Steel Pennies – Wartime U.S Pennies (Non Copper)

In the year 1943, USA decided to stop the production of copper pennies because they needed copper at that time due to the materials needed for the war.  In exchange to the usual copper penny, the country decided to produce coins that were made out of steel. It was plated with zinc to make it look shiny on the outside.

Steel Pennies

Steel Pennies

Even though the history regarding the steel penny is interesting, it does not have much value because it is still a very common coin, over a billion coins were issued and most are worth a few cents each.  Some of the un-circulated ones can sell for a few dollars. The rare penny that most coin collectors would want to have been also produced in the year 1943 and it’s funny because that penny was created by mistake. That is the 1943 copper penny.

Just recently, a rare 1943 copper penny was auctioned for a million dollars, which is, of course, a staggering amount of money for most people. The reason why this particular penny has been sold for a million dollars is because it is so very rare. So many of the fakes can be found in different states so finding a genuine one can be very heart racing and exciting.

The penny is very much sought after now because of the error and only a few were produced and circulated which makes it even more desirable for coin collectors all over the world. There have already been a lot of people who have tried to make money by counterfeiting coins. The reason why this is still ongoing is because there are people who actually buy the fake coins because they think that the coins are authentic. Do not be swayed by the words of people who are selling hard to find coins especially if you do not know them that well. Here are some tips that you can follow so that you will not be fooled:

•    ●    A 1943 copper penny is of course the color of copper and some people immediately buy a coin when they see that the color is not the same with the usual 1943 steel penny. However, scammers usually just dip the coins in copper to lure people into purchasing them. To test if the coin is authentic, it will help if you have a magnet with you. If it is truly made out of copper, it will not stick to the magnet. If it does, it is simply a copper plated coin which does not cost much at all.
•    ●    Before you purchase a copper penny that does not stick to the magnet, it would be wise to check out the date of the coin first. Most counterfeiters make the 3 from the half of 8. Look at the date closely and you would be able to make out if it is truly 3 or just the half of 8. If it is the half of 8, it is not an authentic 1943 copper penny.

People would always like to think of ways to make more money or just to know if they own a very significant item. If you think you might have a coin of value, you can always look for a very reputable coin dealer or a shop that can help you appraise the real value of your coin. Most honest coin dealers would look at the value of your coin for free and would give you an idea about how much your coin is truly worth.

In order to look for a reputable coin dealer, it would be a great idea to find someone who has a good reputation and is well respected by his peers. There are some people who would pretend to be coin dealers and have recently opened up a gold buying and coin shop due to the recent boom in gold prices. Many have done this just to capitalize on recent trends in gold and silver prices and most of these people should not be trusted.

Remember that a reputable coin dealer is usually one who has had a long established business in the area. The local reputation of an experienced coin dealer would also tell a lot about how he has dealt with people.   Check the reviews, if any, to see what some past customers have said about the business.  The best thing to look for when you are searching for a coin dealer is that your dealer should be fair and honest. He does not simply think about how much of a profit he or she is going to make, but, rather, they are honest about the true value of coins and is there to serve his customers in the best way possible.  This has always been the case at American Coin & Stamp Co. Inc. here in Clifton, New Jersey.

Why You Should Buy Silver Right Now

Why You Should Buy Silver Right Now
If your dollars are sitting in the bank, you can bet that over time they will be worth much less than they are today. How does this affect you directly? As prices continue to rise with inflation, the less you will be able to buy with those dollars. Putting your dollars in something whose value continues to increase over time preserves your spending power. Buying silver is one way to preserve your spending power because the price of sliver is on the rise and is expected to maintain steady increases over time.

We found an article published by Porter Stansberry in the topstockanalysts.com which explains exactly why it is a good investment and why you should buy silver right now rather than later.
Why You Should Buy Silver Right Now

Silver is the best hedge against a money crisis because its price will increase many more times than gold as the gold-to-silver ratio reverts to its historic average. Silver will once again be worth 1/16th the price of gold. It is now worth only around 1/54th.
Back in 2006, with gold trading for around $650 an ounce, I set a target at $2,000 an ounce. We’re nearly there. A $2,000 gold price divided by the historic silver ratio of 16 sees the price of silver at $125 per ounce – about four times the current price.
Given this perspective, I hope you see why silver’s move from around $15 an ounce to over $30 in the last three years is only the very early signs of a money crisis. It’s going much, much higher.
Even if you think I’m nuts, it’s still a good idea to hedge your portfolio from the currency risks I believe are very real. You can do so easily and safely by taking a position in silver today.

 

Read the entire article here