Now that we have seen the fireworks and enjoyed our barbecues, it is time to add a numismatic touch to the celebration. This one is a new purchase of a 1976 Type 2 Eisenhower Dollar with an error at the US Mint.
Struck in 1975 and 1976, the dollar, Kennedy Half-Dollar, and Washington Quarter were minted with the dual date 1776-1976 and commemorative reverses designed by Dennis Williams to honor the nation’s bicentennial. In 1975, the lettering on the Eisenhower Dollars had a bolder reverse that did not strike well. For 1976, the dies were changed and the letters were thinned giving us the Type 2 variety.
Thirty-two years later, I purchased a 1976 Type 2 dollar with an error from the US Mint. The dollar in the image on the right, you can see the lettering in “AMERICA” disappearing. The star after the word is also missing. This error is called strike through grease filled dies.
Strike through grease errors are relatively common and only add a small premium to the value of the coin. They occur during the Minting process when Mint employees apply a thin layer of grease on the dies to prevent the newly struck coins from sticking to the die after being hit with more than 40 tons of pressure. When the grease is not applied evenly, it creates a buildup. Those areas where the grease is applied too thickly prevents raised elements from striking properly.
This is not a commentary on the US Mint or the Independence Day celebration. Just something neat I found to add to the patriotic definition of the day. Enjoy your weekend and I hope you find something neat in coins, too.
Error collecting is an interesting part of the hobby. Combined with variety collectors, those interested in finding coins that are not what the U.S. Mint intended is a specialty that requires a bit of education and persistence. Some of the errors and varieties collectors look for are doubled dies, repunched mint marks, clipped planchets, off-centered coins, off-metal coins, strike-throughs, and even differences in one set of dies from another.
Error collecting is a relatively new specialty. The specialty can be traced to the discovery of the famous 1955 Lincoln Cent Double Obverse, now called the king of errors. Its discovery lead to people beginning to search for errors, varieties, and anything out of the ordinary.
As a result, two organizations were formed to serve various collectors. After two decades of competition, they joined forces to create the Combined Organizations of Numismatic Error Collectors of America (CONECA). CONECA now provides education services, publications, and attribution services. Its membership are responsible for some of the definitive guides to errors, including the Cherrypicker’s Guide to Rare Die Varieties by J.T. Stanton and Bill Fivaz.
This year marks the 25th Anniversary of CONECA. To commemorate this milestone, CONECA has created a medal that will be produced in silver, silver clad, and bronze. What makes these medals special is that CONECA will be offering various “error” versions of the medals. The five variety of errors will include an off-center and various form of double strikes. You can also buy a medal that does not simulate an error.
For ordering information, see the CONECA website. When you get there, search for “25th Anniversary Medals Program” to see the medals and ordering information.
Whomever thought of creating errors from the commemorative medal deserves a pat on the back. It is a wonderful idea!
Medal images courtesy of CONECA.
James Monroe was the fifth president of the United States. Monroe, a Democrat-Republican (the forerunner of the modern Democratic Party) and former governor of Virginia, believed in the Jeffersonian principle of a stronger federal government who would look out for the welfare of the states. He was opposed to the colonization of the Western Hemisphere by foreign powers and worked to have them withdraw from the hemisphere.
Monroe was elected during a time of good feeling after the War of 1812 where Great Brittan tried to prevent the US to trade with France while they were at war with Napoleon. Monroe worked to set the US place in the world, first by convincing Spain to cede Florida to the United States in 1821. Subsequently, Great Brittan, weary of war, wanted the US to oppose the reconquest of Latin America.
Monroe consulted ex-presidents Thomas Jefferson and James Madison who agreed with the concept. Monroe then consulted with Secretary of State John Qunicy Adams. Adams was not only concerned about British meddling in the region, but there was a concern about France and Russia also meddling in the Americas. Adams suggested making it US policy against nation trying to recolonize the west.
Monroe accepted Adams’ suggestion. In a message delivered to congress on December 2, 1823, Monroe say “… the American continents, by the free and independent condition which they have assumed and maintain, are henceforth not to be considered as subjects for future colonization by any European Power.“ Twenty years after Monroe died, this became known as the Monroe Doctrine.
The James Monroe $1 coin was released to the public on February 14, 2008. However, prior to the coin’s release, there was a report that a number of “irregular” coins were returned to the Mint by the contractor hired to wrap coins.
