https://www.coinworld.com/news/us-c...D8s0guOR3sioSyd8N8d5fnp9X_mdlMpWot8O_E4vOUtbU https://www.coinworld.com/news/us-c...ariety-category-collectors-clearinghouse.html
From the first article: “Private individuals should be advised of the potential numismatic value of their misstruck coins and then offered an exchange at face value,” according to the Fed policy. "Hey, that funny-looking nickel is worth $XXX at Big Slab Vendor Auctions. I'll buy it from you for a nickel." What kind of idiotic policy statement is this? Is the mint just trying to help the modern coin collecting industry by promoting awareness and desirability of error coins by saying they are quasi-illegal to own?
Well, the official policy is this: NO imperfect coin shall ever leave the Federal Reserve and enter circulation. What actually happens is this: "Sir, some nerd just found a 50% off-center Jefferson at Walmart." "What?!? That's not allowed! Retrieve it at once and replace it with a perfect specimen!" "If we do that, there will be a big stink when the folks on Coin Talk declare it was worth ten bucks and we only gave him a nickel for it." "Ok, tell the nerd it's worth 10 bucks, then see if he'll allow us to replace it with a perfect specimen."