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Mar 092013
 

A few weeks ago, I wrote about a one page collection starting with the one cent coin. The set also included an example of a half-cent to cover the lowest denomination of coins produced by the U.S. Mint.

The concept of the one-page collection is to create a meaningful collection using a single 20 pocket page that holds 2×2 holders. Using this format, I can create any type of collection without being bound to the albums and folders that are published by the numismatic press. I can also personalize the collection with information I find and other stories, some that I write.

When creating a one page collection, I am looking at ungraded coins that could be graded Fine or better and costs under $100 each. While I try to keep purchases under $50, having the ability to go over for certain coins gives me a little flexibility while staying closer to affordable.

I was asked what I used as a price guide to determine affordability. For full disclosure, I had been consulting the NumisMedia Online Fair Market Value Price Guide of collector coin. The site is free, updated monthly, and is the same information printed in their monthly publication. The NumisMedia Online Dealer Price Guide as well as their printed version requires a subscription.

Since my first one-pager was of the lowest denominations, I will move up a bit and put together a collection of 2, 3, and 5-cent coins.

The first coin struck by the newly created Mint was the half disme in 1794. As one of the original coins designated by the Coinage Act of 1792, legend has it that the coins were struck using silver donated by Martha Washington. Although there is no proof that our first First Lady donated her silver, it makes for a good story.

The first half-dismes were really not struck for circulation but over 86,000 coins of the 20.8 grains (1.35 grams) of .8924 fine silver were delivered to Secretary of State Thomas Jefferson (under the First Coinage Act, the Mint was placed under the Department of State). Originally designed by Robert Scot, the early Flowing Hair and Draped Bust half-dimes (the “s” was dropped in 1796 since it was silent anyway). Production ceased in 1805 with the shortage of silver.

Production picked up again in 1829 with the Capped Bust design by William Kneass and continued until 1837. After the passage of the Act of January 18, 1837, the weight of the coin was reduced to 20 5/8 grains (1.34 grams) and the fineness raised to .900 silver. For this change, Christian Gobrecht’s Seated Liberty design was used for the new coin.

This is where the series gets interesting. First, there was a change in design in 1838 to add stars to the obverse. In 1853, to show that the size and weight was change, arrows were added to the date from 1853 through 1855 before being removed in 1856 when the weight was returned to the old standard. In 1860, the legend was move to the obverse replacing the stars and the reverse laurel leaves were made larger.

The silver half-dime was made through 1874 after the successful release of the copper-nickel coin we call the Shield nickel. Nobody is sure when the coin started to be called a nickel, especially since it is made of only 25-percent nickel. It has been speculated that it was called a “nickel” because of the composition while it circulated along side the silver half-dime.

The U.S. nickel is unique in that it is the only coin that has been made of the same .750 copper and .250 nickel composition since its introduction in 1866 except for the silver alloy used during World War II from 1942-1945.

Starting this collection with an easy to find 1865 3¢ Nickel

Starting this collection with an easy to find 1865 3¢ Nickel

Two and three cent coins were conceived out of the coin shortages during the mid-19th century. The three-cent coin, nicknamed the trime, was conceived in 1851 for better handling by the post office for buying postage. The silver three-cent coin was struck between 1851 and 1873. However, when silver became expensive and people were hoarding the coins for their silver content, congress authorized the striking of copper-nickel three-cent coins where were called to as three-cent nickels. Mint engraver James B. Longacre designed both coins that used a Roman numeral “III” on the reverse.

Bought this 1865 2¢ coin from my coin club's auction

Bought this 1865 2¢ coin from my coin club’s auction

During the Civil War, the silver shortage caused hoarding of coins. The only circulating coins were the copper large cents. In order to produce more coins that would circulate, congress passed the Coinage Act of 1864 that eliminated the silver half-dime, the silver three-cent piece (trime), and authorized the production of the bronze two-cent coin. The Longacre-designed coin featured a shield on the front and the denomination “2 CENTS” on the reverse between two wheat stalks.

