Feb 28, 2007 | coins, dollar, errors
It was reported that a collector in the Tallahassee, Florida area found five new George Washington Dollars missing the edge lettering. These dateless coins came from rolls search by a collector and a banker. It is unknown how many of these errors made it into circulation.
Although the US Mint has not commented on the errors, some collectors feel that this type of error was inevitable since the edge lettering is pressed into the coins after striking. Collectors have also found what can be described as scuffs on the edge of the coin from the edge lettering process. Others have reported marks noting the vertical lines made by the three-part collar used in the process.
Just as the new nation worked out some of the issues during the term of George Washington, the Mint may be working out their issues during the issuance of the coin honoring his presidency. It will be interesting to see how many edge errors are created during this release versus future presidential releases.
Feb 25, 2007 | coins, dollar, grading
Earlier this month, Independent Coin Grading (ICG) Company of Englewood, Colorado announced a they will use a new holder for ICG graded Presidential $1 Coin that will allow collectors to see the edge lettering. Since the edge lettering on business strikes can vary, ICG’s new Presidential View™ Holder features a pronged gasket that will allow more of the edge to be displayed but can be adjusted for each coin so that the date and mint mark will be visible.
ICG feels it is important for collector and dealers to be able to see the date and mint mark. “The mint mark can greatly influence the value of a coin.” says James Taylor, ICG’s C.E.O. “If I couldn’t see the mint mark on a 1909-S VDB, I probably would not buy it. The premise is the same with the Presidential Dollars.”
Since the US Mint’s production of business strikes cannot guarantee the position of the edge lettering, it was a challenge to design a holder that would work for any coin. ICG announced that their gasket is adjustable so that the date and mint mark can remain visible without disrupting their production line. Taylor adds, “we were able to design a gasket that displays the mint mark, custom fits each coin and does not disrupt our production line; so turnaround times will be seven days—guaranteed. We couldn’t be more pleased.”
ICG and NGC are the only third party grading services that has announced the use of special gasket inserts for encapsulating the Presidential $1 Coins. ICG is the only service that takes the variability of the edge lettering placement into consideration. It will be interesting to see how other third party grading services will handle this issue.
Image from ICG
Feb 17, 2007 | coins, dollar, US Mint
After my local club’s meeting was canceled because of the ice storm that hit the area, I was looking for a little numismatic fun. I started to look forward to the release of new George Washington dollar coins. As I thought about it, I remembered that NGC announced that they would slab new dollar coins with the designation of “FIRST DAY OF ISSUE” if the coins are received on Friday, February 16. So I thought… I am in the Washington, DC area, I should be able to find at least one roll—if not from a bank, I can visit the US Mint’s headquarters in downtown Washington.
Rather than sit in my office going over my current work assignment over lunch, I grabbed a sandwich and left the office to hunt for coins. After visiting two banks that are local to my office, I made the decision to drive downtown. I had no afternoon meetings and I could make up the work from home later that evening. After all, if anyone had the coins it would be the Mint… so I thought.
I made the turn southbound on 9th Street NW noticing that parking was particularly difficult because of the piled snow and ice on the side of the road. With the snow and ice in the way, there was no parking near the Mint’s offices. After circling the block a few times, I double parked in front of the offices.
After shlepping downtown, double parking, and stumbling across the iced road and sidewalk, I walk into the lobby of the Mint’s headquarters to purchase rolls from the sales counter. It was there I was told that rolls would not be available for another week at the US Mint’s sales counter!
I was shocked! I do have work to do, but I decided that wanted NGC’s “FIRST DAY OF ISSUE” designation for some coins. So I decided to go to Union Station. That is a high traffic area, they should have rolls. After negotiating daytime Washington traffic while congress is in session, I park at Union Station to navigate the maze of escalators, and find that the kiosk in Union Station had NO ROLLS! The woman at the counter was very nice and explained that the shipping was delayed because of the weather—which was predicted three days before it arrived. I was offered ONE coin, which was her limit.
