The general rule on coin values is that coins are ultimately worth what someone will pay for them. Damaged 20th-century silver and gold coins are often only worth the value of the metal in the coin (or their spot value). However, damaged rare coins are usually worth much more than their metal value.
If you have damaged or mutilated currency, or need currency replaced, contact the Bureau of Engraving and Printing. If you have currency you suspect is counterfeit, contact your local Secret Service Field Office. For questions about coins, please contact the U.S. Mint.
Bent or partial coin is not redeemable at face value; it is redeemable only at its bullion (metal) value as established by the Director of the U.S. Mint. The Federal Reserve DOES NOT accept deposits of bent or partial coin. Bent or partial coin must be sent to the U.S.
How Much Is An Error Penny Worth? The value of an error cent varies according to factors such as how drastic the error is, the type of error, the scarcity of the coin, and its condition. Common error coins sell for around $2 to $50.
Which pennies are worth $1,000? Some examples of pennies worth $1,000 or more include the 1955 Doubled Die Lincoln Cent, the 1909-S Indian Cent, the 1909-S VDB Lincoln Cent and the 1914-D Lincoln Cent. The better the quality of the coin, the more it could be worth.
The 1959-D wheat penny is one of the most controversial mule coins ever. It's worth $50,000! Here's everything you could possibly want to know about the 1959-D penny error!
The United States Mint established the Mutilated Coin Redemption Program so people and businesses could exchange bent and partial coins (commonly referred to as mutilated coins) for reimbursement. The information in this section outlines the process for submitting mutilated coins for reimbursement.
Again, we do not recommend cleaning rare coins if you are looking to sell them since cleaning such precious items devalues them. If the wrong procedure is followed, or if harsh cleaning materials are used, you can remove or ruin the patina that fellow collectors actually enjoy.
Bent or Mutilated Coins
Some stores and banks will take coins at face value if they're not too badly damaged, but it's totally at their discretion. Banks will then forward them to the Federal Reserve for deposit and replacement. If they're in really bad shape, you can send them to the U.S. Mint.
Download Coinoscope app on your Android or iPhone for FREE and start identifying coins!
"Double die pennies are highly sought after by coin collectors because they are considered a rare and valuable error." Coin collectors have purchased doubled die pennies for hundreds, thousands and tens of thousands of dollars from online and in-person auctions.
Is It Illegal to Throw Away Money? In the United States, it is illegal to damage or destroy currency, and while the law may not say directly that it is illegal to throw money away, tossing any U.S. currency in the trash will likely be treated as destroying the money.
Add a small amount of water to a tablespoon of baking soda to form a paste. Apply the paste to each coin using an old toothbrush and scrub gently. Rinse the coins to reveal the now-shiny surfaces.
The abrasive product can leave scratches or hairlines on the coin, as well as destroy the luster of the coin; in many cases a coin that has lost its luster will rarely be worth more than half its original uncleaned value. 3. When a coin is cleaned, it takes on an unnatural color.
Ultrasonic Cleaners
These coins are cleaned by using distilled water with a small amount of detergent in a special vibrating container. Acid based cleaners will eat away at a coin's surface diminishing its value.
It is best not to clean rare coins as removing the patina can significantly reduce the value of them. For this reason, most coin hobbyists almost never clean their coins. In fact, 99% of coins do not increase in value after you clean them, but many will be greatly devalued.
As long as three-quarters of a bill are intact, you can exchange it for a whole bill. For more severe damage, you will need to submit your bills to the Mutilated Currency Division of the Bureau of Engraving and Printing, where it will be reviewed by U.S. currency experts.
According to statute 18 USC Section 331 , in brief, it's illegal to mutilate coins with the intent to use them fraudulently, but since pressed pennies are made as souvenirs with no intent to pass them off as currency, they get the green light.
One of the rarest pennies cost a Beverly Hills man a pretty penny. At an auction last Thursday, Kevin Lipton shelled out $2,585,000 for the Birch Cent, a penny made in 1792 that is named after its engraver, Robert Birch. It's the most money ever paid for a one-cent piece.
It is highly sought after by coin collectors, and a 1930 penny in very fine condition can be worth A$45,000 or more. The 1930 penny has remained Australia's most well-known rare coin ever since one was first discovered by Sydney coin collector Fritz Schaefer between 1940 and 1944.
It is estimated that there are 1500 in existence and there are a number of theories as to how they came to be. One theory actually suggests that a tour guide from the Melbourne Mint made the pennies for visitors to take home as a souvenir. Their mystery and rarity makes them worth a pretty penny.