ShareThisDear Helaine and Joe: I am enclosing photos of a coin (with an American Indian holding a bow and arrow on one side). I have owned it for more than 25 years, and for some reason, I've held onto it because I wonder if it might be valuable. Could you tell me if this coin is worth keeping? -- B.J.D., Southfield, Mich.
Dear B.J.D.: We answer this question with great trepidation for two reasons: 1) the picture is so poor that it is difficult to see the details on the coin; and 2) it is impossible to tell whether or not this is a re-strike without seeing the piece in person. We can, however, discuss this piece generally and suggest that it be taken to a coin expert for a hands-on evaluation.
During the period of the American Confederation -- between the Declaration of Independence (1776) and the founding of the U.S. Mint in 1792 -- a number of states established mints to make coins. This was necessary in order for local commerce to flourish -- and if done right, it could also provide a handsome profit for the state that issued the coins.
States such as Connecticut, New Jersey, New York, Vermont and Maryland all issued various types of coins, as did Massachusetts -- the origin of this particular piece. During the Confederation period, it was the practice of most states to issue franchises to private groups and individuals to operate a mint.
These franchises stipulated the regulations and restrictions under which the private mint operated, and the agreement also stipulated a fee to be paid to the state. Massachusetts went an entirely different way, though, and decided to open its own minting operation, because it had procured data suggesting that the state could almost double its investment if it ran the mint itself.
In October 1786, Massachusetts approved an "Act for establishing a Mint for the coinage of Gold, Silver and Copper." No gold or silver coins were made, but in 1787 and 1788, copper cents and half cents were produced, all with the image of an American Indian holding a bow and arrow on one side and an eagle with olive branches and arrow clutched in its talons on the other.
Unfortunately, after government officials did the math, it turned out that the mint had cost the state far more than it made. The money-losing operation was quickly closed in 1789. Over the minting period, it is estimated that 300,000 of these cents were manufactured, which means they are not particularly rare but collectors are still interested in them.
It should be mentioned that Walter Breen, a distinguished coin specialist and author, reports that a Springfield, Mass., coin dealer named Henry Evans re-minted these pennies after the end of World War II. Research reveals that these re-strikes are collectibles, along with the originals.
We are not even going to suggest a value for this coin because we cannot ascertain the condition, when it was made or by whom. B.J.D. needs to take this piece to a specialist for further evaluation. But its insurance-replacement value is almost certainly less than $1,000, and probably less than $500.
(Helaine Fendelman and Joe Rosson are the authors of "Price It Yourself" (HarperResource, $19.95). Contact them at Treasures in Your Attic, P.O. Box 27540, Knoxville, TN 37927. E-mail them at treasures(at)knology.net.)
(Distributed by Scripps Howard News Service, http://www.scrippsnews.com)
TREASURES IN YOUR ATTIC
