Last updated on August 16th, 2019 at 12:35 pm
Last Updated on August 16, 2019 Posted by Colonial Acres Coins
For the annual Nationwide Coin Week this year, top collectors and coin dealers will be celebrating a massive first of its kind coin hunt. Dubbed the “Great American Coin Hunt’, coin dealers will release into circulation thousands of collectible outdated coins.
Firstly, a private dealer has revealed that coin dealers from around the country are planning to have collectible coins in circulation. The planned event is called the “Great America Coin Hunt” by Rob Oberth. According to Oberth, dealers will be seeding thousands of antique coins from the 19th century along with pocket change. These vintage coins scheduled for circulation include 1859-1958 coins such as the Indian cent and Lincoln Wheat cent, 1883-1938 Liberty Head and Indian Head nickels, silver dimes from the 1800s and the first half of the 20th century. Other vintage coins for circulation include half dollars, Ike dollars and silver quarters.
When the United States Mint heard about Oberth’s idea of infusing collectible coins in pocket change, it decided to create its own chase coin for distribution. Consequently, the Mint placed two million quarters in circulation each displaying the W-mintmark of the West Point Mint.
Usually, quarters that are being circulated are struck at Denver or Philadelphia Mints and show the D or P mintmarks. Releasing the W-mint quarters into circulation is the first time the West Point Mint has ever struck a coin for circulation.
The United States plans to release five different 2019-W America the Beautiful coins. Each of these quarter dollars will be released with a mintage of 2 million coins each. With the international implication, Canadian coin collectors can even join in, matching these coins with their vintage 25 cents Canada coins.
Some collectors are frustrated because they have not been able to find a 2019-W coin as yet. A little patience is needed here since the new coins can take up to weeks and months before they move into the general circulation. With these coins’ lower mintages and the way they are distributed – mixing of the West Point Mint coins and Denver and Philadelphia Mint coins- before they’re shipped to the federal reserves, will affect the length of time these special coins get to local banks and stores across the nation. More coins will be released throughout the year and may remain in circulation for years.
Some coin dealers have found the coins already and have been making quick profits. Numbers of coins are being sold at prices way above their face value; some for as much as $100. However, the average selling price ranges between $35 – $50. Those who have found the coins already are making a profit, while those who have not are blaming their bad luck on the unfair distribution of the coins.
There is historical precedence for the circulation of the 2019-W quarter dollars. Beginning in 1968, the Mint started releasing into circulation Lincoln cents struck at the San Francisco Mint. There are several reasons why the coinage bearing the S mint mark of the San Francisco Mint was considered “special” particularly for collectors who lived east of the Mississippi River, where there was a scarcity of these coins.
During 1968 and 1973, coin dealers collected bags of 1968-S, 1969-S and earlier coins, which they sold at profits. As 1973 was ending, officials at the Mint decided to prevent some dealers from hoarding large numbers of the 1974-S coins. They mixed the 1974-S coins with these other coins and shipped them to the Denver and Philadelphia Mint to ensure wider distribution. The same thing is happening now with the West Point Mint quarters. Canadian coin dealers and collectors along with the wider population will have access to these coins and will get the chance to add them to view them at coin shows and as special display in public places and add them to their 25 cents Canada coin collection.
Many coin collectors add more pieces to their collection through a reputable coin dealer. As an exemplary coin dealer, Colonial Acres Coins is where you can find not only US quarter dollars but also other rare collectible coins.