Presidential Dollar w/no edge lettering

Hello,

I am in Tallahassee and these no edge Washington Presidential Dollars seem to be in every roll. I have been talking to several people and they say these coins could fetch upwards of a $1000.00. Does anyone really think they will be worth that much?

 

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Hello Davesgonecrazy - Welcome to the group. To answer your question no, not in the long term if they are as common as they seem to be. For now they are hot so you may want to sell a few if you have them. There are other threads on this topic if you look back through the history for the past few days.

Good luck!

USS656 aka Darryl

 

Welcome aboard.You will learn a lot here.

Aidan.

 

Welcome !

The only other coin I have with edge lettering is the 20 St. Gaudens.
Have any St. Gaudens ever been found with no edge lettering?

I knew there was going to many different errors with these coins and the way they are turning up looks like they could be like the 1960-D Lincoln cent.

 

wow that many are around

 

Welcome to the forum!!! Darryl is absolutely correct. If these Prez Dollar errors keep showing up and become a common thing they will eventually be worth about...well, one dollar. If they are actually selling for upwards of $1000 and you have some, I'd also say to sell them now, before everyone thats collecting or hoarding these realizes they're just very common. I havent even opened my rolls yet. I may have enough errors to pay for my trip to the ANA Convention this year!!!!

 

er can you tell me about this ANA convention I want to attend

 

I don`t really think they,the no edge lettering ones,are all that common.They only came out in the first shipment to the banks,the rolls from the mint does not have any,and they are hard to find today.I opened some rolls that had 4 in it and a roll that had 12 in it.The second shipment that went out to the banks did not have any in it,this I know from buying a box of the first shipment and a box from the second shipment.I also think that they were only shipped to a VERY few cities.Anyway,if they are common or not they are illegal because the federal law states that legal tender in the US must have the date and motto on it,so in some years they could become the next 1893 S Morgan.

 

I think the jury is still out on that. Until all of the rolls are looked at for this series we will not know how many there are. Just on this site more than a couple people have found them.

:rolling: One box inspection does not clear an entire shipment of coins. If I performed my job that way as a Quality Control Manager I would be out of work quickly. Again, until we see more rolls opened we will not know the extent of this issue.

The mint may have gotten lucky by a somewhat controlled distribution of the errors - we shall wait and see.

IMO - Cannot happen as they have no idea of the error amount. They have no idea of the recall quantity. These coins are forever in distribution now regardless of the law or what the government wants to do. Any attempt at getting them back will only increase their value and unwanted negative attention for lack of quality control. Hopefully they will put the controls in place to prevent future issues of this nature.

 

Us Mint Statement about the no edge letter

Here is a website that has a quote from the mint and also has theory about how the coins got their no edge.

 

I forgot to ad the link. Sorry.

http://coins.about.com/

 

i dont remember where i read this but these coins w/o edge lettering arent rare

 

Savannah,

I think we have to wait and see one way or the other. If it turns out that the mint released a couple thousand this way and it never happens again - I would love to own one of them. :hail: If it turns out that they released tens of thousands this way (which I doubt) then they will not be worth much. This will be like the stock market for a while with a few ups and downs until the picture is a little more clear. If you can get one cheap now I would do it. For now, anything anyone says about rarity is pure speculation unless the mint can qualify it in some way.

Darryl

 

Speaking of the Stock Market today OUCH !
many took a big hit today
:headbang:

 

Thanks for the link. It's a disappointing reaction.

ND86 made a comment about the mint having issues with changing attitudes about sharing information with the public. This would have been one of those cases where a good marketing/PR group would have had a press release out to the public as soon as this surfaced and they had any grasp of what caused it.

Their reaction is typical for the way old fashioned companies that are not focused on customer service.

I read an article today from a senior guy at the Royal Canadian mint and he stated that the business of minting coins is very competitive (for the global collector demand.) If this is true, the US Mint image has suffered some with this release and the 2006 AE order issues/cancellations.

 

Think long term - the Chineese market will rebound quickly as their growth will move forward even with tempering actions (much needed BTW) by the government. It will be ok!

 

Wednesday should be very interesting on the market I'm with you long term

 

I know that about 2,500 are in Tallahassee. I do not know how much are in the surroundng area, Jacksonville, or Savanna. Then there are some reports of it in Chicago from the Denver Mint but there are not many of them.

 

I think that if this is the only time this ever happens and there are 3k to 5k in circulation with no edge strike then they could be really collectible/valuable. It would be interesting to hear from some of the more experienced collectors on this scenario. Out of a population of 300K with a 1 to 1.5 error rate, how will the value do? Assume that it does not happen again.

 

ANA Convention info

Go right here>>>www.money.org Then click on Numismatic Events and then ANA Conventions. Although, Im going to wait until the convention comes to Baltimore next year.