Nickel-Penny Mystery!

Rick I think that would be impossible. what the OP has here is a struck cent that managed to end up in a nickel die and got struck again by the nickel dies.

 

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It didn't look that way to me at first, but upon a second look...

 

So weight came back at 3.1 grams, so it definitely at least *was* a penny. The owner of the local shop is on vacation, so I won't be able to get any more info locally until he gets back. They did at least put it in a coin holder. At the other smaller shop, the guy was insistent that the coin was nothing more than a copper nickel, but he didn't seem all that knowledgeable.

Can someone explain to a coin noob how the grading process works? How much will it cost to get this coin "graded and slabbed"? Do we need to insure it when shipping, and if so, how much would we insure it for? Will the grading process also give the coin an rough estimate of the collector's value?

Thanks to everyone for the help so far in identifying this coin!

 

A quick note about shipping valuables, not just for OP but for everyone. "Registered" mail has a maximum indemnity of about US $45. That's right, $45 MAX. Mail can be insured up to $25,000 I think, but the rates are less if the mail is Registered.

So for the best protection at the least price, you use a combination of Registered and Insured, which is perfectly acceptable to USPS.

The break-even point is currently about $1300 of value. Below $1300, it is generally cheaper to simply insure the item. Over $1300, you can still "insure" only, but it costs less if you Register too.
See the USPS website for details.

People who think Registering a parcel or letter protects them from loss are wrong, wrong, wrong. $45 MAX. The Postal Service finds Registered mail is VERY profitable, so unless you persist with the counter clerk, you will not be told the whole story. Also, incoming foreign mail that is Registered only has protection until it is delivered to the US postal system -- it is not signed for by each new mail-handler, signed for only the recipient (and sometimes not then).

 

The professional graders will not estimate a valuation. You will need to pay insurance (or the combo described above) for the item's return, too.

Finally, the coin is NOT covered by your homeowner's insurance. Period. Keep it in a safety deposit box until you decide what to do.

If the coin were mine, I would immediately consign it to a major auction house for a sale in the fall or winter, a major sale, not a fill-in sale. Coin dealers here at CT can elaborate. I have personally consigned to Stack's twice in the past 12 months and am satisfied with the results, for the record. And, my collection of British currency will be sold in January 2013.

 

Here is NGC's website --> http://www.ngccoin.com

Their website has all the particulars about their grading service, costs and what is involved with getting the coin to them, authenticated, slabbed and back to you.

Here's also a link to a U.S. Mint Double Error Nicel Struck on Penny Planchet ... http://www.ebay.com/itm/U-S-Mint-Double-Error-Nickel-Struck-On-Penny-Planchet-Off-Metal-Off-Center-/150775011831?pt=Coins_US_Individual&hash=item231ae419f7

The Ebay featured coin is not even close to as nice as what you have. Keep us posted on what you find out!

 

Very nice coin!

(Waits for Redwin to say his is better)

 

Absolutely. I mean if the OP wants to get top dollar it would absolutely need to be graded. Send it to ANACS, I think they grade errors. Send it in tfj. :thumb:

 

If you would like to sell it i would send it to Heritage auctions or stacks & bowers. If you just want to send it in yourself then i would insure it for $5000. Great coin please keep us posted.

 

No matter what you decide to do with it, it is a nice coin

 

You must have a written estimate of value to go with the insurance.
The USPS does not accept the value that YOU say a coin is... They
want PROOF of value. I have seen posts on the boards about some
people getting seriously screwed by the USPS on insured coin shipments
that they did everything right and insured for the proper amount. The
problem is the USPS doesn't give what you insure for, but only what
you can PROVE, up to the amount you insured for.

Edit:
Let me clarify...
They will let you insure any package for any amount you say.
They don't need proof to insure. They make money that way, so they could care less.
They WILL want the proof if they lose the items and you make a claim. That is where
they get you...

 

Such proof would be extremely difficult on a coin like this. Companies like Stack's have private insurance; I send my coins Express Mail with no indication of value, using their account number, and the shipment is fully protected, provided they have vetted the coin and asked you to consign it.

 

If I owned this coin, I would send it to PCGS. I'm saying that because I feel it's a special coin.
A bit of looking at the PCGS web site will give some ideas of the cost.

 

Looks genuine to my eye. Thats an absolutely gorgeous error! Quite amazing but not unknown. I've seen other examples.
Don't get flustered with all the options in grading and the craziness of exactly what to do. Just take your time and make sure you take every step slowly.
Enjoy the experience.

 

I will defer to ratio411's explanation, as I have never had to file a claim, even though I average over 100 outgoing packages a year. It sounds like a typical USPS "gotcha".

 

Calm Down

Calm down, this is not the crown jewels. I doubt you would be able to buy a house or even a car with the proceeds from the sale. On the other hand, I would not take it out and spend it. Take a deep breath and CALM DOWN. The authentication and grading process is something that several TPG (third party graders) do. The best are probably PCGS and NGC. The easiest way for a non-collector (or a casual collector) to get things graded is for a dealer to send it in for you. This will cost some bucks, but the error (and remember, it is an error which has a limited group of people who really care anything about it) is moderately rare and should bring a few bucks. Congratulations on the find, and if you do sell it, share with your family.

 

"Calming down" has nothing to do with protecting this little windfall.

 

Yes it does, and it has to do with protecting his sanity. How much do you estimate this "Holy Grail" is worth. Should he sit up with a gun all night. Get real and CALM DOWN.

btw, good night.

 

At least $7m

(Inside joke)

 

This coin shows every sign of being an authentic double-denomination error. Given its early date and excellent preservation of the host design, it could be worth well over $5000.