Beginning with the Liberty Head “V” nickel, most of the coins should be easy to find and not cost a lot of money. In fact, it may be easier to find an 1883 Liberty Head nickel without the “CENTS” on the reverse, also called the Racketeer Nickel, than an 1883 nickel with the “CENTS” in Fine to Very Fine grades. It may be easier to find a 20th century version that would fit this collection nicely.

For the rest of the series, you can find nice coins at all grades without problems. Just be aware of the major varieties, such as the two types of Buffalo nickels, and the modern changes in the Jefferson nickel. It should be fun to complete this set:

✓ 1964-1873 Two Cent piece: When I started to look for a an example of a two-cent coin, I was surprised as to how many I could find that were nicely preserved and affordable. Most VF-XF coins in this series can be purchased for $40-60 or even less if you find a dealer having a good day.
✓ 1851-1873 Silver Three Cent piece (trime): It will be difficult to find silver three-cent coins from 1863 through 1872 because most were melted in 1873. One of the best examples I have seen were the 1852 coins. Not only are they affordable but the mintage of over 18 million make them the most available coins of the set.
✓ 1865-1889 Nickel Three Cent piece: After the two-cent coin, this was the other coin minted in reaction to the hoarding during the Civil War. Early dates are easily found because of their mintage figures in the millions and for affordable prices. It should not be difficult to find a nice Extra Fine coin for around $40.
✓ 1829-1837 Capped Bust half-dimes: If you want a real challenge, put together a typeset of all half-dime types. Part of the problem with that is the Flowing Hair half-dimes will cost thousands of dollars, if you can find them. For the average collector, I suggest a Capped Bust half-dime to start the five cent part of this set. Based on the price guides and what I have seen at dealer tables, you should be able to buy a nice one graded around Fine for $60-65. This should be a good representative start of the five cent series.
✓ 1837-1873 Seated Liberty half-dimes Types 3 &amp 4: No collection is complete without a representation of Christian Gobrect’s Seated Liberty design. Inspired by the similar image of Britannia, Gobrect posed Miss Liberty in the same manner except holding a union shield and a phrygian cap on a pole that signifies liberty and the pursuit of freedom. For this set, I recommend the 1853-1855 “Arrows at Date” (Type 3) variety. Aside being affordable at $60-70 in XF, the arrows tell the story of how the composition was changed while the coin was being used. The “Legend on the Obverse” (Type 4) variety is an interesting change and would be even more affordable. For the “Arrows at Date” variety, you may want to consider finding one with the “O” mint mark from the New Orleans mint to keep it interesting. “Legend on the Obverse” varieties from San Francisco are affordable and would make for an interesting addition to this collection.
✓ 1866-1833 Shield nickel: Rather than worry about the “Rays” versus “No Rays” types, I decided on the “No Rays” to keep this coin around $40. However, it is your collection and if you what to spend about $100 for a VF-XF Shield Nickel with Rays, go ahead since it will give your collection a little more depth.
✓ 1883 Liberty Head nickel “Without Cents” When Charles Barber designed the coin, his idea was to use a Roman numeral “V” on the reverse and not include the word “CENTS.” Since the three-cent coins used the Roman number “III” it was a logical progression. However, since the coin was about the same size of the $5 gold-half eagle, the Liberty Head nickel was gold plated in an attempt to pass them off as the $5 gold coin. These coins were then nicknamed Racketeer Nickels. It was then decided to add “CENTS” to the bottom of the reverse. After this decision was made, people thought that the coins would be recalled and started to save them, thus making it easier to find the 1883 without CENTS nickel than it is to find an 1883 with CENTS coin.
✓ 1883-1912 Liberty Head “V” nickel: Most XF coins in this series will be around $40 each, if you can find them. It is easy to find very worn coins and very expensive to find the higher grades. In fact, if you can find a nice XF 20th century issue, that would make a nice entry in this collection and only cost around $30.
