Nickel-Penny Mystery!

The insurance (on top of Registered fees) is something you pay in addition. The breakeven point is currently, I believe, around $1200. In other words, registered plus $1200 insurance costs about the same as $1200 straight insurance without registry. Above $1200, registered + insurance is cheaper, and by the time you are talking (say) $3000 insurance, it is MUCH cheaper.

For an 8-ounce first class mail parcel traveling between two cities in Ohio, insured for $1200, the registered+insurance option is $18.60 including postage for the item; the same parcel with straight insurance is $17.05 including postage.

[calculated on USPS website, October 16]

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quote: As long as it stays domestic it is insured for the declared value up to $25K.

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Yes, but that extra coverage (between $0 and $25,000) costs considerably extra. Registry is NOT a flat rate option, except (for instance) a registered letter with zero declared value. See the example above.
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Problems I see are
Full rims
Same size of a nickel

 

It is my opinion that this was a 1958 cent that was fully struck as a cent then ended up in the process that a normal blank nickel planchet goes through and was struck once again with a 1958 Jefferson die pair. I think the coin shown in the original post is a legitimate error. It ( the cent ) may have been intentionally placed in the nickel die pair by a mint employee, as this sort of thing does happen. Nevertheless, I would bet it is a very rare and valuable error.

 

Does the big "machine" strike one coin at a time, or fifty, or a thousand? I mean, in one specific discrete stamping operation.

 

I don't know what the coin press configuration was for nickels in 1958. I do know that at various times some presses made one coin at a time while other presses were configured to strike 2 or 4 coins with each strike of the press. A neat error coin (called a saddle strike) can occur in dual & quad presses. The saddle strike occurs when a blank or a struck coin is positioned out of the collar dies and partially lies on more than one set of dies. The dies simultaneously strike the planchet & the metal flow causes the area between the two strikes to bend. Here is an example of saddle struck cent (with bend).

Also depicted is a double struck cent (not saddle-struck). The simple double struck cent does not have the hump characteristic of a saddle strike.

 

If this coin turns out to be a genuine error, and I hope it does, I hope the OP does not push this coin into other's threads, trying to steal their thunder, like another (respected?) member of CT does.

 

So here's an update. Since I last posted, we've done nothing. I know, that probably drives y'all crazy.

Today, I signed up for a Silver Membership with PCGS, and we're now waiting for the membership packet, submission forms, and a Mylar flip.

Can someone that has submitted coins to the PCGS talk me through exactly what sort of costs we might incur for this process, both from the PCGS itself and in shipping? The submission form has got a lot of boxes on it, and this being an error coin makes things a little weirder. Can I ship it nondescript via USPS Priority Mail, and just add the Registered Mail insured for $5,000?

 

Keep in mind that in event of loss, even with Registered-Insured coverage of $5000, you must be able to PROVE that valuation or you may get less. Specifying $5000 does not automatically guarantee reimbursement of $5000.

I don't know how to advise you to work around this problem.

 

And if some past threads are any indication, this is a BIG problem.

 

It is not publicised well, but you can insure mail for much much more than $25K. That is something that Redwin can use when he mails his $7 million coin back to that now long defunct grading company in Florida.

 

So as to not beat the insurance horse any further, let's say I'm going to mail it priority-registered-insured for some unknown value.

What about the PCGS side?

 

That was my thought, too !

 

Not with USPS insurance coverage, you would have to go with private coverage through an outside firm.

I believe PCGS will ship it back with the same coverage.

True but considering how incredibly unlikely it is for Registered Mail to disappear, it is really not that much of a concern.

 

I would agree, but it's good to know these things in advance, and for some CT-ers, some coin submitted for grading is the most expensive thing they've ever shipped.

I would add that registered mail sent overseas "disappears" at a substantial rate; ask any stamp dealer on eBay. That's when the $45 maximum indemnity really hurts you, big-time.

 

Maybe try UPS or FedEx?

 

At one time, and possibly even now, neither UPS nor FedEx would knowingly accept rare coins (or stamps) for shipment; any insurance you bought was void.

I think maybe these policies have changed, but CHECK before you ship.

 

What an interesting coin!
Love to see the final posting as to what kind of error this is.

I have posted a photo of it, and have a couple of dumb questions, but that's how I learn.
On the first arrow, how does the Y get there?
On the second and last arrow, the head of lincoln appears to be on the nickel, but
On the third arrow the memorial building appears to be on the penny.
How does this happen

 

This seems like it would be awfully hard to fake.

 

As an update, the coin has been sent in to be certified/graded. I'm just waiting to hear the results...

 

Keep us posted. We want to know the results. Good luck.