It was reported that between 70,000 and 100,000 Monroe Dollars were struck on quarter planchets at the Philadelphia Mint. When questions, the US Mint issued the following statement:
In mid-January, the United States Mint’s coin-wrapping contractor alerted the agency when it found some irregular James Monroe Presidential $1 coins. The coins in question were immediately returned to the United States Mint. The United States Mint has performed an internal inquiry and presently has no evidence to indicate that any irregular James Monroe Presidential $1 Coins have been sent to the nation’s banks. The United States Mint expects to make an estimated 103 million James Monroe Presidential $1 Coins.
When I go to the bank tomorrow to pick up some rolls, I will be buying a few extra rolls to check for these wrong planchet errors because I do not believe that all of these “irregular” coins have been found.
As I was preparing to write this entry, I was looking for the posting where I wrote about a coin my wife gave me as a gift. I had taken a new picture of the coin before sending to NGC for grading. Apparently, I posted it elsewhere and not here. How dare I do something like that! I need to make up for this and now is as good a time as any.
My wonderful wife seems to be into errors, which sometimes makes me wonder. But the errors she finds are coins. For Chanukah in 2005, she gave me a 1955 DDO that ended up being graded by NGC as AU58BN. Last Chanukah, she gave me a 1937-D 3-legged buffalo. I did not get that graded. After a cent and nickel, what’s next?
On my birthday, I found a wrapped package on the table. I sat in my chair and unwrapped the package. It is a book. But not just an ordinary book. It is a children’s book about the planets. She tells me I have to read the book. I read the book aloud noting that the book is up to date since it shows that Pluto was voted out of the solar system! As I flip the pages, the book then explains the different parts of the solar system starting with the Sun. I turn the page to start with the planets and in the middle of the page is a piece of paper taped over the description of Mercury that says “Did you know that dimes come from Mercury?” Next to the note is a 2×2 holding a Mercury Dime. The holder had “AU” written on it by the dealer.
But this is just not an ordinary Mercury dime. It is a 1942/1 Mercury Dime! One of the most desirable Mercury dime errors. A beautiful coin with nice luster. The grade of AU is probably accurate.
While I am preparing to send the 1942/1 Mercury Dime for grading, the 1937-D 3-legged Buffalo Nickel is also being submitted. For a while, this coin was sitting in the album with the rest of my Buffalo Nickels. But a number of people suggested that I get this coin slabbed for many reasons including for insurance purposes. Although I would rather have the hole in the album filled, I agree with the arguments about protecting the coin and having a record for insurance purposes for this key date coin.
As I celebrate the start of another year of life on this rock we call Earth, I unbury my head from my work responsibilities to catch up on the news and events of the week. It seems the US Mint has been busy, so let’s get started.
The Mint published a Hot Item consumer advisory discussing the altering of the edge lettering on the George Washington Dollar Coin. Although I discussed this in my posting “NGC Warns About Altered Washington Dollars,” the Mint adds the potential for this being a criminal act. According to the Mint:
Although altering and defacing United States coinage generally is not illegal, doing so violates a Federal criminal statute (18 U.S.C. § 331) when the act is accompanied by an intent to defraud. Accordingly, a person is committing a Federal crime if he or she intentionally alters an ordinary Presidential $1 Coin to make it look like an error coin for the purpose of selling it at a premium to someone who believes it to be a real error coin. Under this statute, it is also a Federal crime to sell at a premium an ordinary Presidential $1 Coin that one knows has been altered so it looks like an error coin to someone who believes it to be a real error coin. Penalties include a fine and up to five years in prison.
The Mint announced that the Secretary of the Treasury appointed thre new members of the Citizens Coinage Advisory Committee (CCAC). The CCAC advises “the Secretary of the Treasury on the themes and designs of all US coins and medals. The CCAC serves as an informed, experienced and impartial resource to the Secretary of the Treasury and represents the interests of American citizens and collectors.” The three appointees are
- Gary Marks, the City Manager of Whitefish, Montana and the Commissioner of the Montana Quarter Design Selection Committee
- Michael Brown, Vice President of Public Affairs for Barrick Gold Corporation and former Special Assistant to US Mint Director Donna Pope from 1981 to 1989
- Reverend Dr. Richard J. Meier, a hobbyist and current Pastor of the Alpine Lutheran Church in Rockford, Illinois.
