Expert: PAPAJACK - 4/25/2007

Question
QUESTION: papajack that you for all the info on coins, i just received the red book for 2007, my question is how do i know what condition they are in to know their value, this book is a bit hard to interpret
thank you
ANSWER: Hello Susy,    

Pick a coin you are interested in and I will go over the grading method as described at the front of each coin design in the red book with you.
It is usually just the terminology that throws people off at first. Try looking at the best coin in your pocket change as an example of almost Uncirculated grade. .

Let's take a quick look at the "WINGED LIBERTY HEAD DIME"  (Mercury dime)
Look for a mint mark. If it has one, it will be on the reverse, near the bottom left of the faces, And right of the "E" in ONE.  This dime is 90% silver and also holds some Numismatic value as well so even if it was a little worn they sell for about a dollar each and as much as $10in high grade for common dates, the very valuable ones to look for are the 1921 coins and 1916 D coin. If you want to take the time to sort through your coins there are some dates to look for that may be more valuable.

The 1916-D is most valuable, 1921-D and 1921 are also valuable dates. Any of these dates  any grade condition will be worth more than silver value. Other that these, any coin  dated 1931 or older, having complete rims should be separated from the rest They can sell retail for 90¢ to a few dollars each.

Any Dimes that look Uncirculated with absolutely no wear, bright & lustrous, never cleaned should also be separated these could be worth a couple dollars each. If you can, try grading the Winged Liberty dime from the  descriptions below. For the more common date and Mint marks even in the worst condition (grade 1) the coin is worth about .80 cents (for it's silver content alone). So the common dates will be valued from 85 cents to $3.00 depending on condition. They must not have problems like dents, bends or having been cleaned.

Here's a quick wear/Grading guideline from the Redbook for 1916 to 1945 dimes:

GOOD or Grade 4 :
Letters and date clear no lines or bands on reverse faces. (Letters mean all the letters in the mottos, the faces is the ax wrapped in the bundle)

VERY GOOD or Grade 8:
Half there sticks in the faces can be seen. (the others usually in the center are worn together)

FINE or Grade 12:
All sticks in faces are defined. Diagonal bands nearly flat (due to wear).

VERY FINE or Grade 20:   
Both crossing diagonal bands must show.

EXTREMELY FINE or Grade 40:  
Bands show only slight wear. Braids and hair before ear show clearly. (the bands are what tie the bundle of sticks, the braids in the hair of liberty are visible on hi-grade coins)

MINT STATE Grades 60 TO 70 :
STRICTLY NEVER CIRCULATED.  NO TRACE OF WEAR. Nice luster on coin. ( the luster is the finish left on a new coin like those from the bank in your pocket)

I hope you have a mercury dime to look at. But just write me again to clear up any points you need.

Thank You and Good Luck

PapaJack

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

QUESTION: i have 1906 and 1912 twelve dime, 1901 once cent penny with  a small dent near the earring looks like, 1858 one cent, 1900 one dollar

Answer
Hello Susy,     

These are common dates but let me give you all the information you may need. During the dialog some descriptions are repetitious but many coins have similar weaknesses and therefore are graded on the same areas of wear.

Lets go over the grading of just the Liberty Head Dimes. There is a ton of fine points to learn to grade a coin, so I believe staying on the one type and going through all the steps will be better for you to get the basic understanding. It will be similar for other coins as you learn. After you can do this we should move on to the dollar and on cent coins.

Coins are valued on a scale from 1 to 70. And on how rare a coin is.  Collectors have used this numerical grading system for coins since the 1970‘s.
Before or after the numeric grade you may see the letters or words for the prior system of coin grading. Like P=POOR for a grade 1, FR=FAIR for a grade 2, AG=ABOUT GOOD for a grade 3, G=GOOD for grade 4, VG=VERY GOOD, F=FINE, VF=VERY FINE, EF=EXTREMELY FINE, AU=ALMOST UNCIRCULATED and MS=MINT STATE. Most people will get the hang of it as they go along.

