in at least very fine condition, there are plenty of them available for the limited number of collectors out there. You can go to any coin show and find multiples of them available.
While $1.00 may be understated for a coin in very fine condition, it certainly is worth no more than about $2.00
I hope this helps,
Dan
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Answers by Expert:
Dan Moore
Expertise
My strong familiarity with all U.S. Mint coins, extensive reference library, and close relationships with many other dealers allows me to identify just about any coin made in the USA. I receive regular updates to all the current price guides -- both wholesale & retail -- to provide accurate values. So, with a good description or pictures, I should be able to identify and value any U.S. coin you have.
Experience
I've been a coin dealer since the 1980's and a coin collector since the 1960's. I specialize in U.S. Silver Coins and have an active online website -- The Working Man's Rare Coins -- http://www.workingmancoins.com -- offering information and inventory in U.S. coins.
Organizations I belong to :
American Numismatic Association Member #187770
Michigan State Numismatic Society Member #8255
Florida United Numismatics Member #19710
Monroe Coin Club Treasurer
Lincoln Coin Club Board Member
WINS Member #14
CoinMasters Member #1814
Frequently Asked Questions :
I have created a Frequently Asked Questions page on my website, where you may be able to get an immediate answer to your question. You can find the page here :
http://www.workingmancoins.com/FAQ/index.htm
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