By Kristine Brite
DANVILLE — The next time a cashier hands you change, you might want to take a closer look before absentmindedly shoving it into your purse or wallet. It might be worth more than you thought.
Members of the Indy Coin Club hope to raise interest in currency collecting by putting valuable and rare coins into circulation leading up to National Coin Week April 16-22.
“Most people don’t pay attention to the coins in their pockets,” said Michael White, a member of the club.
Members donated and sold parts of personal collections at cheap rates to the club. Now, club members will start spending the money at locations across central Indiana.
White, from Danville, said Hoosiers shouldn’t expect a $1,000 coin to show up, but the rare coins might be worth many times their face value. Liberty head nickels the club is putting into circulation are on average valued at $1 to $2. More than 1,500 wheat pennies will be spent along with Morgan dollars, and Franklin Roosevelt and John Kennedy 50-cent pieces, which can be worth up to $4.
“That’s the point of everybody taking a hit to their pockets — to get people interested,” White said.
Mark Eberhardt, ICC president, says most people are already coin collectors at some level. Anyone who stashes away a state quarter or any type of different-looking coin is a type of collector, what he calls a “hoarder.” Eberhardt, from Plainfield, hopes passing out these coins will make people currently hoarding start buying and selling to expand their collections.
“It’s one of the very few hobbies out there that’s a great investment,” Eberhardt said.
He stresses currency is a long-term investment. Three years might pass before a coin you buy is worth more than you paid for it. Many collectors keep their coins in safe-deposit boxes to protect their savings, he said.
But even currency minted this year can be an instant investment. For example, some versions of the dollar coin with George Washington on the face can be worth $50, if they’re missing the engraving supposed to be found on the outer rim of the coin.
An ATM might shoot a $20 out worth many times its face value. “Star” bills of all denominations and years can also bring an instant pay-off. These bills have a star next to the serial number to indicate they were a replacement for a version deemed unusable and destroyed before hitting circulation.
“Anytime you feed a vending machine and your coin falls through, take a look at it,” White said.
White said besides being profitable, collecting coins is just plain fun for him. Each coin has a story, he said.
“I’ve fallen in love with currency,” he said. “When I hold an old silver dollar in my hand that was made back in 1978, I think about what life was back in 1978.”
For more information about the ICC, visit the website at www.indianapoliscoinclub.org.
How much is your money worth?
Many buyers and sellers are using auction sites like E-bay for their transactions. Before you buy or sell, check out how much a coin is worth by picking up a magazine such as Coin Values Magazine or Paper Money Values, available at many retail stores.
More detailed books are available at the American Numismatic Association’s website at www.money.org.
kristine.brite@flyergroup.com
