A Coin Worth Way More Than a Plugged Nickel by Peter Rexford on Creators.com

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A Coin Worth Way More Than a Plugged Nickel

When I was younger (OK … a lot younger), most kids in my elementary-school class collected coins, even many of the girls. There was a reason.

Every comic book, Popular Mechanics (yes, I'm dating myself) and other magazines, contained ads from coin dealers offering thousands of dollars for a few particular coins. Depending on your age, you may remember the ads.

I was reminded of that when I spoke to a group of grade-school kids last year. I asked how many played video games. All raised their hands. Then I asked how many used a cell phone. Again, all raised their hands. Finally, I asked how many collected coins. Only two kids raised their hands. I acted surprised and said, "Wow, I'm amazed. Only two of you are collecting the state quarters?"

All of a sudden, most all the kids — girls and boys — started talking about which quarters they had and the ones they needed to get. In the end, the class realized they were collectors and were excited about it. Maybe everything hasn't changed since my school days.

One big difference is that the ads promising instant riches are gone. Ads from coin dealers offering to pay thousands of dollars for a 1913 nickel got our attention. That was WAY before most of our fathers were born, but we still fished through our change looking for one. A few of my classmates found some with that date, but they were the Buffalo/Indian Head nickels. In 1913, the U.S. Mint changed the design from the "Liberty Head" nickel to the Buffalo design. The latter were fairly common, but none of us could find a 1913 Liberty Head nickel.

In retrospect, that isn't surprising. Only a handful of the 1913 Liberty Head nickels were ever produced — five in total. Even back then, the Mint was striking millions of coins a year. So, how could there be only five? It turns out there was a fox in the henhouse.

As was eventually determined, a Mint employee had gotten word that the design change was imminent and no 1913 Liberty Head nickels were to be struck.

But prior to that communique, a die had already been created for the coin. Ergo, he or someone close to him minted a handful (five). That employee then, somehow, got them out of the Mint. Several years later, he took out ads offering to buy the nickels for $500. Of course, there were none to buy. He had them all. In 1920, he showed the coins at the American Numismatic Association in Chicago. Not surprisingly, he didn't reveal how he obtained them.

Fast forward to 1924. A coin dealer in Philadelphia bought all five for $2,000. He, in turn, sold the coins to collectors for various prices. Over the years, several dozen prominent numismatists, including King Farouk of Egypt, have owned one or more of nickels.

In 1973, one of the nickels was featured on the TV show, "Hawaii Five-O" under the title "The $100,000 Nickel." That shot the coins into national prominence. In 1978, Dr. Jerry Buss, then the owner of the Los Angeles Lakers, paid $200,000 for the one featured on the show. Since then, it's changed hands several times. In 2003, it sold again for over $1 million.

This month, the legacy of King Farouk and Hawaii Five-O kicked in again. Not that the king or the TV show has any following today, but you wouldn't know that from the sale price. On Jan. 7, that one lonely nickel was hammered down for a staggering $3,737,500 in Orlando, Fla.

The winning bidder, who wishes to remain unknown, is reported to be "a very advanced, East Coast coin collector who was filling a hole in his collection." The underbidder also wants to remain anonymous, but is said to be a sophisticated business executive who has just re-entered coin-collecting circles.

Are there more of the fabled 1913 Liberty nickels out there waiting to be found? It's doubtful. But that's not to say other rarities are out there and worth every bit as much or more. For those who like to dream, the Smithsonian has one of the five fabled 1913 Liberty nickels. Another is in the collection of the American Numismatic Association Money Museum in Colorado Springs, Colo. The final three are privately owned by collections.

Editor's Note: A JPEG visual of the "Hawaii Five-O" 1913 Liberty Nickel has been sent with this column.

To find out more about Peter Rexford and to read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.