Banker's Bag Coin Collections

Lincoln Cent:
The idea of striking an image of a past president on a circulating coin in the United States ignited a controversy in 1909. The act of honoring the 100th anniversary of Abraham Lincoln's birth by etching his likeness into the American cent directly violated a long-standing tradition in American coinage. Many believed that the custom established by George Washington of not using the images of presidents on circulating coins should be respected. Despite this resistance, the coin adopted the image of Lincoln and also the initials of the coin's designer, Victor D. Brenner. The relative prominence of the V.D.B. on the reverse of the coin led many to criticize the design. The initials were removed shortly thereafter but eventually returned in a more subtle form in 1918.

The coin debuted with a reverse featuring a pair of wheat ears encircling the words, "One Cent" and "United States of America". The term "Wheat Penny" derives from this reverse design. In 1959, to honor the 150th anniversary of Abraham Lincoln's birth, a new reverse, designed by noted U.S. Mint Engraver, Frank Gasparro, replaced the original. The new reverse displayed a striking image of the Lincoln Memorial surrounded by the words, "One Cent" and "United States of America." This reverse design remained on the penny until 2009 when four new reverse images were introduced to commemorate the 200th anniversary of Lincoln's birth and the 100th anniversary of the Lincoln Cent. The four designs each honored a different stage of Lincoln's life and were released one at a time every three months over the course of the year.

Die: An engraved piece of metal used to stamp a design on a coin.

Die crack: A small, raised imperfection on a coin resulting from a crack in the stamping die.

Early release: The Numismatic Guaranty Corporation (NGC) uses this designation for U.S. Bullion Coins during the first month of release from the U.S. Mint. To qualify for Early Release designation, NGC must receive the coins within 30 days of their release by the US Mint or properly documented as being received by an NGC approved entity within the same 30-day release period.

Encapsulated coin: A coin graded and authenticated by a professional coin service, then sealed in plastic.

Field: The typically flat area surrounding the relief and not used for legend or inscription.

Legal tender: Official money issued by the government.

Legend: The coin's primary lettering.

Lettered edge: An inscription added to the edge of a coin.

Luster: The quality of the surface brilliance on a Mint State or Uncirculated coin.

Mercury dime: Issued from 1916 to 1945, this U.S. dime featured a representation of Liberty in a winged hat that was commonly mistaken for the ancient god, Mercury.

Mint: A government controlled coin production facility.

Mint mark: A small letter stamped on a coin that indicates its mint origin, ex. "D" for Denver.

Mint Set: One coin from each of the available denominations in a particular year, produced by a single mint and made for circulation.

Mint State (Uncirculated): A regular production coin never used in trade and existing in its original condition.

Mintage: The number of coins produced.

NGC: Numismatic Guaranty Corporation.

Numismatics: The collection and study of monetary objects such as coins and paper bills.

Obverse: Heads, or a coin's front side.

Patina: Surface discoloration, typically green or brown, caused by oxidation over time.

PCGS: Professional Coin Grading Service.

Planchet: A blank metal piece used to produce a coin.

Proof: Expertly polished planchets and dies produce these coins which feature an extremely high quality strike, resulting in unmatched detail and brilliant surface finish.

Reeded edge: A coin edge finish featuring parallel vertical grooves all the way around.

Relief: The raised portion of a stamped design that sits above the coin's field.

Reverse: Tails, or coin's back side.

Rim: The raised ring around the perimeter of a coin designed to reduce wear on the relief.

Strike: The act of stamping a coin.

Truncation: The bottom edge of a portrait or bust.

Wheat penny: Lincoln cents issued from 1909 to 1958 bearing the wheat ear design on the reverse.

Mercury Dime:
First minted in 1916, this United States ten-cent piece features an image on the obverse of Lady Liberty wearing a winged Phrygian cap. The likeness drew comparisons to the Roman messenger god, Mercury, giving the coin its nickname. The cap Liberty wears has origins in ancient Greece and Rome and became a symbol of freedom used by revolutionaries in France and America during the late 18th century. The designer of the coin, Adolph Weinman, added wings to the sides of the cap to specifically call to mind freedom of thought.

The reverse of the Mercury dime features the fasces at the center supported by an olive branch. The fasces is an ancient Roman symbol of power and authority composed of rods arranged parallel and wrapped to the handle of an ax, while the olive branch is a traditional symbol of peace. The United States Mint struck the Mercury dime until the end of 1945. In 1946, John Sinnock's new design for the ten-cent coin honoring President Franklin Delano Roosevelt replaced the Mercury dime and continues today.

Buffalo Nickel:
The Buffalo Nickel was designed by James Earle Fraser and first minted in 1913. This extremely popular and legendary coin features the profile of a Native American man on the obverse and the image of a bison on a small hill on the reverse. Fraser revealed before his death that his depiction of the man on the obverse was a composite profile based upon Chief Iron Tail of the Lakota Sioux, Chief Two Moons of the Cheyenne, and possibly a third man. Although this third person was not specified by Fraser, many believe him to be Chief Big Tree of the Kiowa. The reverse design is thought to be an image of a famous bison at the time named Black Diamond, which lived at the New York Zoo.

The United States Mint produced the coin up until 1938 when it was replaced by Felix Schlag's portrait of Thomas Jefferson on the obverse and an image of the third President's home, Monticello, on the reverse. In 2006, James Earle Fraser's definitive work on the Buffalo Nickel was again used as the design for the new 24K gold American Buffalo coin. The U.S. Mint also struck a coin in 2001 featuring Fraser's famous Buffalo Nickel design to commemorate the opening of the National Museum of the American Indian in the Smithsonian Institution.

Washington Quarter:
The United States Treasury initially conceived of a limited issue commemorative coin to honor the bicentennial of George Washington's birth. However, after winning over the American public so convincingly upon its debut in 1932, the new coin was retained indefinitely. The obverse of the coin features the bust of George Washington, while the reverse shows an eagle with expanded wings clutching a bundle of arrows over an olive branch.

The design is the work of sculptor John Flanagan and came about as a result of an open competition held by the U.S. Treasury Department in 1931. A judging panel initially selected the submission of Laura Gardin Fraser (wife of Buffalo Nickel designer, James Earle Fraser) as the winner, but was overruled by Treasury Secretary Andrew W. Mellon, who declared Flanagan's design victorious. Though Mellon cited Flanagan's superior work as his reason for his decision, some believe the truth was that he simply could not bring himself to award first prize to a woman. In 1999, the United States Mint issued a five-dollar commemorative gold piece marking the 200th anniversary of Washington's death which featured Laura Gardin Fraser's design submission from the 1931 Washington Quarter contest.

For the Bicentennial of the United States in 1976, the U.S. Mint held another contest and requested design concepts for a reverse to be used on the Washington Quarter for the celebratory year. Similar competitions for the Bicentennial celebration were also held for the dollar and half-dollar coin designs. An image by Jack L. Ahr, featuring a regimental drummer in colonial army uniform adjacent to a torch surrounded by 13 stars, was chosen to appear on the quarter coin. The dual date of 1776-1976 was added to the obverse. John Flanagan's original design resumed production in 1977.

In 1999, the United States Mint celebrated the debut of the 50 State Quarters program. For every year in the subsequent decade, the Mint released five different reverse designs for the Washington quarter with each design honoring a different State in the Union. States were recognized by order of their entrance into the Union. The District of Columbia and United States Territories were honored in the same manner throughout the year in 2009. In 2010, the United States Mint began a 56-issue series for the Washington Quarter titled America the Beautiful Quarters program. Reverse designs in this series will feature national parks and sites in each of the 50 states, District of Columbia, and U.S. Territories.