Waffeled Quarters

Ok gang, I'm sure someone here can tell me exactly what a waffeled quarter is. In all my years, I have not seen one untill ebay recently. Value? Mint cancelled? or errors?

Thanks in advance
Aj:hail:

 

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From what I've read, when the mint finds an error on a coin, they use a special machine to mash it all up, and then sell it to a third party for melt value, since it is no longer considered currency. I may be wrong on that one. Personally, I'd rather have the error than those stupid wafflers. I believe they are on all denominations, not just quarters.

 

The Big H is accurate.

 

Besides, I prefer my waffles with strawberries and whipped cream.

 

It's not so much as when they "find an error", but rather anything that leaves the mint as non-currency goes through this machine that "mutilates" the coins prior to being sent out for scrap. This was a cost savings for the mint as opposed to melting it before sending it out.

I don't remember when they implemented this, but I do remember reading about it. Supposedly all coins, scrap, blank planchets, trial strikes, etc... go through this machine prior to shipping it out.

 

Arizona Jack

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Clinker

 

Same here. :eat: I've no interest in waffled coins.

 

gatz is exactly correct.

 

As with anything, these are worth precisely what a willing buyer will pay to a willing seller. Personally I have no interest in these, is just glorified scrap metal as far as I'm concerned, but to each their own. I collect coins, and these arern't coins, they're former coins.

 

Red Book, 2008 Edition, page 392 explains them completely. Approximate prices for errors on page 394 does not cover such coins. At coin shows they average $10. Not supposed to even be there of course.

 

Given that these were never officially issued, is it illegal to own these?

 

No, becuase they are not coin, that are scrap metal.

 

That is actually a good question. Just how are they appearing in public if not realeased? HMMMM. I think I'll start asking at the next coins show. Yeah, right. Sort of like asking a seller at a flea market where he got his stuff.

 

I've got a waffled Austrian schilling, but never really realized why it was like that. I'm glad I found out. Now it's a keeper.

 

The problem is that they are incredibly common and can be made by anyone with the right equipment, so if they ever appreciate in value then more can be made from the hundreds of millions of existing coins that are worth face value.

 

Hey that is interesting. Do you know for how much? Like I said I've seen them at coin shows and would like to know how much dealers are making on them.

 

Around here (Germany, Austria, ...) such pieces were pretty common. I still have some German "pre-euro" pieces that went through a decoiner. They did that with all or most Cu-Ni coins - this way they could be stored, sold, transported etc. as scrap metal, not as coins.

Initially you could get such decoined pieces, and also shredded paper money, free on various occasions. Now places like the Money Museum in Frankfurt sell them.

Christian

 

I don't want to buy any, I'm just curious on how much those coin dealers are making per coin. Any idea of how much they sell them for to whoever or whatever they sell them to??