HOBO Nickels – Determining Quality and Value
By: Fred De Vall
They say beauty is in the eye of the beholder. That’s true also of coins and currency when discussing their quality and value. There have been several attempts at developing a “scale” for determining the quality and value of hobo coins such as: Superior, Above Average, Average, Below Average, and Crude. In addition, this scale is refined with a plus (+) for high-end, and a minus (-) for low-end levels within each rating. This provides a total of 15 different levels for the quality designation of a hobo nickel. This scale was developed by the Original Hobo Nickel Society to rate the artistic quality and eye appeal of hobo nickels. This might sound a bit
confusing but think for a moment about a slabbed coin and what is indicated on the information from the grading service to let everyone know what that specific coin has been graded at.
Another scale has quality categories as: Excellent, Very Good, Good, Fair, and Poor. And a third scale for determining quality is: Superior, Excellent, Very Good, Good, Poor. These scales were
developed for old original hobo nickels, but they are also used in determining the quality of more modern made hobo nickels.
It might seem to you that it’s impossible to provide a totally accurate rating system, however these three are workable in their own right. Whenever I am looking at a hobo nickel to purchase, I look at the overall eye-appeal of the coin and then focus on the intricate details that the coin has. Things such as hat/ hat band, beard/ mustache, ear area, eye and nose, neck and shoulder, collar, etc. I have seen many hobo nickels containing many combinations of these items in various forms of detail. But really, it’s quite subjective as each hobo nickel is a work of art and is appreciated differently from person to person.
Value- What is it really worth?
Assigning values is also very subjective because these coins are appreciated differently. But there are some general factors that affect their value. Once again, eye-appeal is extremely important in evaluating a hobo nickel. Eye-appeal generally increases as the artistic quality of the hobo nickel rises. Such coins will look good close up (even under magnification) as well as at a distance.
The coin’s subject. About 90% or more of older original hobo nickels use the standard subject design: the Indian head has been altered to a man wearing a derby style hat, usually with a beard and mustache added. The shoulder area usually has a carved collar. These design features are the easiest to create, so any coin containing additional features will usually have some additional value.
Reverse carvings. The reverse side of the coin has been altered. One major type of reverse carving is when the buffalo has been altered into a man standing with a backpack and may be holding a walking stick. Other reverse carvings might be: Santa Clause standing with a sack over his back, a standing hunchbacked man, a bent-over walking man, a man sitting on a commode, and various animals. Even modern hobo nickel makers have copied many of these designs.
Two-Sided hobo nickels. One of the most desirable types of hobo nickels are those with both obverse and reverse sides altered, especially when they have been nicely done. It is said that these coins are worth a large premium.
Signed coins. Some hobo nickels were signed by the artist. Initials or last names, “made by” or “by” preceding the initials or name. This adds to the value of a hobo nickel, just a little in the case of the initials of an unknown artist, to a lot for a coin signed by a talented or known artist. Initials can in some cases be the initials of the person whose portrait appears on the coin versus those of the artist. Signatures of the artist may appear on the obverse, reverse or even the rim of the coin.
Dates and places. Some hobo nickels are dated by the artist by punching or engraving the date somewhere on the coin, or by altering the date on the coin to a different date. These coins have added historical value and are worth a premium because of the added work the artist did and for knowing when the coin was made. If the coin’s original date is highlighted in some manner, especially on extensively carved coins, chances are that this is the date the coin was carved. Other hobo nickels may show geographical locations indicating where the hobo was when the coin was made or when he obtained the original nickel. Personal geographical touches also include where he is from, where he is headed. Such personal touches are very desirable and may greatly increase the coin’s value especially if both a place and date are on the coin.
Other items worth consideration in determining values. The date and condition of the host coin itself. Generally speaking, the earlier the date on the coin, the more desirable it is. Many
collectors, myself included, like 1913- dated hobo nickels. Dates in the teens and twenties are also popular. This does assume that the hobo nickel was made during the year on the coin or a few years thereafter. If that is the case, the coins should be of a higher grade
to ensure this assumption.
Carving techniques used. A coin that is totally hand carved is more desirable than a coin that is partly hand carved and partially punched. Also, when various techniques (using different tools)
have been used on a coin adds to its value. Some artists also used sophisticated techniques to raise metal and push metal on the coin and these features add to a coin’s value.
We have already mentioned coins by known artists command high values and premiums. Pieces made by the most famous and popular hobo nickel artists Bert and Bo are worth a large premium whenever you find them. Lesser-known artists or ones who go by a nickname have lower but significant premiums. Cameo coins are hobo nickels with the altered bust in the center of the coin and is totally surrounded by a dressed field. The dressed field is typically deepened and flat. The word “Liberty” has been removed, but the raised border near the coin’s rim usually remains. Cameos are usually created on Above Average to Superior quality coins (remember the quality designations we discussed above) and will command a significant premium.
Additional features are items added to the hobo nickel by the artist. These include a pipe, eyeglasses, cigarette or cigar in the mouth (including smoke rising from them), a jewelry item of some kind, a feather in the hat, or even a message or motto of some kind in the field or on the edge of the coin. If any feature is done well, they add to the desirability of the hobo nickel.
If you consider all of the items discussed here and apply them to the coin you are looking at, you can determine the overall quality and value of any hobo nickel. Is this an exact science? No, certainly not.
But we do not have a “Red Book” of coin grades or values for hobo nickels, so I believe that what we have here is the best that we can do under the circumstances.
I hope you enjoyed this article. Looking for hobo nickels is fun and as a collector of hobos, I thoroughly enjoy the hunt.