2007 Washington Dollar Error (Smooth Edge)

Coins that were selling for $40 in the morning are now selling for $400. Why? Because the "Godless Dollar" story hit the national press this afternoon.

Wish I had a few to sell.

 

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I knew they would mess up the edge lettering, it is a tough thing to get right.

 

The coin is averaging $100/coin now on E*Bay? I see one going for $350! (I admit that's high) - But - now that it's hit MSN and bigger newspapers, people are buying. You experts who were so quick to chide me for buying one at $84 ... you guys still feel so smart now? And don't give me this crap wait a month! It'll drop! - They said the same thing about the Wisconsin quarter and look what happened to that!!! It NEVER dropped!

Esky

 

Wait a month or two---Error Experts are still saying the price should settle under $100 each.

Speedy

 

I really think people are under estimating the buying power of the public these days. Of course, the law of supply and demand are quite prevalent in coin collecting - it's the basic premise of it all. But, in this particular case people are buying this stuff. There is an estimate that there is 50,000 of these error coins. Which is quite plentiful compared to other errors. But, if people like this error - kind of equate it to something like 1909 S VDB or 1955 DDO - then you sort of have an artificial high demand because collectors like that particular coin. In that case supply vs. demand is sort of artificially slanted. Could it be possible everyone is going to LIKE this George Washington No-Letterings error? I have this strange feeling that YES - it's going to be an above average seller just because people want this - much like they WANT a 1909 S VDB. And even though they are not that hard to get, they will be, because people are going to buy them and keep them tucked away. It'll be a lot like a 1931 S one cent where a F one fetches nearly the same price as a MS-60 but that's okay too! For some reason this is a very cool error and I truly believe it's going to be a successful key coin for the years to come.

And Speedy - I do agree it'll probably settle to $50-$100 ... but some of them yokels told me they'd be $5 a coin by the end of March - that's who I was referring to with the negativity

Esky

 

If you have the coin, sell it while the suckers are buying high. I stand behind my original post. You think it will be rare and remain high, I don't. We'll see what it looks like in a couple/few months. I don't think I'd buy one even if it hits $5, so trust me.. I have no vested interest in it. If you want to buy a few more @ $300 each, go for it.

I certainly don't "[underestimate] the buying power of the public these days" -which is why I said you should sell it, and why coin shows on cable are so successful. I just wouldn't overestimate the number of errors collectors, and the inevitable decline in pricing after the frenzy.

 

Mint says 50,000 at least. Here is a little from the mint / clue at least 50,000 I bet much more

Tday the girl from Fox news had it wrong she said they are worth 50,000 she means there are at least 50,000

Bailey said it was unknown how many coins lacked the inscriptions. Ron Guth, president of Professional Coin Grading Service, one of the world's largest coin authentication companies, said he believes that at least 50,000 error coins were put in circulation. ``The first one sold for $600 before everyone knew how common they actually were,'' he said. ``They're going for around $40 to $60 on eBay now, and they'll probably settle in the $50 range.''

link
http://www.guardian.co.uk/uslatest/s...464485,00.html

 

Philliedog Do you ever go up on the balcony and gaze at the collection of Early commemoratives?

 

Thanks for the tip ED. I have seen some real classic coins close up at the Philly Mint. Every once in awhile they bring them out of mothballs. They even have old giant bricks of gold on display

P.S.
I picked up 5 rolls of Montana-P- Quarters today at my bank

your coin buddy
Rick

 

Okay SamJimmy -

In your earlier post you were adamant that this will be a $15 possibly as low a $5 coin in a month or two.

In your last post now it's 2 to 3 months we have to wait and see.

Already you've lost some confidence. I'm trying to tell you there could - NOT THAT THERE IS - a possibility of a cultural phenomena similar to that of the Wisconsin Quarter.

Problem is - you're HOPING they go down because you don't want to get caught up in speculation. You want to be the "Smart One" and be able to say "I told you so". Which is fine - one can be respectably conservative. However, there is a very good chance you'll be wrong in 2-3 months because collecting has changed over the last decade or so. The internet has brought that change about and stupid errors like that extra leaf die crack on a Wisconsin Quarter go for $400 and it's not because people like die crack errors! (I was told by a prominent collect - paying $75 for that quarter is foolish! Wait, it'll come down - after the so called FRENZY -again I repeat IT NEVER DID! It quadrupled!!! And now I don't have one!!!!) It's because people are hoarding the quarters. The quarters were a good series for collecting as will be the dollars. The mint has hit a good formula with changing the money so frequently and collecting. The only problem is, they're going to get to a point where nobody recognizes the money anymore! And this too will burn out because the mint will start making too many series with pennies, and more nickels and soon dimes. Errors amongst such series will fetch a premium in the 21st Century. By you exclaiming that only SUCKERS buy the coin clearly means that you have no appeal to this series or this error. Which again is your right, but so is it the 'suckers' right that get what MIGHT become scarce- and when those 'suckers' have a good coin in their collection and you don't I'm sure you'll agree you won't really care and you'll say things like "Washington Dollars Suck to Collect". AND NO - I didn't pay no $300 for a no lettering edge. Quit insinuating stuff like that. Your posts are rude and I have the feeling all you want to do is be disrespectful and argue. If that's what you want, then please go somewhere else.

Esky