2007 Washington Dollar Error (Smooth Edge)

Hey Folks -

Have you seen this yet? I guess in Jacksonville Florida a shipment of the 2007 P Washington Dollars has a smooth edge. This error could be fabulous! Especially seeing how the coins are only going to be made for 3 months! I bought one for $84 myself (although that was high I admit) I couldn't resist and then got in a bidding war - AUGH. They're going for $50-$75 though and I have to say when this hits the press tomorrow morning - it'll be much similar I bet to the Wisconsin Leaf Error - but only better because this is a full fledge goofup on the mint's part - not a cracked die, etc. Here is a URL for one on auction already (I'm not a dealer nor am I selling this, and this auction will most likely be over by the time you get the info on it). This is a cool error! Just what the doctor ordered - now did the mint do this on purpose to create a frenzy?? hehehehe

Esky

http://cgi.ebay.com/ws/eBayISAPI.dl...MEWA:IT&viewitem=&item=160091742374&rd=1&rd=1

Here is a news article kind of on it.

http://coins.about.com/od/errorcoinsdievarieties/a/edge_lettering.htm

 

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It's been posted here about 100 times so far, it's "hit the press" many times, and yes $84 is *very, very high* as it's not going to be an uncommon error IMHO. There seems to be plenty of them. The auction you posted went for $66, but if those people (and you) looked a bit harder, you would have found $54.04 shipped BIN, no frenzy...

http://cgi.ebay.com/Washington-Doll...goryZ524QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

IMHO, not only is this error *not* uncommon, the high realized prices (even the $54 BIN price) will only come down, down, down once people realize how common they are, and the initial frenzy of people who are just discovering this already much publicized error pay the high prices. Plus once the initial frenzy of the Washington dollars themselves (error or not) die down and these are more common. Right now, in many places, even a non-error Washington dollar is scarce. As said in the article you posted, "First coin (from Chicago) sold for $612 on eBay." I'll bet that in a month or two, you'll be able to get no-edge letting dollars for $15.

Good news is that if you like it, be happy with it regardless.

 

I found one unlettered dollar in the first roll (Denver) that I bought, and my local coin dealer said his partner had a roll with twenty in it, and had other rolls with several of these in each one.

 

Just slightly less common than the Washington Gold Dollar Coin upside down edge error

 

One major error coin dealer has suggested as many as 40,000 have already turned up. Whether that estimate is accurate or not, who knows, but there are currently over 1000 'No Edge Lettering' for sale on eBay. One seller alone has over 100 available. IMO not scarce.

 

Maybe that's high then... I'll lower that to $5.

 

Well that's what happens with speculation. Nobody knows for sure how many there are yet. I was told not to buy the Wisconsin Die Crack in 2004 ... I could have had one for $75 instead I waited and now I won't buy one for $300-$400!!! You guys are probably right - but at least I have one in my collection NOW!

Esky

 

Absolutely, and you're right you have it in your collection now. I just wish you would have posted before you bought it as I could have pointed you to at least that BIN link and saved you $30. You gotta watch that bidding frenzy fever

 

Well - actually the stupid searches here have ZERO for 2007 Washington Error Dollars. Trust me I looked for info and nobody was around to help. So I bought one. It's far from the worst mistake I've ever made in my coin collecting life. Besides, I won a thousand bucks at the casino last night, comped my room, free meals everything. It's like one bad roll on the craps table. No biggy - I still got enough left over to buy a 1909 S VDB, which I might do. I only have 5 and maybe a 6th one would go good in my collection

Anybody have any idea how this error actually happened at the mint?

Esky

 

My understanding is that the edging is a separate process. It is very possible that these coins never made it to that process and where shipped. The mint must have a quality assurance team that should have caught this error if it happen during the edging process. That is why I believe these coins never made it to the edging process.

 

Well, walterallen, at first I also believed these errors completely missed the edge lettering process. However, I recently recieved an email from somebody who bought 5 of my coins, stating that one had what apeared to be the mintmark very lighlty imprinted on the edge. He asked if he could swap it with another, and of course, I obliged. Perhaps this one coin can show that these errors did not miss the edge lettering process completely, but too little force was applied or something similar to that.

P.S. I'll try to get a picture of the coin when it arrives.

 

Esky, I think that search was too specific (too many elements). I searched for "Washington edge" and found these...

Presidential Dollar w/no edge lettering
Edge Lettering Errors
WHOA! Washington dollar ERRORS!!
Washington Dollar Errors! No Edge Lettering!!!

-and there are other threads which discuss it, or make reference to the error, but there's a few to get you started.

 

Well SamJimmy - I did try to get info on it before I bid. I am not normally one to go for speculation, but extra $$ burns a hole in one's palm. You should have seen how I wasted all my gold profits last year! At least I got some land out of that deal. Still - you're right I should have waited. Too late now though - and I'll enjoy the overpriced coin and you never know - it still may be somewhat rare down the road and I had to have one for the collection. When they do go down to $5 a coin - I'll buy 2 more to cost average the price to $30 / coin lol

Esky

 

I'd love to get one, but I ain't paying that much.

 

I'm the wrong person to sing that song to.

:: sends coins to work address to escape the wrath of wife ::

You can't go too wrong with land.. then again I recently dropped over $700K on a 25 foot x 100 foot chunk here in California. In most parts of the country, that'd be pure insanity.

Heh, that sounds like a good plan. If you buy 80, it'd only be $6/coin which isn't too bad

 

Every once in awhile I will stop at the Philly Mint Store located in the Mint and sometimes I will do the tour where you can look down on the workroom floor of the mint and see the coins being produced. I can knock on the glass and hold up a sign Do not forget the edge

 

Sandler take a 10x and look at the edges of those coins you will find that not many have missed it its just so ligght that its not visible to the naked eye. if u truly find one then more greenbacks to enjoy

 

Struck coins are carried from the press to the edger. When it is emptied some stick in the hopper. later the hopper is used to transport finished coins from the edger to the bagging area. When the hopper is emptied there the plain edged coins are knocked loose and mix in with the finished coins.

 

Methinks the Mint should invest in seperate hoppers.

 

I wish I'd bought at $84 they're going for $200+ to $456 on Ebay.

http://tinyurl.com/2srts6

maybe $5 Thurs.