Still not satisfied, I returned to the Mint’s headquarters where they have change machines in the lobby that dispenses uncirculated coins. There is a machine for the Sacagawea Dollar, the current state quarter, and a new machine for the Presidential $1 coin. I shoved as much money as I could in the machines to buy Washington Dollars. Since the kisok could not provide change of twenty dollars, I was able to buy 25 coins with the fives and singles in my pocket—14 from Denver, 11 from Philadelphia. I made it to the post office on time to send the coins to NGC via Express Mail.
During one minute visits to both of the kiosks, there were people visiting asking for rolls. While feeding the change machine in the Mint’s lobby, three people queued up behind me. If this was a representative demand on the first day, it would have been in the Mint’s best interest to have supplied their Washington-area kiosks with rolls. Instead, the Mint went with a marketing scheme that ignored the potential demand in their “home town.” Even the Mint’s director left the city for a launch event at Grand Central Terminal in New York City. If they cannot satisfy those interested where they have facilities, then how do they think they are going make this a success with the average consumer nationwide?
Feb 10, 2007 | coins, dollar, grading
Numismatic Guarantee Corporation (NGC) announced the release of the EdgeView Holder™ which suspends a coin within prongs to enable viewing of its edge. The change from the standard holder is in the insert of the holder that has rubber-like material cut in a way so that the protruding prongs holds the coin in place. NGC will use this holder for encapsulating the Presidential $1 Coins whose edge will be incuse with the year of minting, the mintmark, E Pluribus Unum, and the motto “In God We Trust.”
“Because critical information relevant to their attribution and identification is found on the coins’ edges, NGC has elected to use the EdgeView Holder™ which enables clear viewing of a coin’s edge,” according to NGC. “NGC will encapsulate Presidential $1 Coins with a patriotic red, white, and blue, label, displaying images of four Presidents on a blue background. A vibrant red bar across the bottom of the label includes the words NUMISMATIC GUARANTY CORPORATION.”
NGC will also have a designation for FIRST DAY OF ISSUE for coins released on the official release date. “To qualify, coins must be received by NGC on the official release date or by overnight mail or air carrier on the day immediately following the official release date. The first coin of the Presidential $1 Coin series, George Washington, goes into circulation on February 15, 2007, and to qualify for the FIRST DAY OF ISSUE designation, coins must be received by NGC no later than February 16, 2007.”
There have been mixed reports as to whether regular collectors can obtain these coins on February 15. Many bank tellers and front-line workers appear to not know about the coins or when they will be distributed. I will visit a bank on Saturday or Monday to see if I can purchase a roll, or two.
Feb 8, 2007 | Carson City, coins, dollar, Morgan, US Mint
There is something magical about the Morgan Dollar. It is the only coin that seems to remind us of the Manifest Destiny as the country expanded across the Great Plains to the Pacific Ocean. It brings up images of the Old West where people moved to make a better life looking for gold and silver or making money from those who have struck it rich. Sure this is a romantic view and does not take into consideration the plight of the Native American nations, but it ties into the fascination there has been with the west of the 19th Century.
The Comstock Lode was the greatest discovery of silver. So much silver was discovered that it was causing the price of silver was declining. To protect the financial interests of the mine owners and allegedly the nation’s economy, congress passed the Bland-Allison Act of 1879 to order the US Mint to buy the silver evacuated from the mines. The law required the Mint to produce 90-percent silver coins for circulation using that silver. The result was an over production of silver that would have repercussions for years to come.
Virginia City was the hub of the region, many deals and other favors lead to the building of an assay office then a full branch mint in nearby Carson City. Its history is an example of how things worked in the 19th century. The cornerstone for this branch mint was laid in September 1865 and was opened to strike coins in 1870. When the Morgan Dollar began its run in 1878, this branch mint would strike far more coins than necessary.
As the Mint purchased the required amount of silver and struck coins, the extra Morgan Dollars were bagged and placed into storage. These bags were transported to different government buildings including the Department of the Treasury in downtown Washington, DC. These coins were discovered in the 1960s by the General Services Administration (GSA) when they were cleaning out old government buildings in Carson City for sale and the Treasury building for refurbishing. The GSA sale of these Carson City dollars in special holders caught the imagination of the public.