✓ 1913 Type 1 Buffalo nickel: This iconic American design by James Earle Frasier ranks as one of my favorite. While it is a great design, the coin did not wear well and it is possible to find a lot of coins where the dates have been worn flat. On the reverse, Fraser designed the coin where the buffalo (actually, an American Bison) is standing on a grassy mound. On the mound was the denomination and mint mark. This high surface wore easily in circulation. It was later changed to remove most of the mound for a line. You can find nicely preserved Type 1 Buffalo nickels from Philadelphia for around $25. Spend as little as $10-15 more for an example from Denver. San Francisco coins will be $40 more.
✓ 1913-1938 Type 2 Buffalo nickel: Basically, the mound was hollowed out leaving the buffalo standing on what looks like a line. While not as aesthetically pleasing, it did preserve the denomination and mint mark on the reverse from wear. Best bet for this collection is to find a late 1930s example for $10-15. If you spend a little more, you can own an uncirculated 1935 or 1936 with a mint mark for $35-40. These make stare-worthy coin in any collection.
✓ 1938-1942,1946-2003 Jefferson nickel: Jefferson nickels come in four types with the left-facing portrait being the dominant coin of the series. With the exception of the 1939-D, you can find an uncirculated example for under $10. If you want an example with the mintmark on the reverse, select a coin from 1964 and earlier since the mint marks were move to the obverse starting in 1968 and no coins had mint marks from 1965 through 1967. Maybe you would want to add a 1970-S coin which was the last year the nickel was produced in San Francisco and had an obverse mint mark.
✓ 1942-1945 Wartime Silver Nickels: to reduce the amount of copper and eliminate the nickel that were need for the war, the Mint produced nickels using an alloy of .560 copper, .350 silver, and .090 manganese. To distinguish these coins from regular nickels, the Mint added a large mint mark over Monticello on the reverse. It was the first time the Mint used a “P” mint mark on any coin. Since the mint mark makes them unique, one from each mint would make a nice example. Maybe one from each year with each on representing one Mint. You can find nice uncirculated examples for an average of $5 each without looking too hard.
✓ 2004-2005 Westward Journey Nickel Series: After the success with the start of the 50 State Quarters series, to honor the 200th anniversary of the exidition by Meriwether Lewis and William Clark in the newly purchase Louisiana Territory and westward, congress authorized this two-year four coin series to commemorate the journey. These modern circulating commemoratives are readily available and the four should not cost a lot of money, even as uncirculated coins. Make sure you find all four coins: 2004 coins with the left-facing portrait with the Peace Medal and Keelboat designs on the reverse. The 2005 coins had a wonderful obverse portrait designed by Joe Fitzgerald that included the word “Liberty” reproduced from Jefferson’s writing. The reverse included the American Bison and “Ocean in View.”
✓ 2006-Present Front Facing Portrait: With the return of Monticello on the reverse, a new front-facing portrait by Jamie Franki based on the 1800 portrait painted by Rembrant Peale and includes the “hand written” version of “Liberty” on the obverse.

An interesting aspect of this collection is that the coins are of all the basic metals used in non-gold coins. The 2-cent pieces were made from copper while the 3-cent coins had one type made in silver and anther in nickel. While most of the 5-cent coins were made of copper-nickel, the wartime composition removed the nickel and lowered the copper content by adding silver and manganese. It is a good representation of coinage metals circulating in the United States.

This is one set where it was difficult to think about how to keep it to 20 coins. Depending on where you shop, your patience, and your budget, this is a collection that can easily be expanded.

If you decide to use this guideline for your set, do not limit yourself to my suggestions. Consider other options. Consider adding another page. Make it personal. Make it yours.

Most importantly: HAVE FUN!

 Posted by at 10:00 AM

  3 Responses to “One Page Collection: 2, 3, and 5 cent coins”

  1. [...] author of Coin Collectors Blog shares his plan for a one page collection of 2, 3, and 5 cent [...]

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  3. I love the two cent pieces. Nice recommendations!

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