IT may be time to dust off your old coins because if you have a Liberty Head Nickel with specific details, it may be worth over $74,000.
The auction record for the 1885 Liberty Head Nickel is an impressive $74,750.
While there are typically no great rarities, coin collectors find these to be of value due to their low mintage – just over 1.4million.
The coin was minted in Philadelphia and created by the Mint’s sixth chief engraver Charles E. Barber.
The obverse features the Liberty head with stars around the head and 1885.
The reverse showcases the Roman numeral V, UNITED STATES OF AMERICA, E PLURIBUS UNUM, and CENTS.
The Liberty Head Nickel is a series that spans 30 years.
The 1885 Liberty Head Nickel has the second-lowest mintage of the entire series after the 1912-S, according to NG Coin Explorer.
Most of the Liberty Head Nickel dates have mintages over 10million, some over 20million, a few over 30million, and two almost reaching 40million.
Because of this, 1885 is a rare coin, widely recognized, and highly popular.
Experts determine a coin’s value based on a variety of factors.
Some coins have high values due to their grade and error.
Errors happen when the mint incorrectly manufactures a coin, leading to elements that are not supposed to be included.
Other factors that determine value include mintage, errors, demand, age, design, and condition.
More importantly, coins are graded on a rigid scale which is what collectors will pay big bucks for.
There are five main components when it comes to a grading scale including strike, surface preservation, luster, coloration and eye appeal.
Coins are assigned a whole number between 1 and 70, with the highest figure being flawless.
Check your coin’s worth
Make sure to check your spare change for any rare pennies, nickels, dimes and other coins as many of them could sell for thousands.
Typically, the most valuable coins are ones with a low mintage or an error, as collectors find those coins are some of the rarest.
Additionally, coin experts will pay top dollar if they are also well-struck.
A great website to check if your coins are worth anything is eBay.
You just need to search the full coin name, select the “sold” listing and then toggle the search to “highest value”.
