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So many folks enjoy looking for rare and valuable coins worth money in circulation.
But have you ever thought about spending them?
Before you think I’m crazy, please bear with me for a few moments…
I’ve got some very good reasons why it might actually pay to drop some of your collectible coins into circulation!
HINT: When you spend rare coins, future coin collectors are often born.
New Coin Collectors Are Born Every Day
There are many ways that new collectors find their way into the hobby…
Some are inspired to collect coins upon the discovery of an error or variety coin — such as an off-center strike or doubled die.
Others come into the hobby by way of finding a rare coin — like a 1909-S VDB penny.
Personally, I started my numismatic journey after finding a 1941 Lincoln Wheat penny in my allowance change back in 1992.
How did that penny get into my hands anyway?
It’s challenging to venture a guess on its backstory. It’s surely possible it had been circulating for the 51 years from its inception up to the point that it landed in my 11-year-old hands. But it’s also plausible someone may have intentionally spent that coin with the hopes that someone would pluck it out of circulation and begin a journey in numismatics — which became a major part of my career as an adult.
It is with hopes for similar outcomes that many people in the hobby of coin collecting intentionally drop some rare and valuable coins in circulation. They’re wishing that these coins are found by people who will appreciate them and possibly begin their own adventures in coin collecting!
Looking for or finding Wheat pennies is the perfect way to enter into this hobby, because they look and feel entirely different from modern pocket change. If you ever want to replicate that spark for someone else, don’t just drop any old coin out there. Pick one with a deep chocolate-brown patina rather than one that has been harshly cleaned to “look” brand new. A raw, honest piece of history has a look that even a kid will instantly recognize as special!
Some Of The Rare Coins I’ve Spent
I’ve been searching my pocket change since the day I realized there are rare and valuable coins to be found in daily commerce.
You best believe I do my best to search for and keep any unusual or old coins of value that I happen to find. But I also make it a point to spend some, too!
I love using coins that most people don’t expect to find everyday — and perhaps don’t even know about!
Some of the rare, old, valuable, or unusual coins I’ve spent in circulation are:
- Indian Head pennies
- Lincoln Wheat pennies
- 1943 steel pennies
- Buffalo nickels
- Pre-1960 Jefferson nickels
- Kennedy half dollars
- Susan B. Anthony dollars
None of these coins are worth tons of money. Nor are they the rarest coins on the block. But any of them would certainly make an unusual find for the typical American who isn’t used to seeing old coins, half dollars, or dollar coins in their pocket change!
Out of all the coins I’ve placed back into the wild, the 1943 steel pennies are always a huge crowd-pleaser because they look like silver dimes at a glance! Here’s a little insider scoop on those steel pennies: The Mint actually punched the round planchets out of giant sheets of steel that were zinc-plated on the top and bottom. Because of that mechanical process, the outer edges of a real 1943 steel cent were completely raw, unplated metal from day one. If you find one in an old spare change jar, you’ll notice the smooth outer edge is usually the very first part to show heavy rust because it had zero zinc protection!
Rare 1909-S VDB Penny Worth $1,000+ Spent In Circulation
Some coin dealers, coin collectors, and others have spent really rare and valuable coins in circulation.
Consider what famous coin book author Scott Travers did in 2006…
As a promotional effort for National Coin Week, Travers spent a 1909-S VDB Lincoln penny worth $1,000 for a bottle of water he bought at a street vendor in New York City.
The event played out on live television and inspired countless collectors to try looking for that rare and valuable penny worth 4 figures!
I remember officials with the coin club that hosted the first coin show I ever attended in 1993 did a similar thing that year — spending a 1909-S VDB penny in circulation.
I never did find it… Perhaps someone else did though!
There are many other famously rare coins that have been spent in circulation — including 1909 Indian Head pennies, 1914-D Lincoln pennies, 1932-D and 1932-S Washington quarters, and many others.
If you’re inspired to go hunting for that New York City vendor penny or an old estate jar find, you need to know this: The 1909-S VDB is one of the most heavily counterfeited coins in U.S. history. Fraudsters love to solder (or glue) fake mintmarks onto common Philly cents. To verify the real deal under a 10x coin loupe, you can make these 2 quick checks: (1) Every authentic San Francisco obverse has a tiny, raised diagnostic metal dot nestled right inside the upper loop of the letter “S”. (2) Flip it over and look at the “V.D.B.” initials — the center horizontal crossbar of the letter “B” must slant subtly downward to the right, never perfectly flat!
Other Clever Ways That Rare Coins Are Spent
A bevy of rare coins have entered circulation in recent years thanks to the coordinated efforts of coin dealers and coin collectors who have united to spend valuable coins in everyday transactions.
The Great American Coin Hunt in 2019 was one such initiative aimed at putting unusual, interesting, and rare coins back in commerce. It was a wildly successful project staged by coin dealers who belong to Roundtable Trading.
The Great American Coin Hunt saw coin dealers hiding rare coins on grocery store shelves, park statues, and other places where the numismatic novelties might be found.
The same group later hosted Coins4Christmas and FreeCoinDay — which launched in December 2021 and encouraged coin dealers to spend valuable coins in circulation as well as give free collectible coins to customers who visited their coin shops.
There are many coin dealers who do their own thing to encourage people to become coin collectors — with many of these folks giving free coins to young kids.
This is a gesture that I was the grateful recipient of in my youth:
- The first coin dealer I ever encountered (one who I still buy coins from and sell coins to today!) gave me some inexpensive foreign coins to help pique my interest in the hobby.
- At the first coin show I ever went to, I received a free 1993 American Silver Eagle and an 1882 Shield nickel. WOW!
For those who don’t know, the Shield nickel series (1866–1883) introduced America’s very first 5-cent piece made out of our now-standard 75% copper and 25% nickel alloy. Before its debut, 5-cent pieces were tiny silver half dimes that were notoriously easy to lose through a hole in your pocket. Because this tough base-metal alloy rapidly wore down the Mint’s dies, early nickels were often plagued by weak strikes. So landing a Shield nickel with crisp, fully defined lines on the obverse shield and other design details is a true trophy for any collector!
Philanthropy In Coin Collecting
There are many ways that people can give back to the community through the hobby of coin collecting.
Educating others, inspiring new collectors to join the hobby, helping young coin dealers enter the business, encouraging others to join the numismatic fold… Those are just some of the things we can do in the hobby to spread the joy to others and enrich lives.
Another method of building goodwill in the numismatic community (and beyond) is to share the wealth with others — and dropping rare coins into circulation is a fun way to do that.
There is perhaps no better way to spark the interest of a new hobbyist than by finding a valuable coin in loose change!
Spending rare coins of any value is a gift that can keep on giving. As collectors find their way into the hobby — no matter how they do so — it only further ensures the future growth and good health of numismatics.
Salting a rare coin into circulation with the hope that it falls into the hands of a new collector is much like casting an acorn upon the ground. It may take root, and if it does there could someday stand a mighty oak that will surely one day spawn seedlings of its own!
Have you ever been crazy enough to drop a key date coin or a piece of premium junk silver back into a grocery store self-checkout or a vending machine?
Let me know in the comments below!
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