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Millions Search for a 1913 Liberty Nickel
Entrepreneur and enterprising coin dealer B. Max Mehl of Fort Worth, Texas, spent a fortune advertising for specimens of the 1913 Liberty Head Nickel. He promised to pay $50 to anybody who found one in their pocket change and sent it to him. In addition, for just 50 cents, you could send away for his Star Rare Coin Encyclopedia, which listed the prices he would pay for scores of other coins, (plus it had other useful information about coins, foreign and domestic.) Mehl sparked a nationwide treasure hunt for the nickel that was worth $50, a princely sum of money during the Depression Era. It became the hopes and dreams of millions of Americans, to find that elusive rarity in their change for a dime. It is said that cable cars and tramways would run behind schedule or sometimes even come to a dead stop because the conductor was too busy checking all the nickels he collected in fares, trying to find a 1913 Liberty Head.
The 1913 Liberty Head Nickel - the Mother of All Hype
By the mid 1940's, the 1913 Liberty Head Nickel was an integral part of the national psyche. The coin had become iconic to a generation of Americans, so when specimens were quietly sold off as singles from the original set of 5 or 6 (which until then had been held intact,) they sold for exorbitant sums of money, as much as $3,750 each. Each time a specimen became available, the price got higher, the hype became louder, and the legend grew deeper.
King Farouk of Egypt reportedly had two different 1913 Liberty Nickel specimens in his world-class coin collection at different times. Another specimen formed the plot (and starred in) an episode of a major TV series, Hawaii Five-0. A U.S. Ambassador, Henry Norweb, claimed ownership of one, as did L.A. Lakers owner Jerry Buss. And each time a 1913 Liberty Nickel specimen changed hands, the price went up.
Where Did the Five Specimens Come From?
Not much is known about the actual minting of the 1913 Liberty Head Nickels. It is believed that five specimens were struck at the U.S. Mint in Philadelphia sometime between the Summer of 1912 and early February of 1913. One theory says that the coins were struck as advance test pieces around July of 1912, with the expectation that the series would continue the following year anyway. Another theory proposes that someone was burning the midnight oil at the Mint, and struck the five specimens before the dies were destroyed in preparation for the change to the Buffalo Nickel, which began production in late February of 1913.
Whichever theory you subscribe to, it's clear that the coins left the Mint in some unauthorized fashion, and indeed, no word of them surfaced at all until 1920, after the statute of limitations for theft had safely run out. Apparently, U.S. Treasury officials have concluded that they were legally struck, since they've never been confiscated like the 1933 Saint-Gaudens Double Eagles were.
Next: Is There a Sixth 1913 Liberty Nickel?
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