Jim Bisognani: Red Copper Is All the Rage

It is quite amazing — last time I submitted my Market Report, it was an unprecedented 15 below zero. Today, as I type this report, we may very well top out at 60 degrees… Go figure, New England weather.

Significant swings in market value are one thing that the rare coin market hasn’t witnessed in several years. This is especially true with the top tier coins, which regularly bring in $25,000 or more. On the other end of the spectrum, prices for more affordable collector coins are more predictable.

Lincolns make cents

For budding coindexters looking to start their numismatic adventures, price is truly no object. A few dollars can get you started. Lincoln Cents from 1909-1958 — fondly referred to as “Wheat Pennies” — are still highly affordable in Lightly Circulated to Full Mint State.

Yet, for the ultimate coin collectors, the full Red Copper Lincoln Cents, key dates and just top census coins are off the charts in terms of market price, even as we barely wade into 2023.

1944-S Lincoln Cent from NGC Coin Explorer Click images to enlarge.

For example, the Stewart Blay Collection of Red Lincoln Cents — a collection amassed of 276 pennies (or only $2.76 in monetary value) — just realized nearly $7.8 million in total at auction. That equates to over $28,000 per Lincoln Cent. Mr. Blay had spent 50 years scouring the country, capturing the most desirable full red Lincoln Cents he could find and afford. For some not seeing “red,” this could be a wise and very affordable foray into the numismatic landscape.

The new collector may be excited to find that many Mint State Lincoln Cents from the 1930s to the 1950s only run a few dollars! Yes, you can have Mint State copper coins over 90 years old for under $5.

Then there are the 1943 Steel Cents, which were made in response to a copper shortage during World War II. The limited enthusiasm of the “silver” penny was short-lived as merchants often took them in their till as dimes and, being steel, they didn’t work in vending machines. Kids who wanted to get some bubble gum were in an uproar! The copper cent returned the following year, in 1944.

1943-D Lincoln Cent from NGC Coin Explorer Click images to enlarge.

The 1944 copper cent was produced courtesy of the massive amounts of spent shell casings used for training on US military bases. These shell casings were collected and returned to the government for melting. While the majority of the copper was “domestic,” certainly a good quantity may have been returned directly from battlefields in the European and Pacific regions.

Colloquially referred to as the “Shell Case” cent, the 1944 Philadelphia Lincoln Cent was the first US coin to register a mintage over 1 billion coins; to be more precise: 1.435 billion! The 1944-D (Denver) was produced to the tune of over 430 million, and the 1944-S (San Francisco) issue — the “key” to the Shell Case — came in at just under 283 million!

Although the 1944’s are referred to as “Shell Case” coppers, their coloration in Mint State really doesn’t look any different than other copper coins of the era. Just think: you could have an ultra-Gem 1944-S MS 66 Red Lincoln Cent for around $25! Even better, some lightly circulated examples will run around 10 cents! Coins are truly a hobby first, and there is history behind every coin, regardless of the cost out of pocket.

Of course, you may have an aspiration, as I did in my youth — those many years ago — of forming the world’s best collection. Fresh off my indoctrination to the hobby, courtesy of my 1966 Red Book, I was dreaming of the day that I would complete the finest US coin collection — one that would leave Bass, Eliasberg, Garrett and Lilly awestruck and would have had King Farouk traveling to me, wanting to buy my collection!

My advice for each budding numismatist out there: Buy the Red Book and take a tour around the NGC website for stories, coins, pricing and data galore. I always suggest going for a type set to start and then deciding which coin series is your affordable cup of tea. I mean, minus the Denver mintmark on a 1916 Mercury Dime or a 1927 Double Eagle, you are left with a highly affordable type coin representative of both series!

Do your research

So leaf through your Red Book and scan the NGC Price Guide and Auction Central sections of NGCcoin.com for guidance. You will be on your way to formulating a plan of acquisition that will be best suited for you. Whether the ultimate choice falls to Braided Hair Large Cents or “Wheat Back” Lincoln Cents, you can have fun building your set over time.

1847 Braided Hair Cent from NGC Coin Explorer Click images to enlarge.

This isn’t a race, but for those collectors anxious for instant gratification, you can definitely speed up the process as long as you have sufficient funds. However, I don’t recommend this tactic as it leaves out much of the joy that careful acquisition and research for each date brings to the table. The variety and intricacy within the series that you are collecting are totally removed from the equation. I mean, not all coins from each series are struck with the same precision of strike and detail.

One such example is the wildly popular Buffalo Nickels: Many of the branch mint deliveries from the 1920s are very weakly struck. In some instances, fully Mint State coins (those which have been struck from heavily worn dies) can lack the details of a VF-XF coin! Getting a fully struck (or nearly so) example for many within the series is nearly impossible. This is why Buffalo Nickels that exhibit extraordinary delineation of detail deservedly bring substantial premiums at auction! Time and research, my friends!

1926-D Buffalo Nickel from NGC Coin Explorer Click images to enlarge.

Coins, their history and valuations — it’s all part of my daily routine, a ritual that brings me utter joy!

Until next time, be safe and happy collecting!

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