The stories of the CC Mint is legendary. Like a lot of people, when I started to collect Morgan Dollars, I thought the cost of purchasing examples of these CC minted dollars was a bit out of my price range. Over the last few years, I have been looking for an affordable (under $100) nice looking coin. It would have to be at least in Very Fine condition with some mint luster, but at least worth the grade.
I finally found one! The 1890-CC Morgan Dollar is not worth a lot in comparison to other CC mint Morgan Dollars. But it is still a nice coin. But when I was able to find a Very Fine 1890-CC Morgan Dollar for under $100, I had to make this purchase. It is a nice coin with a little shine that suggests it was dipped a long time ago. But the elements are nice and the CC mint mark on the reverse is very clear.
While uncirculated coins are very beautiful, circulated coins have a history. What events did this coin see? Whose hands has this coin passed through? Was this coin used in Deadwood, South Dakota? Was it once handled by Buffalo Bill Cody? Or Teddy Roosevelt? I may not know this coin’s history, but it is fun to imagine while admiring its beauty.
Feb 5, 2007 | coins, dollar, Eagles, gold, US Mint
The US Mint announced last week that American Gold Eagle proof coins will be available for sale today, February 5, starting at 12 Noon. Gold Eagles are Minted at the West Point Branch Mint and bear the “W” mint mark. Prices of the coins have risen as have bullion prices. According to the Mint, the Four-Coin Set will sell for $1,449.95; the one-Ounce coin is $789.95; the half-ounce coin is $399.95; the quarter-ounce Coin is $209.95; and the tenth-ounce coin will sell for $104.95.
The Mint also announced the offering of free educational materials to help promote the new Presidential $1 Coin. These materials are free and include informational brochures, bookmarks, posters, coin boards, and stickers. If you are a member of a club, you may want to order enough to distribute at a meeting. Remember, shipping can take four-to-six weeks, so order early.
Jan 29, 2007 | coins, dollar
Last week, the US Mint announced that they will be traveling to ten cities to promote the Presidential $1 Coin program. This is the announcement that I wrote about earlier about the program being held in Houston and Chicago. The ten announced tour dates were announced as follows:
- Chicago, Ill., Wednesday, Jan. 24: Thompson Center, Noon – 3 p.m., 100 West Randolph Street, Chicago, IL 60601
- Houston, Texas, Wednesday, Jan. 24, The Galleria, 1-4 p.m., 5085 Westheimer Rd., Houston, TX 77056
- Detroit, Mich. Thursday, Jan. 25, Compuware Corporation, Noon – 3 p.m., One Campus Martius, Detroit, MI 48226
- Dallas/Ft. Worth, Texas, Thursday, Jan. 25, NorthPark Center, 1-4 p.m., 8687 N. Central Expressway, Dallas, TX 75225
- Boston, Mass., Monday, Jan. 29, The Hall at Paris,1-3 p.m., Faneuil Hall Marketplace, Quincy Market Building, 2nd Floor,Boston, MA 02110
- Tampa/St. Petersburg, Fla., Monday, Jan. 29, Westfield Citrus Park, 1-5 p.m., 8021 Citrus Park Town Center Mall,Tampa, FL 33625
- Hartford, Conn., Tuesday, Jan. 30, Westfield Meriden, 1-4 p.m., 470 Lewis Avenue, Meriden, CT 06451
- Atlanta, Ga.,Wed, Jan. 31,Underground Atlanta, 1-4 p.m., 50 Upper Alabama Street, Ste 007, Atlanta, GA 30303
- Pittsburgh, Pa., Thursday, Feb. 1, Galleria at Pittsburgh Mills, 1-3 p.m., 590 Pittsburgh Mills Cir., Tarentum, PA 15084
- Charlotte, N.C., Friday, Feb. 2, South Park Mall, 1-5 p.m., 4400 Sharon Road,Charlotte, NC 28211
Jan 21, 2007 | coins, dollar
According to the Houston Chronicle, the Federal Reserve is set to distribute the first coin of the Presidential $1 Coin Program featuring George Washington in Houston and Chicago. As part of the initiation of the program, George Washington reenactor Carl Closs will visit a Houston elementary school to introduce the coin and George Washington to the students.
The image is from the Houston Chronicle and is an example of the real coin.
Loading ...