Pawn Stars: A Very Rare 1944 Silver Coin (Season 13) | History

Pawn Stars
24 Jun 201905:08
EducationalLearning
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TLDRIn this intriguing script, Ray visits a pawn shop to sell a rare 1944 steel penny, a coin that was supposed to be discontinued due to World War II copper rationing. Rick, the pawn shop owner, acknowledges the coin's rarity and historical significance, as it's one of the few mistakenly made steel pennies from that era. After consulting with an expert, Dave, who estimates its value at $30,000, Rick offers Ray $25,000. However, Ray believes the coin is worth much more and decides to keep it in the family, hoping for a higher future valuation.

Takeaways
  • 🗣️ The conversation is between Rick, a pawn shop owner, and Ray, who has a 1944 steel penny to sell.
  • 🤑 Ray values the 1944 steel penny at $102,000, which he believes is justified due to its rarity and historical significance.
  • 🏦 Rick acknowledges the rarity of the coin but seeks a second opinion from an expert, Dave, to verify its authenticity and value.
  • 🔍 Dave confirms the coin's status as one of the most famous errors from the US Mint and explains the historical context of its production during WWII.
  • 📊 Dave estimates the total number of 1944 steel cents in existence to be around 60, with most being struck at the Philadelphia mint.
  • 💰 Dave suggests that the coin's value is approximately $30,000, based on public auction records and collector interest.
  • 🤔 Ray disagrees with Dave's valuation, believing the coin to be worth much more due to its extreme rarity.
  • 💸 Rick offers Ray $25,000 for the coin, but Ray is unwilling to sell at that price, believing it to be too low.
  • 🛑 Negotiations fail as Ray's minimum asking price of $75,000 is not met by Rick's offer.
  • 👋 The conversation ends with both parties parting ways without a deal, and Ray decides to keep the coin within his family.
  • 💭 Ray expresses confidence that the coin will eventually be sold for a much higher price than any current offers.
Q & A

  • What type of coin is Ray trying to sell to Rick?

    -Ray is trying to sell a 1944 steel penny, which is considered a very rare coin.

  • Why were steel pennies made in the United States during World War II?

    -Steel pennies were made during World War II because copper, which is typically used to make pennies, was a war metal and was being rationed. The US government instructed the US Mint to make cents out of something else, leading to the production of steel pennies that were zinc-plated.

  • How many 1944 steel pennies are believed to exist according to Ray's research?

    -According to Ray's research, there are less than 30 of the 1944 steel pennies that exist.

  • What was the public's reaction to the steel pennies made in 1943?

    -The public absolutely hated the steel pennies. They were often confused with nickels or dimes, leading to frustration.

  • Why did the US Mint stop making steel pennies after 1943?

    -The US Mint stopped making steel pennies after 1943 because of the public's negative reaction and the confusion with other coins.

  • What is the significance of the 1944 steel penny that Ray has?

    -The 1944 steel penny is significant because it is considered one of the great mistakes of the US Mint. It wasn't supposed to exist, as production of steel pennies had stopped, but a few were accidentally made, making it extremely rare.

  • What is the asking price for the 1944 steel penny that Ray wants to sell?

    -Ray is asking for $102,000 for the 1944 steel penny.

  • What does Dave, the expert, estimate the value of the 1944 steel penny to be?

    -Dave estimates the value of the 1944 steel penny to be approximately $30,000.

  • Why does Rick offer Ray $25,000 for the 1944 steel penny?

    -Rick offers $25,000 because he believes that even though the coin is rare, the market value as determined by recent auctions is around $30,000, and he wants to make a profit.

  • What is the lowest price Ray is willing to accept for the 1944 steel penny?

    -Ray is willing to accept a minimum of $75,000 for the 1944 steel penny.

  • What does Ray decide to do with the 1944 steel penny after not reaching an agreement with Rick?

    -Ray decides to keep the 1944 steel penny in the family, with the belief that someone will eventually sell it for a lot more than the current offers.

Outlines
00:00
🔍 Rare 1944 Steel Penny Discovery

Ray visits a pawn shop with a 1944 steel penny, a rare coin that was produced during World War II when copper was rationed. The US Mint switched to steel for pennies, but due to public dislike and confusion with other coins, production ceased in 1944. Ray claims there are less than 30 of these pennies in existence, making it a valuable collector's item. Rick, the pawn shop owner, acknowledges the rarity and historical significance of the coin, which is considered one of the great mistakes of the US Mint.

💰 Valuation and Negotiation of the 1944 Steel Penny

Ray is seeking to sell the 1944 steel penny for $102,000, but Rick consults with an expert, Dave, who estimates its value at approximately $30,000. Dave explains that these coins are among the most famous errors from the 20th century and are highly sought after, with only about 60 known off-metal strikes. Ray disputes the valuation, believing the coin to be much rarer and more valuable. Rick offers $25,000, but Ray insists on a minimum of $75,000, leading to a failed negotiation. Ray decides to keep the coin within his family, hoping for a higher future valuation.

