Mar 14, 2007 | coins, dollar, grading, varieties
ANACS, the oldest certification service, has now published their population report. The report is accessible via the web and requires a free user account. Their population report not only includes the standard varieties, but also a listing of all of the errors of a particular type. For example, a search of 1976-P Type 2 Eisenhower Dollars shows that ANACS has graded Broadstruck, Clip, Double Clip, Double Struck, Die Adjustment Strike, Indent, Off-Center, Partial Collar, Split Planchet, Struck Thru, and Struck Thru Grease errors. I like that!
ANACS is also offering grading of Washington Dollars for $8 through March 31, 2007. There is a 10 coin minimum for their 10 day grading service. I may buy a roll from the bank and see what I can send to ANACS for grading because this is a good deal!
Mar 13, 2007 | ANA, coins, Eagles, US Mint
Before I leave for the Queen City of the Carolinas, I wanted to first let my readers know that the US Mint announced that the American Silver Eagle Proof coins will go on sale at noon on March 27. This beautiful one-ounce silver coin, featuring the Walking Liberty design by Adolf A. Weinman, will be sold for $29.95.
Other than that, I am off to Charlotte. I will have a report when I return. Have a good weekend.
Mar 9, 2007 | coins, dollar, errors
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.
Mar 9, 2007 | coins, dollar, errors, US Mint
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.
Mar 8, 2007 | coins, dollar, errors, scams, varieties
If you search the online auction sites, you will find less than honest sellers trying to sell variations in the positioning of edge lettering of the new George Washington Dollars errors or varieties. Letters that are pointed up, or the top of the letters towards the obverse, are considered “normal” by these sellers. Letters that are pointed downward, or the top of the letters closer to the reverse of the coin, have been called errors or varieties. They are neither.
An accepted definition of a variety “is any variation in the normal design of a given coin, usually caused by errors in the preparation or maintenance of the coin dies.” They are also errors caused in the striking process. But these definitions do not account for the differences in the orientation. The problem is that after the planchets are struck into coins by the high speed coining machines, they are mechanically collected and fed into a machine that will press the lettering into the edge of the coins.
The machine that adds the edge lettering uses a three part collar to impress the incuse lettering does this without regard to position. not only could the edge lettering face any direction, but the lettering can appear at any position along the edge. The US Mint confirms this by saying that because of “the minting process used on the circulating coins, the edge-incused inscription positions will vary with each coin.”
Since the Mint is saying that the process can vary, these variations are normal for the design. Since these are normal variations, they are not numismatic varieties or errors. Thus, the coins with variations of orientation edge lettering are not worth the premiums being sought online. They are worth their face value of $1.
There have been errors found with the edge lettering. The most infamous has been called the “Godless Dollars” for coins missing their edge lettering and the motto “In God We Trust.” Most of these coins were minted in Philadelphia and discovered in Florida. Others have found doubling of edge letters and what looks like breaks in the three-part collars where letters have moved out of place. These are legitimate errors and worth a premium above face value. Orientation variations of the edge lettering are not errors.
If you want to consider these varieties, please save your money and visit your local bank. You can purchase these coins for face value without shipping and handling fees. If you purchase a 25-coin roll, you can spend the coins you do not want since they are legal tender.
Mar 7, 2007 | ANA, Baltimore, shows
My collecting habits have been put on hold pending the big month of March where I will be attending the American Numismatic Association’s National Money Show in Charlotte, North Carolina and the Whitman Baltimore Coin and Currency Expo.
This will be the first ANA convention I will attend after missing the last time they visited Baltimore. With my parents living in Charlotte, I can take the opportunity to visit them and make it to the show. Of the many things to see at the show, I am looking forward to the collector exhibits. I have heard about the many different exhibits from others and have seen the exhibit pamphlet published by the ANA that makes it more intriguing. Also, Monnaie de Paris, Mint of Poland, and the Royal Canadian Mint will have tables at the show. It should be fun.
Baltimore seems to be a favorite place for dealers. In fact, the Baltimore shows are such a success it caused the ANA to move the National Money Show to Charlotte. Originally, the National Money Show (scheduled for Sacramento, California) and the Baltimore Show was on the same weekend. Because of booking conflicts with the Baltimore Convention Center, the Baltimore show could not be rescheduled. So if the ANA did not move the National Money Show, dealers would have to decide which show to attend.
Although it was not published, many dealers privately said that since business would be better in Baltimore and east coast dealers had to consider travel costs, they would rather attend the Baltimore show than the ANA show. It was strictly a business decision for many dealers. To prevent problems, the ANA moved the show to Charlotte and a week earlier.
Charlotte will be interesting for the interaction with the ANA. Baltimore will introduce Whitman Publishing as the new management of the show. Charlotte was organized in less than a year. Whitman takes over an established show that fills up three huge halls in the Baltimore Convention Center. This has to be the definition of numismatic bliss!
Mar 4, 2007 | counterfeit, currency, tokens
News reports out of New York City and Nassau County on Long Island reports that a 49 year old suspect has been passing bogus $50 and $100 bills in the area. Another suspect was arrested in Manhattan. Although suspects have been arrested, the New York Field Office of the US Secret Service is warning those in the metropolitan New York area that there may be more suspects and phony money in circulation. Secret Service has issued fliers showing the public what the fake bills look like.
- Click here to view the flier describing the counterfeit $100 bill
- Click here to view the flier describing the counterfeit $50 bill
In an unrelated story, a Buffalo man plead guilty to charges for his role in transmitting fake Toronto Transit Tokens into Canada. Tokens were made at an American token manufacturer and were to be sold in multiple shipments to Canadian dealers. These tokens have a face value of C$2.50. The real tokens were minted by the Royal Canadian Mint.
The Toronto Transit Commission (TTC) estimates that 40 percent of its tokens were counterfeit. To prevent further counterfeiting, TTC introduce a two-toned token and stopped accepting the old tokens on February 1.
Mar 1, 2007 | coins, commemorative
As March begins, it is time to check with our friends in congress to see what is next on the numismatic agenda. Using Thomas, the legislative service of the Library of Congress, I found that Michigan Senator Debbie Stabenow (D), co-sponsored by Senator Carl Levin (D), introduced S.587, Model T Ford Automobile Commemorative Coin Act, to commemorate “the Model T Ford Automobile and the 100th anniversary of the Highland Park Plant, Michigan, the birthplace of the assembly line.”
The impact of the assembly line that Henry Ford developed to manufacture the Model T in 1910 is considered a hallmark in the growth of industry in the United States. It made the Model T more affordable to more people and turning the United States into a culture built around he automobile. By 1918, half of the cars sold were the Ford Model T.
Ford did not stop with the assembly line. Ford paid the assembly line workers $5 per day, a significant mount in the early 20th century, understanding that by paying more it will make his workers consumers.
S.587 calls for the minting of 500,000 commemorative coins made from 90-percent silver, weigh 26.73 grams, and have a diameter of 1.5 inches (38 mm). The design is supposed to “be emblematic of the Model T Ford and the assembly line.”
If passed, this commemorative will be sold in 2010. Sales of these coins will include a $10 surcharge that will be shared with the Automobile National Heritage Area Partnership Inc. to create an educational endowment and The Edison Institute.
The bill was introduced on February 14, 2007 and has been referred to Senate Banking, Housing, and Urban Affairs.
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