COIN collecting can be a lucrative hobby if you know what details to look out for.
If you’re lucky enough to snag a rare coin, they can rake in far more than their face value.
Four rare nickels sold at auction for far more than their face value[/caption]
This was the case with four rare nickels that sold for thousands to millions each on Heritage Auctions.
Similar to other rare currencies, these nickels are highly valuable and sought after by collectors thanks to their images, strikes, and high grading.
JEFFERSON NICKEL
One rare five-cent coin that sold at auction was a 1938 Jefferson Nickel with a Denver mint mark.
The coin features a portrait of Thomas Jefferson on the obverse and Monticello on the reverse.
It sold for a whopping $33,600 in July 2022.
A 1938 Jefferson Nickel sold for $33,600 in 2022[/caption]
The 1938-D coin was produced the first year the Jefferson Nickel was minted and boasts a high price tag for several reasons.
First, the nickel has a high coin grading of MS68+.
The PCGS grading scale ranges from MS60 to MS70, with higher numbers indicating better quality.
The nickel’s Mint State 68 grading means the coin is nearly perfect with only minor imperfections and is uncirculated.
The coin is also priced so high because of the “Full Steps” design on its reverse, which indicates how the steps of Monticello are well-defined, a sought-after characteristic for collectors.
Additionally, the Jefferson Nickel is the only MS68+ Full Steps graded by PCGS and only eight other coins have been graded as MS68.
SHIELD NICKEL COLLECTION
A set of nickels also sold for a shocking amount through Heritage Auctions.
The Complete Proof Shield Nickel Registry Set from The Law Collection was purchased for $176,250 in August 2012.
This set of 20 coins sold for so much due to several factors, including the high grading of the currency.
The Complete Proof Shield Nickel Registry Set of 20 coins sold for $176,250 in 2012[/caption]
The coins were certified by PCGS with most graded PR65 to PR67, indicating they are in excellent condition.
PR stands for Proof, a specific method of minting coins that produces a higher quality finish than regular circulation coins.
Proof coins are struck using specially polished dies and are intended for collectors.
The set also sold for so much because it includes some of the rarest and most valuable proof issues of the Shield Nickel series, such as the 1867 Rays.
Additionally, many of the coins in the set were designated as Cameo or Deep Cameo, signifying high contrast between the mirrored and frosted areas on the coins – a highly appealing feature for collectors.
BUFFALO NICKEL
Another rare coin that sold for far more than its five-cent face value was a Buffalo nickel.
A 1918/7 Buffalo Nickel minted in Denver sold at Heritage Auctions in January 2010 for $264,500.
A 1918/7 Buffalo Nickel sold for $264,500 in 2010[/caption]
The nickel features an overdate error in which the number eight is printed on top of the number seven.
This overdate occurred because of a hubbing error during the die production process, making the nickel highly prized among collectors.
This error occurred during the hurried production of new dies in 1917 and 1918 thanks to a shortage of small denomination coins.
It is estimated that around 100,000 of these erroneous coins were produced but very few remain in higher grades.
The nickel that sold for $264,500 was valued so high thanks to its pristine condition, certified as MS65 by PCGS.
How coins are graded
Coins are graded on a scale of one to 70, with one being the poorest grade, and 70 being the most pristine example.
Numbers 60 to 70 are generally the most sought-after by collectors and are known as Mint State coins.
Pieces that fetch thousands at auction are commonly found in MS67, MS68, and MS69 conditions.
An MS-70 is near-impossible to find among older coins.
LIBERTY HEAD NICKEL
The fourth coin that sold for a whopping amount at auction was a 1913 Liberty Head nickel.
Dubbed “The Mona Lisa of Rare Coins,” the Olsen Specimen Liberty Head Nickel sold for over $3.7 million in January 2010.
The Olsen specimen coin is just one of the five known examples of the 1913 Liberty Head nickel, which is one of the most famous and valuable coins in American numismatic history.
This particular specimen is regarded as the second finest of the five Liberty Head nickels, which are known as the King of 20th Century Coins.
A 1913 Liberty Head Nickel sold for over $3.7 million in 2010[/caption]
The proof coin was graded as PR64 by NGC, meaning it is in great condition with sharp details and lack of wear.
The Olsen specimen is also highly valuable thanks to its impressive history of ownership, including Egyptian King Farouk and NBA team owner Dr. Jerry Buss.
The nickel was also featured in an episode of the TV show Hawaii Five-O.
Check out these other rare coins.
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Plus, the exact date on the front of your nickel makes it worth $138,000 – but the rare error that makes it even more valuable.