Mindmap
Keywords
💡1944 steel penny
The 1944 steel penny is a rare coin that was mistakenly produced by the US Mint during World War II when copper was rationed for the war effort. It is a significant part of the video's theme as it represents a historical error and a valuable collectible item. In the script, Ray mentions that he has one of these coins, and it is the central object of discussion and valuation throughout the conversation.
💡US Mint
The US Mint is responsible for producing the coinage of the United States, and it plays a crucial role in the video as the institution that accidentally created the 1944 steel penny. The video discusses how the US Mint's decision to use steel instead of copper during wartime led to this rare coin's existence. The script mentions that the US Mint is known for making mistakes that can significantly increase a coin's value.
💡World War II
World War II is the historical context in which the 1944 steel penny was created. The war led to the rationing of copper, a material used in pennies, which forced the US Mint to use steel instead. This historical event is essential to understanding why the steel penny is so rare and valuable, as it was produced during a time of material scarcity and is a relic of that era.
💡Rationing
Rationing refers to the controlled distribution of scarce resources, such as food, materials, or goods, typically during times of crisis like war. In the video, rationing is mentioned as the reason why the US Mint had to switch from copper to steel for making pennies. This concept is key to understanding the historical significance and rarity of the 1944 steel penny.
💡Pawn shop
A pawn shop is a type of business where people can sell or pawn items, often in exchange for immediate cash. In the script, Rick owns a pawn shop and is approached by Ray to sell his 1944 steel penny. The pawn shop setting is central to the video's narrative as it is where the valuation and negotiation of the rare coin take place.
💡Coin collecting
Coin collecting is a hobby where enthusiasts seek to acquire coins for their rarity, historical significance, or aesthetic appeal. The video revolves around this concept as it features a rare coin and discusses its value to collectors. The script mentions how people dig through pocket change hoping to find a valuable error coin like the 1944 steel penny.
💡Mistake
In the context of the video, a 'mistake' refers to an error made by the US Mint during the production of a coin, which can significantly increase its value. The 1944 steel penny is considered a 'great mistake' because it was not supposed to be produced, and its existence makes it highly valuable to collectors. The script discusses how mistakes by the US Mint can lead to valuable coins.
💡Valuation
Valuation is the process of determining the value of an item, often by an expert in the field. In the video, the 1944 steel penny's valuation is a central topic. Rick and Dave discuss the coin's estimated worth, with Dave, an expert, providing a valuation of approximately $30,000. The valuation process is crucial to the video's narrative as it leads to the negotiation between Ray and Rick.
💡Expert
An expert in this context is someone with specialized knowledge or skill in a particular area, such as coin collecting or numismatics. Dave is introduced as an expert who provides an informed valuation of the 1944 steel penny. His opinion is sought to authenticate and value the coin, which is a critical part of the video's storyline.
💡Public auction
A public auction is an event where goods or property are sold to the highest bidder. In the video, Dave mentions public auctions as a place where the most realistic prices for rare coins like the 1944 steel penny are set. The concept of a public auction is relevant as it provides a context for understanding the market value of the coin and the negotiation between Ray and Rick.
💡Numismatics
Numismatics is the study or collection of currency, including coins, tokens, and paper money. It is a specialized field that is relevant to the video's theme as it involves the valuation and collection of coins like the 1944 steel penny. The script implies that numismatic experts, like Dave, have a deep understanding of the rarity and value of coins.
Highlights

Introduction of a 1944 steel penny, a rare coin that the owner believes Rick might be interested in.

Rick acknowledges being familiar with steel pennies and is intrigued by the 1944 coin.

Ray reveals the rarity of the 1944 steel penny, with less than 30 known to exist.

Ray explains the coin was a gift for his 70th birthday, and he is as old as the coin.

Rick describes the 1944 steel penny as a 'great mistake' of the US Mint, highlighting its uniqueness.

Background on the steel penny's creation during World War II due to copper rationing.

Public dislike for the steel cents due to confusion with other coins.

Explanation of the halt in steel penny production after 1943.

Theories on how a few 1944 steel pennies were accidentally made.

Ray's asking price for the coin is $102,000, which surprises Rick.

Rick calls in an expert, Dave, to examine the 1944 steel penny.

Dave confirms the coin's status as one of the most famous errors from the US Mint.

Discussion on the rarity and potential value of the 1944 steel penny.

Dave estimates the coin's value at approximately $30,000, which Ray finds too low.

Ray declines Rick's offer of $25,000, believing the coin is worth more.

Ray decides to keep the coin in the family, expecting it to appreciate in value.

Transcripts

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Related Tags
1944 Steel PennyPawn ShopRare CoinMistake CoinWorld War IICopper RationingUS Mint ErrorCollectible CoinsCoin ValuationHistorical ArtifactNumismatics