I’m going to date myself…again. Younger readers may have, justifiably, yawned at my recollections of “those days.” “Those” were earlier years when times were genuinely simpler, for one reason – fewer distractions. No computers. No cell phones. No social media. Amazingly, it wasn’t that long ago. Imagine…the iPhone debuted less than 20 years ago.
Fewer diversions meant more time to enjoy simplicity. Case in point – coins. Decades ago, kids searched coins for dates or mintmarks to find a rarity. Admittedly, we didn’t have the variety we do now. Today, most every quarter in our change celebrates a different event or person.
Even with that variety, we don’t pay much attention. We’re too distracted. Or, maybe it’s because coins don’t buy much. A thin dime surely doesn’t have the value it once did. Growing up, a dime is what I generously put in the Sunday School collection plate. It was also once (I’m not making this up) my weekly allowance. Yep…I’m a fossil....
The thing is, there was an element of wonderment and anticipation. For instance, even though Roosevelt dimes were the norm, we might run across earlier “Mercury” dimes in our change. We called them that despite the terminology being wrong.
The image on the dime resembled Mercury, the ancient god of commerce, communication and messengers. In truth, it was actually Lady Liberty crowned with wings, said to represent “liberty of thought.” The dimes were also made of silver. As such, they’re no longer found in change.
It was also not uncommon to receive Indian Head pennies or nickels. The pennies had been minted up until 1908 and the Indian Head or “Buffalo” nickels were struck up until 1938. Still, they blended into our change. Incidentally, at that time, there was no quarrel with the term Indian Head. It wasn’t politically incorrect. From mail I’ve received, it still shouldn’t be.
To that point, my column has long been syndicated including in papers out west where many American Indians still live. I would use the term “American Indian” in my column. Somewhere along the line, a copy editor might change that to “Native American.” Then, I’d get mail from people in various tribes correcting me. Those readers said they preferred the term “American Indian.” OK.
Whatever term is preferred, kids always checked their pennies closely. Most Indian cents from as far back as the 1860s – the beginning of the Civil War and height of the cowboy era – were worth a buck or two. Those from the early 1900s were worth only a penny. However, should anyone be lucky enough to spot one from 1877, it was worth hundreds of dollars. Even more so now. In top uncirculated condition, collectors today pay upwards of $35,000 for an 1877 Indian Head cent.
So too for some Mercury dimes. In the 1960s, most all dates and mintmarks found in our change were quite common. But, should a kid (or adult) be fortunate enough to spot a 1916-D dime (minted in Denver) – of which only 265,00 were made – even in lousy condition that coin was worth upwards of $200. Today, even more. In top uncirculated condition, a 1916-D Mercury dime now commands nearly $45,000.
I thought of that when the US Mint announced the issuance of their new 2024 one-ounce Palladium coin. For the past seven years, the design for that precious metal bullion coin has been that of the vintage “Winged Liberty” or Mercury dime. At one-ounce, it’s naturally many times larger than its precursor dime. All the easier to see the details in the image.
The palladium coins bearing the image also go to show a limited mintage doesn’t automatically mean increased value. For instance, just last year, the 2023 palladium bullion coin was limited to a mintage of just 6,000. Of those, only 5,500 were sold for $1,850 apiece – just above the value of the metal. That’s a tiny fraction of the number of the aforementioned 1877 Indian Head pennies or 1916-D Mercury dimes which command $35,000 or more. In fairness, bullion coins aren’t considered in the same light as circulating coins. The collector demand just isn’t there.
Also, palladium has taken a notable beating. Worth almost $3,600 an ounce just two years ago, the spot price for palladium is now close to $900. I suppose, like the legacy of a thin dime, an ounce of palladium just doesn’t buy what it could a few years ago.
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