It starts with a grade of 1 which is being barely identifiable as a coin and runs to 70 which would be the imaginary perfect specimen.
Coins taken from circulation usually fall between grade 8-VG (very Good) and grade 50 (AU Almost Uncirculated) so I will concentrate on these grades.  Only a strictly Uncirculated coin can grade Mint State between 60 and 70.


In general the 90% silver coins found worn in circulation contain 8 to 10 times their face value in silver alone. So a worn Liberty head dime even with no features left is worth about 90 cents.
They are selling for .70 cents to $3.00 in circulated grades from 8 to 50 on the scale.
 
In each series of coin type like your "Barber Liberty Head Dime" there are some quick reference points of wear to be seen on the high points that are known to show wear first. Especially the word LIBERTY in the headband is the first thing to wear and you can therefore you usually judge the normal wear pattern from there.  

If you can look carefully at an image of a high grade dime on-line.
http://www.coinfacts.com/dimes/barber_dimes/1906_barber_dime.htm
http://www.coinfacts.com/dimes/barber_dimes/1912_barber_dime.htm


Grade 4 (GOOD)
The date and all the lettering on the coin (both sides) should be plain to see. The headband may be so worn it cannot be identified and certainly you would not be able to see the letters “LIBERTY” in it.

Grade 8 (VERY GOOD)
All features from the grade 4 coin exist but are usually stronger in detail, plus at least any 3 letters of the word LIBERTY are readable in the headband. Even if you must use a magnifier to see it.

Grade 12 (FINE)
All features from the previous grade (grades 4 and 8) coin exist but are usually stronger in detail except for a grade 12 Barber Liberty Head all the letters in the word LIBERTY are readable in the headband. Even if you must use a magnifier to see it and some are weaker than others but still visible. Some details show in the hat or cap, hair and facial features. The upper row of leaves of leaves (right above the headband) is outlined but the bottom row is worn smooth.

Grade 20 (VERY FINE)
All features from the previous grade coin exist but are stronger in detail but for Barber Liberty Head coins all the letters in the word LIBERTY in the headband are readable and evenly worn. You might not need to use a magnifier to see it. Over half the details still show in the leaves. Hair is worn but bold in the design.

Grade 40 (EXTREMELY FINE)
Here the coin looks great. It has all the features of the previous grade and although it may be discolored and have a few hit marks. All the letters of LIBERTY in the headband are sharp and distinct as are all the features including the edges of the headband itself. It should also exhibit some mint luster remaining, at least in the recesses of the design. Light wear shows on the leaves, cheek, cap and hair above the forehead.

Grade 50 (ALMOST UNCIRCULATED)
Very little wear, usually about half of the luster shows in parts of the coin. There are traces of wear showing on the cheek, top of the forehead and hair below the word LIBERTY
This could be mistaken for a Mint State coin unless examined closely.

Grade 60 to 70 (Mint State)
A strictly Uncirculated coin. There is no trace of wear on these coins. They have full luster as when they were minted. They have a few light blemishes like from other coins hitting them but should not be in the prime focal areas of the design. (A flaw like this is more acceptable on the field of the coin than say on Liberty’s cheek).


I can only give you a range of prices at this time, just so you can see the difference in value as the grade changes. Since this issue is plentiful in grades 15 and below there is very little increase. But in grades 20 to 60 it goes in leaps and bounds. This holds true for many US Coins.

For a 1906 or 1912 Philadelphia mint dime:
Very Good (Grade-8) at least 3 letters of Liberty in headband = $2.00
Fine (grade-12) all letters of liberty show in headband = $2.50
Very Fine (grade-20) All letters in headband evenly plain. = $6.00
Extremely Fine (grade-40) All letters are sharp and distinct as is the whole headband. = $17.00 and
Almost Uncirculated (grade-50) Very little wear mint luster shows etc. = $50.00
MINT STATE (Grades 63) $140 to $185

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Thank You and Good Luck

PapaJack