The Mint also began to take subscription orders for the uncirculated American Silver Eagle coins. These coins will be dated with the “W” mint mark to be sold for collectors. Silver Eagles without the mint mark will continue to be available for the bullion market and sold through dealers. As a reflection of the rise in the price of silver, the 2007-W coins will cost $21.95, up $2 from last year.
Finally, as a celebration of my birthday, I would like my readers to consider joining other numismatists and collectors to promote the hobby. If you are not a member of the American Numismatic Association, take this opportunity to join. If you have access to a local coin club, why not join others in your community. There are national clubs based on your interest, so consider joining them. Finally, if you know of a collector who is not a member, whether they are a young numismatist or otherwise, get them to join. It is fun and will help promote the hobby as it is showing a lot of growth. Just join!
Numismatic Guarantee Corporation (NCG), published an article on their website warning about Washington Dollars with edges altered to resemble no-edge lettering errors. NGC said that “[less] than a month after their official release, Presidential $1 Coins with altered edges are being submitted to NGC for certification.” In the article, NGC provides detailed dimensions of the coins along with images of genuine and altered edges.
Collectors are urged to use the information to make informed decisions as to their purchase of these coins. Although it is popular to buy coins from online auction sites, collectors may want to ensure that the coins are certified from a reputable third party grading service. You may want to inquire as to the seller’s return policy should the coin be altered. Remember, a seven day return policy will not be enough time for a coin to be certified by most grading services. Here are some resources to learn more:
Image of altered Washington Dollar edge from NGC.
The US Mint announced the availability of Sacagawea Dollars this week. Under the provisions of the Presidential $1 Coin Act (GPO: [text]/[pdf]), the Mint has to produce one Sacagawea Dollar for every three Presidential Dollars struck. Since the Mint is scheduled to produce 300 million George Washington Dollars, they are required to strike 100 million Sacagawea Dollars to be in compliance with the law. According to the Mint, the 2007 Sacagawea Dollars will benefit from the improved processes developed for the Presidential Dollar Program including shinier surfaces and a treatment to prevent the unusual toning of the past.
Although the Glenna Goodacre design is one of the Mint’s best in recent memories, the coin has not gained popularity with the public. As long as the Bureau of Engraving and Printing continues to print one-dollar Federal Reserve Notes, one-dollar coinage will not be popular. The only significant circulation of these coins was in the year 2000, its first year of issue. That year, the Mint struck 1.2 billion coins which are reportedly still being warehoused by the Mint and the various Federal Reserve banks.
The proliferation of edge lettering errors has prompted a lot of discussion in the numismatic industry. Professional Coin Grading Service (PCGS) has joined the fray and announced rewards for finding specific types of errors caused by the edge lettering. Recently, PCGS awarded $2,500 to a Colorado collector who found a Presidential Dollar blank planchet with edge lettering.
Since the Sacagawea Dollar is struck on the same planchets, presses, and post finishing process as the Presidential Dollar without the edge lettering, there is speculation that some may appear with edge lettering. While some insist this type of error is highly unlikely because the edge lettering is a separate process, PCGS is offering a $10,000 reward for being able to certify a genuine Sacagawea Dollar with edge lettering of a Presidential Dollar.
If you find a Sacagawea Dollar with edge lettering, contact me through this blog. I would love to be first to report the find and post pictures.
There have been reports of various minting errors for the new Washington Dollar coins, but a Denver couple found a number of blank planchets with edge lettering. Somehow, the coins missed the striking process but were processed passed inspectors to have the lettering pressed into the edge. Coins are from the Denver Mint Facility. There were no reports as to how many of this error may be in circulation.
Susan Headley, the Coins Guide on About.com, wrote a great frequently asked questions (FAQ) article that is worth reading. It sets the records straight as to what is known about the smooth or plain edge error on the George Washington Dollars. Read about it here.
A March 7, 2007 press release issued by the US Mint recognized “that an unspecified quantity of [George Washington Dollar] coins inadvertently left the United States Mint at Philadelphia without edge-lettering on them.” Calling it a quality control issue, the Mint said that they are “looking into the matter to determine a possible cause in the manufacturing process.”
Unfortunately, there are media abusers whose knee-jerk reaction was to call this a way to “remove God from our coins.” This could be the furthest from the truth and readers are advised to consider the source before trusting any information these smear merchants may pronounce.