Do you have a fortune in your penny jar? Always popular with collectors, American antique coins have become increasingly rare and costly in recent years. From the first coins minted in the U.S., to those special steel pennies made during World War II copper shortages, antique American coins are an important part of history. Though some have sold for millions of dollars and others are accessible to nearly any collector, each antique American coin shares valuable stories about the past.

Early History
• Through the seventeenth and eighteenth centuries, most coins used in America came from Great Britain and Spain. The coins from Spain, known as the Spanish Reals, or pieces of eight , were accepted as currency in America through 1857. However, the first unofficial efforts to mint coins on American soil occurred in 1652, when settlers in Massachusetts created silver pieces known as Oak or Pine Tree money. Through the 1780s, and the founding of the first official U.S. mint in 1792, colonists continued to create their own money, modeled on British and other coinage, and many different types of coins were minted in different states and by various individuals, including Paul Revere.

Articles of Confederation and the Mint
• The Articles of Confederation, adopted in 1781, called for Congress to serve as a regulator for state-issued money through the Coinage Act. Ten years later, the U.S. Mint was established in Philadelphia and the first official American coin, a silver "half disme," or half dime, was struck in 1792. Not intended for circulation, just 1,500 of these coins were minted, and they are now valued at hundreds of thousands of dollars apiece. At that time, the mint adopted the monetary system based on the dollar and its fractional elements as the basis for American coins still in circulation today.

Types of Early Antique American Coins
• In 1793, the U.S. Mint produced copper half-pennies and pennies for circulation to the general public, followed by the first general-circulation silver coins the following year. These included the half-disme (half dime, or 5 cents), the half dollar (or 50-cent piece) and the silver dollar, followed by dismes (dimes) and quarters in 1796. In 1795, the mint issued the $10 gold eagle coin, and the $5 half eagle. A year later, the mint issued quarter eagle (2 1/2 dollar) coins. The earliest coins issued by the U.S. Mint have risen in value more than 8 percent a year since they were minted; a penny created in 1793 may be worth upwards of $20,000, depending on its condition.

Historical Highlights
• In 1804, faced with metal shortages, President Thomas Jefferson stopped production of the $10 gold piece, and in 1806, suspended minting silver dollars for 30 years. Some of the rarest and most valuable antique American coins today are the "1804" silver dollar, which was actually made in 1834-1835 as proof sets. Less than 20 of these special coins exist, selling in the millions of dollars. Coins commemorating battles and other events--from the Alamo to the California gold rush, among hundreds of others--have been minted; during the Civil War, Confederate half dollars became common. Expanding from the single "mother mint" in Philadelphia, over the next two centuries, mints were established in cities throughout the country. Some are still working today, other have closed, but beginning with the New Orleans, Louisiana mint in 1838, coins made outside of Philadelphia bear the "mint mark" distinguishing the mint where they were made.

Considerations
• Antique American coins are valued according to rarity, coin type and condition. Prices rise and fall based on demand. Additionally, the price of metals fluctuates, though the scarcity of antique coins may often highly enhance their value over their simple weight in gold or silver. Some rarities, such as mint-made errors (double-stamping, die wear and other irregularities that appear on coins) may result in an antique coin being valued higher and factors such as whether the coin was ever in circulation also play a key role in a coin's value.

Expert Insight
• The American Numismatic Society was established in 1858 to uphold the study of coins and its work on research, preservation and other issues continues today. Founded by a group of collectors, the society is a New York-based non-profit organization that has large a large collection of antique American coins and hosts the digital coins network. The American Numismatic Association, based in Colorado, is made up of 33,000 members who are interested in collecting coins, and sponsors a numismatic museum, the largest of its kind. Both organizations provide useful information and expert insight on antique American coins (see Resources).